New Protocol Wormhole to Bring App Development to the Bitcoin Cash Network
Bitcoin.com CEO Roger Ver and lead developer Corbin Frasers have released a new tool which allows developers of projects to issue tokens on the Bitcoin Cash (BCH) blockchain like the Ethereum network through the Wormhole protocol. Bitmain is the team behind the development of this project who hold a substantial amount of BCH.
It has been titled Wormhole which is a smart contract protocol upgrade for the Bitcoin Cash blockchain. By implementing this protocol, users can use the smart contract feature without altering the consensus of BCH’s blockchain. The project is a Hardfolk of the Omni layer protocol which reinstates the ‘OP_RETURN opcode’ to achieve the smart contract feature.
Much like Ethereum, the network uses a native token Wormhole Cash (WCH) to fuel and initiate the smart contracts that are required for creating new tokens or listing Initial Coin Offerings (ICO). Ethereum saw the emergence of the ICO market introducing many new projects. We could see the introduction of this protocol inducing crypto buying because the project is developed on the BCH blockchain.
WCH has a unique mechanism for generating new coins called ‘Proof-of-Burn’. A user can buy Bitcoin Cash, a minimum of one, sending this to the burn address to receive 100 WCH. The token can be used to represent anything the developer would like such as gold, stocks, loyalty or even to represent a fiat currency. We may be able to soon buy Bitcoin to trade for a token created on the BCH blockchain.
Moving Wormholes token-forging process to Bitcoin.com seems a positive move for Ver as they only recently launched the development web portal. BCH’s Software Developer’s Kit (SDK), Bitbox, has been added to site along with a ‘Wormhole beginner’s guide’ explaining how developers can use the tools to create tokens and launch an ICO.
We could see this protocol and the development of the projects built on it bring in new investment to the market.
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