Bitcoin Cash Tokenization Bolstered by the Creation of an SLP Foundation

On Monday, Bitcoin Cash (BCH) supporters were introduced to a Simple Ledger Protocol alliance called the SLP Foundation. According to the initial members, the SLP Foundation has been in the works since December 2019, and the primary goal is to foster SLP innovation and standards.

Meet the SLP Foundation: A Nonprofit Aimed at Fostering a Healthy Environment for SLP Growth and Innovation

A new organization has been created called the SLP Foundation and it aims to bolster SLP development, growth, and common practices. The Simple Ledger Protocol (SLP) is an easy-to-use system that allows anyone to create tokens on top of the BCH chain. The new SLP Foundation will be a nonprofit group and it has already been funded by many crypto proponents since the idea came to life.

The foundation will be overseen by three directors including Peter NG, Joey Wong, and Bitcoin.com’s former CEO Stefan Rust. Directors will help the foundation grow and “assist in communications,” according to the announcement. The SLP Foundation announcement states:

The SLP Foundation’s primary focus is to coordinate the common interests of the open-source developers working within the SLP ecosystem and to foster a healthy environment for growth and innovation.

A Foundation and a Grassroots Open-Source Community

The key developers will have the final say on SLP subject matter and the SLP Foundation believes this is the best way forward. News.Bitcoin.com spoke with Peter NG and he explained how the nonprofit envisions the foundation bolstering the SLP infrastructure and standards.

“A foundation in a grassroots open source community operates as a constant tricky dilemma. We have to be aware of the existing developing community initiatives because sometimes funding deters open source development,” Peter NG detailed during our conversation.

“With regards to infrastructure, SLP 2020 was a no brainer, as we needed across the board performance improvements to keep up with the unexpected rapid growth of token usage. Future developments in infrastructure would first need ample understanding with businesses within our industry as well as beyond. We also have to be very careful that there is minimal bias so the benefit is more universal.”

The SLP Foundation director added:

With regard to standards, SLP by design allows anybody to develop their own. So we are getting out of the way of that. Where standardization may be important is when we’re front-facing more traditional businesses that require this type of standardization to fit their existing business model.

Stefan Rust said that he believes SLP is an awesome protocol. “Simplifying the tokenization on top of BCH. The foundation will continue to support the efforts of open-source projects enhancing the protocol fit to market needs while increasing its awareness among enterprise and consumers,” Rust noted. The creator of Blockparty and a key SLP developer, JT Freeman, feels the same and believes coordination will be helpful.

“​SLP is the realization of colored coins on top of Bitcoin, making it easy to understand and to start building on almost immediately,” Freeman said. “I’m very happy to see the coordination around the SLP Foundation to help this technology grow, and as a developer, knowing that the foundation will continue innovating and supporting SLP development makes it a safe bet to build on,” the developer conceded.

What do you think about the new SLP Foundation? Let us know in the comments below.

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