The Simple Ledger Protocol (SLP), a token creation system built on top of theBitcoin Cash (BCH) network continues to mature as developers have released a number of third-party applications that support SLP tokens. Now the onchain, BCH-based social network Memo.cash has implemented an SLP token exchange allowing people to list SLP tokens and sell them for bitcoin cash.
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.
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.
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 who 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.
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).
After creating 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 crypto 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 unique 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 over 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.
So I haven’t been trading for about two years now. I remembered that I had a poloniex account that I used to trade some Bitcoin for monero and I wanted to see how much Monero I had purchased as I got a new computer and haven’t reinstalled my monero wallet (I have the seed for it).
Anyway, when I logged back into poloniex, I went through the normal log in process and had a code emailed to me. Then, after I successfully typed in the code, I was transferred to a page where they request I update my profile information. It asks for normal information like street address but also my social security number. In a banner at the top of the screen, it says I will also need to provide a scanned copy of a government issued photo ID.
Is this a normal procedure at poloniex now? If so, is Poloniex capable of safely storing this sensitive information?
TheEuropean Economic and Social Committee (EESC), a consultative body of the European Union, maybe cleverly blocking blockchain adoption as per a recent report.
observers, the EESC is both bullish and bearish of blockchain-based products
such as cryptocurrencies. On the positive side, an EESC member noted that
blockchain technology could not be wished away.
Giuseppe Guerini, a member of EESC, said that the technology could be compared
to the early printing press.
“The first book to be printed was the Bible. Now, imagine if people had equated the printing press with a means capable of printing only Bibles. That would have been inaccurate because printing technology revolutionized life in Europe.”
Further, the report outlined possible areas that blockchain could bring a revolution. In the list, for example, EESC included tracing fundraising and donations and enhancing the governance of social economy organizations. Blockchain can be applied in authenticating activities, certificating skills, ensuring secure e-care system and tracing agricultural products.
Blockchain Is Prone To “Speculation and Hoarding”
the European Economic and Social Committee have some reservations. The group
fears that blockchain is “subject to
speculation and hoarding” by a few individuals.
Surprisingly, EESC is ready to hinder the adoption of blockchain due to its effects that don’t favor the traditional finance.
“We [EESC] don’t want to see a digital divide that creates more inequality and injustice. We don’t want to see a new elite emerging, of people who are familiar with the new technologies and end up excluding others from the economy and the market.”
the report noted that its borderless nature requires supervision from
regulators in the European Union so that they can “coordinate efforts.” That’s besides, “the large investments required a call for coordinated, structured, European
Additionally, the European Economic Social Committee suggested that public measures must be adopted to aid in its development plus the “involvement of civil society is imperative.”
As it would be expected, cryptocurrency enthusiasts fired back with rage. On social media platforms, the enthusiasts noted that the traditional finance system has already created elites. Consequently, the elites have “already excluded others from the economy and the market with accredited investor requirements, and large banks are canceling customer accounts for transferring to exchanges, or any other roadblock.”
“So, what is their (EESC) preferred outcome? Turn the crypto economy into a communist sh** hole where we’re all equal because we all get 80 bucks a month to live on? Or just a bigger ‘better’ version of what we have now, where the top 2 percent own an enormous slice of the pie? They don’t want to give their power/relevance.”
In April 2018, EU countries jointly formed the European Blockchain Partnership (EBP). Consequently, the EBP would help the countries to “cooperate in the establishment of European Blockchain Infrastructure (EBSI) that will support the delivery of cross-border digital public services, with the highest standards of security and privacy.”
Earlier, in Feb 2018, the European Commission launched the EU Blockchain Observatory and Forum. In a tweet, the EU Commission noted that “the EU Blockchain Observatory and Forum…should become one of the world’s most comprehensive repositories of blockchain expertise.”
Social media has become so embedded in most people’s everyday lives that it’s hard to imagine life — or even a span of a few hours — without it. While the social media revolution is huge, there’s another revolution within that revolution, driven by users into cryptocurrency, privacy, and immutability: incentivized, blockchain-based social media.
Coming on scene as a pioneer in July 2016, Ned Scott and blockchain developer Dan Larimer’s Steemit boasted to be a first of its kind blockchain-based social media platform, allowing users to earn rewards via Steem for posting, curating, and commenting. Many users compared the site’s style to a kind of “crypto Reddit.”
Larimer, the creator of the Bitshares DEX, DPoS (Delegated Proof of Stake Algorithm), and the current CTO of Block.one (EOS developer), built the site with co-founder Scott on the Steem blockchain, a Graphene-based, DPoS chain. While the site enjoyed initial, highly sensational success — with one well-known and controversial libertarian podcaster raking in $15,000 for a short “introduce yourself” post — user interest has since flagged significantly. A series of seismic management and corporate structuring shifts (including Larimer leaving the project in 2017), coupled with the crypto winter of last year, saw many loyal users searching out greener pastures.
One thing that Steemit did help establish, however, was the potential of blockchain technology to provide relative censorship resistance and successfully reward users for engagement. Neither the platform nor other users could deplatform anyone by reporting or flagging a post (a huge problem currently for many giants in the field like Twitter, Facebook, and Youtube). And when the first payouts came in the summer of 2016, a massive wave of excitement ensued. However, troubles with spambots and abuse of voting power would prove to be significant challenges down the road.
Seeking to improve on the shortcomings of the Steemit project, newly-launched (April 2019) Narrative.org has become a home to crypto bloggers interested in a less “wild west” and more centralized approach. Narrative is supposedly more resistant to the abuses which would come to plague Steemit. Multiple account creation is difficult due to KYC policy, and communities are organized around niches (tags) owned by users who can reap monetary benefits for ownership, and elect moderators (a feature not yet implemented on the beta version site) to keep spam from overwhelming the network. A central tribunal exercises executive decision-making power and moderates mostly democratic community activity.
Another notable “spin-off” of Steemit (in this case, admittedly, directly inspired via a pizza purchased with Steem rewards) is Japan’s first blockchain-based social media site, ALIS. Similar to Narrative, ALIS focuses on niche interest groups (like crypto enthusiasts and Japanese manga readers). Though current financial regulations present hurdles for the group, CEO Masahiro Yasu and company maintain their vision of helping users “find trustworthy articles and people quickly” in lieu of depending only on spammy Google search results and unreliable mainstream media. Quality content and curation are rewarded with the ALIS token.
Emerging on April 15, 2018, on-chain social media site memo.cash was launched on the BCH network. With features like native tipping and SLP token creation, Memo is a unique and multi-faceted way to interact with the Bitcoin Cash blockchain. The platform was notably mentioned in July by Ethereum co-founder Vitalik Buterin, when he suggested that the Bitcoin Cash network might provide a temporary scalable data layer for Ethereum:
The BCH community seems to be friendly to people using their chain for whatever they want as long as they pay the tx fees (eg. https://memo.cash)
Though not as visually ornate as some blockchain-based platforms, users are drawn to the functionality and innovative aspects of the platform. The ability to authentically timestamp important information and make it virtually immutable, for example, is an important feature to many. This particular application has been suggested to Twitter CEO Jack Dorsey as a means by which to allow verifiable editing of Tweets.
Another platform built using the Bitcoin Cash blockchain is Honest, which was launched in November, 2018. In keeping with the theme of free speech, the site affirms that:
The internet should reward quality thinking and be a place for an uncensored discussion.
Direct voting via a user wallet allows bloggers to receive BCH for their posts when other users upvote, or, like Steemit and Narrative, when successful curation occurs. While the site is still growing and completing its V2 migration, community members and the honest.cash core team and creator, Adrian Barwicki, are active in development and support via the Honest Cash Telegram chat.
Comparative List of Popular Crypto Social Media
Decentralized, incentivized blockchain and crypto-based social media offer alternatives to popular platforms like Twitter, Reddit, Youtube, Instagram, Facebook, Medium, Linkedin, and Patreon. Here is a list of some of the most popular sites:
Bitchute: P2P, web torrent video sharing platform. Monetization available via Bitbacker, Coinpayments and others. Main user interests: politics/activism. Alexa ranking: 4,024. Similar to: Youtube.
Steemit:Steem blockchain-based social media platform. Earn Steem and Steem Dollars (USD soft-pegged asset) to post, comment, and curate. Main user interests: advice, finance/economics. Alexa ranking: 5,255. Similar to: Reddit.
Dlive:Lino blockchain-based video sharing platform. Formerly built on the Steem blockchain. Earn Lino points to post and engage. New home to Pewdiepie. Main user interests: gaming (livestreaming), animation, analytics. Alexa ranking: 5,748. Similar to: Youtube.
Minds: Open source social media platform. Earn Minds ERC20 tokens for contributions. Main user interests: politics/activism. Alexa ranking: 9,611. Similar to: Twitter/Facebook.
Dtube:IPFS-based, Steem blockchain dapp. Video sharing platform. Earn Steem to post and curate. Main user interests: news, visual arts. Alexa ranking: 24,832. Similar to: Youtube.
Earn: Coinbase’s targeted microtask earning platform/app. Earn crypto by replying to emails or completing small tasks. Main user interests: economics, technology. Alexa ranking: 59,172. Similar to: n/a.
Narrative: User-governed social media platform for bloggers. Earn NRVE tokens to post, comment, curate, moderate, and own niches. Main user interests: n/a. Alexa ranking: 129,990. Similar to: Medium.
Scorum: Sports and betting-focused blockchain-based platform. Earn SCR coins for content creation and curation. Main user interests: sports, gambling/betting. Alexa ranking: 138,365. Similar to: n/a.
Voice: Block.one EOS-network-based social media platform. Earn Voice tokens for contribution. Identity-focused user validation. Main user interests: n/a. Alexa ranking: 204,857. Similar to: n/a.
Memo:BCH blockchain-based social media platform. Earn BCH via posting. Data is stored direct to blockchain using OP_RETURN. Main user interests: Bitcoin Cash, blogging. Alexa ranking: 369,947. Similar to: Twitter.
Sapien: Democratized, Ethereum-based news platform. SPN tokens serve as stake in the network facilitating interaction. The site aims to combat unreliable or “fake” news. Main user interests: news. Alexa ranking: 430,729. Similar to: n/a.
Indorse: Ethereum-based coding evaluation and assessment recruiting platform. Earn IND tokens for activity on the network. Main user interests: coding, recruiting. Alexa ranking: 523,854. Similar to: Linkedin.
Bitbacker: Crypto-based fan-funding platform. Garner support for projects and posts from your fanbase. Main user interests: n/a. Alexa ranking: 1,159,103. Similar to: Patreon.
Obsidian: PoS blockchain with an encrypted mobile messaging app/platform. Earn ODN tokens for securing the network. Main user interests: n/a. Alexa ranking: 1,442,289. Similar to: n/a.
Socialx: Photo and video sharing blockchain-based platform. Earn SOCX coins for contribution and licensing. Main user interests: n/a. Alexa ranking: 2,030,873. Similar to: Instagram.
Honest:BCH blockchain-based blogging platform. Earn BCH for content creation and curation. Main user interests: n/a. Alexa ranking: n/a. Similar to: Medium.
Local.bitcoin.com: P2P, encrypted trading platform. Offers non-KYC, P2P trading of BCH. Main user interests: cryptocurrency. Alexa ranking: n/a. Similar to: Localbitcoins.com.
(Information based in part on Alexa rankings and data from August 3 and 4, 2019)
It’s Anybody’s Game, But the Game Is Here to Stay
The aforementioned Larimer of Steemit fame, along with Block.one CEO Brendan Blumer, has now jumped into the social game once again with his new platform Voice, whose launch was announced June 1. During a recent Telegram Q&A, however, when potential users voiced privacy concerns about strict KYC policies of the platform, Larimer didn’t seem overly receptive:
It should prove interesting to see how the new site develops and fares against the others with drastically different philosophies and mission statements.
However different these platforms may be, it’s an exciting time for social media enthusiasts, crypto lovers, bloggers, developers, journalists and entrepreneurs alike, with the proliferation of this new generation of social media providing unique opportunities in cryptocurrency and security for users.
What are your thoughts on blockchain-based social media? Did we miss one of your favorites? Let us know in the comments section below.