Cointext Founder Publishes New 'Postage' Specs for SLP Tokens

On November 18, Cointext founder Vin Armani printed a weblog submit that describes a brand new system referred to as the ‘Easy Ledger Postage Protocol.’ The SLP idea permits wallets to ship SLP tokens with out having to make use of bitcoin money (BCH) as ‘gasoline’ to ahead transactions.

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The Easy Ledger Postage Protocol

Cointext CTO Vin Armani lately printed a weblog submit referred to as “Easy Ledger Postage Protocol: Enabling A True SLP Token Ecosystem On Bitcoin Money,” which describes a way of sending SLP-based tokens with out utilizing BCH for ‘gasoline.’ Within the submit, Armani says that tokens like ERC20s stemming from Ethereum have suffered from the ‘twin foreign money’ requirement for years. Armani’s submit stresses that extra lately “comparable proposals have arisen as ERC865 and EIP965” that handle the problem. However to Armani “these options are fairly advanced and, up to now, don’t appear to be attracting important curiosity from the general group.”

Cointext Founder Publishes New 'Postage' Specs for SLP Tokens
The Easy Ledger Protocol (SLP) universe has matured an amazing deal during the last yr.

The Cointext engineer explains that with a purpose to transfer SLP tokens, a small fraction of BCH is required to push the transaction. “It’s the ‘gasoline’ downside yet again,” Armani highlights. “At the very least that was the case till the publication of the Easy Ledger Postage Protocol (SLPP) as an official SLP specification.”

“[For] the sender of SLP tokens to effectuate a transaction with out the necessity for added native Bitcoin Money (BCH) inputs to cowl output stability and/or miner charges,” describes the aim of the brand new SLPP specification. “Use of this protocol permits wallets to solely help SLP tokens with out additionally, concurrently, having to behave as a pockets for native BCH.” The software program engineer’s weblog submit provides:

In essence, the Postage Protocol permits customers to pay for his or her miner charges utilizing the SLP token itself. That is completed via using an middleman server referred to as a “submit workplace.” The consumer sends the submit workplace the requisite worth of the wanted BCH as an extra output in a transaction. Upon receiving and validating the in any other case invalid transaction, the submit workplace attaches extra enter containing native BCH (“stamps”) after which broadcasts the “postage paid” (legitimate) transaction to the community.

Cointext Founder Publishes New 'Postage' Specs for SLP Tokens
The specs for the Easy Ledger Postage Protocol will be discovered right here on Github.

Tokens as First-Class Residents Makes so A lot Sense

Armani notes that wallets utilizing the SLPP system can make the most of a UX the place BCH for gasoline isn’t wanted. This might make it so tokens, token creators and supporters can basically “deal with their very own token as a first-class citizen.” “With a consumer expertise that mirrors the expertise that may already be had with Bitcoin Money when utilizing BCH,” Armani’s submit underlines. “Stablecoins, utility cash, and rewards factors can all be utilized in standalone wallets, with out the consumer ever needing to even know that they’re transacting on a Bitcoin community in any respect.”

Within the weblog submit, there’s additionally an illustration video that exhibits the Easy Ledger Postage Protocol in motion with Badger Pockets and the stablecoin honestcoin (USDH). Furthermore, Armani’s agency Cointext is providing the primary SLP submit workplace and the system is now reside. At the moment, customers can check the brand new SLPP framework with the SLP tokens honestcoin (USDH), spice token (SPICE) and anypay gold (GOLD).

Cointext Founder Publishes New 'Postage' Specs for SLP Tokens

The BCH group appeared enthusiastic about Armani and Cointext’s new SLPP thought and BCH supporters mentioned the concept on Reddit and Twitter. The creator of the cryptocurrencies Zclassic and Bitcoin Personal, Rhett Creighton, informed Armani “that is completely unbelievable — full disclosure I’m shopping for extra BCH at this time after studying this.” “After studying the article it looks like ultimately, it is possible for you to to make use of a number of variations of ‘gasoline’ similar to USDH and possibly I assume SAI and and so on., (auto conversion providers later I presume),” one other particular person requested the Cointext founder on Twitter. “[It] can be utilized with any SLP token {that a} submit workplace is prepared to help,” Armani replied. “Each few days, BCH surprises me with what is feasible,” a Bitcoin Money fan wrote in reply in regards to the postage idea on the Reddit discussion board r/btc. “Tokens as first-class residents makes a lot sense.”

What do you concentrate on the Easy Ledger Postage Protocol? Tell us what you concentrate on this topic within the feedback part beneath.


Picture credit: Shutterstock, Simpleledger.money, Twitter, and Medium.


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Jamie Redman

Jamie Redman is a monetary tech journalist residing in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open supply code, and decentralized purposes. Redman has written hundreds of articles for information.Bitcoin.com in regards to the disruptive protocols rising at this time.





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