How to Create Custom SLP Tokens With the Bitcoin.com Mint
On January 17, Bitcoin.com CEO Stefan Rust introduced the company’s new SLP minting application. The Bitcoin.com Mint is a noncustodial web wallet that allows users to store bitcoin cash (BCH) and Simple Ledger Protocol (SLP) tokens. In addition to the portfolio capabilities, the Mint gives anyone the ability to create their own customized SLP tokens in less than a minute after they add a tiny fraction of BCH.
Bitcoin.com’s SLP Minting Service
During the last day of the North American Bitcoin Conference Miami, Bitcoin.com CEO Stefan Rust gave a talk on how the cryptocurrency industry can create new markets with an assortment of tools. Rust noted that the Simple Ledger Protocol, built on Bitcoin Cash, was growing by leaps and bounds since the project launched in 2018. He also mentioned how people were tipping each other with SLP-based spice, honks, and beers and how some of these tokens gained real market value and eventually were listed on prominent exchanges.
After discussing the growing SLP adoption and infrastructure, Rust officially announced Bitcoin.com’s new Mint. The service allows anyone to store BCH and a portfolio of SLP tokens using the noncustodial web wallet. Further, with a small fraction of bitcoin cash, anyone using the Mint can create custom SLP tokens in a matter of no time at all. In order to give our readers an introduction to the new Bitcoin.com Mint, the following is a step-by-step guide on how to use the web wallet, store a few SLP tokens and create a custom token as well.
Using the Web Wallet and Minting SLP Tokens
The first thing to do is head to the website mint.Bitcoin.com and there’s a tab that lets you create a web wallet and another option that allows you to import an existing wallet. The page lets you know that the Bitcoin.com Mint is an open-source, noncustodial web wallet. It should be noted that web wallets are for convenience and storing large amounts of money on a web wallet is not recommended.
In order to create an SLP token and send them, a tiny fraction of BCH is needed within the web wallet. For this experiment, you can deposit as little as $0.05 to get started with Bitcoin.com’s Mint. In order to start a fresh wallet simply press “create” and in less than 30 seconds a new BCH and SLP wallet is created. Following the wallet creation, you can back up your wallet with the mnemonic seed phrase located in the “configure” section on the left sidebar.
After jotting the seed down in private, you can then deposit a nickel’s worth of BCH in the wallet by sending some funds to the bitcoin cash address. The BCH and SLP address is always located on the bottom left of the screen, but you can also find an address in the portfolio section as well. In order to deposit some BCH into the web wallet, the Mint will give you a scannable QR code for the BCH address and you can also copy and paste the readable address text as well.
I scanned the QR code and deposited $0.05 or 0.00014097 BCH into my web wallet for this experiment. The wallet noticed the funds immediately and after your funds are deposited into the wallet you now have the ability to mint an SLP-based token from scratch. After you deposit a small amount of BCH head on over to the “create” section on the left sidebar and it will take you to the customization window.
In the create a token section, you can generate a token symbol, name, add a white paper or document hash, upload a URL, and establish the number of tokens you want to initially produce. You can also set the number of decimals for your tokens so each one can be divided into fractions. After you’ve chosen all the token’s custom formalities, you can press the “create” button and the Mint will let you know your tokens have been created. From here, you can then head back over to the portfolio section and you will see your newly created tokens.
The web wallet offers a few features like the ability to send the new tokens to another SLP address or supporting wallet. You can also mint more of the tokens if you desire by simply pressing the “mint” button. Lastly, you can even pay dividends to token holders, after you have sent some of your coins to other people. It works just like Bitcoin.com’s SLP dividend calculator tool, which lets you airdrop BCH and SLP dividends to token owners.
A Portfolio of Tokens
The sample tokens I chose to make are called SLPTestMint (SLPTM) and I minted seven tokens in total. The SLPTM token is divisible by eight decimals and the web wallet gives a comprehensive view of the token’s properties, details, and the history of recorded transactions. I also decided to test the portfolio and add two spice tokens to the mix and 300,000 Satoshi Cash, a token I minted a year ago. The noncustodial web wallet is simple to use and anyone can get the hang of using it rather quickly.
The Mint allows you to be a token creator and you might create a few billion tokens that are just fun to play around with passing them along to your friends. Or you could create the next big token rewards project, a fantastic custom loyalty points system, or some random magical tokens that pay dividends to patient holders. The sky’s the limit when it comes to tokenization using BCH and the environment is still in its nascent stages. Whether you’re a crypto veteran or someone just getting into the cryptosphere, the Bitcoin.com Mint can get any type of user acclimated to the SLP ecosystem right away.
What do you think about the Bitcoin.com Mint? Let us know what you think about SLP tokenization using Bitcoin Cash and our new service in the comments section below.
Image credits: Shutterstock, Fair Use, Simple Ledger Protocol logo, the Bitcoin.com Mint, and Jamie Redman.
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