One of the biggest improvement to the Bitcoin Cash (BCH) network is the creation of the Simple Ledger Protocol (SLP) infrastructure.
Which makes it possible and easy for anyone to create a token on the BCH blockchain at nearly zero cost.
What is Simple ledger protocol?
The simple ledger protocol (SLP) is a token protocol for the Bitcoin Cash network, that enables anyone to create and manage tokens on-chain.
The simple ledger protocol is arguably the simplest and easiest to use token token creation system across all blockchains yet.
As it provides the simplest, fastest, and most liberating token system in existence.
SLP tokens can easily be created, traded, and managed on the Bitcoin Cash blockchain within seconds for fractions of a penny per transaction.
What is an SLP token?
SLP tokens are tokens created and managed on the Bitcoin Cash (BCH) network using the simple ledger protocol infrastructure.
They are similar to ERC20 tokens on Ethereum, BEP20 tokens on Binance Smart Chain (BSC), TRC20 tokens on Tron, etc.
And their use cases are only limited by the imagination of their creators.
Top SLP tokens
The most valuable SLP token currently in the market, in terms of dollar price and use case, is the CryptoSorted Token (CST).
The token is currently trading at $0.4 on cctip.io and memo.cash.
Other top SLP tokens based on the number of on-chain transactions include Zapit (ZAPT), Waifu Faucet (WAIFU), dSLP, MAZE, HONK, Mistcoin, Blind Hackers Group (BHG), Refund (RFND), OPAL, Lamong others.
The sad fact is that because it’s so easy and almost free to create SLP tokens, there are now hundreds of thousands of them already.
Most of which are totally useless or at best “meme tokens” with no use cases whatsoever.
SLP token exchanges
SLP tokens are yet to gain entry into mainstream exchanges.
The most popular places for trading SLP tokens right now are CCTip.io pools and memo.cash.
Detoken.net, a Bitcoin Cash decentralized derivatives exchange will soon provide support for the trading of SLP tokens.
Other exchanges that are already supporting SLP tokens include CoinEx.com, altilly.com, Sideshift.ai, CoinFlex.com, anycoin.cash, and coinsuper.com.
SLP token wallets
Where can I store my SLP tokens?
The best wallets that support SLP tokens are:
- Bitcoin.com
- Badger Wallet
- Zapit Wallet
- Electron Cash SLP Edition (Desktop)
How to create your own SLP token
There are currently over 103,000 SLP tokens as the time of writing this post.
And who says you too cannot create your own?
After all, it’s almost free and it’s as simple and easy as creating an email address.
But if you have no purpose whatsoever for a token don’t create just to increase the number count. We have enough shitty and useless tokens already.
But if you feel you need to have a token, here’s how to go about creating one for you.
Creating your own SLP token
I created the CryptoSorted token using the Mint.Bitcoin.com web wallet.
And that’s the process I am going to share with you.
There are major ways to create your SLP token. For example, using the Electron Cash SLP Edition Desktop wallet, and Memo.Cash.
but all that is beyond the scope of this single post.
Let’s quickly walk through how to create your SLP token using the Mint.Bitcoin.com web wallet.
Create your SLP token using Mint web wallet
Step 1:
Go to mint.bitcoin.com
Step 2:
Create a new wallet or import any of your existing Bitcoin Cash wallet with your seed phrase.
Once you click Create, a new wallet will be created for you automatically.
And your wallet will be ready to use.
Step 3:
Backup your wallet seed phrase.
Never do a single transaction with any wallet without first backing up your seed phrase.
To reveal your seed phrase, click on the Configure button as below.
You can see that my seed phrase is showing right there.
Yeah!
Just wanted to show you, that that is exactly how to be stupid. Nobody else should see or know what your seed phrase is.
Once you backup your wallet, the next immediate step is to move some amount of BCH into it.
Yes, you need a little BCH to create a token.
$1 will serve and a lot more change will be left when you’re done.
So yes, you can send $1 in there.
Step 4
Create your token. To do that just click the Create button.
And in the form that opens, fill in your desired token ticker or symbol, name, decimal places, quantity, logo, link to whitepaper, link to your website, etc.
Once you’re done hit the Create Token button below the form and wait for the birth of your new SLP tokens.
Congratulations. Feel free to send me some, let me help you HODL your shitcoin.
Conclusion
I have always had plans to create a token, and it wouldn’t have happened so soon if not for Bitcoin Cash.
Because other options are expensive and difficult and I am not a developer.
But with Bitcoin Cash SLP tokens, I was up and running in a matter of minutes.
Now all holders of the CryptoSorted Token (CST) can enjoy weekly dividends paid in BCH directly into their non-custodial wallet.
No, we don’t need something complex and unnecessarily complicated.
This works for us exactly as we need it to and as we grow we can employ a developer to tinker it to add other features and functionalities that we may decide to add.
What do you think about SLP tokens? Have you created your own yet? Tell us about it in the comments section below.