On August 21, James Cramer, the developer behind the Simple Ledger Protocol (SLP), announced the launch of the Electron Cash SLP version 3.5. The latest release allows people to create a new type of SLP token called NFT1, a non-fungible token that can be grouped together by a single ID. The advanced form of SLP token creation allows people to use the system to create unique assets like gaming items, collectibles, and digital media rights.
Also read: Social Network Memo Adds Decentralized SLP Token Exchange
How to Create an NFT1 Type SLP Token Using the Electron Cash Wallet
The Simple Ledger Protocol (SLP) is celebrating its first anniversary. Since then there’s been a token explosion as thousands of unique coins have been created using the SLP system. The majority of SLP tokens have been a ‘type1’ token which defines a common list of rules for SLP-based tokens to follow within the larger Bitcoin Cash ecosystem. At the end of June, SLP engineers James Cramer and Jonald Fyookball published a new specification by extending the SLP token type 1 standard. The new type of token is called NFT1 which allows people to create non-fungible tokens that are grouped together by a single ID. The documentation on Github explains that having the ability to group non-fungible tokens (NFTs) in a provable manner opens many doors. Similarly to the ERC721 protocol, NFT1s can extend token creation to things like rare collectibles, digital media rights, raffles, tickets, and blockchain extensible games.
Just like our prior SLP reviews in the past, news.Bitcoin.com has tested the new NFT1 standard using the Electron Cash SLP wallet. The following walkthrough was written to provide
