Simple Ledger Protocol (SLP) Releases Beta Version On BCH Network
Based on the Simple Ledger Protocol (SLP) website, SLP is a token system for Bitcoin Cash [BCH]. More specifically, it works towards issuing secure tokens on BCH’s blockchain. News regarding its potential launch was first announced in July of this year, and as per News.Bitcoin.com, SLP has recently launched its beta version on the BCH platform.
SLP allows users to spend or trade their respective tokens in a peer to peer (P2P) manner, comparing its like to the BCH token itself. According to the claims made, users can also create their own token type, just like that of the Ethereum backed tokens, also referred to as ERC20, but this time, one backed by BCH.
As for creating new tokens, users will be offered access to SLP’s ‘Electron Cash SLP beta wallet’. The beta wallet currently supports both Windows and Mac Operating System. For a simplified explanation, the SLP team has given an example of how SLP works on their official website.
In particular, users are advised to consider SLP “as a transaction within a transaction”, each containing “a special output known as OP_Return,” which is proclaimed as BCH transaction’s key component. When the receiving end accepts an amount of BCH, the transaction will also contain “a minimal (dust) amount of BCH and […] contains the data to transfer the tokens.”
Testing Out The Electron Cash SLP
News.Bitcoin.com is actively known for testing out recently launched, blockchain apps and systems. According the crypto and blockchain news outlet, the SLP is user friendly and is similar to that of the original Electron Cash wallet. They also noted some differences between the ‘tokens’ and the ‘SLP history’ tabs, which they used to create the tokens.
Specs related to one’s token is up to the creator to decide. This means they can choose the token name, ticker symbol, respective URL and Hash, decimal places and the quantity of tokens one chooses to mint. Since SLP’s announcement of the launch, several new tokens have already been created.
How do you perceive SLP’s Electron Cash Wallet? Will the creation of new tokens cause a problem over the long run, especially given that several crypto projects are already crowding the crypto sphere?