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.
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.”
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