GoCrypto (GoC), the native token of Eligma, has been listed on Bitcoin.com Exchange following GoC’s migration to the Simple Ledger Protocol. The token issuance framework, which operates on the Bitcoin Cash blockchain, has been embraced by Bitcoin.com Exchange, which is on a mission to embrace all things BCH.
The GoC token is issued by payment processor Eligma, which completed a €4m seed funding round in August, led by Bitcoin.com. The Slovenian startup also secured funding from Pangea Blockchain Fund. The company’s Elipay solution enables merchants to accept crypto payments in-store and online and has established a presence in more than 620 brick and mortar stores across Slovenia, Croatia, and Turkey. Adoption of Elipay is particularly strong in the startup’s native Slovenia, where it is accepted by one of the country’s largest grocery chains, Tus, as well as by restaurants, car rentals, and travel agents.
“Bitcoin Cash is the most popular currency used by shoppers at GoCrypto spots, and we hope that the GoC token on the BCH blockchain will prove just as useful with its numerous advantages,” said Eligma CEO Dejan Roljic. “GoCrypto is evolving into an international crypto payment scheme, connecting crypto users, wallets, merchants, and cashier systems worldwide.”
So far, the Elly and Bitcoin.com crypto wallets are supported by GoCrypto, with plans to roll out broader support through additional wallet integrations. GoC serves as a loyalty token, which provides shoppers with 2% cashback from merchants supporting the scheme.
SLP Ecosystem Emerges
Over the past 12 months, Simple Ledger Protocol has emerged as a viable means of creating and minting tokens on the Bitcoin Cash network. Due to the polarizing nature of Bitcoin Cash and its staunchest advocates, including Bitcoin.com Executive Chairman Roger Ver, the notion of issuing a token on BCH is anathema to many projects. From a technical, if not ideological perspective, however, SLP appears to tick many of the right boxes.
Despite not facilitating sophisticated smart contracts, SLP has several advantages over its Ethereum counterpart, the ERC20 standard. The Bitcoin Cash network is touted by supporters on account of its ultra-low fees, making it ideal for sending tokens such as Eligma’s GoC. Although historically this has also been achievable on the Ethereum network, rising fees in 2019, exacerbated by Tether’s migration to the ERC20 standard, have caused gas prices to increase.
Bitcoin Cash supporters hope to position their network as a business-ready blockchain that can facilitate merchant acceptance of crypto assets as a medium of exchange. Critics take issue with BCH’s big-block approach to scaling, arguing that simply increasing the maximum permissible block size to account for increased network demand is unsustainable, and will lead to centralization as fewer users can operate a node.
Regardless of how these concerns play out in the long run, in the here and now, Bitcoin Cash is quietly transforming itself into a token issuance network for businesses seeking a no-frills solution. Other projects to have issued tokens on Simple Ledger Protocol include an electric bike company and the developers of a dollar-pegged stablecoin. With Bitcoin.com Exchange willing to support SLP tokens that have community support, there is now a path to liquidity for meritorious BCH subtokens.