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Bitcoin Cash advocates have been introduced to a new project built using the Simple Ledger Protocol (SLP) framework called mistcoin (MIST). The new token is essentially the first mineable implementation of colored coins on Bitcoin Cash. Mist allows attendees to mine SLP tokens “using proof of work to help decentralize the allocation of newly minted tokens.”
It appears that an unknown developer named “Kasumi” has created a Simple Ledger Protocol (SLP) token that can be mined as bitcoin (BTC) or bitcoin cash (BCH). The Mist project white paper can be viewed at mistcoin.org and describes the SLP token framework and how the mining process works. “Mist presents the idea of using mineable SLP tokens to solve this problem with a Bitcoin script, enabling tokens to be mined using proof-of-work,” explains the project’s white paper.
“Mist is an SLP token that can be generated via proof-of-work mining and is governed by a simple, yet new, Bitcoin script,” the white paper details.
“The script is a stateless alliance agreement that provides validation for an acceptable mining solution and a reward amount for scheduled mining. A constant requirement of proof-of-work difficulty coupled with OP_CHECKLOCKTIMEVERIFY keeps Mist in sync with the height of the underlying blockchain block. As far as we know, Mist is the first fully autonomous, decentralized and mineable token built on Bitcoin, “adds the document. The white paper also reads:
Before Mist, the minting process for new tokens was solely under the control of the token creator. The new SLP token mining concept allows you to decentralize a Bitcoin-based token with an authorization-free mining reward process.
“Additionally, the concept can be used for decentralized applications beyond the purpose of winning token prizes and can leverage a mining process to facilitate a number of interesting concepts,” the white paper points out.
The Mist website also has a software program available for download under the name “mist_miner_0.0.2.zip”. The small but growing Mist community has also created a Telegram chat room (t.me/mistmining), where people can discuss how to set up Mist mining.
The pinned message from the Telegram channel says that a person who wants to extract has to click on the launchpad icon in the dock and install homebrew. With a terminal command line, the user has to install nodejs with homebrew and extract “mist_miner_0.0.2.zip” after verifying sha256sum of the file.
From here the user must install the dependencies for the project and “configure the Electron Cash SLP Edition mining wallet”. After locating the private key and adding it to the program, the user has to fund the mining wallet. After sending a few fractions of 0.0001 BCH, the user can simply start mining the SLP Mist token with a CPU. In the terminal after following all the step by step instructions, simply open the terminal and type “npm start”.
The Bitcoin Cash community is happy with this project, as some people have commented on the topic on the Reddit r / btc forum. “It’s the coolest thing I’ve seen about SLP so far,” explained the Redditor who created a thread on Mistcoin. The mistcoin SLP (MIST) token was created on the BCH 639,442 block and there are 559,200 coins in circulation at the time of publication.
So far, there have been 1,466 Mist transactions, according to statistics from Simpleledger.info. According to MIST’s “rich list” of the site, this address here has the most mistcoins at press time. The coin has a very even distribution so far, and the richest MIST address only has 15.2 thousand more mistcoins than the second largest address.
What do you think of the Mistcoin minable SLP token project (MIST)? Let us know what you think in the comments below.
Image credits: Shutterstock, Pixabay, Wiki Commons, mistcoin.org
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