Over the past few months, many Bitcoin Cash (BCH) proponents have been discussing ideas such as representative tokens and smart contracts powered by the BCH network. Further, a few well-known organizations like Bitmain, Cryptonize.it and other BCH developers have introduced their own tokenization ideas. Now the firm Bitprim has announced the launch of a new token creation and smart contract platform called ‘Keoken’, an open protocol for extending blockchain functionality.
Bitprim Team Launches a Token Asset Creation and Smart Contract System Called Keoken
This week the Bitprim development team gave news.Bitcoin.com exclusive access to the open source tokenization and smart contract platform called Keoken. The application can do a variety of things which includes the creation and transfer of assets, create smart contracts, and also produce a form of protocol governance. The Bitprim developers say the Keoken platform was built from scratch and the application can be extended to various blockchains. However, the Bitprim programmers say they will start the off-chain solution with the Bitcoin Cash blockchain.
“We have today the Bitcoin Cash platform that has a good balance between security, provided by a solid PoW level, and an on-chain capacity to build on top of it,” the Keoken white paper details.
These are the reasons why we consider that Bitcoin Cash has the best balance to start building a layer two solution on top of it.
A Second Layer Solution Focused on Real-World Use Cases
The Keoken system also involves a native token called ‘Keo’ which is used for network fees and governance features, while at the same time it funds development of Keoken as well. The Keoken wallet provides users with the ability to track Keoken protocol created assets and it also “allows the operation with the Keoken protocol creating and sending tokens to other Bitcoin Cash addresses,” Bitprim emphasizes.
“Keoken is a second layer solution that brings a digital asset accounting and a secure smart contracts platform, focused on real-world use cases, approaching them in an efficient and simple way, intended to cover most of the use cases for value transfer between parties and businesses, as well as the rules required to run most common activities,” the white paper details.
Keoken fills the gap between reliable cryptocurrencies protocols and less reliable smart contracts platforms based on “turing complete” programming languages.
This week the Bitprim team has launched the Keoken.io website and users can begin experimenting with the testnet platform now. Basically, all a user has to do to create an asset is enter the portal wallet.keoken.io and go to “my tokens.” See the wallet that was created when entering the webpage and after that go to “create asset”, enter name and quantity and press enter. The Keoken asset protocol will then show the assets created.
The white paper further details the protocol is based in “Transaction Formats (TF) and codable business rules (Smart Contracts).” At first, the TFs will be used for common transactions but the team expects both an increase and more complex use cases for the system. The paper also explains the Keoken system will not require all of the transactions to be stored on-chain.
“Some type of transactions can be merged into a single transaction to reflect the latest state. One of the goals is to provide the platform to avoid storing transactions that will not be relevant in the future forever on-chain — Efficiency and simplicity concepts apply.
Keoken has been designed having efficiency in mind, using well-known technologies by a solid team. It provides the necessary rails for commerce over a decentralized blockchain ecosystem.
What do you think about Bitprim’s tokenization system for the Bitcoin Cash network? Let us know what you think about this subject in the comment section below.
Images via Shutterstock, Bitprim, and the Keoken platform.
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