Many bitcoiners thought it would be a cold day in hell when BHB Network co-founder Giacomo Zucco admitted that all tokens aren't inherently scams.
What started as a client's request for a more secure alternative to ethereum's ERC-20 tokens will soon emerge as the first unique protocol for issuing tokens via bitcoin's lightning network.
Spectrum, which uses the RGB colored coin standards anchored to bitcoin, allows people to issue tokens several layers above bitcoin's base layer.
The fundamental difference here is that ethereum-based tokens bake complex logic, such as automated token distribution related to external factors, straight into the assets themselves via chunks of code called smart contracts.
Gregory Rocco, a staffer at ethereum venture studio ConsenSys, told CoinDesk that colored coins never really took off because, compared to ethereum's built-in support for complex functions, the former required external coordination for the tokens to "Represent something" beyond simple units.
On the other hand, a Spectrum-compatible RGB token will be more like an international socket converter connecting the token to the bitcoin blockchain via the lightning network, and also externally to software that automates functions similar to smart contracts.
The reason DIY ERC-20 tokens became so popular is that all ethereum-based platforms and wallets were compatible with them.
Along those lines, Spectrum will provide the first bitcoin-centric standard for tokens that can utilize the lightning network for near-instant transactions.
Since Bitrefill recently closed a $2 million seed round, Carvalho said his startup's goal for 2019 is "To collaborate with more bitcoin businesses to grow the [lightning] network," including the exploration of token use cases.
Scalar Capital cofounder Linda Xie agreed with Paone, saying Tenga's wallet alone would hardly give the protocol an edge compared to all the exchanges and wallets that already support ethereum-based tokens.
A Protocol for Issuing Tokens Launches on Bitcoin's Lightning Network
gepubliceerd op Jun 14, 2019
by Coindesk | gepubliceerd op Coinage
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