Tether USDT issuing via the Simple Ledger Protocol framework on Bitcoin Cash during the first week of July as the crypto supporters noticed. In our latest Tether news, we find out more about the importance of SLP tokens.
There is a bigger amount of SLP-based tethers in circulation as the platform minted a total of 6 million on the Bitcoin Cash blockchain. Digital currency enthusiasts were watching the Tether project grow over time and now the company has $9.8 billion in total liabilities. The USDT stablecoin is now spread across multiple blockchains including TRON, Algorand, Ethereum, and EOS. Recently, USDT migrated onto the Bitcoin Cash blockchain by leveraging the Simple Ledger Protocol.
Bitcoin Cash supporters were aware that there were more than 6 million SLP-based USDT in circulation and the BCH blockchain explorer simpleledger.info shows that SLP-based tethers are circulating frequently. The number of BCH supporters discussed the benefits of SLP-based stablecoins as well after the Tether USDT issuing of newly minted coins via Bitcoin Cash. The Cointext CTO Vin Armani joined the conversation by tweeting a link which reported the millions of dollars worth of USDT stablecoins that were frozen in 40 addresses:
“You can’t stop me from using a Bitcoin address for which I have the key(s). There’s no ‘freeze address’ function on Bitcoin, as has been added to these Ethereum stablecoin contracts. USDT is now available as *uncensorable* SLP tokens on BCH.”
In addition to the permissionless benefits of the Bitcoin Cash network, the fees have to interact with SLP-based USDT on the BCH chain which is quite minimal. The typical fee on the BCH network is only $0.003 per transaction. The members of the Reddit forum discussed how interacting with ERC20s on the ETH chain is expensive because one gas fee was set at $16. Another concept that Vin Armani had in mind is that what to do with the inexpensive gas fees that are needed to push SLP-based transactions. As per the Tether coin news, the crypto community, for example, could leverage the Simple Ledger Postage Protocol as Armani invoked back in 2019. The Postage protocol allows these tokens to be sent using fees to complete the transactions:
“In essence, the Postage Protocol allows users to pay for their miner fees using the SLP token itself. This is accomplished through the use of an intermediary server called a ‘post office.’ The user sends the post office the requisite value of the needed BCH as an additional output in a transaction. Upon receiving and validating the otherwise invalid transaction, the post office attaches additional input containing native BCH (‘stamps’) and then broadcasts the ‘postage paid’ (valid) transaction to the network.”
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