Bitcoin.com recently tweeted the first part of its primer on Wormhole, which is a layer created on the Bitcoin Cash blockchain, and that which can allow individuals to create their own token listing by burning Bitcoin Cash into Wormhole Cash.
According to the Twitter post, the Bitcoin Cash blockchain has infinite potential, and which can provide developers with tools to change the world. How world-changing can this be? Let’s find out.
“Tokens and Crowdsales on Bitcoin Cash are a paradigm shift,” which will allow developers and entrepreneurs to streamline the raising of funds they need for their projects through Bitcoin Cash, according to the primer. “This will be at the heart of the next wave of utility for the BCH network.”
This is directly possible through Wormhole, which functions like an Ethereum or an EOS blockchain, only that it will be using Bitcoin Cash’. With it, people can create tokens pegged to a specific commodity like gold, or to financial instruments such as stocks, bonds, even fiat monies like the US dollar or the British pound.
Also, Bitcoin.com’s CEO Roger Ver expressed in a YouTube post that they are mulling an ICO on Wormhole, saying that “we’ve been thinking about having our own ICO for maybe the games part of the platform,” or to pay dividends, as well as to purchase back the tokens on the open market.
BCH Through Text Messaging
But Bitcoin Cash isn’t only for those living in developed economies—crypto service CoinText created a means to send Bitcoin Cash through text messaging. The public beta began on March 27 and was released in the US, UK, Canada, Australia, South Africa, Switzerland, and the Netherlands.
Interestingly, major cryptocurrencies like Bitcoin and Litecoin have their respective means to perform the same service. Also, these are accessible even on feature phones (un-smart phones) and do not even require the use of the Internet for the platforms to operate at all.
Hoping Against Hope
Right now the world is experiencing a cryptocurrency bear market much similar to the one in the earlier months of this year, wherein Bitcoin is back to the $6,000 price, and is currently trading at $5,974.56 according to CoinMarketCap. Other major cryptocurrencies are suffering worse: Ethereum hits its 9-month low, while EOS had a 13.35 percent decrease after a day.
However, many more remain undeterred by the news. Instead, they are focusing on implementing more upgrades on their respective cryptos for further scalability and mass patronization. As Charlie Lee, Litecoin’s creator tweeted, “a bear market is the best time for people to work on adoption.”
Yesterday, Ibinex News reported that Bitmain has been exchanging its Bitcoin for Bitcoin Cash, and with the recent creation of Wormhole, it is not difficult to imply that the crypto mining giant is needing all of the Bitcoin Cash it could get its hands on to convert into Wormhole Cash. For more information, you can read the article here on our cryptocurrency news site.