Token Development Using the Bitcoin Cash Network Kicks Into High Gear

Ever since various token implementations were introduced to the Bitcoin Cash (BCH) network, the infrastructure has been significantly developed in order to advance the BCH-fueled token ecosystem. In the last few weeks, projects like Wormhole and the Simple Ledger Protocol (SLP) have seen a significant amount of token creation, alongside a variety of wallet support for the many tokens the community has already created.

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The BCH Token Explosion

For a while now BCH programmers have been developing projects that aim to bolster the token ecosystem built on top of the Bitcoin Cash network. Over the last couple of months, individuals and organizations such as the social media application Honest Cash have been creating special tokens for various purposes. For example, a look at the Bitcoin.com Block Explorer shows a ton of people have been creating their own coins. Tokens created so far have names like Vote (VOTE), Useless (USL), Killthebeast (KTB), Falcon (FLC), Official SLP Token (SLP), Berniecoin (BERN), and Dogecash (DOGE). News.Bitcoin.com also recently reported on the latest Badger client release that just added Wormhole and SLP token support. On Feb. 23, the developers behind the light client Electron Cash released SLP version 3.4.5, which adds an optional auto-update notification to the software.

On the r/btc forum, SLP developer James Cramer thanked various Electron Cash team members for the hard worked involved with the latest release and explained to the community how the wallet can create tokens and how they can be sent to Badger. Cramer also hinted that a “new trading website coming that will allow you to automatically trade SLP tokens for BCH” would be launched. The new version of the Electron Cash SLP client can be found at the official site and the implementation is available for Mac OS, Windows, and Linux.

Wormhole and the Creation of a BCH-Based Stablecoin

Then there’s the Wormhole protocol that’s seen some attention over the last few months as well. So far the Wormhole burn address has seen approximately 2,729 BCH ($358,795) burned since the project started. There’s also the Wormhole explorer which shows data on Wormhole Cash (WHC) transactions, created assets, and burning details. There’s been a bunch of WHC created and a long list of token assets forged as well. Wormhole tokens are also supported by a variety of wallets including the official Wormhole Cash client, Badger, Coco, Ifwallet, Itbitcome, and Pure Wallet. Some Wormhole tokens are also sold on exchanges like the trading platforms Coinex and Exnow. According to Coinex statistics, one WHC is currently trading for $1.09 worth of BCH at the time of writing.

On social media and dedicated forums, BCH supporters seem pleased about the token explosion happening on the BCH chain. A few enthusiasts also discussed the idea of creating a BCH-centric stablecoin like the Maker network’s dai token which is based on the Ethereum protocol. On Saturday, cryptocurrency entrepreneur and Bitcoin.com CEO Roger Ver hinted that a stablecoin concept may be forged soon. “Six new tokens were already created today alone,” Ver explained. “If you want to test it out, install Badger wallet and post your SLP address and I will send you some tokens so you can see how easy it is.”

What do you think about the Bitcoin Cash token explosion? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Pixabay, Bitcoin.com, and Wormhole.cash.

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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.