Bitmain Behind the BCH Wormhole
Bitmain developers, one of the top leaders in crypto mining industry are behind this new innovation, Wormhole – an Omni Layer fork – which is a decentralized platform that makes it possible for developers to create tokens, raise funds through ICO and enter into contracts on the Bitcoin Cash (BCH) platform..
What this simply means is that Blockchain developers can, alternatively, create tokens and ICOs on BCH platform instead of Ethereum. This, hopefully, will satisfy the BCH community who has been clamouring for a system that can avail them the opportunity to create tokens at will. The Wormhole Cash (WHC) promises support for the creation of 3 categories of tokens: fixed, crowdfunded, and manageable.
Cardona Speaks on the Innovation
Gabriel Cardona, BCH developer lauding the innovation says:
“We see Wormhole as a solution to a number of problems, such as Turing-complete high-level scripting languages, smart contracts, ERC20 (ICO and crowdsale), and ERC721 (CryptoKitties) tokens.”
Speaking further particularly on the milestones of Wormhole Cardona said:
“Already, we’ve created tokens with fixed supply and manageable supply, issued and revoked tokens, and created a custom token [Life Extension Token, LET] for a crowdsale.”
Tokens Created to share the Same Functionality as ERC-20
Developers have been assured that every token created through the Wormhole would share similar functionality with ERC-20 or Ethereum-based tokens. All the processes involved in raising funds for projects and backers providing their contributions, would be secured through smart contracts.
Economy of Token Transfer
Wormhole is designed to make use of BCH fees of normal 1-to-1 transactions without further charges. This, of course, offers crypto projects and contributors alike the leverage of engaging in extremely low-cost transactions under the auspices of the Bitcoin Cash network. The snag of high cost of token transfers would be totally eliminated.
Wormhole would certainly enhance the Bitcoin Cash ecosystem in an unprecedented manner; this is because it offers both individuals and organizations opportunity to raise funds for their projects by simply creating usable tokens.
Image Source: Bitcoin.com