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Author Topic: Building a token on the Bitcoin protocol?  (Read 205 times)
BlockXchain
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June 24, 2017, 09:49:58 PM
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I've been hearing the phrase "build a token on the Bitcoin protocol" tossed around. I understand how to build something on Ethereum, but how does one build on the Bitcoin protocol?

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Velkro
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June 24, 2017, 11:06:35 PM
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I've been hearing the phrase "build a token on the Bitcoin protocol" tossed around. I understand how to build something on Ethereum, but how does one build on the Bitcoin protocol?
I think they are reffering to creating their own coin by just copy paste bitcoin and renaming it to YourNameCoin for example Wink
Ethereum have advanced language that can do stuff and bug/crash whole coin, Bitcoin is more conservative and secure.

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June 24, 2017, 11:26:38 PM
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Ah makes sense! So they're essentially forking the Github repo to create a new blockchain application?

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June 24, 2017, 11:44:01 PM
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I don't think you can if you mean what I think you mean.

In the future once sidechains kick in, people will be able to create their own tokens under the bitcoin blockchain, but not now. What I still don't know is how the price of those tokens would work. If they are pegged to the bitcoin price.. then how does a market can be possible with sidechain tokens?

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June 25, 2017, 12:15:44 AM
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I think they maybe mean make tokens that are redeemable for Bitcoin, then exchange and trade the tokes, not the bitcoin itself. Like it is done with gold.

Would be cheaper to transfer, but of course there will be centralization.

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