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How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash

How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash
By: news.bitcoin.com Posted On: August 22, 2019 View: 13

How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash

On August 21, James Cramer, the developer behind the Simple Ledger Protocol (SLP), announced the launch of the Electron Cash SLP version 3.5. The latest release allows people to create a new type of SLP token called NFT1, a non-fungible token that can be grouped together by a single ID. The advanced form of SLP token creation allows people to use the system to create unique assets like gaming items, collectibles, and digital media rights.

Also read: Social Network Memo Adds Decentralized SLP Token Exchange

How to Create an NFT1 Type SLP Token Using the Electron Cash Wallet

The Simple Ledger Protocol (SLP) is celebrating its first anniversary. Since then there’s been a token explosion as thousands of unique coins have been created using the SLP system. The majority of SLP tokens have been a ‘type1’ token which defines a common list of rules for SLP-based tokens to follow within the larger Bitcoin Cash ecosystem. At the end of June, SLP engineers James Cramer and Jonald Fyookball published a new specification by extending the SLP token type 1 standard. The new type of token is called NFT1 which allows people to create non-fungible tokens that are grouped together by a single ID. The documentation on Github explains that having the ability to group non-fungible tokens (NFTs) in a provable manner opens many doors. Similarly to the ERC721 protocol, NFT1s can extend token creation to things like rare collectibles, digital media rights, raffles, tickets, and blockchain extensible games.

How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash
Download the Electron Cash SLP version 3.5 for NFT1 functionality.

Just like our prior SLP reviews in the past, news.Bitcoin.com has tested the new NFT1 standard using the Electron Cash SLP wallet. The following walkthrough was written to provide an insight into the basics of NFT1 creation. The first thing you need to do is download the latest SLP Electron Cash wallet version 3.5, as any wallet below this release will not mint NFT1s. The download takes less than a minute, depending on internet speeds, as the program takes about 30MB of space. The Electron Cash SLP 3.5 release is available for Linux, MacOS, and Windows. Electron Cash (EC) patrons will notice the newly released SLP version has the same logo as the EC wallet with Cashshuffle, except it’s green rather than blue.

How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash

After the download is complete, you need to open the program and create a new wallet or import existing funds into the wallet if it’s your first time using the EC program. If you were already using an older version of EC then your existing wallet’s history will be available in the new version after the upgrade completes. If it’s the first time you are creating an SLP token, you need to know that a small fraction of BCH is needed to act as ‘gas’ for the new token’s genesis transaction and further sending.

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