The Simple Ledger Protocol (SLP) has been extremely popular among Bitcoin Cash (BCH) advocates and the SLP token universe has grown quite large. SLP tokens have seen a myriad of applications built around them and a slew of unique tokens have gained real-world value after being listed on exchanges. Now the cryptocurrency automatic teller machine (ATM) manufacturer, General Bytes, announced the team has recently implemented two-way support for the SLP token standard on the Bitcoin Cash chain.
General Bytes Crypto ATMs Now Support SLP Token Functionality
Just recently, the crypto-ATM manufacturer General Bytes announced they have implemented two-way support into their ATM software for SLP tokens. The Simple Ledger Protocol (SLP) has become a prevalent application within the BCH ecosystem. So far there’s been thousands of SLP tokens created to-date. SLP tokens and their transactions have metadata attached to them, which is data that describes and gives information about the token’s properties. The SLP system simply ties the metadata to OP_Return transactions on issuance, and when tokens are sent and received. Every time someone uses an SLP token BCH transactions are used, and the movement is etched into the BCH chain. While speaking with General Bytes’ marketing manager, Martijn Wismeijer, he explained the SLP token concept is similar to the color coins idea bitcoiners experimented with years ago.
“[SLP] is a token standard very similar to the colored coin or Mastercoin mechanism that we saw back in 2014 on the BTC chain, but the SLP implementation is actually working,” Wismeijer told news.Bitcoin.com. “The Mastercoin or colored coin mechanisms failed because of ‘spam protection’ that was implemented at the time to block these types of transactions on the BTC chain. A bit disappointing because one man’s transaction apparently is another man’s spam but the larger block sizes in BCH make the Bitcoin Cash blockchain very suitable for these types of applications. It is great to see that six years later a similar mechanism is alive and kicking on the BCH blockchain,” Wismeijer added.
So the team of developers at General Bytes felt that the ATMs the company manufactures should have more functionality, by adding support for SLP-based tokens. General Bytes (GB) ATMs were one of the first crypto-ATM producers to include BCH into the GB software. “Making the…