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Cointext Founder Publishes New 'Postage' Specs for SLP Tokens

On November 18, Cointext founder Vin Armani published a blog post that describes a new system called the ‘Simple Ledger Postage Protocol.’ The SLP concept allows wallets to send SLP tokens without having to use bitcoin cash (BCH) as ‘gas’ to forward transactions.

Also Read: Bitcoin Cash Community Funds Eatbch Trip to Ghana

The Simple Ledger Postage Protocol

Cointext CTO Vin Armani recently published a blog post called “Simple Ledger Postage Protocol: Enabling A True SLP Token Ecosystem On Bitcoin Cash,” which describes a method of sending SLP-based tokens without using BCH for ‘gas.’ In the post, Armani says that tokens like ERC20s stemming from Ethereum have suffered from the ‘dual currency’ requirement for years. Armani’s post stresses that more recently “similar proposals have arisen as ERC865 and EIP965” that address the issue. But to Armani “these solutions are quite complex and, to date, do not seem to be attracting significant interest from the overall community.”

Cointext Founder Publishes New 'Postage' Specs for SLP Tokens
The Simple Ledger Protocol (SLP) universe has matured a great deal over the last year.

The Cointext engineer explains that in order to move SLP tokens, a small fraction of BCH is needed to push the transaction. “It’s the ‘gas’ problem all over again,” Armani highlights. “At least that was the case until the publication of the Simple Ledger Postage Protocol (SLPP) as an official SLP specification.”

“[For] the sender of SLP tokens to effectuate a transaction without the need for additional native Bitcoin Cash (BCH) inputs to cover output balance and/or miner fees,” describes the purpose of the new SLPP specification. “Use of this protocol enables wallets to exclusively support SLP tokens without also, simultaneously, having to act as a wallet for native BCH.” The software engineer’s blog post adds:

In essence, the Postage Protocol allows users to pay for their miner fees using the SLP token itself. This is accomplished through the use of an intermediary server called a “post office.” The user sends the post office the requisite value of the needed BCH as an additional output in a transaction. Upon receiving and validating the otherwise invalid transaction, the post office attaches additional input containing native BCH (“stamps”) and then broadcasts the “postage paid” (valid) transaction to the network.

Cointext Founder Publishes New 'Postage' Specs for SLP Tokens
The specifications for the Simple Ledger Postage Protocol can be found here on Github.

Tokens as First-Class Citizens Makes so Much Sense

Armani notes that wallets using the SLPP system can utilize a UX where BCH for gas is never needed. This could make it so tokens, token creators and supporters can essentially “treat their own token as a first-class citizen.” “With a user experience that mirrors the experience that can already be had with Bitcoin Cash when using BCH,” Armani’s post underlines. “Stablecoins, utility coins, and rewards points can all be used in standalone wallets, without the user ever needing to even know that they are transacting on a Bitcoin network at all.”

In the blog post, there’s also a demonstration video that shows the Simple Ledger Postage Protocol in action with Badger Wallet and the stablecoin honestcoin (USDH). Moreover, Armani’s firm Cointext is offering the first SLP post office and the system is now live. Currently, users can test the new SLPP framework with the SLP tokens honestcoin (USDH), spice token (SPICE) and anypay gold (GOLD).

Cointext Founder Publishes New 'Postage' Specs for SLP Tokens

The BCH community seemed excited about Armani and Cointext’s new SLPP idea and BCH supporters discussed the idea on Reddit and Twitter. The creator of the cryptocurrencies Zclassic and Bitcoin Private, Rhett Creighton, told Armani “this is absolutely incredible — full disclosure I’m buying more BCH today after reading this.” “After reading the article it seems like eventually, you will be able to use multiple versions of ‘gas’ just like USDH and probably I guess SAI and etc., (auto conversion services later I presume),” another individual asked the Cointext founder on Twitter. “[It] can be used with any SLP token that a post office is willing to support,” Armani replied. “Every few days, BCH surprises me with what is possible,” a Bitcoin Cash fan wrote in reply about the postage concept on the Reddit forum r/btc. “Tokens as first-class citizens makes so much sense.”

What do you think about the Simple Ledger Postage Protocol? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock,, Twitter, and Medium.

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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for about the disruptive protocols emerging today.

Jamie Redman , 2019-11-19 17:30:46 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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