This article is meant to be a simple walk through for people interested creating a hobby SLP (Simple Ledger Protocol) token on the Bitcoin Cash blockchain.
Tokens were all the rage last year using the Ethereum blockchain. Individuals and Companies heavily used standard Ethereum tokens to fund their projects (and scam investors out of money). Perhaps the most famous Ethereum token sale was TheDAO. DAO is an acronym for Decentralized Atonymous Organization. As you may know, theDAO ended disastrously. However, many Ethereum tokens still show promise. Some of these are the MakerDAO and the BAT tokens.
There have been many interesting proposals for the use of tokens (some of them, frankly, I don’t understand). But people have proposed tokenizing precious metals, real estate, digital collectibles (including video game goods), and more.
Developers have worked to make it easier to create tokens for Ethereum and have developed protocols that tokens can conform to so that they can be held in various wallets, for instance.
It does not include the shuffle privacy feature.
The basic steps to create an SLP token with Electron Cash:
- Download the Electron Cash SLP wallet.
- Add some BCH to the wallet.
- Press the ‘Tokens’ button
- Press ‘Create New Token’ button
- Fill in the token parameters
- Optionally preview your new token
- Press the ‘Create New Token’ button
That is it! You will be able to see your new token information and look at it on the blockchain.
I do have some additional helpful hints and explanations for creating these SLP tokens that will hopefully make it even easier. I have also included pix and links from my first token creation: FST (farawaystars test coin). You may be able to see some of my mistakes in the screen shots that were made as I fumbled around with the tools 😀.
Starting at step #3:
Now let us discuss the parameters that are available.
- Token name: self explanatory
- Ticker symbol: usually two or three capital letters
- Document URL: you can include a url that links to a document related to your token
- Document Hash: you can include an MD5 hash of a document (on a Mac, in the terminal application type: md5 [file name])
- Decimal places: for reference, BCH is 8 decimal places and ETH is 18 decimal places)
- Token quantity: Initial or full token supply
- Fixed supply: true or false
- Address for baton: if this is not a fixed supply, this text field appears. You can enter any valid SLP address here. Whoever owns that address can issue more coins. I have not attempted to transfer the baton for this article.
First, notice above that I unchecked ‘Fixed Supply’ and entered a ‘Mint Baton Address’. The ‘Mint Baton Address’ must be an SLP token address. I used an address containing a small amount of BCH that was in my wallet.
Distribute your coin!
I sent the FST token to an address in my Badger Wallet for iOS. Pretty sweet!
If you would like to read more about cool tools for BCH, read my article on CashShuffle.