Bitcoin Cash has been referred to as peer-to-peer electronic cash and has been widely adopted as an alternative to fiat currencies for micro and large transactions. The reason behind this has been a much lower gas fee as compared to other top cryptocurrencies and zero confirmation transfer. A term called Simple Ledger Protocol (SLP) is thriving in the crypto community. It is a simple open-source free token system on bitcoin cash with thousands of different tokens currently minted under the protocol. They claim to be similar to bitcoin cash as ERC is to Ethereum. SLP tokens can easily be created, traded, and managed on the Bitcoin Cash blockchain within seconds; costing the user only fractions of a penny for each transaction. Gas fees and network congestion has been an issue for tokens on ERC these days for which SLP counters them perfectly. And most importantly you can multi-signature addresses and other Bitcoin script features with SLP tokens. Many projects are choosing SLP for their token issuance. Some of the projects with tokens focussed on SLP are Zapit wallet (ZAPT), Instacrypto Exchange (INC), Renewable Cash (RNEW), CoinFLEX Exchange (FLEX).
Zapit Wallet (ZAPT Token):
A non-custodial bitcoin cash wallet with peer-to-peer services integrated into it with ZAPT token on SLP. One of the most sought-after projects that have brought innovations with simplicity in the hands of people. Features like UPI payments, dividends, payment partnership, and Coin Swap makes it one of the most robust and innovative wallets in the crypto-community. Unified Payments Interface (UPI) is an NPCI-owned payment railroad to build faster digital payments service in India with zero transaction fees and currently with more than 100 million users in India. ZAPIT wallet has integrated UPI payments feature rewarding tokens for every successful transaction. Coin Swap is the feature through which one can easily swap between USDH and BCH with one time fees of 50 ZAPT. For using the payment partnership feature to provide liquidity for p2p transactions there is a weekly reward pool of 1000 ZAPT. In the latest dividend tool, one can airdrop almost up to 900 addresses with just a swipe.
Website: Zapit.io
Instacrypto Exchange (INC Token):
Instacrypto is one of the oldest non-custodial exchange based in India. With a clean, simple, and clutter-free interface. Instacrypto aims for the instant transfer of cryptocurrencies to one's own wallet with the lowest withdrawal fees across all exchanges. After the Indian Supreme Court gave the verdict to lift the bank ban for the firms dealing with crypto in March 2020, there has been a huge surge in new users entering in crypto. The primary motto of Instacrypto is to reach billions of unreached Indian population and present them how easily they can buy cryptocurrencies through UPI. For each successful transaction, users get rewarded with INC tokens. Some big partnerships with Indian giants are to be announced soon.
Website: Instacrypto.in
Renewable Cash (RNEW Token):
One of the most unique projects with a token on SLP in crypto-community based in the UK, Renewable Cash aims to reward RNEW tokens to renewable energy creators. Each token represents one watt of installed clean energy generation. With the decline of fossil fuels and pollution created by them, Renewable cash has much more space to grow in near future.
Website: Renewable.cash
CoinFLEX Exchange (FLEX Token)
CoinFLEX (Coin Futures and Lending Exchange) claims to be the world’s first physically delivered cryptocurrency futures exchange that has their FLEX token on SLP. They claim to be having highest leverage in crypto with upto 250x leverage on derivatives market. FLEX token is the native token of the CoinFLEX ecosystem. FLEX also powers the overall CoinFLEX ecosystem with trading and financial services use cases:
Discounted Fees based on how much FLEX a user is holding and staking.
FLEX Coin can also be used as collateral to trade futures.
Holding 4,000 FLEX in balance entitles you to free entry of CoinFLEX trading competitions.
Users can earn 40 FLEX per 1,000 FLEX staked. Up to 63% APY.
CoinFLEX will burn FLEX Coins with 20% of company profits every day until it has spent 500 Million US Dollars (equivalent) on buying and burning FLEX Coins, hence making it one of the most descriptive projects with clear and concise vision.
Website: coinflex.com
SLP developers are constantly improving the token system and making it more scriptable and extensible. One can trade for SLP tokens on memo.cash a non custodial exchange, and some more exchanges are coming in the Q4 of 2020. The future of SLP is quite bright.
Thank You!
UPDATE: Added CoinFLEX in the list (24/9/2020)
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