What makes Bitcoin SV ‘pure Bitcoin’? BCH Boys sits down with Tokenized team to find out

On Day 1 of CoinGeek Week, the BCH Boys sat down with the Tokenized team, who have made tokenization on the Bitcoin chain a reality. Discussed are the possibilities for practical application of blockchain technology, and of Bitcoin specifically, as envisioned by Satoshi Nakamoto. It isn’t enough to talk of smart contracts and tokens; more important is focusing in how these tools could provide utility, in terms of cost, without depending on any specific economic player.

The Tokenized team provides their perspective on what makes Bitcoin SV “pure Bitcoin,” and how stability of protocol is necessary for the technology to be of benefit to communities. Watch their interview with the BCH Boys below.

What makes Bitcoin SV 'pure Bitcoin'? BCH Boys sits down with Tokenized team to find out
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How BCH got Tokenized – by a team that’s only met each other once

James Belding only started working on Tokenized, the project that’s just won him a £5 million prize from CoinGeek, when he found he couldn’t take his business idea forward without it.

Tokenized is an open-source protocol that allows tokenization on the Bitcoin BCH blockchain. And that was exactly what CoinGeek was looking for in its competition.

James was an electrical engineer, working in the oil and gas industries in Australia when cryptocurrency caught his attention back in 2013. He was hooked – but it was only in November last year with the arrival of Bitcoin Cash that he decided to devote himself full time to understanding how crypto works and to try to “add something to it, to make it better”.

He wanted to start a business to help people use blockchain to set up smart contracts. And he wanted to do it on the Bitcoin BCH blockchain, which he believed had the most potential. But he found there wasn’t a way to add contracts to BCH: “I was getting a bit frustrated, thinking ‘surely someone’s going to come up with this’ … but no-one did. So I started designing it myself”.
James put his own money into the project, assembling a group of four colleagues with a wide range of skills, from the technical to the legal. The team, spread around Australia and Singapore, have only met in person once, at his home. But they’ve worked together successfully to create Tokenized, which he believes can transform BCH into “a sort of a commercial Internet on which all commerce is done”.

He sees Tokenized as having a value far beyond any help it will give to his own fledgling business: “I think that a really important part of Bitcoin unleashing its value to the world is that it becomes used for all sorts of data.”

Tokenized offers protocols for over 40 separate kinds of contract, with all the necessary legal parameters specified. That’s meant he and his team have had to study commercial law, and now have lawyers combing through their work, making sure it’s all watertight.

Tokenized is not just for big financial or legal contracts: it could be something as ordinary as selling movie tickets. It’s a “structured template so that everyone involved in tokenized transactions knows what to expect.” It guides you to fill in the information that’s required in order for a contract to be valid. “I want to make it easy enough that anyone can do it and anyone can benefit from it.”

Now James’ original business idea can move forward “to take the value that’s in this protocol and bring it to market.” And he isn’t worried that competitors could also use Tokenized to create businesses to compete with his own. He says he welcomes anyone wanting to make use of Tokenized: “I think everyone’s going to do great in this space if we can make Bitcoin Cash what it can be. And everyone who’s involved in these early days is going to do very well.”

CoinGeek is celebrating James’ success by inviting him to speak at the CoinGeek Week Conference at the end of November. He’s bringing his whole team to London – so there’ll be a great chance to celebrate their win together. No doubt they’ll be raising a glass as they meet in person for the second time.

The first version of Tokenized will be released on November 13. James will be speaking on The Future of Commerce at the CoinGeek Week Conference on November 29.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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CoinGeek £5M token solution winner ‘Tokenized’ releases white paper

The white paper of Tokenized, winner of CoinGeek’s £5 million contest to put a tokenization solution on the Bitcoin BCH chain, is now available for public preview.

Tokenized is an on-chain token system designed exclusively for the BCH network, and proudly uses the original Satoshi Vision (SV) design of Bitcoin. The team behind the project, James Belding, Samuel Georges, Scott Barr, Farid Uddeen, and Brendan Lee, took inspiration from Joannes Vermorel’s visionary work, Tokeda, for this tokenization solution.

In its open-source white paper (available in pdf), released on Nov. 13, Tokenized noted that its protocol does not “colour a coin” in a classical sense. Colored coins are known are a way of customizing Bitcoins, making it possible to create unique tokens that can still be exchanged for value. In the case of Tokenized, however, the token balances “are recorded in the OP_RETURN payload and accounted for by the associated off-chain Smart Contract (an autonomous agent) with respect to the terms and conditions of the contract, as well as the state of the blockchain (e.g. max supply of tokens).”

This means that no satoshis are “consumed” to represent a token, which, in turn, decouple “the quantity and value of tokens on the network from the use and value of Bitcoin as a currency”—aka, the solution does not require burning BCH coins to create tokens, nor does it create a separate token layer or other protocol changes (unlike the controversial Wormhole protocol supported by Bitmain Technologies). Tokenized’s smart contract code and protocol specification are available on Github here and here.

The team explained, “This is an important design feature with respect to its impact on the stability of Bitcoin’s supply relative to other goods and services. A fixed quantity of money has merit, but a highly deflationary money supply can cause problems in an economy, just as a highly inflationary money supply can. The cost of coloured coins is also likely to become prohibitive as the price of Bitcoin Cash rises to a more stable valuation.”

By building the solution on the back of the Bitcoin BCH network—as opposed to other blockchains or database—Tokenized allows anyone around the world to create and operate their own smart contract on the BCH chain using customizable terms and conditions. Then, they can use the smart contract to facilitate the issuance, management, and exchange of a wide array of useful tokens, from financial assets like stocks, bonds, notes, futures and asset-backed securities to tickets for movies, transportation and events, or even credit and point systems as well as licenses.

According to the Tokenized team, “…the value of Smart Contracts goes well beyond enabling token management functions. Smart contracts also offer the potential to significantly increase the efficiency of common economic interactions while also providing predictable, transparent and fair methods to settle disputes, which may reduce the need for lengthy and costly legal proceedings. Low-cost and standardized Smart Contracts—especially combined with a reputation system to guide Users on the fairness and robustness of various standardized contracts—can go a long way towards empowering organizations of all sizes for any legal interactions they may face.”

To learn more about the Tokenized solution, come to the CoinGeek Week Conference in London on November 28-30, with a special invitation-only event for Bitcoin BCH miners and representatives taking place on November 27James Belding will be speaking about Tokenized, and the entire Tokenized team will be attending the CoinGeek Week main conference at The Mermaid, Puddle Dock in London. Also, join the (free) bComm Association. Tickets to the CoinGeek Week Conference, where you can learn from the most influential thought leaders about the implications of the world’s first Bitcoin Hash War fought according to Nakamoto Consensus, are on sale now.

And because it believes the BCH ecosystem can benefit from even more token solutions that advance the Satoshi Vision, CoinGeek is keeping its tokenization contest open with a secondary award of £1 million available. Further details can be found on CoinGeek.com’s contest page.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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