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An interesting SLP token was issued on BCH

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Written by   41
2 weeks ago

This coin is useless, just because it is interesting. I found it very interesting to find that the script engine in BCH can develop such a function. For the same function, I think it is very simple to implement on the ETH chain with virtual machines. MIST seems to be useless at the moment, but I also think that most of what the entire currency circle is doing now is useless.

MIST: Minable SLP token

This coin is called MIST and is a token issued based on the Bitcoin Cash SLP protocol.

The special feature of MIST is that its issuance rules are issued according to mining algorithms, similar to the coinbase reward for Bitcoin mining. And it is an open mining, that anyone can participate in mining MIST. This is to simulate the issuance of PoW coins.

PoW's mining algorithm is generally designed with a fixed issuance rate and halving rules. For example, BTC averages 10 minutes per block, and one block generates 50 BTC, and then the output is halved every 4 years. In order to achieve a fixed issuance rate, it is necessary to design a difficulty value to balance the mining computing power and balance the block production speed.

There is a classic case of EOS-ERC20 tokens in the issuance of ERC20 tokens on ETH. The issuance of EOS-ERC20 is a fixed distribution of 2 million every 23 hours. The 2 million tokens are divided equally according to the amount of ETH recharged to the EOS contract.

The release of MIST is a contract based on the BCH script engine. It now has four versions, each implementing four distribution methods.

The V0 version is a fixed mining reward with no halving design and difficulty algorithm.

The V1 version is a design with 8 halving events and no difficulty algorithm.

V2 version is based on V1 version with difficulty algorithm.

The V3 version has not yet been developed, and multi-currency mining has been added to the V2 version. It seems that it is possible to mine MIST and some form of recharge BCH at the same time.

This V3 version, I guess, is similar to the contract issued by EOS-ERC20. That is, you can allow users to add BCH to the contract address to purchase MIST. (This is just my guess, and the original author did not write it to understand what is the use)

Judging from the design of these four versions, MIST is a pure experimental project, and the author of the original paper also wrote clearly to study the gameplay of the BCH-SLP protocol.

The final total issuance of MIST is 21 million.

The author released the mining program, anyone can download and participate in mining MIST. I researched it myself for a while, but didn't understand how to dig.

Two other important points

In addition to explaining the currency of MIST, the author of the MIST paper wants to focus on introducing two other technologies in his original text: one is to design a stateful smart contract based on BCH; the other is how to break through the 520-byte limit of the BCH script, To build more complex smart contracts.

How specific is MIST's mining algorithm? I can't understand these programs and codes. Yesterday I entrusted two friends to watch this program, so far no feedback has been received.

The author of the paper only emphasized how this mining algorithm uses two opcodes OP_CHECKSIG and OP_CHECKDATASIG to achieve a stateful contract.

Because Bitcoin uses the UTXO mechanism, although the script engine can theoretically develop complex programs, but because UTXO has only two states of spent and unspent, it is difficult for developers in the currency circle to think on BTC and BCH. Develop a stateful contract. Ethereum is very easy to create.

The author has another important point is how to break through the 520-byte limit of the BCH script.

If you want to write a complex on-chain contract on BCH, there is no doubt that you need to break the 520-byte limit. The author describes how to use the OP_CODESEPARATOR opcode to achieve a breakthrough.

These details are too complicated .

Two reflections

If we say that ETH was a student of BTC before 2016, and after the ICO boom in 2016, BTC and later BCH used ETH as an example to develop smart contracts.

After BTC's more popular side chain concept was unsuccessful, it is now based on Lightning Network and Liquid trying to grab some markets in the field of smart contracts. But I feel that the BTC community does not value this.

BCH focuses on developing the potential of scripting engines in an attempt to divide up some smart contracts. MIST is actually an attempt by a BCH developer on a BCH smart contract, a practical case of a BCH smart contract.

But I have seen multiple smart contracts on ETH, such as EOS-ERC20, and now MakerDao, compound, which are super complex smart contracts. I have been asking myself, is it smart to develop smart contracts on BCH?

This question led me to another reflection.

If I am a developer, I feel I should not develop smart contracts on BCH. I prefer to choose the ETH platform.

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Written by   41
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How to trade tokens SLP

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Ok thank you

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