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 also has a software program available for download under the name “mist_miner_0.0.2.zip.” The small but growing Mist community also created a Telegram chat room (t.me/mistmining), where people can discuss how to set up Mist mining.
The Telegram channel’s pinned message says that a person who wants to mine needs to click the launchpad icon in the dock and install homebrew. With a terminal command line, the user needs to install nodejs with homebrew, and extract the “mist_miner_0.0.2.zip” after verifying the file’s sha256sum.
From here the user needs to install the dependencies for the project, and “set up the Electron Cash SLP Edition Mining Wallet.” After locating the private key and adding it to the program, the user needs to fund the mining wallet. After sending some fractions of 0.0001 BCH, the user can simply start mining the SLP token Mist with a CPU. In the terminal after following all the step-by-step directions, simply open the terminal and type “npm start.”
The Bitcoin Cash community is pleased with this project, as a few people commented on the subject on the Reddit forum r/btc. “Kind of the coolest thing I’ve seen on SLP so far,” explained the Redditor who created a thread about Mistcoin. The SLP token mistcoin (MIST) was created on BCH block 639,442 and there are 559,200 coins in circulation at the time of publication.
So far, there have been 1,466 Mist transactions, according to Simpleledger.info stats. According to the site’s MIST “rich list,” this address here has the most mistcoin at press time. The coin has a very even distribution thus far, and the richest MIST address has only 15.2 thousand mistcoins more than the second-largest address.
What do you think about the mistcoin (MIST) mineable SLP token project? Let us know what you think in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, mistcoin.org
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