Simple Ledger Protocol (SLP)
A simple token system for Bitcoin Cash.
SLP has everything you need to easily issue, spend or trade your own token.
All transactions are 100% on the blockchain for full auditability by any party.
No Native Token
You can use multi signature addresses and other Bitcoin script features with SLP tokens.
Free & Open Source
You have questions?
We have answers.
What makes SLP special among the many emerging token protocols?
We became motivated to create SLP because we believed most previous token proposals were overcomplicated. We wanted something simple and easy to use. We also understand the importance of developing a rich ecosystem with a critical mass of users and are committed to creating it.
Is SLP like Ethereum’s ERC-20, but for BCH?
In many ways, yes. Anyone can issue, or “mint” a new token type. Tokens can be traded, spent, or given to someone else. They operate in a distributed manner like most cryptocurrencies. Custom token behavior can be added using bitcoin Script programming language in novel ways.
What about "non fungible tokens" like Cryptokitties?
SLP also offers good support for non fungible tokens (NFT). Like Ethereum’s ERC-721 standard, meta data for each token can be stored off-chain. Each non fungible token in SLP can have a unique, static token identifier which is also the genesis transaction id. All NFT tokens for a project can be issued from the same address for easy classification.
In a nutshell, how does SLP work technically?
You can think of SLP as a ‘transaction within a transaction’. SLP transactions live within a special output known as OP_RETURN, which is a part of a standard Bitcoin Cash transaction. If Alice wants to send Bob some tokens, she sends a minimal (dust) amount of BCH, and the transaction also contains the data to transfer the tokens. You may be interested in reading the protocol specification, which is comprehendable to the average Bitcoin-minded reader.
How can I start using SLP today?
Download the Electron Cash SLP wallet. You can ask your friends to send you some tokens, or mint your own.
Can anyone create their own token?
Yes. But we recommend consulting a legal professional before attempting
Why should I choose SLP for my project?
You should carefully review all of the available protocols on Bitcoin Cash for tokens. Some may be more suited to your purpose than others. We have listed many of the benefits of SLP above.
What are the issuance options for token creators?
Token creators can generate a token with a 1-time issuance, thus guaranteeing a fixed supply, or alternatively, a token that has multiple issuance rounds. These rounds can continue indefinitely until the issuer decides to switch it off permanently, marking the end-of-minting capabilities for that token.
Token issuance authority can also be delegated to someone else after the token has already been created.
How do token names and hash IDs work?
The initial genesis minting of a token is also a Bitcoin Cash transaction. The BCH transaction Id is then one and the same with the hash Id of the token.
Token issuers can also specify a name for their token within the data. However, there are no reserved names. Names can be duplicated, sometimes maliciously. (This is also true of ERC-20). Therefore, users should always check the hash Id against a trusted source.
How does SLP handle decimal precision?
The Bitcoin protocol deals directly with smallest granular units, which are called satoshis, but amounts in wallets are often expressed in decimal format (i.e. 3.0723432 BCH). A similar system is used in SLP; the protocol itself deals with integer units, but some tokens are better displayed with decimals. The genesis mint of a transaction can set a decimal preference if desired.
How can I avoid accidentally losing or burning tokens?
The most important thing you need to know is that you should not use a non-SLP wallet on a wallet file that has tokens on it. If you do this, the non-SLP wallet may end up spending the coin (the UTXO) that contains the tokens.
For example, once you have tokens on a wallet file, only open that file with the Electron Cash SLP wallet, not the normal Electron Cash wallet. This applies not just to wallet files per se, but also wallets that you restore from seed, as they will contain a particular set of addresses and coins.
Does SLP have its own address format?
Yes. “SLP Addr” is a new encoding for addresses, similar to CashAddr. Theoretically, tokens could be sent and received from any address format, but we strongly encourage wallet implementations to use SLP Addr format. This helps prevent user mistakes when transacting in either Bitcoin Cash or tokens.
Is SLP robust and well-tested?
The SLP protocol is designed to be simple, which makes it robust. We have written over 100 unit tests for the Electron Cash wallet which passed successfully. Still, the project is new and there could be bugs discovered later. You should not use SLP for a serious project until at least several weeks of real world testing have occurred without incident.
What are the risks of using SLP?
SLP is a new protocol and there could be bugs discovered at any point. It is also possible to lose tokens if used improperly or if there are bugs in a wallet implementation.
Learn More & Get Involved
Resources and support for SLP.
Download Electron Cash SLP Edition
Browser Extension for Bitcoin Cash and SLP Tokens
Read the SLP specification on Github
Create Your Own SLP Token
Follow our discussion forum on Telegram