Social Network Memo Adds Decentralized SLP Token Exchange

The Simple (), a token creation system on top of the Cash () continues to mature as developers have released a number of third-party applications that support SLP . the onchain, BCH- social networ
Source: devcoins
Social Network Memo Adds Decentralized SLP Token Exchange

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Social Network Memo Adds Decentralized SLP Token Exchange

Social Network Memo.cash Adds a Decentralized SLP Token Exchange

The Simple (SLP), a creation system built on top of the Bitcoin Cash (BCH) network continues to mature as developers have released a number of third-party applications that support SLP tokens. the onchain, -based social network Memo.cash has implemented an SLP token exchange allowing people to list SLP tokens and sell them for bitcoin cash.

Also read: Creating Your Own SLP-Based Token Using Memo

The New Trustless Onchain SLP Token Exchange

Memo.cash is a popular social network that’s built on top of the BCH chain where every action uses an onchain transaction. For a while now Memo has accrued users and has added a variety of features since the platform’s inception. News.Bitcoin.com recently reported on the application adding the ability to forge SLP tokens on the Memo platform and to store, send, and receive SLP coins as well. At the time, we gave our readers step-by-step instructions on how to mint an SLP token using Memo and explained that the process takes less than a minute. Since then, the engineers behind Memo have added the ability for people to trade SLP tokens onchain in a safe environment. The new exchange service utilizes an open source decentralized trust-less protocol that accepts purchase offers and transfers using an atomic transaction.

Social Network Memo Adds Decentralized SLP Token Exchange

The creators of Memo noted that the new feature that still has limited functionality and people using the exchange should understand there might be bugs. When you visit the Memo exchange page, you’re greeted with options like viewing the tokens already listed for sale, the ability to sell a token, and a list of offers you already created. Right now, looking at the listings page shows there are tons of SLP tokens being sold for various amounts of satoshis. Well-known SLP tokens such as Honestcoin (USDH), Spice, Honks, BTC2, and Trump are being sold alongside coins you probably never heard of. The exchange listings show when the tokens were listed, price, seller, and a tab that allows you to purchase tokens being sold instantly.

Social Network Memo Adds Decentralized SLP Token Exchange

Selling Rare Stones

To demonstrate how the Memo exchange operates, I decided to mint six nonfungible tokens from the same address and called them the Infinity Stones or “IFS.” If you want to try to sell SLP tokens using Memo, you will need to register for an account to enjoy the new trading feature. People know the story of the Infinity War and Thanos will know that there are six stones needed to complete the Infinity Gauntlet in order to harness god-like powers. So I minted tokens using the Electron Cash SLP wallet and each token represents the mind, space, reality, power, time, and soul stones. I designed them to be nondivisible and each stone was represented by only one token. Each stone is also tethered to a URL, which leads to the original Infinity Gauntlet comic book cover.

Social Network Memo Adds Decentralized SLP Token Exchange

After the stones (tokens) were forged I sent them all to my Memo account dubbed “Zelda” and prepared to list each stone for sale. On the “List Tokens for Sale” page the Memo platform provides a customizable window to create new listings. On this page, I chose the tokens I wanted to list, how many tokens to list, the price per token, and the total price. I listed the six IFS tokens for 1,560,000 satoshis (0.0156 BCH) per token and for every completed trade Memo takes a 1.5% fee. So the fee for each IFS trade would be a total of 23,400 satoshis (0.000234 BCH).

Social Network Memo Adds Decentralized SLP Token Exchange

After the listings for all six stones, I then tweeted out my IFS sales on Twitter to let people know I had some rare nonfungible tokens for sale. Not long after sending out my tweet, well-known BCH proponent and streamer Collin Enstad, host of “Collin’ It Like It Is,” a “no bullshit show,” purchased two of the stones on the Memo exchange. According to Memo, Enstad is the proud owner of the mind and reality stones. Moreover, Enstad decided to sell the two IFS tokens for double the price I sold them for at 3,000,000 and 5,000,000 satoshis. So far there are four Infinity stones (IFS tokens) left waiting for someone to snatch them up at my price in an attempt to control the universe. Someone will have to buy them at Enstad’s price to capture his two stones. The Memo.cash SLP exchange has a lot of potential, but once an offer is submitted there is no way to cancel it right now, the Memo engineers have explained.

Memo’s New Feature Augments the Broad Range of Support for the SLP Token Universe

Memo adding a decentralized way for people to swap token for BCH in an atomic fashion bolsters the social network’s powerful features. Just like the latest Cryptophyl exchange and the upcoming Exchange.Bitcoin.com, which will launch on September 2, the new Memo SLP marketplace also adds more trading liquidity to these tokens. Furthermore, well-known trading platforms like Altilly Exchange, Coinex, and Coinsuper are all listing SLP tokens. With all the exchange endorsements and wallet support from clients like Badger, Ifwallet, Cresent Cash, and Electron Cash, the SLP universe continues to showcase enormous amounts of innovative possibilities. Further, Bitcoin.com will soon be launching an SLP token dividend tool that allows people to pay dividends to groups of specific SLP token holders. Memo’s recent trading platform for SLP tokens has been welcomed by the BCH community, while also highlighting the innovation taking place within the BCH and SLP development community the last few months.

What do you think about the ability to sell and purchase SLP tokens using the social network Memo.cash? Let us know what you think about this subject in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned software and trading platform. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, software, exchange, or services mentioned in this article. This editorial review is for informational purposes only.


Image credits: Shutterstock, Memo.cash, Marvel, Wiki Commons, Infinity War, and George Pérez.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. Also, we just announced launching a cryptocurrency exchange on September 2, 2019. Pre-register today at Exchange.Bitcoin.com to take part in rewards and trading incentives.

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Social Network Memo Adds Decentralized SLP Token Exchange

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Memo now supports tipping posts with tokens! submitted by /u/georgengelmann
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: Bitcoincash
Memo now supports tipping posts with tokens!

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Creating Your Own SLP-Based Token Using Memo

the last few months, Simple Ledger Protocol () tokens have been very popular among Bitcoin Cash () supporters and &;rsquo;s been a wide variety of unique tokens created. then .cash, the onchain network on Bitcoin Cash
Source: devcoins
Creating Your Own SLP-Based Token Using Memo

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Creating Your Own SLP-Based Token Using Memo

Over the last few , Simple Ledger Protocol (SLP) have been very among Bitcoin (BCH) supporters and ’s been a wide variety of unique tokens created. then Memo.cash, the onchain network on Bitcoin Cash
Source: bitrss
Creating Your Own SLP-Based Token Using Memo

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Creating Your Own SLP-Based Token Using Memo

Over the last few , Simple Ledger (SLP) tokens have very among Bitcoin Cash (BCH) supporters and there’s been a wide variety of tokens created. Since then Memo.cash, the onchain network on Bitcoin Cash has revealed users can not only store tokens with the application’s native wallet, but they can create their own SLP-based coins within the Memo platform as well.

Also read: How to Create Your Own SLP Token Using the Electron Cash Wallet

The BCH community has been well aware of the Simple Ledger Protocol and how much the project has developed since the platform first launched. The protocol allows anyone to easily create, trade, and manage unique tokens that are created on the BCH chain. Literally, anyone in the world can create a token in seconds and it costs less than a penny to produce. Since the SLP project launched there’s been plenty of tokens created and there’s a variety of wallets that hold them, an SLP transaction explorer, and now Memo.cash has added another option for token creation. Back in March, news.Bitcoin.com gave our readers step-by-step instructions about how to create an SLP-based token using the Electron Cash light client. Now we’re going to give you a quick lesson on how to forge an SLP token using the Memo.cash social network.

Creating Your Own SLP-Based Token Using Memo
Memo.cash is a social network built on Bitcoin Cash, users can create a profile, post a status, upload pictures, and even store and create SLP tokens now. Memo is both a protocol and a front-end application that uses the BCH chain to store written data.

In order to create a token using Memo, you need to have an account. I created a brand new profile to show people how easy it is to get started. First head to the website Memo.cash and select the signup tab and from there the site will direct you to the account registration page. All you need to do to signup is create a username, password and select the create key tab. You will also be required to accept a disclaimer, which basically says that you understand that everything is noncustodial and Memo takes no responsibility for your account.

Creating Your Own SLP-Based Token Using Memo
an SLP-based token on the Memo.cash platform is easy and takes only a minute if you already have an account on the onchain social network. Memo allows you to choose a ticker, name, the number of decimals your token will be divisible by, a document URL, and the number of tokens you want to create.

Signing up for Memo takes less than a minute and from here you can browse the platform and load up your account with BCH. A small fraction of BCH is needed for when you’re using Memo because every action is done onchain for a tiny number of satoshis. This includes setting your profile name, description, and your profile picture. It’s good to have a small fraction of BCH in your Memo wallet for token creation as well. You don’t need to add a lot of funds as anyone can mess around with Memo with as little as $0.10-0.50 worth of bitcoin cash.

Creating Your Own SLP-Based Token Using Memo
The Memo platform allows you to store, send and receive SLP-based tokens. The Memo wallet provides a Simple Ledger Protocol address and you can toggle between sending BCH and tokens with ease.

After getting a feel for the functionality of Memo, head to the page memo.cash/token/create and the platform will allow you to generate an SLP token based on your specifications. This means you can customize the token’s ticker, the name, how many decimals the token can be divided by, and the initial quantity. Further, you can also tether a web link to the tokens as well giving them more personalization.

Creating Your Own SLP-Based Token Using Memo
The one thing you should note when creating an SLP token using Memo.cash is that the genesis creation is announced on your user profile. Further, when you send SLP tokens on Memo they will also be recorded on your profile. If you don’t want your token announced in this fashion then choosing to create an SLP token with Electron Cash would be more preferable for you.

For my example creation, I created a bunch of tokens called “The Triforce of Wisdom” and the token’s ticker is called “Zelda.” I decided to make Zelda tokens non-divisible, but you can make tokens divisible by 9 decimals. From here I decided to create 45 billion Zelda and I also attached a URL to these tokens which lead to the official Zelda homepage.

Creating Your Own SLP-Based Token Using Memo
I send 5 billion Zelda to my Badger Wallet and the send from Memo went smoothly.

After you are happy with all the customized attributes of your token, simply press “create” and Memo will broadcast the transaction over the BCH network. After creation, Memo will show you the transaction ID and all the opcode data as well. You can also view the token’s genesis on a block explorer like Bitcoin.com’s BCH explorer to view the token’s metadata, and Simpleledger.info as well. Because Memo accounts have SLP addresses now, you can send funds to Memo users but you can also send them to individuals using wallets like the Badger Wallet, Crescent Cash, Monarch Wallet, and the Electron Cash SLP version. It’s worth noting that creating a token on Memo will be etched into your profile forever. So people want to launch a token in a more private manner should contemplate using the Electron Cash method to create an SLP token. Creating an SLP token with Memo is super easy, however, and creating one can be done in no time if you already have a Memo account.

What do you think about creating an SLP token using the Memo.cash platform? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Memo.cash, Badger Wallet, and Pixabay.


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Creating Your Own SLP-Based Token Using Memo

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