2020 Is Lining Up To Be A Great Year for SLP Tokens
SLP tokens had a good year in 2019 but 2020 is set to be way bigger. Many hurdles to adoption such as lack of polished wallets, needing BCH to transact and lack of big projects are all being tackled!
SLP tokens are now easily usable by everyone with the bitcoin.com wallet, which has more than 5 million downloads! With the latest update the wallet also saw major speed improvements.
A recent addition to the arsenal of SLP wallets is Bitcoin.com Mint, a noncustodial web wallet. The wallet allows user to store and transact BCH and SLP tokens as well as easily create their own tokens with the optional ability to mint more later on. Probably the coolest feature of the wallet is the ability to pay dividends to token holders!
or a more detailed look at the wallet, its features and how to create your own token I refer you to this great guide by bitcoin.com, which includes handy screenshots like the one below.
Crescent Cash is another SLP wallet that has recently gotten a major interface overhaul. The wallet is more userfriendly and intuitive than ever. Now it's also possible to create new tokens right from the wallet! The desktop version of the wallet now also supports SLP tokens.
Tether, the USD stablecoin currently ranked fourth on coinmarketcap, will expand its scope by also issuing tokens on the Bitcoin Cash blockchain using SLP. That the biggest, most liquid stablecoin is coming to BCH shows the SLP tech is maturing and adoption rapidly increasing. Tether tokens exist on multiple networks, most importantly BTC and ETH. SLP on BCH is notably different in that it has neglectable fees and plenty of capacity to scale.
The new SLP Postage Protocol, developed by Vin Armani, allows for a postage office to add some additional BCH to a token transaction to pay for the network fee. The sender of the tokens in turn pays for a fee for the postage service denominated in tokens. This means the sender does not need to have any BCH to send tokens over the Bitcoin Cash blockchain which solves the major onboarding issue for SLP. The first post offices are already live but no publicly available wallet support the feature yet.
Up until now SLP tokenprojects have mostly advertised to the BCH community, which was logical given this onboarding hurdle. Once we are see wallet adoption for the postage protocol this will start to change!
Tokenprojects will have a way easier time onboarding new users when they can abstract away the underlying technology. This improved UX, compared the the most popular tokenstandard erc20, and the fact that BCH is orders of magnitude away from running at capacity could make Bitcoin Cash the go-to chain for simple tokens.
The first public development meeting delved into the history of how SLP came to be and the current developments. These meetings show healthy developer cooperation and serve as a great way to keep the wider community up-to-date with the latest concerning SLP.
If you combine the growing amount of SLP enabled wallets and the new features like dividends, the postage protocol and the ability to easily mint tokens things look like they're taking off big time.
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