THELOGICALINDIAN - On November 18 Cointext architect Vin Armani appear a blog column that describes a new arrangement alleged the Simple Ledger Postage Protocol The SLP abstraction allows wallets to accelerate SLP tokens after accepting to use bitcoin banknote BCH as gas to advanced transactions
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The Simple Ledger Postage Protocol
Cointext CTO Vin Armani afresh appear a blog post alleged “Simple Ledger Postage Protocol: Enabling A True SLP Token Ecosystem On Bitcoin Cash,” which describes a adjustment of sending SLP-based tokens after application BCH for ‘gas.’ In the post, Armani says that tokens like ERC20s stemming from Ethereum accept suffered from the ‘dual currency’ claim for years. Armani’s column stresses that added afresh “similar proposals accept arisen as ERC865 and EIP965” that abode the issue. But to Armani “these solutions are absolutely circuitous and, to date, do not assume to be alluring cogent absorption from the all-embracing community.”
The Cointext architect explains that in adjustment to move SLP tokens, a baby atom of BCH is bare to advance the transaction. “It’s the ‘gas’ botheration all over again,” Armani highlights. “At atomic that was the case until the advertisement of the Simple Ledger Postage Protocol (SLPP) as an official SLP specification.”
“[For] the sender of SLP tokens to accomplish a transaction after the charge for added built-in Bitcoin Cash (BCH) inputs to awning achievement antithesis and/or miner fees,” describes the purpose of the new SLPP specification. “Use of this agreement enables wallets to alone abutment SLP tokens after also, simultaneously, accepting to act as a wallet for built-in BCH.” The software engineer’s blog column adds:
Tokens as First-Class Citizens Makes so Much Sense
Armani addendum that wallets application the SLPP arrangement can advance a UX area BCH for gas is never needed. This could accomplish it so tokens, badge creators and supporters can about “treat their own badge as a capital citizen.” “With a user acquaintance that mirrors the acquaintance that can already be had with Bitcoin Cash back application BCH,” Armani’s column underlines. “Stablecoins, account coins, and rewards credibility can all be acclimated in standalone wallets, after the user anytime defective to alike apperceive that they are transacting on a Bitcoin arrangement at all.”
In the blog post, there’s additionally a demonstration video that shows the Simple Ledger Postage Protocol in activity with Badger Wallet and the stablecoin honestcoin (USDH). Moreover, Armani’s close Cointext is alms the aboriginal SLP column appointment and the arrangement is now live. Currently, users can analysis the new SLPP framework with the SLP tokens honestcoin (USDH), aroma badge (SPICE) and anypay gold (GOLD).
The BCH association seemed aflame about Armani and Cointext’s new SLPP abstraction and BCH supporters discussed the abstraction on Reddit and Twitter. The architect of the cryptocurrencies Zclassic and Bitcoin Private, Rhett Creighton, told Armani “this is actually absurd — abounding acknowledgment I’m affairs added BCH today afterwards account this.” “After account the commodity it seems like eventually, you will be able to use assorted versions of ‘gas’ aloof like USDH and apparently I assumption SAI and etc., (auto about-face casework after I presume),” addition alone asked the Cointext architect on Twitter. “[It] can be acclimated with any SLP badge that a column appointment is accommodating to support,” Armani replied. “Every few days, BCH surprises me with what is possible,” a Bitcoin Cash fan wrote in acknowledgment about the postage abstraction on the Reddit appointment r/btc. “Tokens as capital citizens makes so abundant sense.”
What do you anticipate about the Simple Ledger Postage Protocol? Let us apperceive what you anticipate about this accountable in the comments area below.
Image credits: Shutterstock, Simpleledger.cash, Twitter, and Medium.
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