tokens based on bitcoin

[CryptoHFs]

why there's no tokens that's based on bitcoin network where you pay BTC if you want to make a transaction for that token and if there's which tokens?

why people prefer other networks when it comes to launching a token? as I never seen a token requiring bitcoin to make a transfer

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[BenCodie]

Look into the Taro (Taproot Asset Representation Overlay) protocol. It doesn't seem to be completed yet but the development seems to definitely be underway by some well-funded players.

Announcing Taro: A New Protocol for Multi-Asset Bitcoin and Lightning - Lightning.Engineering
Hello Taro: Building the (Tap)Root of the World's Financial Network with Bitcoin - Lightning.Engineering
How Bitcoin Taro Protocol Works - BitcoinMagazine.com

Here's some recent news about zk-STARK proofs (Zero-Knowledge Scalable Transparent Argument of Knowledge proofs) which aims to support Taro development. It seems that StarkWare (creators/contributors to the Dydx "decentralized" exchange) are leading/largely influencing this development.  
Zero-knowledge proofs coming to Bitcoin, overhauling network state validation

The firm intends to use ZeroSync to power compressed transaction history proofs for its Taproot Asset Representation Overlay (Taro) protocol, which aims to power the issuance of digital assets on the Bitcoin blockchain.

While this addresses what you are looking for, I don't have an official opinion about whether either of these developments are good or bad for Bitcoin.

[YUriy1991]

In my opinion, While it is possible to create tokens on the Bitcoin network, the process is not as straightforward as on other networks, and transaction fees can be high. This has led to the development of other networks like Ethereum, which have become popular for launching tokens due to their smart contract capabilities and lower fees. While there are some tokens that operate on the Bitcoin network, they are not as prevalent as those on other networks. Additionally, the use of Bitcoin as the payment method for a token transaction would limit its accessibility, as not everyone has access to Bitcoin.

[BenCodie]

In my opinion, While it is possible to create tokens on the Bitcoin network, the process is not as straightforward as on other networks, and transaction fees can be high. This has led to the development of other networks like Ethereum, which have become popular for launching tokens due to their smart contract capabilities and lower fees. While there are some tokens that operate on the Bitcoin network, they are not as prevalent as those on other networks. Additionally, the use of Bitcoin as the payment method for a token transaction would limit its accessibility, as not everyone has access to Bitcoin.

I'm not aware of it being possible to create tokens. I am aware of the "colored coins" idea proposed in the initial whitepaper however I am not sure if that has been implemented nor if it is as viable as tokens on Ethereum and Ethereum-based (EVM) chains. Can you elaborate on the possibility to create tokens on the Bitcoin chain with some references to support your post?

[CryptoHFs]

In my opinion, While it is possible to create tokens on the Bitcoin network, the process is not as straightforward as on other networks, and transaction fees can be high. This has led to the development of other networks like Ethereum, which have become popular for launching tokens due to their smart contract capabilities and lower fees. While there are some tokens that operate on the Bitcoin network, they are not as prevalent as those on other networks. Additionally, the use of Bitcoin as the payment method for a token transaction would limit its accessibility, as not everyone has access to Bitcoin.

I think having tokens based on bitcoin will give it more trust and also will make you never affraid of that network itself getting shutdown

[YUriy1991]

In my opinion, While it is possible to create tokens on the Bitcoin network, the process is not as straightforward as on other networks, and transaction fees can be high. This has led to the development of other networks like Ethereum, which have become popular for launching tokens due to their smart contract capabilities and lower fees. While there are some tokens that operate on the Bitcoin network, they are not as prevalent as those on other networks. Additionally, the use of Bitcoin as the payment method for a token transaction would limit its accessibility, as not everyone has access to Bitcoin.

I'm not aware of it being possible to create tokens. I am aware of the "colored coins" idea proposed in the initial whitepaper however I am not sure if that has been implemented nor if it is as viable as tokens on Ethereum and Ethereum-based (EVM) chains. Can you elaborate on the possibility to create tokens on the Bitcoin chain with some references to support your post?

One such example is the Omni Layer protocol, which is built on top of the Bitcoin blockchain and allows users to create and trade their own custom tokens. Another example is the Liquid Network, which is a sidechain of Bitcoin that also supports the creation of assets. However, it's worth noting that these solutions may not be as widely adopted as Ethereum-based token standards like ERC-20, and may have limitations in terms of functionality and compatibility.

[BenCodie]

In my opinion, While it is possible to create tokens on the Bitcoin network, the process is not as straightforward as on other networks, and transaction fees can be high. This has led to the development of other networks like Ethereum, which have become popular for launching tokens due to their smart contract capabilities and lower fees. While there are some tokens that operate on the Bitcoin network, they are not as prevalent as those on other networks. Additionally, the use of Bitcoin as the payment method for a token transaction would limit its accessibility, as not everyone has access to Bitcoin.

I think having tokens based on bitcoin will give it more trust and also will make you never affraid of that network itself getting shutdown

I don't believe that is the case. Tokens hurt the reputation of Ethereum and other Etheruem-based (evm) chains from the dawn of ICOs to today. While knowledge about tokens has matured (in the sense that people should by now know that Tokens are completely irrelevant to the trust maintained by the main-net currency) I do not believe at all that tokens would nor should give the token deployed on the bitcoin blockchain anymore trust than being deployed on any other blockchain, nor would it increase the trust in Bitcoin (if anything it would hurt it, as with the enabling of Tokens means the enabling of new scams/schemes, as we have seen on other chains like Ethereum).

In my opinion, While it is possible to create tokens on the Bitcoin network, the process is not as straightforward as on other networks, and transaction fees can be high. This has led to the development of other networks like Ethereum, which have become popular for launching tokens due to their smart contract capabilities and lower fees. While there are some tokens that operate on the Bitcoin network, they are not as prevalent as those on other networks. Additionally, the use of Bitcoin as the payment method for a token transaction would limit its accessibility, as not everyone has access to Bitcoin.

I'm not aware of it being possible to create tokens. I am aware of the "colored coins" idea proposed in the initial whitepaper however I am not sure if that has been implemented nor if it is as viable as tokens on Ethereum and Ethereum-based (EVM) chains. Can you elaborate on the possibility to create tokens on the Bitcoin chain with some references to support your post?

One such example is the Omni Layer protocol, which is built on top of the Bitcoin blockchain and allows users to create and trade their own custom tokens. Another example is the Liquid Network, which is a sidechain of Bitcoin that also supports the creation of assets. However, it's worth noting that these solutions may not be as widely adopted as Ethereum-based token standards like ERC-20, and may have limitations in terms of functionality and compatibility.

Yes, I've heard of Liquid and Omni layer (however I can't find any direct links for omni layer to reference. Can you?). They aren't the same as the solution provided by Ethereum (tokens directly on the main-net) and a solution to create a token directly on the Bitcoin main-net does not yet exist. I believe that this is what Taro is aiming to achieve.

[Outhue]

I know many projects that are running via the Bitcoin side chain but they are not doing well and that's why the adoption rate is very low, it is clear that Ethereum is way better than any other projects till date, even Matic is just trying its best as a layer 2 project but it is nothing without Ethereum, better stop looking for projects running on Bitcoin side chain and focus on Bitcoin or better Ethereum. There is a Defi project called Sovryn, the only project I still like because it's practicing the same decentralization of Bitcoin and it's running Bitcoin side chain, they a lenders and they give Zero percent on Bitcoin lending.

[Ever-young]

I don't think it will ever be possible to create a token under the Bitcoin network if it could have been it should have been done in the past long ago..
I see Bitcoin Blockchain as something which is not compatible for other tokens to be developed under them, don't really know the language to use in explaining it..
But the I see Bitcoin a Blockchain which don't operates a public smart contract that's a place where others can just built their own token under it just like the ETH Blockchain and Bsc and many others which are out their.

[Faisal2202]

which aims to power the issuance of digital assets on the Bitcoin blockchain

agreed, you have already summed it up, but one thing confusing me like when this taproot will be completed and companies can launch their digital assets or collectibles on the BTC blockchain and can pay Fees using BTC. Isn't it will put more processing work for the BTC blockchain like this could increase the load on the BTC blockchain to process transactions?

I am not that technical person regarding taproot so i am curios after reading your mentioned article because recently I read a post in which the OP was saying,  Bitcoin can't become world currency (at least now).. Like he is totally right about one thing BTC is not fully developed to hold a load of transactions of the whole country, like in his OP i replied using this example of El-Salvador that, let's say a population of 7 million if make transactions on BTC, it will take around more than 10 days to validate them.

Using the same scenario, if it going to start leveraged for paying fees for collectibles and other digital assets, isn't it will put more load on the BTC blockchain?

[Charles-Tim]

why people prefer other networks when it comes to launching a token? as I never seen a token requiring bitcoin to make a transfer

Because bitcoin is not supporting the smart contract to enable altcoins to be built built on its blockchain. If bitcoin developers first developers that, most projects would likely be on bitcoin network.

I know many projects that are running via the Bitcoin side chain but they are not doing well and that's why the adoption rate is very low, it is clear that Ethereum is way better than any other projects till date, even Matic is just trying its best as a layer 2 project but it is nothing without Ethereum, better stop looking for projects running on Bitcoin side chain and focus on Bitcoin or better Ethereum.

How is Ethereum network better? Because it is not decentralized just like the other altcoins network? OP is asking why there is no token built on bitcoin blockchain just like on altcoin blockchain, like Ethereum, Tron, Polygon blockchain and the likes.

[BenCodie]

I don't think it will ever be possible to create a token under the Bitcoin network if it could have been it should have been done in the past long ago..
I see Bitcoin Blockchain as something which is not compatible for other tokens to be developed under them, don't really know the language to use in explaining it..
But the I see Bitcoin a Blockchain which don't operates a public smart contract that's a place where others can just built their own token under it just like the ETH Blockchain and Bsc and many others which are out their.

The Bitcoin version of tokens was proposed originally proposed in the Bitcoin whitepaper by Satoshi as "colored coins". Also, it's not really a matter of "if" at this moment, it's a matter of when. Smart contracts already somewhat exist after the Taproot upgrade as well. Also refer to my post about StarkWare's development:

Look into the Taro (Taproot Asset Representation Overlay) protocol. It doesn't seem to be completed yet but the development seems to definitely be underway by some well-funded players.

Announcing Taro: A New Protocol for Multi-Asset Bitcoin and Lightning - Lightning.Engineering
Hello Taro: Building the (Tap)Root of the World's Financial Network with Bitcoin - Lightning.Engineering
How Bitcoin Taro Protocol Works - BitcoinMagazine.com

Here's some recent news about zk-STARK proofs (Zero-Knowledge Scalable Transparent Argument of Knowledge proofs) which aims to support Taro development. It seems that StarkWare (creators/contributors to the Dydx "decentralized" exchange) are leading/largely influencing this development.  
Zero-knowledge proofs coming to Bitcoin, overhauling network state validation

The firm intends to use ZeroSync to power compressed transaction history proofs for its Taproot Asset Representation Overlay (Taro) protocol, which aims to power the issuance of digital assets on the Bitcoin blockchain.

While this addresses what you are looking for, I don't have an official opinion about whether either of these developments are good or bad for Bitcoin.

which aims to power the issuance of digital assets on the Bitcoin blockchain

agreed, you have already summed it up, but one thing confusing me like when this taproot will be completed and companies can launch their digital assets or collectibles on the BTC blockchain and can pay Fees using BTC. Isn't it will put more processing work for the BTC blockchain like this could increase the load on the BTC blockchain to process transactions?

I am not that technical person regarding taproot so i am curios after reading your mentioned article because recently I read a post in which the OP was saying,  Bitcoin can't become world currency (at least now).. Like he is totally right about one thing BTC is not fully developed to hold a load of transactions of the whole country, like in his OP i replied using this example of El-Salvador that, let's say a population of 7 million if make transactions on BTC, it will take around more than 10 days to validate them.

Using the same scenario, if it going to start leveraged for paying fees for collectibles and other digital assets, isn't it will put more load on the BTC blockchain?

You raise a fantastic point! The answer will circle back to "priority". The highest fees paid will get confirmed the fastest. The way ordinals (dubbed "bitcoin nfts" but aren't really nfts) work and how they are working kind of outside of the blockchain right now, is that they are placed inside a block with the remaining space. This way, ordinals don't take away from transfer transactions, rather using up the remaining space.

In terms of tokens, I believe that the purpose of zkSTARK proofs is to compress transaction data to help eliminate the possibility of effecting scalability. How exactly it will be implemented into blocks is something I have not fully dug into yet. I'm not sure if any of zkSTARK/Taro documentation/posts address this yet or if I have just not read it yet (I'm sure they have at this stage, I'll come back if I ever look further into it in my spare time)

[fuguebtc]

In my opinion, While it is possible to create tokens on the Bitcoin network, the process is not as straightforward as on other networks, and transaction fees can be high. This has led to the development of other networks like Ethereum, which have become popular for launching tokens due to their smart contract capabilities and lower fees. While there are some tokens that operate on the Bitcoin network, they are not as prevalent as those on other networks. Additionally, the use of Bitcoin as the payment method for a token transaction would limit its accessibility, as not everyone has access to Bitcoin.

I think having tokens based on bitcoin will give it more trust and also will make you never affraid of that network itself getting shutdown

ETH is also reliable for building tokens, ETH is also more mature than other networks and is almost not shut down but also, there is no guarantee that projects on ETH are not scams. If you create a token based on bitcoin, it is also shitcoin and not bitcoin, there are no guarantees. Projects and tokens are created only to scam and disappear.
I am not a developer, but I think it is still possible to deploy tokens on bitcoin, but it is more difficult and expensive, so developers are afraid to deploy on the bitcoin network. Because if the project fails, they will suffer heavy losses and lose time, while using the altcoin's network saves many things.