Alpha Version of Bitcoin Token Launched by Clemens Ley

By Chetna Phour

Recently Bitcoin Cash (BCH) developer Clemens Ley released a new smart contract and tokenization system on the Bitcoin Cash network. The newly released alpha version of Bitcoin token is a Javascript library which is built to develop autonomous contracts, Bitcoin Cash-based tokens, and integrated payments into web applications.

In August this year, the project Bitcoin Token was in its prototype stage, and the software programmer Clemens Ley said that he is planning to launch the project at the end of the year. Recently Ley launched the alpha version of the Bitcoin Token project. It gives the creator three tools which will enable the assembly of applications on the BCH network. The software contains a token solution, a database, and a wallet. Till now the 0.0.1 alpha version of the software has been downloaded 103 times.

Bitcoin Cash community welcomed the Bitcoin Token project when the release of the alpha version announced on Twitter. Bitcoin Token project became the 5th Bitcoin Cash-based token project. Before Bitcoin Token project, other token projects which were introduced on the Bitcoin Cash network are

• Simple Ledger Protocol
• Colored Coins
• Keoken
• Wormhole

Clemens believes that the Bitcoin Cash chain is better that Ethereum network. BCH chain can do far better that Ethereum network’s token process coupled with scaling. Bitcoin Token protocol uses a similar system to ERC-20. In a tweet, Bitcoin Token creator Ley said that

“Bitcoin Cash can do pretty much everything Ethereum can do – but at a 10-100x lower cost,”

The documentation of Bitcoin Token project has also published and available publically. The documentation contains specification details, program’s tech stack including application build, Bitdb, tokenization abilities, and the source containing a readable Javascript Bitcoin Cash implementation. Till now the source code is not available publically. The developer is offering an early version of the source code by email. According to Ley, the alpha version of the project currently supports fungible tokens which work like the ERC-20 token of Ethereum.

Only a day after the Bitcoin Token alpha release, a project developed by Samuel Georges, James Belding, Scott Barr, Brendan Lee, and Farid Uddeen won the tokenization contest hosted by Coingeek. The prize money for the contest was $6.4 million.