During the last six months, the Simple Ledger Protocol has grown immensely and there’s been 9,604 SLP tokens created since the infrastructure launched. Just recently news.Bitcoin.com reported on mistcoin, the mineable SLP token that can be mined with a CPU. Now software developer Chris Troutner has invoked tokens called PSF, which are the first SLP tokens that leverage UTXO coin-age for staking on Bitcoin Cash.
During the first week of July, news.Bitcoin.com reported on the Permissionless Software Foundation (PSF), an organization that aims to “foster the growth of open-source software and growing adoption of Bitcoin Cash across the globe.”
This week software developer Chris Troutner discussed the PSF project with our newsdesk as the project has invoked the first SLP token that can be staked based on UTXO coin-age. People who are interested in reading about the PSF staking process can check out the group’s “grants” page.
Individuals can also read about the SLP token’s staking incentive by reading the group’s business plan. The “grants” page states:
The next airdrop of funding tokens is set to take place on October 15th. To be part of this funding token airdrop you will need to stake your PSF tokens, by not moving them for two months. This means you must not move your PSF tokens after August 15th. Funding tokens are an important part of the governance mechanism for the PSF community. As described in the business plan, stakeholders receive periodic funding tokens.
Discussing the subject with the project’s “head janitor,” Chris Troutner, he summarized the staking process with our newsdesk and said that the process was quite simple.
“The biggest hurdle to understanding it, is understanding UTXOs,” Troutner emphasized. “As most crypto proponents are aware that UTXOs are the thing that is ‘spent.’ UTXOs are consumed as inputs to a transaction, and new UTXOs are generated as the output of a transaction. Every time a UTXO is generated, it…