Bitcoin Cash (BCH) introduces new smart contract and tokenization system

According to bitcoin.com, a new smart contract and tokenization system was launched on the Bitcoin Cash (BCH) network. On October 31st, BCH developer Clemens Ley released an alpha version of the Bitcoin token, a Javascript library for developing autonomous contracts, BCH-based tokens, and integrating payments into web applications.

Another Token project was launched on the Bitcoin cash network. In August, news.Bitcoin.com reported on a project called Bitcoin Token developed by software programmer Clemens Ley.

At the time, the developer explained that the project was in the prototype phase and is scheduled to be launched at the end of the year. Now, the creator has launched an alpha version of the Bitcoin token, which provides developers with three tools to assemble applications on the Bitcoin cash network. The software includes wallets, databases, and token solutions. 0.0.1 alpha has been downloaded 103 times.

The Bitcoin Token Project also released documentation on the compilation implementation. The specification details the technical stack of the program, including application building, tokenization, Bitdb, and source code that includes a readable Javascript BCH implementation.

However, the source code has not been made public, but developers have provided earlier versions via email. The Bitcoin Token Creator indicates that the alpha version of the project currently supports replaceable tokens, which operate similarly to Ethereum’s ERC-20 token. Currently, there is no smart contract support for Bitcoin tokens.

The BCH community welcomed the Bitcoin token project when Twitter and Reddit announced the alpha release. Some commentators on Reddit like the idea that Bitcoin tokens are a replacement for Wormhole, while others ask why the source code is not yet available.

Let’s project incorporates a number of other token items introduced in the Bitcoin cash network, such as the Simple Ledger Protocol, Colored Coins, Keoken, and of course Wormhole.

Even if the Bitcoin Token Protocol uses a system similar to ERC-20, the token will not use the cipher suite coin to block the chain. Ley believes that the BCH chain can be better than the token process and expansion of Ethernet networks.

“Bitcoin cash can do almost everything Ethereum can do – but the cost is 10 to 100 times lower,” the Bitcoin token creator details the fixed thread on Twitter.

On the second day after the release of Bitcoin Token alpha, supporters of Bitcoin Cash heard about another project developed by James Belding, Samuel Georges, Scott Barr, Farid Uddeen and Brendan Lee. According to reports, these developers won the tokenization competition organized by Coingeek and won a prize of 5 million pounds ($6.4 million).

According to the press release, the new token project built for Coingeek uses existing technology already available on the BCH network. The project does have a website where people can request more information.

According to the website, a white paper will be released soon. Coingeek’s press statement details the technical specifications of the project should be available by mid-November.

Since the hard fork in May last year, many token and smart contract projects have been established for BCH. The alpha version of the Bitcoin token marks the fifth project attempting to provide tokenization to the user over the BCH chain. When launched, Coingeek’s project will be the sixth.

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