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Report: Token Development on Bitcoin Cash Network on an All-Time High

Image Credit: Finder

Bitcoin Cash has developed substantially since various token implementations have been introduced. Over past few weeks several projects like Wormhole and the Simple Ledger Protocol ( SLP ) saw token creations couple with wallet support for many tokens created by the community.

The BCH Token Explosion

The projects also include social media application Honest Cash which has also tokenized its module. Also a look at the Block Explorer shows that several people have been creating their own coins. Tokens created so far include- 

Vote (VOTE)
Useless (USL)
Killthebeast (KTB)
Falcon (FLC)
Official SLP Token (SLP)
Berniecoin (BERN)
Dogecash (DOGE).

Also, On Feb. 23, the developers unveiled SLP version 3.4.5, this adds an optional auto-update notification to the software.

Token Development in High Swing

Lead SLP developer James Cramer thanked the Electron Cash( Bitcoin Cash SPV Wallet) Team over r/btc forum for their work and explained to the community the token creation module and how to send tokens to Badger. He further hinted a launch of a new trading website. This website will allow traders to automatically trade SLP tokens for BCH. The upgraded version of Electron Cash SLP for implementation is available for  Mac OS, Windows, and Linux at the official site.

Wormhole Protocol

The Wormhole protocol has garnered some serious attention over last few months. The Wormhole burn address has burnt almost 2,729 BCH ($358,795) since the advent of the project. A wormhole explorer also shows data on Wormhole Cash ( WHC ) transactions, burning details and created assets. Wallets which support variety of Wormhole tokens include -

Pure Wallet.

As per CoinMarketFeed statistics WHC is currently trading for $1.09 worth of BCH, at press time.

Building a BCH-based Stablecoin

BCH supporters seem quite pleased about the token explosion on BCH Chain. A few enthusiasts are also considering the creation of a BCH-based stablecoin like Maker network’s Dai token. Dai token is based on Ethereum protocol. Interestingly, on Saturday cryptocurrency bull and CEO Roger Ver dropped hints that a stable coin may be built soon. He further stated that six tokens have already been built and asked the traders to install Badger wallet and post their SLP address.

Bitcoin Cash Price Prediction

Bitcoin Cash is trading at $134.53 at press time, as per data from CoinMarketFeed. Bitcoin Cash price is oscillating within consolidation mode however it is demonstrating breakout characteristics.