New SLP Token Allows You to Transact in BTC But With BCH Fees

New SLP Token Allows You to Transact in BTC But With BCH Fees
фото показано с : news.bitcoin.com

2019-6-15 22:20

There’s a new Simple Ledger Protocol (SLP) based token called BTC2 that’s backed 1:1 with BTC. People can obtain the BTC2 token using cryptocurrency swapping application Sideshift.ai. With BTC2, you can essentially transact with BTC, but utilize the same network fee (less than a penny) as bitcoin cash transactions.

Also read: Meet the Developer Who Added Schnorr Signatures to Bcash

Introducing BTC2: Where Store of Value meets Medium of Exchange

In January, news.Bitcoin.com reported on the launch of Sideshift.ai, an application that allows users to swap cryptocurrencies between chains. Sideshift AI was created by Andreas Brekken, the CEO of review site Shitcoin.com, and the notorious individual who once held $220,000 worth of BTC on the Lightning Network. Since then, Sideshift AI has improved a great deal and features a wide variety of crypto assets to trade. One asset recently introduced is an SLP-based token called BTC2. The BTC2 token (not to be confused with the BTC fork of the same name) is basically an SLP token built on Bitcoin Cash that’s backed 1:1 with BTC. Sideshift AI is the custodian of the collateralized BTC and Brekken told news.Bitcoin.com that Sideshift.ai is to BTC2 what the firm Tether is to USDT.

If someone wants to purchase BTC2 they need to use Sideshift AI and exchange their BTC for the token. The price of BTC2, of course, fluctuates with the price of BTC and Sideshift AI will redeem BTC2 for BTC at any time. The new token also has a website called Corecash.org which has a slogan that says “Core Cash: Where Store-of-Value meets Medium-of-Exchange.” Core Cash (BTC2) lets you store and transact BTC on the Bitcoin Cash network, the website explains. This proposition gives BTC2 some value as it provides individuals with the means to transact with BTC for less than a penny per transaction.

Sideshift AI Is to BTC2 What Tether Is to USDT

Sideshift AI has released a document that describes how BTC2 shares similarities with USDT. The Omni Layer-issued token USDT is an IOU for USD where Tether holds the actual USD in their bank. “Sideshift AI is the custodian of the on-chain BTC and issues the BTC2 token in return,” the documentation notes. Speaking with news.Bitcoin.com, Brekken said he was excited to launch the core cash token.

“The overwhelming interest in USDT showed us that users would like to use cryptocurrency without being subject to its volatility,” Brekken remarked. “With BTC2, anyone with a Bitcoin Cash SLP wallet can have the security of the most heavily mined blockchain, Bitcoin (BTC), while still being able to transact cheaply with the low fees of the Bitcoin Cash blockchain.” The Sideshift developer added:

While having Sideshift AI as the custodian of one’s BTC adds a counterparty, BTC2 can also open new doors such as earning interest on BTC2. Once Cashshuffle supports SLP tokens, BTC2 holders will be able to store and transact BTC2 with greater privacy than what on-chain BTC offers today.

The release of BTC2 follows the first USD stablecoin issued on the BCH chain called honestcoin (USDH). The new USDH coin was listed on the cryptocurrency exchange Coinex and is backed by USD on a 1:1 ratio. With BTC2, users will get the same effect but with bitcoin core in a similar fashion to the ERC20 token called wrapped bitcoin (WBTC). But being an SLP token, users can store BTC2 on SLP compatible wallets like Crescent Cash, Badger Wallet, Ifwallet, and Electron Cash. The BTC2 token can also be viewed on the Simpleledger.info transaction explorer. At the time of publication, there are 100 BTC2 tokens in circulation and Brekken has told us that minting will take place when more liquidity is needed.

“Sideshift AI is excited to see Coinex launch its USDH token on Bitcoin Cash and is rushing to list USDH,” Brekken added.

What do you think about the BTC2 token built on top of the Bitcoin Cash network using SLP? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Jamie Redman, Twitter, Sideshift AI, Andreas Brekken, and Simpleledger.info.

Are you a developer looking to build on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash developer guides and start using the Bitbox, SLP, and Badger Wallet SDKs.

The post New SLP Token Allows You to Transact in BTC But With BCH Fees appeared first on Bitcoin News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Waves Community Token (WCT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.05 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.5033 (-100%)

btc token btc2 transact slp new bitcoin

Источник: news.bitcoin.com

btc token → Результатов: 126


Bitcoin [BTC] and Ethereum Classic can co-exist as ‘complimentary base layer systems,’ claims ETC developer

Smart Contracts, first developed on the Ethereum blockchain, have since gained popularity in several crypto assets’ primary networks. Blockstream recently announced that it was going to launch to a security token platform on the Bitcoin Sidechain and in the backend, the organization indicated that it would implement Bitcoin’s multi-signature smart contracts.

2019-5-30 14:30


XRPL Monitor Reveals Over 10 Million XRP Coins (Worth $4.5 Million) Sent to a Coinbase Pro Account

XRP data compiler, XRPL Monitor has recently been active on Twitter with updates regarding XRP token moves across different wallets. This seems to have occurred with other cryptocurrencies including Bitcoin [BTC] and Ethereum [ETH] as well, however, it’s the XRP token amounts that have had a shocking effect. As per AMB Crypto’s reporting, on Tuesday, […]

2019-5-30 00:34


Charles Hoskinson partners with Polymath’s Trevor Koverko for building new security token blockchain

With Bitcoin [BTC] breaching its immediate resistance, the community is rooting for the largest cryptocurrency to breach the next resistance set at $8,000. This sudden pump in the prices of most major cryptocurrencies, especially BTC, was a hot topic at Consensus 2019, followed by the partnership between Charles Hoskinson, the CEO of IOHK, and Trevor […] The post Charles Hoskinson partners with Polymath’s Trevor Koverko for building new security token blockchain appeared first on AMBCrypto.

2019-5-19 18:30


Фото:

Инвестиции в криптовалюту: Basic Attention Token (BAT)

Basic Attention Token (BAT) – созданный для использования с веб-браузером Brave. С самого начала BAT пользовался повышенным спросом, их ICO были распроданы за 30 секунд и принесли 35 миллионов долларов.

2019-5-11 10:36


Фото:

Bitfinex зарегистрировала рекордное количество выводов в апреле. Трейдеры не доверяют бирже

По данным экспертов британской фирмы Token Analyst, репутация Bitfinex среди криптоинвесторов стремительно падает. В апреле с биржи было выведено рекордное количество криптовалюты — 314 897 BTC. Напомним, последний раз крупнейший отток биткоинов с Bitfinex случился в январе 2018 года, тогда...

2019-5-10 10:00


Bitfinex: Финансовые вливания и отток средств

Иск против Bitfinex и Tether от генерального прокурора штата Нью-Йорк поставил компании в затруднительное положение. Если решение будет принято в пользу прокуратуры, то спекуляции Tether и предполагаемое «мошенничество» Bitfinex в сокрытии $ 851 млн наконец раскроется.

2019-4-28 15:25


Gate.io запустила торги внутренним токеном биржи

Криптовалютная биржа Gate. io запустила в воскресенье, 21 апреля, торги внутренним токеном Gatechain Token (GT). Новая монета торгуется в парах GT/USDT и GT/BTC. 🎉🎉 We are excited to announce that GT will be available to trade at UTC 08:00, Apr.

2019-4-21 13:09


Domi ICO

Domitai is a Cryptocurrency Exchange in Mexico, a trading platform for digital and traditional currencies between users. Our mission is to change the way commerce and financing is done in Mexico, and work to become one of the top financial institutions in Latam and Worldwide.

2019-4-15 06:03


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Long-term Bitcoin holders resume accumulation, adding almost 70,000 BTC post-downturn

Quick Take Glassnode data suggests that long-term holders who have held Bitcoin (BTC) for over 155 days are actively accumulating after offloading around 1 million BTC since late 2023. This cohort, known for selling into profits when Bitcoin reaches new all-time highs, has increased its holdings by approximately 70,000 BTC from the cycle bottom.

Nexo announces $12 million token airdrop for platform users

Nexo's token airdrop campaign will give users access to a pool with 10 million NEXO tokens by engaging with their digital asset products. The post Nexo announces $12 million token airdrop for platform users appeared first on Crypto Briefing.