THELOGICALINDIAN - Roughly a year ago the Simple Ledger Protocol SLP debuted on the Bitcoin Cash BCH arrangement giving anyone the adeptness to excellent abundance accept and accelerate SLP tokens Since again theres been a ton of tokens created on the BCH arrangement as the artlessness of the arrangement outpaces tokens congenital on another chains like ERC20s and sending the tokens is far cheaper than best networks as able-bodied The afterward walkthrough describes how to actualize SLP tokens and airdrop them to your accompany and ancestors in a abbreviate amplitude of time
Also read: Bitcoin Cash Update: Multi-Party Escrow, Vitalik Suggests BCH as Data Layer for ETH
Creating an SLP Token Using Memo.cash
Over the aftermost few months the Simple Ledger Protocol, a tokenization belvedere congenital on top of the Bitcoin Banknote network, has developed actual accepted amid BCH enthusiasts. The acumen for this is due to how accessible it is to actualize an SLP badge in a amount of minutes. To appearance how simple it is to mint, store, and airdrop tokens application the SLP tokenization platform, we’ve created a adviser on the two easiest means to get started. After account this column and assuming a few analysis runs on either the Memo.cash or Electron Banknote applications, you’ll be able to actualize SLP tokens faster than the Fed prints dollars.
One of the quickest ways to excellent a badge on the BCH arrangement appliance the SLP belvedere is through the appliance Memo.cash. You aboriginal charge to assurance up for Memo.cash and amount the annual with a baby cardinal of satoshis (nickel or dimes’ annual will do) because every activity on Memo is basically created with a BCH transaction. If you already accept a Memo annual you can skip ahead, but if you don’t accept an annual you can bound create one here.
After the Memo annual is created, the top right-hand ancillary of the annual folio shows a Bitcoin attribute which leads to Memo’s built-in wallet. To armamentarium the account, accept and archetype the BCH abode on the right-hand ancillary of the folio or artlessly browse the QR code. After the Memo annual is created and funded, you can comedy about with Memo’s functionality or arch anon to the memo.cash/token/create page. Again, your annual needs to be adjourned with a baby atom of BCH in adjustment to actualize a badge application the Memo platform.
The memo.cash/token/create folio shows all the custom fields that can be customized afore minting an SLP token. This includes the token’s ticker, name, decimal amount, custom URL, and the antecedent quantity. Afterwards chief on the specifics of your new token, columnist “Create” and the new SLP badge conception will be advertisement to the BCH network. Memo provides an SLP wallet so afterwards you actualize a token, it will be stored in your annual which can be begin in the wallet section. Afterwards that step, you can do whatever you appetite with the new tokens and accelerate them to bodies on a whim. There is one affair to bethink back creating an SLP badge on Memo.cash: aggregate is recorded onchain back you excellent a badge or accelerate tokens to addition abroad from your Memo account. Of course, if you capital you could actualize a throwaway annual on Memo to body an SLP badge in a clandestine manner.
Designing an SLP Token Using the Electron Cash Light Client
Another way to actualize an SLP badge is using the Electron Cash wallet SLP version. You can download the Electron Cash SLP 3.4.14 absolution here and the wallet is accurate by Windows, Mac, and Linux operating systems. Electron Cash SLP allows you to create, mint, bake and accelerate SLP tokens application the light-wallet implementation. After downloading the wallet, the software will ask you to actualize a new wallet or acceptation absolute funds into the platform. If this is your aboriginal time, actualize a new wallet and almanac the berry byword on cardboard as you would commonly do back creating a new wallet. After that step, aloof like Memo, you will charge a baby atom of funds to alpha creating tokens and for sending them as well. So at the top of the Electron Cash wallet, accept one of your BCH addresses and accelerate a atom of BCH ($0.05-0.10 is plenty) to the address. Once the wallet is adjourned you can now actualize a badge application the Electron Cash wallet in a amount of minutes.
At the top of the wallet, there’s a tab on the right-hand ancillary that says “Tokens” and you accept this tab to actualize an SLP badge application the wallet. After selecting the “Tokens” tab at the basal of the wallet, there’s a tab that says “Create New Token” which will accompany you to the badge conception window. The customizable fields in the conception window accommodate an alternative ticker symbol, badge name, certificate URL or email, a certificate hash, decimal amount, badge abundance and the adeptness to adapt the SLP accepting address.
The Electron Cash wallet has a few added functions as well, including the adeptness to upload a badge certificate from the wallet itself, and you can additionally examination the customized settings afore broadcasting the token’s alpha transaction to the network. The Electron Cash SLP adaptation can additionally accomplish it so your badge is anchored or you can accumulate the billy accessible authoritative minting added tokens accessible in the approaching at any time. If you are adequate with all the settings you chose, artlessly columnist “Create New Token” and Electron Cash will admit the alpha conception transaction.
Creating a badge on the SLP tokenization belvedere is cool accessible and creating one is abundant faster than designing an Ethereum-based ERC20 token. There’s a cardinal of wallets that abutment SLP tokens now as able-bodied including Badger Wallet, Electron Cash, Memo, Ifwallet, and Crescent Cash. Users can put alike added time into creating a badge and architecture article that ability accretion amount like collectibles or advertisement tokens. For instance, I created a set of bill alleged PKMN S1 which stands for Pokémon Series 1. The Pokémon accumulating isn’t absolutely finished, but can be beheld at this address.
Each badge is nondivisible and there is alone one bread for anniversary Pokémon appearance in the series. Anniversary badge is additionally angry to a different URL that leads to the official Pokédex. In adjustment to accomplish abiding my tokens are unique, I acclimated one abode for the alpha conception of PKMN S1. I also active and verified a bulletin that proves I own the abode that is tethered to the Pokémon series. My abstraction is to one day airdrop these attenuate Pokémon characters to accidental bodies who allotment their SLP abode online. So if you appear to about get a Pikachu, Bulbasaur, Charmander, or Squirtle beatific to your wallet, you’ll apperceive area it came from. If you appetite to airdrop your anew created tokens to your accompany all you charge is their SLP address.
BCH Tokenization Using SLP Has Matured a Great Deal With Wallet Support and People Making a Variety of Tokens
The BCH tokenization belvedere the Simple Ledger Protocol (SLP) has been acquisition beef afresh as abounding Bitcoin Cash proponents and businesses accept been experimenting with the protocol. For instance, the best accepted SLP tokens acclimated today accommodate Honk, Spice, the Official SLP Token, Honestcoin, and Dogecash. Then there’s the micronation of Liberland which created Merits which acts as Liberland association allotment coin. The burghal of Dublin, Ohio is in the bosom of creating a city-based token application the SLP belvedere and the bread will be acclimated for city-wide discounts and rewards in Dublin.
The Tokyo-based Alliance Cargo Direct minted the SLP-minted badge ACD which is now traded on the Altilly exchange. The ACD badge will be acclimated at online and brick-and-mortar merchants from Japan, according to Alliance Cargo Direct, a accessory of ANA Holdings (ALNPF). Additionally, on June 12 the agenda asset barter Coinex announced the advertisement of a new SLP-based stablecoin USDH. Created by the Honestcoin.io team, USDH is absolutely adapted and backed 1-to-1 for U.S. dollars.
Making a badge isn’t adamantine and they are fun to accelerate to accompany and bodies acquirements about the Bitcoin Cash ecosystem. You can alike chase the all-inclusive bulk of SLP tokens created application the Simpleledger.info transaction charlatan or added campaign like Bitcoin.com’s BCH Block Explorer. Afterwards experimenting with SLP you’ll be able-bodied abreast in creating tokens on top of the Bitcoin Cash arrangement in no time and who knows, maybe afterwards airdropping your badge it could become acclimated broadly or accretion budgetary value.
What do you anticipate about creating SLP tokens application either Memo.cash or the Electron Banknote wallet? Let us apperceive what you anticipate about this accountable in the comments area below.
Disclaimer: This commodity is for advisory purposes only. Readers should do their own due activity afore demography any accomplishments accompanying to the mentioned applications and services. Bitcoin.com and the columnist are not responsible, anon or indirectly, for any accident or accident acquired or declared to be acquired by or in affiliation with the use of or assurance on any content, appurtenances or casework mentioned in this article.
Image credits: Shutterstock, Simple Ledger Protocol, Bitcoin.com, Jamie Redman, Memo.cash, the official Pokédex, Badger Wallet, Ifwallet, Crescent Cash, and Electron Cash.
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