Bitcoin Cash proponents 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 participants to mine the SLP tokens “using proof-of-work to help decentralize allocation of newly minted tokens.”
It seems an unknown developer called “Kasumi” created a Simple Ledger Protocol (SLP) token that can be mined like bitcoin (BTC) or bitcoin cash (BCH). The Mist project’s white paper can be viewed on the website mistcoin.org and it describes the SLP token framework and how the mining process works. “Mist presents the notion of using mineable SLP tokens to address this problem with a Bitcoin script, allowing tokens to be mined using proof-of-work,” explains the project’s white paper.
“Mist is an SLP token that can be generated by proof-of-work mining and is governed by a simple, but novel, Bitcoin script,” the white paper details.
“The script is a stateless covenant contract that provides validation for an acceptable mining solution and a scheduled mining reward amount. A constant proof-of-work difficulty requirement coupled with OP_CHECKLOCKTIMEVERIFY keeps Mist synchronized with the underlying blockchain block height. As far as we are aware, Mist is the first fully autonomous, decentralized, mineable token built on Bitcoin,” the paper adds. The white paper further reads:
Prior to Mist, the process of minting new tokens was solely in the control of the token’s creator. The novel concept of mining SLP tokens enables a Bitcoin-based token to be decentralized with a permissionless mining reward process.
“Furthermore, the concept may be used for decentralized applications beyond the purpose of winning token rewards and may leverage a mining process to facilitate a number of interesting concepts,” the white paper stresses.
The Mist website…