Due to Simple Ledger Protocol’s ease of use and wide variety of applications such as virtual gaming assets, licenses, digital media rights, gift cards, and company stock shares, it has found great success among a growing community. Over the past year, SLP has truly lived up to its claim as being the simplest, fastest, and most liberating token system in existence. The following is a look back at the innovation and user adoption that took place for SLP over 2019.
When the Simple Ledger Protocol launched back in late August of 2018 by programmers such as Jonald Fyookball, James Cramer, Unwriter, Mark B. Lundeberg, Calin Culianu, Ryan X. Charles, few could imagine the great amount of progress and innovation that would be accomplished in little over a year. However, due to its ease of use and wide variety of applications such as virtual gaming assets, licenses, digital media rights, gift cards, and company stock shares, SLP has found great success among a growing community. Over the past year, SLP has truly lived up to its claim as being the simplest, fastest, and most liberating token system in existence. For an inside look into the past year of development and the people involved, be sure to check out the recent recording of the SLP developer meeting with Chris Troutner, James Cramer, Drew Davis, Vin Armani, Mark Lundeberg, and Tobias Ruck.
Creating, sending, and receiving SLP tokens with Electron Cash and Badger Wallets
One of the first SLP ecosystem products developed was the Electron Cash SLP Edition wallet. As this tutorial demonstrates, it is very easy, quick, and costs only a fraction of a penny to create and send SLP tokens using SLP enabled wallets such as the Electron Cash SLP version wallet or Memo.cash. Since the Electron Cash SLP version wallet was released, as well as Badger Wallet support for SLP tokens, there have been several tokens created and traded over the past year. As can be seen using the SLP Token Explorer, currently HONK HONK, tribeOS Token Test #3, Spice, Bread Emoji, Official SLP Token, and SOUR top the charts as the most popular tokens being used this past year.
The SLP Torch created in March was passed around this year as a social experiment to spread awareness and demonstrate the trading of digital value via social networks. The SLP Torch was unique to the previously conceived Bitcoin Lightning Torch because it cannot be duplicated and divided, and can be passed on-chain for only a fraction of a penny.
SLP Gaming Tokens
2019 saw a couple different applications of SLP tokens for gaming. One of the first SLP applications was the online game LodeRunner, a game that allows players to send SLP tokens to start gameplay at different levels. The sandbox game built on top of the BCH chain RealmX uses SLP tokens for in-game items and weapons.
USDH – Bitcoin Cash’s First Stablecoin
In June, the team at Honestnode announced the new SLP stablecoin token Honestcoin (USDH). USDH is a regulated stablecoin backed 1:1 for U.S. dollars that can be “bought, sold, invested in or spent as freely as you wish.” Other Honestcoin ecosystem developments consist of Honestpay, HonestOTC, Honest Financial, Honestcard, and HonestAPI. According to Honestcoin founder and CEO, Jian Shi, “Our mission is to unleash the true global power of currency. Honestcoin is a secure, efficient and low-cost way to transfer assets around the world. With Honestcoin, users break through external constraints, remove unnecessary restrictions, and bypass costly intermediaries to maintain total control over their global assets. Honestcoin helps bolster the freedom of money.”
Non-Fungible SLP Token Specifications
In July, SLP developers revealed a new specification, which extended the SLP token type 1 protocol allowing for the creation of non-fungible tokens that can be grouped together using a single ID. The newly designed NFT1 concept opened the doors to even more token ideas created on top of the BCH network such as onchain raffles, lotteries, event tickets, distinct collectible tokens or sets of rare SLP coins. Learn how to create non-fungible assets and tokens in this tutorial.
Crypophyl Dedicated Exchange for SLP Tokens
In late July, Cryptophyl was launched as a trading platform specifically designed for Simple Ledger Protocol (SLP) tokens. The first SLP token supported is the community-driven Spice token. They audit and list quality tokens regularly, creating the definitive token portfolio. Cryptophyl airdrops free tokens to users based on account balance, before each listing. According to Cryptophyl founder Semyon Germanovich, “We’re seeing unique technology (SLP) being used to build innovative solutions to complex problems. One example is the aggregation of media through Telegram tipping, achieved by our flagship token product: Spice. Simple Ledger Protocol is the most exciting thing since I’ve discovered since Bitcoin. This is just the beginning.”
SLP Dividends Calculator
In August, Bitcoin.com released a new application called the SLP Dividend Calculator. The new platform allows users to build a transaction to make dividend payments to any Simple Ledger Protocol (SLP) token holder. Applications of the SLP Dividend Calculator in include:
- Security Tokens: More opportunities for investors around the world to own company stocks and receive dividends.
- Stable Coins: Earn interest on stable coins without having to give up custody of them.
Watch the presentation from Roger Ver for more information regarding the SLP Dividends Calculator.
First SLP Token Virtual Hackathon
For 72 hours, from September 27th – September 30th, teams from all over the world came together for the 2019 SLP Virtual Hackathon to work on building innovative new applications for SLP tokens. Prizes included SLPVH-exclusive non-fungible trophy tokens and portions of the prize pool. The winner was Project Ignite with their loyalty points system, Hamingja. Hamingja is a loyalty points system using non-tradable SLP tokens.
SLP Token Adoption for Government
2019 saw a couple examples of SLP tokens used for civic purposes, an early example being Liberland’s Merit Token. The sovereign micronation of Liberland provides the tokens to citizens with holdings of LLM can use them for voting and people can use them for state contributions (voluntary taxes) as well. The state of Ohio launched an online crypto portal ohiocrypto.com that allowed Ohio business to pay taxes using cryptocurrency. It has since been suspended and under review due to regulatory concerns, however the Ohio city of Dublin is continuing to push forward with their initiative to utilize SLP tokens for digital identity, voting, and social incentives.
SLP Tokens for Customer Loyalty Rewards
The crypto platform, Honeypoints was releases in September with the goal to fuel merchant adoption with loyalty rewards. The Honeypoints app sends customers unique SLP tokens for when they make a purchase or show loyalty. The TOBA token is used by Toba Electric Bikes as a reward for their customers for using their bikes. This will, according to Toba, “…result in customers travelling more miles with the most sustainable and efficient transport method on the planet.” When customers use the Model TOBA T to be launched in 2020, they will receive 1x Toba tokens per 10 miles cycled delivered to their wallet that will part of the TOBA application.
SLP Token Postage Protocol
A user experience concern of crypto tokens is that, In order to move them, a user needs to have a small amount of additional cryptocurrency available in their wallet to pay miner fees. The Simple Ledger Postage Protocol, published in November by Vin Armani, allows SLP token wallets to no longer have to use BCH as “gas.” Such wallets no longer must receive, hold, or send native BCH. Instead, they can, effectively, pay miner fees using the SLP token itself. This allows for a “pure token” user experience not available with even the most popular token standards, including Ethereum’s ERC-20.
The Future of SLP
Ultimately, the future of SLP replies on the community of developers and early adopters to ensure its continued growth. To help foster this, we are dedicated to continuing our development and community building efforts by helping to build on the foundations of SLP as well as publishing information and resources to educate developers and promote the growth of the SLP ecosystem. To be a part of the continuing development of the SLP ecosystem and earn rewards while doing so, visit the SLP Developer Bounties listing at simpleledger.cash/bounties. Also be sure to join the discussion in the SLP Telegram group, and follow us on Twitter and Youtube.