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bowsetter · 6 years ago

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How Cryptocurrency Developers Can Earn Bitcoin Cash With REST APIs

A recent video by Chris Troutner, Senior Javascript Developer at Bitcoin.com, points out a problem with anti-profit seeking approaches to crypto development, and how devs can incentivize growth and attract business using REST APIs to earn BHC. Without incentives, Troutner notes, many promising services and applications run the risk of succumbing to an economic tragedy of the commons, when user demand surpasses developer ability to accommodate these needs.

Also Read: Running Bitcoin Cash: An Introduction to Operating a Full Node

Profit Protects Quality

There’s nothing wrong with free, but at the end of the day, everybody has to eat. In the cryptosphere this fact of reality shouldn’t be looked at as an obstacle, but rather an opportunity for growth. This is the view of Chris Troutner, who in his latest video expounds on the possibilities of economies of scale within the Bitcoin Cash ecosystem.

A REST API is a ubiquitous type of API (application program interface) used all over the internet today and on popular sites like Amazon and Twitter. As Troutner says in his presentation, the acronyms aren’t all that important. An API is simply a “way for a computer on the internet to talk to another computer on the internet.”

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Some examples of free APIs in the BCH space are Electrumx servers, Cashshuffle, SLPDB, Bitdb and Rest.bitcoin.com. While free APIs are a wonderful thing, there are also risks when demand outruns scalability. Speaking of Rest.bitcoin.com, the developer notes:

It’s not that people aren’t using the service, it’s that too many people are using the service and we don’t have a pro tier. We don’t have a way to move people from the free service to a paid service so that the end users can pay for the services they’re using.

The reasons for incentivizing REST APIs are myriad, and it’s not just about making a buck. According to Troutner, “What this tragedy of the commons is specifically with REST APIs is that they’re open to abuse and they’re open to disproportionate use.” He notes that serious developers trying to create a great user experience and make crypto accessible to all have to compete with malicious entities and less experienced developers, all utilizing the same free infrastructure. For a business looking to build on a solid foundation, this presents significant risk. Troutner’s proposed solution is to wrap a full BCH node around a REST API, and charge a small fee to serve multiple people. The developer elaborates:

Now all of the sudden, you have 30 people paying one dollar, instead of 30 people paying 30 dollars to run their own [full node] infrastructure. So that’s a huge economy of scale … Businesses need to focus on their core business value, and running infrastructure like full nodes is not a part of that.

Payment button on Troutner’s demo application, allowing a user to access greater permissions on an API via BCH.

Payment for APIs via BCH

One proposed way users could access REST APIs via bitcoin cash is through leveraging JSON web tokens (JWT). JWTs are access-granting credentials. The long and short of Troutner’s demo in the video, and proposed solution to the ‘tragedy of the commons,’ is as follows:

An API (such as for a crypto wallet) has a limit imposed on running requests.

In order to access the next tier of usage allowance, the user must provide a JWT credential.

To obtain the JWT, users can pay the REST API in BCH.

Things like subscription duration, refund options, rollover credits and other parameters can be put in place on the JWTs as well, increasing options for developers. The entire process can be automated, according to Troutner.

Permissionless Profit

For some reason, many in the crypto space seem to view profit as an evil boogeyman. A strange thing considering the whole mission is to make sure the world is spending and using crypto as money. Troutner provides the code used for his demo via his organization, the Permissionless Software Foundation, on Github, and a couple other sources detailed in-depth in the video. Hardly the move of a heartless, greedy profiteer.

The confusion in the crypto space surrounding profit seems to often take the form of conflation. The confusion of “not free” with “not fair.” The truth is, there can be world of incentivized development happening via open source software and code, and all degrees of usability and tiered access. This kind of robust environment can only happen in one context, though: a free and permissionless (non-authoritarian) open market. As Troutner puts it:

The fix to the typical tragedy of the commons scenario is to create a marketplace.

What do you think about Chris Troutner’s proposed incentives for devs? Let us know in the comments section below.

Images courtesy of Shutterstock, fair use.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post How Cryptocurrency Developers Can Earn Bitcoin Cash With REST APIs appeared first on Bitcoin News.

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coin-river-blog · 6 years ago

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There’s a different kind of advertising taking place on the Bitcoin Cash (BCH) network, using an application called Memopay. The ad campaign platform employs a novel approach to advertise someone’s website, product or service by sending a small fraction of BCH to thousands of public addresses with an encoded OP_return message.

Also read: BCH Devs Lock in Code for the Chain’s Next Upgrade: Schnorr and Segwit Recovery

Memopay: Onchain Advertising

The internet has completely transformed the advertising business into a whole new medium and programmable money is also going to create some new methods of sharing promotional content. For instance, an application called Memopay plans to do just that with its service that offers promoted onchain advertising using the BCH network. Memopay’s website explains that advertisers can reach out to bitcoiners by introducing products and services through onchain messages. The platform uses an OP_return transaction which gives an individual or organization the ability to tether a small message to the transaction and certain block explorers can read the messages.

“Memopay delivers your ad message directly to the wallets of thousands of active Bitcoin Cash users,” explains the service.

Memopay reaches out to bitcoin cash holders by sending small fractions of dust to an active address with a message tied to the funds.

Basically, Memopay sends thousands of transactions by sending a small fraction of BCH dust to active BCH wallets. The service believes each ad message delivered along with a small amount of bitcoin cash “pays for attention.” So far the business has run about six onchain ad campaigns that have added up to a total of 88,063 ad messages delivered. A typical transaction could be like 0.00001111 BCH (1111 satoshis) and Memopay says there have been 95,623,876 satoshis distributed.

For instance, the company Cyberian Mine ran a campaign with Memopay because they wanted to drive awareness to potential crypto-focused clients. According to statistics recorded by a Bitdb query in real-time, 10,000 ad messages were delivered and Memopay claims the company saw a 110 percent spike in organic traffic to their website. “You only pay when they click to visit your website,” the website details.

In another instance, Memopay tied an editorial that was shared online and delivered the link to 1,000 BCH holders. The company reports that the campaign saw a 2.5 percent click-through-rate (CTR) already after 24 hours. Memopay is also integrated with three of the major BCH block explorers developed by Bitcoin.com, Btc.com and Blockchair.

An example of Cyberian Mine’s CPS ad campaign using Memopay.

The New Advertising Target: 16 Million Public Bitcoin Cash Addresses

The process to run a campaign is fairly intuitive as the user simply chooses an ad mode to drive traffic to a website or pay for clicks only or CPS to drive awareness by paying for each delivered message. Then they have to fill out the request form and create a custom advertising message that will attract consumers. After that, the user funds the provided address with BCH to start the ad campaign. Memopay users then receive a link to the ad campaign’s dashboard to see the real-time progress of the promotional content.

The campaign dashboard.

Memopay says there are many benefits to using the service and the top attribute is a direct connection to a cryptocurrency audience. There are 16,984,512 BCH addresses and each and every one of them is open to the public’s view. This gives the project transparency says Memopay as “each contact with Bitcoiners is recorded on the Blockchain and can be easily checked.”

“[Memopay] is keyword agnostic and customers pay the same price for any keyword used,” the startup notes on the website’s benefits description. “In both Cost-per-click and Cost-per-send campaigns you’ll know exactly what the price is — Ad messages with an active link will be stored on the Blockchain forever.”

Paying for attention by using OP_return transactions that will be seen on a blockchain explorer is not new and has been done for years. TD Ameritrade created this picture last year and embedded it into the BTC chain.

Paying for people’s attention in the advertising business is basically the name of the game but using blockchain technology adds a different flavor. Advertising using OP_return transactions has been done many times in the past in various ways. For example, back in April of 2018 the online broker for online stock trading and financial management service TD Ameritrade used BTC OP_return transactions to advertise the company. Its logo surrounded by a digital flag is forever etched into the BTC chain as the firm used 68 transactions to create the message.

“The blockchain is an amazing piece of technology — And we’re proud to be part of it — Forever,” the banking institution stated at the time.

What do you think about the Memopay advertising service? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Memopay, and TD Ameritrade.

Have you seen our widget service? It allows anyone to embed informative Bitcoin.com widgets on their website. They’re pretty cool, and you can customize by size and color. The widgets include price-only, price and graph, price and news, and forum threads. There’s also a widget dedicated to our mining pool, displaying our hash power.

Tags in this story

Advertising, Apps, BCH, BCH Addresses, BCH Wallets, bitcoin cash, Bitcoin Transactions, Dust, Memopay, Messages, N-Technology, Op_Return, Platforms, Promotional Content, Promotions, public, Public Addresses, Small Fraction of BCH, transactions

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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michaelbennettcrypto · 7 years ago

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Bitcoin Cash Infrastructure Dev: ‘Something Very Wrong with Bitcoin Cash ABC’

An explosive Medium.com article by pseudonymous developer _unwriter, who primarily works on two Bitcoin Cash infrastructure projects called BitDB and BitSocket, both of which are critical to several Bitcoin Cash-community outfits, levies a number of serious accusations against the Bitcoin ABC development team as well as Bitcoin.com and affiliated Bitmain. The heartfelt article is worth

The post Bitcoin Cash Infrastructure Dev: ‘Something Very Wrong with Bitcoin Cash ABC’ appeared first on CCN

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brettzjacksonblog · 7 years ago

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Bitcoin Cash Infrastructure Dev: ‘Something Very Wrong with Bitcoin Cash ABC’

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jacobhinkley · 7 years ago

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A Discussion With the Prolific Bitcoin Developer Unwriter

This week news.Bitcoin.com spoke with one of the most prolific developers working with the Bitcoin Cash (BCH) network. Over the past few months, the developer Unwriter has created a large swathe of censorship-resistant applications that are tethered to the BCH blockchain. We decided to get an inside glimpse of all the interesting platforms Unwriter has been launching, and the programmer tells us why they were conceived and how they operate.

Also read: No Matter How You Slice It — Token Assets Are Coming to Bitcoin Cash

So far the programmer Unwriter has launched platforms such as Chainfeed, a Twitter bot called @_Opreturn, Read.cash, the Bitdb.network, and a few more applications that are compatible with the BCH chain. Moreover, Unwriter has also been collaborating with five other well-known Bitcoin developers and contributed to the working paper called ‘The Simple Ledger Protocol,’ a concept that aims to create representative assets using the Bitcoin Cash network. With so many projects under this developer’s belt, we decided to chat with Unwriter in order to get some perspective on some of these unique applications.

Unwriter Has Launched a Flurry of Censorship Resistant Applications

News.Bitcoin.com (BC): Can you tell us about the first three applications you created?

Unwriter: Chainfeed.org is the first application I created on BCH. Chainfeed is a web app that delivers the full firehose of real-time Bitcoin OP_RETURN transactions. It’s pretty mesmerizing to keep the site open and watch as messages flow in, especially now that there’s more variety in the types of apps being built on OP_RETURNs. Immediately after I released Chainfeed people started asking for an API, and soon I released the Chainfeed Firehose API. Now anyone with programming skills could hook into the real-time Bitcoin OP_RETURN feed with just a single function call.

Chainfeed.org

To demonstrate the Chainfeed API I built a Twitter bot called @_Opreturn. The @_opreturn account auto-replicates OP_RETURN transactions to Twitter via the Chainfeed API, effectively creating a portal from the Bitcoin world to the “real world”. Currently, it imports content from Memo.cash, blockpress, and Matter, a long-form blogging tool on the blockchain. But it may incorporate other apps in the future whenever it makes sense, pull requests and suggestions are welcome. It’s open sourced on Github so anyone can just fork it and build their own custom bot too.

The Twitter bot @_Opreturn

Read.cash was a project I spontaneously built one afternoon because I needed it myself. A lot of Bitcoin-powered apps nowadays have their own built-in wallets to provide a better user experience. You can see this in apps like Memo.cash and Yours.org. Whenever you receive money through these apps, you end up with separate wallets each tied to its parent application website. As I started playing around with these apps, I felt the need to keep track of all of these wallets in one place so I have a comprehensive view of how much money I’m making in total. And that’s what Read.cash does. It’s a read-only monitor that aggregates balances from all your wallets across the web and lets you keep track of them easily in one place.

Read.cash

You can add as many public Bitcoin addresses as you want and it doesn’t even require you to add any private key or anything, it’s 100 percent powered by public bitcoin addresses and the site is completely open source so there’s no security risk. Also, with the Money Button integration, you can even charge all your wallets in one place with one click. Some of the future improvements would be incorporating Tipbots like Tippr or Chaintip. Currently, they don’t provide a public access to user addresses so you can’t add them to Read.cash, but I heard some of them are thinking about it, so I’m looking forward to that day.

BC: Just recently you launched the Bitdb.network can you tell our readers about this project and what it can do?

Unwriter: Bitdb is a global NoSQL database backed by Bitcoin and implemented with MongoDB. Bitcoin’s blockchain is the perfect data structure to function as the single source of truth, but it’s not at all designed to facilitate flexible queries. And obviously, this is essential if you want to build any sophisticated app. Bitdb complements Bitcoin by taking all the OP_RETURN transactions on Bitcoin and creating a public MongoDB index that makes it hyper-queryable. This way you can build all kinds of apps easily which used to take months to build because all you need to focus on now are the protocol design and the frontend implementation. You no longer need to build out your entire custom backend infrastructure from scratch. For example, I recently released a new app called https://chaintrend.org – a “Google Trends for Bitcoin op_return”. Something like this would have taken me weeks to build had I started from scratch, but it took me exactly one day to build the whole thing thanks to Bitdb. It was just a matter of a single map-reduce query to the db.

The Bitdb network.

In addition to the ease of use, a more important benefit of Bitdb is that it provides a standardized way of querying Bitcoin OP_RETURNs, which is something that never existed before. Before Bitdb if you wanted to build an OP_RETURN based application, you would have had to build an entire backend infrastructure to crawl, process, index, and store OP_RETURNs in your own custom database in a queryable manner. This is exactly what the Memo.cash team did and it’s a lot of work. Furthermore, this is completely redundant for every developer who wants to work on a decentralized app powered by Bitcoin OP_RETURN. They would all end up building their own custom infrastructure that are completely incompatible with one another even though they’re all building on top of exactly the same ledger — Bitcoin.

This is where Bitdb comes in. It takes all the OP_RETURN messages, chunks them into pieces, and stores them under attributes with a standardized naming convention that goes: “b1”, “b2”, “b3”, etc. There are many benefits to this approach:

This standardized way of indexing provides a uniform interface to querying the blockchain and makes interoperability across apps a trivial matter. For example when Blockpress first launched, a lot of people complained about the protocol incompatibility between Memo and Blockpress. But with Bitdb this is a non-issue. For example, with a single query, you can even create an app that combines Memo and Blockpress into a unified feed.

Here’s a great example.

Developers no longer need to worry about how to store their data. Without an open standard indexing strategy, every app developer needs to carefully think about how they will structure the protocol and how they will store the data. And since all apps have different purposes, their database will all look different and incompatible with one another therefore difficult to integrate. We don’t want that. We want all apps to seamlessly integrate with one another through the single parent protocol which is Bitcoin. And that’s Bitdb’s main goal — Interoperability.

When you build your decentralized app using Bitdb your app is automatically open sourced (which is what users want) even without you doing anything (which is what you want). All you need to maintain are the protocol specification and the frontend implementation. So if the app developer decides to move on, anyone can resurrect the app easily by reconstructing the data from scratch using Bitdb — no need for the original developer to go through trouble to open source their backend, because it’s already 100% open simply by choosing to use the Bitdb scheme instead of rolling a custom backend infrastructure.

You could even build an app WITHOUT a public frontend. An app developer may decide to just publish the Bitdb query recipe for their app protocol somewhere either publicly or privately, and the target users can build their own frontend locally using the Bitdb query, which means you can build truly censorship resistant apps this way if you want.

BC: How do you feel about the amount of development taking place with the BCH ecosystem since the May hard fork?

Unwriter: Two things:

OP_RETURN increase: When most people see the OP_RETURN size increase from 80 bytes to 220 bytes, they see just a three-fold increase. But when developers look at it I think they see an exponential increase. Developers are very used to creating exponential output from linear input because that’s their job description. We won’t see apps that are 3 times better, we will start seeing apps that never could exist before, which will change everything.

The block size limit increase: For most people, I assume the 32 MB size probably sounds cool but not really that tangible. But what’s really important is this increase is a great signaling for all the developers and entrepreneurs who are looking for a platform to build on top of. The block size increase demonstrates the commitment to the “permissionless innovation” philosophy and I think that’s a good philosophy to bet on if you’re building an open source project such as Bitcoin.

BC: If there was something specific you wanted to add to the next hard fork what would it be?

@_Unwriter

Unwriter: To succeed, I think Bitcoin at this stage needs to focus on the application ecosystem growth instead of its own growth. This is because I believe exponential growth will come NOT from individual merchant adoptions but from entrepreneurs and developers building useful things on top of Bitcoin. These people are good at creating exponential output from linear input, therefore are the ones Bitcoin needs to win trust from if it wants to grow most efficiently. So in my humble opinion, the top priority for protocol changes should be the features that improve on these fronts — getting trust and attention from entrepreneurs and developers (instead of individual users and merchants). Individual users and merchants will follow when there are more useful things they can do with Bitcoin. Until then, individuals will only see Bitcoin as a speculative asset no matter how many buzzwordy features it adds.

And to win trust from these people Bitcoin needs to show that it’s scalable, stable, and permissionless. Without scalability, it’s not so attractive to these people because they would rather spend their energy building things on other platforms that they can benefit exponentially from. And without the perception of permissionless innovation and stability, wise developers will not want to waste their energy building stuff on top of Bitcoin because they don’t want to wake up one day to find that the rules of the game have changed overnight and all their effort has gone to waste.

So for example, I think the recent hype and conflicts around tokens on BCH is very healthy and desirable. ICOs have acquired a bad reputation because most of them are scams, but I do believe it is a necessary evil because it will attract the type of people who are seeking exponential growth/returns on their projects and businesses. It will have been a success even if 0.01% of them end up becoming a success and the rest of them are scams or failures. Especially on BCH, since it’s all about scalable usage.

BC: As far as the BCH and BTC rivalry is concerned how do you feel about this subject as far as the future is concerned?

Unwriter: We can learn a lot from history. I think the French revolution provides a lot of insight into the future.

BC: How can other developers help you with your projects if they wanted to collaborate with you or the new applications you’ve built?

Unwriter: I think the best way to get started is actually build your own apps using all the open sourced tools such as Chainfeed API and BitDB. There are so many cool things you can build TODAY, even without running your own node but simply using BitDB/Chainfeed combination. Eventually, as you start using them you will come across pain points and maybe even improvement ideas. Feel free to make suggestions, ask questions, and send pull requests. I’ve done my best to be available as much as possible through the telegram chatroom and Twitter, so reach out anytime.

In fact, all this is already happening organically and it’s amazing. There are some really cool projects already using the Chainfeed and Bitdb infrastructure. One such example is the Chainbet protocol. It uses the Chainfeed API to deal with real-time messaging. Also, the upcoming Simple Ledger Protocol will use a unique security model that takes advantage of both SPVs and BitDB to complement each other. Also, the popular Memo++ extension by Modulus makes use of Chainfeed/Bitdb API. Lastly, I also know of a few people working on a Google-like search engine on top of Bitdb. But these are just some of the projects I’m aware of, and I’m sure there are many other people working on their cool projects, would love to hear from them.

Some people are even forking Bitdb for their own altcoin blockchains and I totally encourage them. If you’re thinking of doing this, please do so and reach out. The codebase is modular for a reason so any Bitcoin-like chains can integrate easily. I take this radical open approach because I believe strongly enough in Bitcoin that I know it can do no harm but only bring good. I also believe the most effective way for Bitcoin to grow at this stage is to gain as much external developer/entrepreneur mindshare as possible, and interface with as many external technologies as possible.

What do you think about all the applications Unwriter has launched? Let us know what you think in the comment section below.

Images via Chainfeed, Read.cash, Bitdb.network, and Twitter.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post A Discussion With the Prolific Bitcoin Developer Unwriter appeared first on Bitcoin News.

A Discussion With the Prolific Bitcoin Developer Unwriter published first on https://medium.com/@smartoptions

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coin-news-blog · 6 years ago

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How Cryptocurrency Developers Can Earn Bitcoin Cash With REST APIs

New Post has been published on https://coinmakers.tech/news/how-cryptocurrency-developers-can-earn-bitcoin-cash-with-rest-apis

How Cryptocurrency Developers Can Earn Bitcoin Cash With REST APIs

Profit Protects Quality

youtube

Payment button on Troutner’s demo application, allowing a user to access greater permissions on an API via BCH.

Payment for APIs via BCH

An API (such as for a crypto wallet) has a limit imposed on running requests.

In order to access the next tier of usage allowance, the user must provide a JWT credential.

To obtain the JWT, users can pay the REST API in BCH.

Permissionless Profit

The fix to the typical tragedy of the commons scenario is to create a marketplace.

Source: news.bitcoin

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aubreyshine · 6 years ago

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btc-current-blog · 7 years ago

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When people wake up to what bitdb is capable of, the BCH ecosystem will explode...

When people wake up to what bitdb is capable of, the BCH ecosystem will explode…

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When people wake up to what bitdb is capable of, the BCH ecosystem will explode…

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bowsetter · 6 years ago

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Examine the Token Universe Built on BCH With the New SLP Explorer

There’s been a lot of token creation taking place on top of the Bitcoin Cash (BCH) network of late. On Wednesday, Blockparty’s developer launched a new Simple Ledger Protocol (SLP) explorer that gives users the ability to browse SLP tokens built on the BCH chain. The Simpleledger.info or the ‘Tokendb’ browser provides an interesting look at the growth of coin creation over the last month and the token movements that follow these unique creations.

Also read: Finland’s Regulatory Watchdog Plans to Supervise Localbitcoins Operations

Explore the Token Universe With the New Simple Ledger Protocol Token Browser

The BCH community has been experimenting with creating all kinds of SLP tokens lately and sharing them across the web. The SLP project launched on the BCH network in August 2018 and since then BCH supporters have been creating a variety of tokens. SLP tokens are like a transaction within a transaction because the token information is stored in an output known as an OP_Return, which is tethered to an extremely small fraction of BCH.

Over the last 30 days, SLP token production has really heated up and BCH supporters have been designing all kinds of special coins. On Wednesday, the developer behind Blockparty and the Minecraft-like BCH game Craft.cash launched an SLP explorer so people can get a glimpse of the token action taking place on the network. The new platform allows users to browse all of the SLP tokens created on the blockchain and track them in various ways.

“Today marks the release of Simpleledger.info — an open-source explorer for SLP tokens,” explained the founder of Blockparty.

The browser is similar to most blockchain explorers and users can either paste a transaction ID in the search window, search by the token name or ticker, or query an address that holds a token. The landing page shows the latest SLP token transactions which could represent a genesis creation but also the token’s movements as well. There are 147 entries to query and below the recorded transactions is a graph that showcases SLP token usage.

The month of March saw a nice uptick of token usage and there were 459 transactions accounted for on March 18. The chart also shows the number of SLP transactions per block between the end of February up until now. Under the usage graph is a pie chart of the most popular tokens this month which consist of coins like Coco, Spice, Nakamoto, and Xrpcash. The SLP-based Lode Runner game tokens for levels 1 and 2 are popular as well.

The SLP Ecosystem Is Growing

Another interesting aspect of Tokendb is the ‘token graph’ settings which show a graph-like interpretation of the creation of these tokens and the transactions that follow. The graph shows each SLP token built on the BCH network and all the coins can be tracked more easily using the visual representation. A nice example of the token graph section is looking at the popular nondivisible coin the SLP Torch which was passed around between BCH enthusiasts. You can track the SLP Torch movements when it was passed around on Twitter and Reddit two weeks ago.

The new SLP token explorer also uses the Fountainhead Cash projects Bitdb and Bitsocket which were forked for the BCH network when Unwriter left for BSV. The explorer is just another addition to the token economy that is slowly starting to build a solid foundation with apps like Badger wallet, Electron Cash, and other extensions.

In addition to the Tokendb explorer, the Simple Ledger developers tweeted a sneak preview of the team beta testing an iOS mobile wallet specifically designed for SLP-based coins. “Beta testing a native iOS wallet and SDK for SLP Tokens built by Bitcoin.com — Amazing work by Jean-Baptiste Dominguez and crew,” the SLP development team wrote.

What do you think about the token database and explorer created for SLP coins? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, SLP, Simpleledger.info, and Pixabay.

Need to calculate your bitcoin holdings? Check our tools section.

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coin-river-blog · 6 years ago

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Promoted

Over six months ago, Bitcoin.com launched a dedicated development page for programmers working on the Bitcoin Cash (BCH) network. More recently, our web portal further added the literature “Mastering Bitcoin Cash,” a comprehensive overview of BCH basics and technical operation of the protocol. In order to ring in the New Year, Bitcoin.com has added a dedicated Bitdb node and explorer this week that can query the BCH chain.

Also Read: Nick Szabo: Central Banks May Turn to Cryptocurrency Reserves Over Gold

Bitcoin.com Adds Dedicated Bitdb Node for the Bitcoin Cash Network

Over the last year, Bitcoin.com has been spreading adoption with our wallet that’s seen more than 3.3 million wallets created and our BCH faucet which has given away free BCH to over 100,000 people. In addition to telling the masses about the best money in the world, Bitcoin.com wants to see Bitcoin Cash infrastructure and development flourish. In order to help the ecosystem, we launched Developer.bitcoin.com last year. The web portal offers programmers a Bitbox SDK, REST, GUI, and Cloud platforms that can help them scale and deploy software on top of the BCH chain. Moreover, this week on Jan. 7, Bitcoin.com launched a dedicated Bitdb node for developers and users interested in parsing the BCH chain for data.

“Bitdb has proven to be a useful part of the Bitcoin Cash ecosystem and today we’re very happy to announce Bitcoin.com’s dedicated BCH Bitdb node,” BCH developer Gabriel Cardona announced on Monday. “We also have a testnet node in preview,” the developer added.

Cardona further stated:

We’re committed to maintaining this project in the Bitcoin Cash ecosystem. Thanks to Unwriter for a great open source project and thanks to Spend BCH for all the work getting this live.

Bitdb microservice API endpoint – make HTTP requests to your Bitdb node.

Query Data and Build Killer BCH Applications

The Bitdb protocol is an autonomous database that can crawl, index, and query the blockchain. The project was launched by the prolific programmer Unwriter, alongside the multitude of other applications the developer built last year. The open source project allows anyone to parse the chain for all kinds of information and can specifically query data like OP_Return transactions. Bitdb stores every bitcoin cash transaction in a uniformed format allowing a simple MongoDB query that can be useful for all types of ideas. A few developers have already used Unwriter’s Bitdb for certain applications. For instance, the Poster.cash platform uses Unwriter’s Bitdb and Bitsocket, which provided the creator with the ability to develop a “serverless Memo implementation.”

Bitdb query web UI makes use of the API endpoint to render the query UI.

Adding Bitdb to Bitcoin.com’s suite of developer resources helps bolster the Bitcoin Cash network’s infrastructure, alongside all the other tools and introductory guides to certain frameworks. Researchers and developers who plan to get started building and studying the BCH chain can also utilize this handy list of programming resources. The comprehensive catalog includes tools and documentation for Bitbox, the Simple Ledger Protocol (SLP), Wormhole, a token creation web app, Cash-ID, and the Badger Wallet. With Unwriter’s innovative creation Bitdb helping developers parse the chain and build innovative BCH applications, we think hosting a mainnet and testnet Bitdb node on Bitcoin.com is a great addition to our growing development suite.

What do you think about our Bitdb node? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, Github, and the Bitcoin.com Bitdb web node and API.

Need to calculate your bitcoin holdings? Check our tools section.

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michaelbennettcrypto · 7 years ago

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Bitcoin Cash Infrastructure Dev: ‘Something Very Wrong With Bitcoin Cash ABC

An explosive Medium.com article by pseudonymous developer _unwriter, who primarily works on two Bitcoin Cash infrastructure projects call BitDB and BitSocket, both of which are critical to several Bitcoin Cash-community outfits, levies a number of serious accusations against the Bitcoin ABC development team as well as Bitcoin.com and affiliated Bitmain. The heartfelt article is worth

The post Bitcoin Cash Infrastructure Dev: ‘Something Very Wrong With Bitcoin Cash ABC appeared first on CCN

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brettzjacksonblog · 7 years ago

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Bitcoin Cash Infrastructure Dev: ‘Something Very Wrong With Bitcoin Cash ABC

The post Bitcoin Cash Infrastructure Dev: ‘Something Very Wrong With Bitcoin Cash ABC appeared first on CCN

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jacobhinkley · 7 years ago

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No Matter How You Slice It — Token Assets Are Coming to Bitcoin Cash

Two more types of BCH tokenization projects have been announced on July 18, giving the BCH community a wider variety of different ideas that can bring forth the concept of representative tokens into reality on the Bitcoin Cash network.

Also read: Powerful Cryptocurrency Firms on the Road Towards Becoming Banks

Bitcoin Cash Community Greeted by Two More Token Creation Systems

The Bitcoin Cash (BCH) network has seen a lot of development since the last hard fork which debuted the reenabled Satoshi OP_Codes and the upgraded default data-carrier-size. The BCH community and developers have been bolstering the idea of tokenization on the BCH chain. There’s been a bunch of ideas so far with Andrew Stone’s GROUP proposal and Joannes Vermorel’s Tokeda paper. Then this week Bitmain developers revealed the Wormhole project that utilizes a fork of the Omni Layer. Then on Wednesday, two more token ideas have been introduced for the BCH chain — One concept from the Cryptonize.it developers, and another proposal written by a group of six developers including Jonald Fyookball, James Cramer, Unwriter, Mark B. Lundeberg, Calin Culianu, and Ryan X. Charles.

Colored Coins & Cryptonized Cash

The creators of the platforms Cryptonize.it and the Cashpay wallet explained that they are bringing the Colored Coins protocol to the BCH network. The Colored Coins (CC) protocol debuted for the BTC back in 2013 network by adding specific metadata to the blockchain. This in turn created ‘representative tokens’ or ‘colored coins’ that can represent any physical or digital item like stocks, bonds, gold and silver backed coins. The Colored Coin protocol will allow Cryptonize.it the ability to create a currency called Cryptonized Cash (CC) that can be used with Cashpay for discounts and exclusive products.

“Further utility will be added as Cryptonize.it grows — There will be a total of 1 billion CC, without the ability to add more in the future,” the developers emphasized on the social media platform Yours.org. “The tokens are always redeemable on Cryptonize.it — One of the most important questions to answer when proposing adoption of a certain framework is what are the use-cases?

Luckily with colored coins, the answer is endless. Colored coins can represent vouchers, coupons, tokens, altcoins or other assets. You can tokenize whatever you want. The first real-world use-case is Cryptonized Cash (CC), an incentive program on Cryptonize.it which is live right now.

The Simple Ledger Protocol

Following the Colored Coins concept, another paper was revealed to the public written by Ryan X. Charles, Mark B. Lundeberg, Calin Culianu, Jonald Fyookball, James Cramer, and the developer Unwriter. The paper called, “Simple Ledger Protocol: A token system for Bitcoin Cash,” details a proposal for the BCH network that handles tradeable redeemable tokens without a consensus upgrade. Enhancement proposals such as GROUP have not been able to obtain consensus needed to change the base protocol, explains the group of developers. Simple Ledger Protocol (SLP) utilizes metadata in OP_Return transactions and the SLP creators believe consensus can be achieved by “token users and market participants adhering to a prescribed set of simple rules.”

A diagram from the SLP paper.

“Because SLP builds on the transaction chain of the existing Bitcoin framework, users can easily verify transactions with SPV/lite wallets within practical boundaries,” the paper explains.

Full validation of a transaction back to its token genesis is possible by supplementing existing transaction-retrieval infrastructure with the integration of SLP consensus rules.

The developers say that the SLP system will be permissionless, simple, robust, non-invasive, extensible, and an implementation plan for rapid ecosystem support. The 26-page paper is extremely detailed and it observes multiple subjects that need attention such as wallet implementations, token address format, proxies, utilizing the Bitdb network, economic implications, and more. The group of six developers revealed they were motivated to present their own token solution and the key to its success will be simplicity. “But will also depend on our taking action to foster the support of the ecosystem,” the SLP programmers add.

No Matter How You Look at It, Token Assets Are Coming to the Bitcoin Cash Network

Of course, the Bitcoin Cash community was pretty thrilled about two more tokenization projects using the BCH chain. One user on the Reddit forum r/btc who enjoyed the SLP paper notes that there has been quite a lot of these proposals lately, “I believe we’re hitting some ‘tokenization proposal fatigue.” Nevertheless, enthusiasts dig the competition and the amount of development dedicated to bringing tokenized assets to the Bitcoin Cash network. The community may end up using a bunch of different color coin methods down the line or perhaps they may just use the superior tokenized system. Whatever the case may be, the race is on to get a system that creates representative tokens using the security of the BCH protocol.

What do you think about these two BCH tokenization concepts introduced? Let us know what you think about this subject in the comment section below.

Images via Pixabay, the SLP paper, and Cryptonize.it.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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