Cryptocurrency developer group Bitprim has launched a new open source platform for tokenization and smart contracts powered by Bitcoin Cash (BCH), in the latest significant development to be released by Bitcoin BCH.
Keoken aims to extend the functionality of the BCH blockchain by introducing smart contracts, as well as a number of other features including support for protocol governance, the transfer and creation of digital assets.
— Keoken (@KeokenIO) July 31, 2018
The platform is powered by a proprietary token, called the ‘Keo’, which funds the ongoing development of Keoken, as well as paying fees and financing transactions associated with various functions in the Keoken ecosystem. Users store Keo in wallets, which are then sent as bitcoin transactions to other BCH wallet addresses in order to power the platform’s core functions.
The combination of tokenization and smart contracts will expand the possibilities with the BCH platform even further, with a specific focus on use case efficiency.
According to the Keoken whitepaper, the unique properties of Bitcoin BCH made it the ideal platform on which to build their app, with efficiency, security and capacity in mind.
“We have today the [Bitcoin] platform that has a good balance between security, provided by a solid PoW level, and an on-chain capacity to build on top of it,” according to the Keoken team. “These are the reasons why we consider that Bitcoin Cash has the best balance to start building a layer two solution on top of it.”
Discussing the platform, the whitepaper describes Keoken as a ‘second layer solution’ that is focused on practical applications of their technology.
“Keoken is a second layer solution that brings a digital asset accounting and a secure smart contracts platform, focused on real-world use cases, approaching them in an efficient and simple way, intended to cover most of the use cases for value transfer between parties and businesses, as well as the rules required to run most common activities,” according to Keoken. “Keoken fills the gap between reliable cryptocurrencies protocols and less reliable smart contracts platforms based on “turing complete” programming languages.”
Based at Keoken.io, the launch is the latest in a series of similar developments to surface for BCH in recent months, following important technical upgrades to the chain.
Incidentally, if you have Bitcoin Cash-based tokenization solution in mind, CoinGeek is running a £5-million contest for designs that will put tokenization on the BCH chain. The contest is still open, with an adjusted reward and terms, to enable other solutions to also be developed and released open source on the BCH platform. More information about the CoinGeek tokenization contest can be found here.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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