Can the SLP Tokens Overtake Existing Token Protocols?
2019 has been an interesting year to follow Bitcoin Cash. BCH has been following its roadmap and been making quite a lot of progress. Schnorr Signatures is on its way to be implemented along with fee improvements (which will lead to cheaper transactions). Adaptive block size has also grown to a cap of 1TB depending on blockchain congestion and SLP Tokens on Bitcoin Cash's blockchain have launched.
It almost seems that the Bitcoin Cash team has been working overtime to improve their network. This might be the reason Bitcoin Cash has been overtaken Litecoin and Tether in marketcap. The BCH team might have another Ace up their sleeve with the recent introduction of SLP Token Dividends.
BCH Dividends for SLP Token Holders
Many are familiar with tokenization on Ethereum's blockchain in the form of ERC-20 tokens, but BCH has launched a similar functionality. These are referred to as SLP tokens on Bitcoin Cash's blockchain. As with ERC-20 tokens, SLP tokens are meant to power dApps on the blockchain.
One big recent development was the launch of a BCH dividend payment tool for SLP token holders. This in essence allows token holders to receive dividends in the form of BCH. Bitcoin.com just released a SLP dividend calculator and Bitcoin.com CEO, Roger Ver uploaded a tutorial on how to pay BCH dividends which you can watch below.
Bitcoin Cash & the Battle of Smart Tokens
Since the launch of Ethereum in 2016, many other blockchains and cryptocurrencies have implemented smart contracts in one way or another. This includes EOS, TRON, and Cardano. While Ethereum has the largest amount of developers & dAPPs, transactions can be rather costly on their network. While Ethereum 2.0 will likely fix that, we have been waiting for that for quite a while.
EOS has fee-less transactions which is amazing, concerns regarding centralization could stun it's growth in the long term.
While TRON has been growing in popularity in China, it doesn't seem to have a big development team and isn't quite as popular in the west.
Seeing that fees on BCH's network are low, and it has a max cap unlike Ethereum & EOS the SLP network could be one of the better token networks. If Bitcoin Cash is able to draw in talented developers, it could help drive BCH's price upwards and generate real value.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado