Wormhole.cash is a project for the Bitcoin Cash (BCH) chain that provides any individual or organization the ability to create representative tokens. This means users can create tokens that can represent anything they choose like a commodity such as gold, silver, copper, and tobacco. The tokens could also be stocks, bonds, loyalty points, and even coins pegged to a fiat currency like the US dollar. Wormhole is a fork of the project Omni Layer which created and issued the very well known dollar-pegged token tether (USDT).
This week the Wormhole creators launched the project’s mainnet and a blockchain explorer for created tokens and the Wormhole Cash (WHC) generation list. At the moment there’s about 178 tokens listed on the website wh.blockabc.com. According to the WHC generation list it’s been about five days since the last burn for WHC. For every 1BCH burned, the protocol uses the OP_RETURN in the Wormhole burner and the transaction credits the receiving address 100WHC. Right now WHC tokens are being traded against BCH on the exchange Coinex, and at the moment 1WHC is worth 0.008742BCH ($4.85).
Developer Tools and Guides Are Now Available for the Wormhole Client
Additionally, on August 9, Gabriel Cardona the creator of the open source BCH software developer’s kit (SDK) called Bitbox created a Wormhole getting started guide. People can utilize Bitcoin.com’s developer’s tools to create tokens and launch a crowdsale using the Bitcoin Cash protocol.
Check out developer.Bitcoin.com/wormhole to get started with Wormhole.
- Token with a fixed number. (creators cap the number of coins created)
- Token with a managed number. (Create a token and grant new tokens to people or revoke tokens to increase/decrease the total amount.)
- Crowdsale/ICO. (Create a number of tokens and sell them for WHC in an ICO.)
WHC is needed to purchase a crowdsale token created with the Wormhole client, and all of the actions within the process are all on-chain bitcoin cash transactions with an OP_RETURN. The web portal developer.Bitcoin.com/wormhole gives programmers everything they need to get started with the Wormhole client. Cardona also details on Twitter how easy it is to create tokens on the BCH chain using his Bitcoin.com Wormhole developers guide.
Gabriel Cardona shows his Twitter followers how easy it is to create an ICO on the BCH chain.
Can Wormhole Replicate the ERC-20 Phenomenon?
Right now WHC has around $1.3M USD worth of trades taking place over the last 24-hours on the Coinex exchange. It will be interesting to see how well this project does over time and whether or not it can replicate the token creation and ICOs created with the ERC-20 protocol.
At press time on the exchange Coinex one WHC is trading for $4.85 per coin or 0.008742BCH at the time of publication.
At the moment the project is very much in need of a friendly GUI and a compatible SPV wallet that can read Wormhole created tokens. Even so with Bitmain behind the project, and the amount of focus on working with the protocol developers who brought these applications to the table, would likely be kindly rewarded.