The acronym SLP stands for Simple Ledger Protocol tokens. This is one of the easiest, fastest and most efficient token system that is currently in the market.
SLP tokens can be created, exchanged and managed on Bitcoin Cash blockchain. Let’s say as a comparison it would be something like ERC-20 tokens which are built on Ethereum network.
Here the difference with ERC-20 chain is the speed, and the cost. Each transaction costs very little in comparison with ERC-20 network.
It enhances transparency and integrity than the traditional way of token management. The tokens can be traded peer to peer, and it doesn’t require the need for exchange.
On Metamask (ERC-20 wallet) you can store Ethereum and other ERC-20 tokens such as BAT, Hydro or 1UP, PRE, etc.
What I have installed on my Chrome is a Badger Wallet (another option is Electron cash wallet), where I can store my Bitcoin Cash satoshi. I will make it easier to comprehend the system of satoshis:
1,000,000 satoshis = 0.01 BCH (2.7 USD)
100,000 satoshi = 0.001 BCH (0.27 USD)
100,000,000 = 1 BCH (270 USD)
The exchange rate of BCH/USD is from March 10th. Every day this number is changing upwards or downwards.
On my Badger Wallet I store BCH and other SLP tokens. The Badger wallet I installed it as a plugin on Chrome.
I started to use Bitcoin Cash on memo.cash. At the beginning I used to have some kind of love and hate relationship with Bitcoin Cash to be honest. Like sometimes you don’t like the excessive bear volatility but at the same time, you cannot live without it.
When I compare Bitcoin Cash to Ethereum; BCH had better results in terms of value than Ethereum. Last year in March there was a parity exchange rate between both of them. And in some occasions it came to 2 ETH for 1 BCH. Now this rate is around 1.35 ETH per 1 BCH.
I started to become more interested in Bitcoin Cash – SLP system on the platform memo.cash.
How can you use memo.cash?
1) You subscribe there – you create your user name and password. (If you want you can create a key, but if you are going to create it, you have to keep it in a very safe place because then you won’t be able to do anything without it, it’s optional)
2) You can post twitter – like post with no more than 217 character – everytime you make any record, that means – when you write a post, when you like something, when you follow somebody, you have to spend a fraction of BCH – it goes from around 555 satoshi to 1,100 satoshi per each action. (1000 sat = 0.00001 BCH = 0.0027 USD = 0.5 1UP token). And people can tip your posts from 555 sat.
3) In the section of Account you have your SLP address where you can deposit your BCH. If you wanna start there I recommend you to deposit at least 0.002 BCH = 0.55 USD), then you would have 200,000 sat. If there is any exchange which doesn’t accent SLP address, there is also the option of legacy address which start with number 1***.
If you send BCH from exchanges you will notice the difference in cost. For example when I send Ethereum from Huobi, they charge me 0.005 ETH (1 USD), if you send BTC from some exchanges it can cost (0.0005 BTC – almost 4 USD), but if you send Bitcoin Cash it is only as a max 0.0001 BCH (0.027 USD). Therefore I fell in love with SLP wallets, yes it’s cheaper and more efficient than other networks. From certain exchanges and or Badger Wallets the cost is even cheaper than 0.0001 BCH.
4) I fell in love with memo.cash market place; you can create tokens by yourself – give it someone or sell it. That’s the way my crypto baby called Refund token (RFND) was born. I created over 99 billion RFND and currently trade them for 0.27 sat.
And some creators or SLP blockchain companies give you airdrops of certain tokens. I haven’t used memo.cash for few months, and last November I discovered that someone sent me 10,000 E-bike and 66,700 Honks, for free. These airdrops you can keep them or sell them.
For example I will mention one transaction I did on memo.cash 2 weeks ago, I bought 2,000,000 Divvy tokens for 180,000 satoshi and thanks to the market moves, I was able to sell them for 900,000 satoshi the same day. That was before Corona virus plague, people were more active in trading.
In the same memo.cash in the section of tokens you click on the token, you check the bids for sale and according this you can create your sale offer. It is up to you, I procure to make them competitive in order to move faster these sales.
I will mention some distinguished tokens:
Honk Token – this token is currently one of the most popular. It will be used on betting platform which will be released in less than 2 months. It’s based on popular clown cartoon Honk Honk.
Currently the value of Honk token goes between 0.5 and 1 satoshi. So you can be millionaire in Honk for less than 3 USD now.
Honk is being traded on memo.cash, Altilly, exchange.bitcoin.com
I bought some E-Bike which support rental business of electric bikes in Taiwan. If you hold these tokens, every 2 months they send you dividends, which go around 8% in BCH. 1 E-Bike is 1 satoshi (sat) So I can go to Taiwan one day and rent E-bike there one day.
This is an appreciation token that integrates and ranks social network content. This token you can find it on several exchanges, it’s quite popular. On Spice.network you can earn them, I haven’t use it but there is a way to do so. 1 Spice is around 600 Sat.
This is a native token of Cryptophyl exchange. 1 Drop is around 150,000 sat.
This is Cryptovato’s token. It is used as a token for investment. What I do, I issue RFND tokens, someone buys them and I obtain Bitcoin Cash and I use it for trading to deliver value to investors. Each RFND is 0.27 sat.
Renewable Cash is a token which will be used for eco projects. Currently each RNEW is around 375 sat.
The prices of each token will vary depending on the day or the place where you buy them.
SLP blockchain system is affordable, it has a lot of interesting tokens and IMO it has a great way to go forward. There are also tokens which have been only created for fun by memo.cash users which have value for certain period of time and then people aren’t interested much in them but it depends on the proper management of every SLP team; just remember the Doge coin, it was born as a joke and it appears in hundreds of exchanges, bots, games, etc.