Social Network Memo Adds Decentralized SLP Token Exchange
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 thats 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 platforms 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, youre 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