In fear of missing out on the tokenization that is sweeping the Ethereum blockchain, Bitcoin Cash (BCH) is working hard towards preparing their platform for the creation of tokens.
This week a number of ideas have been proposed for tokenization of the BCH blockchain. Bitcoin Unlimited’s Andrew Stone released a 42-page paper describing his plans for an idea called OP_GROUP, which involves adding code to the BCH network to create ‘colored coins’, a type of token.
Unlike Bitcoin’s Omni protocol, these tokens would require a protocol change and miners would need to validate new coins within confirmation of normal transactions.
Another concept that was put forward is Tokeda, a tokenized metadata proposal from Johannes Vermorel. In his paper, he describes a system that attempts to solve the problem of preserving unbounded metadata without endangering Bitcoin and introducing tokens to the Bitcoin network with economic incentives.
More recently, Bitmain developers have announced a new concept called Wormhole which uses a fork of Bitcoins Omni layer and aims to increase data-carrier-size and OP_Return transactions.
Cryptonize.it is a new platform put forward by a development company that has also created something called the Cashpay wallet and are aiming to bring the Colored Coins (CC) protocol to Bitcoin Cash.
The CC protocol first appeared back in 2013 on the BTC blockchain as a way to add metadata to the network and led to the creation of tokens which represent physical or digital assets – ‘colored coins’. Using the CC protocol, Cryptonize.it hopes to create Cryptonized Cash to be used with the Cashpay platform.
“Luckily with colored coins, the answer is endless. Colored coins can represent vouchers, coupons, tokens, altcoins or other assets. You can tokenize whatever you want,” the developers said.
Whichever way you look it, with all these projects making headway, it seems Bitcoin Cash could become the next big tokenizable cryptocurrency.
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