Bitcoin Cash Tokenization Bolstered by the Creation of an SLP Foundation

On Monday Bitcoin Cash (BCH) Supporters were introduced to an alliance of the Simple Ledger Protocol called SLP Foundation. According to the first members, the SLP Foundation has been under construction since December 2019. The main goal is to promote the innovation and standards of SLP.

Meet the SLP Foundation: A non-profit organization with the goal of creating a healthy environment for SLP growth and innovation

A new organization was created created called the SLP Foundation, and aims to promote SLP development, growth and common practices. The Simple Ledger Protocol (SLP) is a user-friendly system that anyone can create tokens over BCH Chain. The new SLP Foundation will be a non-profit group and has been funded by many crypto supporters since the idea was launched.

Bitcoin Cash Tokenization supported by establishing an SLP foundation

The foundation is managed by three directors, including Peter NG, Joey Wong and Stefan Rust, former CEO of Bitcoin.com. The directors will help the foundation grow and "help with communication," the announcement said. The SLP Foundation announcement states:

The main focus of the SLP Foundation is on coordinating the common interests of open source developers in the SLP ecosystem and promoting a healthy environment for growth and innovation.

A foundation and an open source community at the grassroots

The key developers will have the final say on SLP, and the SLP Foundation believes this is the best way to go. News.Bitcoin.com spoke to Peter NG and explained how the nonprofit organization is introducing the foundation to strengthen the SLP infrastructure and standards.

“A foundation in an open source community at the grassroots is a constant delicate dilemma. We need to be aware of the development community's existing initiatives because funding sometimes hinders open source development, ”Peter NG said during our conversation.

Bitcoin Cash Tokenization supported by establishing an SLP foundation

“In terms of infrastructure, SLP 2020 was a breeze as we needed overall performance improvements to keep up with the unexpectedly rapid growth in token usage. Future developments in infrastructure would initially require a thorough understanding of companies in our industry and beyond. We also have to be very careful that there are minimal prejudices so that the benefits are more universal. "

The director of the SLP Foundation added:

In terms of standards, SLP by Design enables everyone to develop their own. So we avoid it. Standardization can be important when we are facing traditional companies that need this type of standardization to fit their existing business model.

Stefan Rust said he thinks SLP is a great protocol. "Simplifying tokenization in addition to BCH. The foundation will continue to support efforts by open source projects to adapt the protocol to market needs while raising awareness among businesses and consumers, ”said Rust. The block party creator and a key SLP developer, JT Freeman, sees it the same way and believes that coordination will help.

"SLP is the creation of colored coins on Bitcoin that make it easy to understand and build on almost immediately," said Freeman. "I am delighted to be coordinating around the SLP Foundation to support the growth of this technology. As a developer, it is a safe bet to build on as the Foundation continues to innovate and support SLP development," said the developer a.

What do you think about the new SLP Foundation? Let us know in the comments below.

Tags in this story
BCH, Bitcoin Cash, Bitcoin Money Chain, Bitcoin Cash Tokenization, Development, JT Freeman, Peter NG, Simple Ledger Protocol, SLP, SLP Foundation, SLP Token, Stefan Rust, Tokenisierung, Token-Assets, Token

Image credits: Shutterstock, Pixabay, Wiki Commons, SLP Foundation, Simpleledger.cash

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