Social Network Memo Adds Decentralized SLP Token Exchange
August 14th, 2019
The Simple Ledger Protocol (SLP), a token creation system built on top of the Bitcoin Cash (BCH) network continues to mature as developers have released a number of third-party applications that support SLP tokens. Now the onchain, BCH-based social network Memo.cash has implemented an SLP token exchange allowing people to list SLP tokens and sell them for bitcoin cash.
The New Trustless Onchain SLP Token Exchange
Memo.cash is a popular social network that’s built on top of the BCH chain where every action uses an onchain transaction. For a while now Memo has accrued users and has added a variety of features since the platform’s inception. News.Bitcoin.com recently reported on the application adding the ability to forge SLP tokens on the Memo platform and to store, send, and receive SLP coins as well. At the time, we gave our readers step-by-step instructions on how to mint an SLP token using Memo and explained that the process takes less than a minute. Since then, the engineers behind Memo have added the ability for people to trade SLP tokens onchain in a safe environment. The new exchange service utilizes an open source decentralized trust-less protocol that accepts purchase offers and transfers using an atomic transaction.
The creators of Memo noted that the new feature that still has limited functionality and people using the exchange should understand there might be bugs. When you visit the Memo exchange page, you’re greeted with options like viewing the tokens already listed for sale, the ability to sell a token, and a list of offers you already created. Right now, looking at the listings page shows there are tons of SLP tokens being sold for various amounts of satoshis. Well-known SLP tokens such as Honestcoin (USDH), Spice, Honks, BTC2, and Trump are being sold alongside coins you probably never heard of. The exchange listings show when the tokens were listed, price, seller, and a tab that allows you to purchase tokens being sold instantly.
Selling Rare Stones
To demonstrate how the Memo exchange operates, I decided to mint six nonfungible tokens from the same address and called them the Infinity Stones or “IFS.” If you want to try to sell SLP tokens using Memo, you will need to register for an account to enjoy the new trading feature. People who know the story of the Infinity War and Thanos will know that there are six stones needed to complete the Infinity Gauntlet in order to harness god-like powers. So I minted tokens using the Electron Cash SLP wallet and each token represents the mind, space, reality, power, time, and soul stones. I designed them to be nondivisible and each stone was represented by only one token. Each stone is also tethered to a URL, which leads to the original Infinity Gauntlet comic book cover.
After the stones (tokens) were forged I sent them all to my Memo account dubbed “Zelda” and prepared to list each stone for sale. On the “List Tokens for Sale” page the Memo platform provides a customizable window to create new listings. On this page, I chose the tokens I wanted to list, how many tokens to list, the price per token, and the total price. I listed the six IFS tokens for 1,560,000 satoshis (0.0156 BCH) per token and for every completed trade Memo takes a 1.5% fee. So the fee for each IFS trade would be a total of 23,400 satoshis (0.000234 BCH).
After creating the listings for all six stones, I then tweeted out my IFS sales on Twitter to let people know I had some rare nonfungible tokens for sale. Not long after sending out my tweet, well-known BCH proponent and streamer Collin Enstad, host of “Collin’ It Like It Is,” a “no bullshit crypto show,” purchased two of the stones on the Memo exchange. According to Memo, Enstad is the proud owner of the mind and reality stones. Moreover, Enstad decided to sell the two IFS tokens for double the price I sold them for at 3,000,000 and 5,000,000 satoshis. So far there are four Infinity stones (IFS tokens) left waiting for someone to snatch them up at my price in an attempt to control the universe. Someone will have to buy them at Enstad’s price to capture his two stones. The Memo.cash SLP exchange has a lot of potential, but once an offer is submitted there is no way to cancel it right now, the Memo engineers have explained.
— Jamie Redman (@jamieCrypto) August 14, 2019
Memo’s New Feature Augments the Broad Range of Support for the SLP Token Universe
Memo adding a decentralized way for people to swap tokens for BCH in an atomic fashion bolsters the social network’s powerful features. Just like the latest Cryptophyl exchange and the upcoming Exchange.Bitcoin.com, which will launch on September 2, the new Memo SLP marketplace also adds more trading liquidity to these unique tokens. Furthermore, well-known trading platforms like Altilly Exchange, Coinex, and Coinsuper are all listing SLP tokens. With all the exchange endorsements and wallet support from clients like Badger, Ifwallet, Cresent Cash, and Electron Cash, the SLP universe continues to showcase enormous amounts of innovative possibilities. Further, Bitcoin.com will soon be launching an SLP token dividend tool that allows people to pay dividends to groups of specific SLP token holders. Memo’s recent trading platform for SLP tokens has been welcomed by the BCH community, while also highlighting the innovation taking place within the BCH and SLP development community over the last few months.