Coingeek Launches £5 Million Bitcoin Cash Tokenization Contest
A race to tokenize the bitcoin cash (BCH) cryptocurrency has only been triggered. Developers are now able to earn a whopping £5 million by bringing this advanced functionality to the cryptocurrency ecosystem, which means we may soon see wise contracts executed with BCH. Tokenization can bring everything out of property actions to ICO coins onto the BCH network.
Coingeek, the cryptocurrency company led by the billionaire entrepreneur Calvin Ayre, has launched a bitcoin cash tokenization contest offering £5 million in prize money. This competition is supposed to elevate BCH from a cryptocurrency to “the cornerstone of the worldwide distributed economy.”
The business published a newspaper which defines the prerequisites for winning the competition and reach of the struggle for interested participants. In the paper Coingeek clarifies it’s taking this move now because bitcoin cash has demonstrated that on-chain climbing is possible and may be employed to encourage a wider range of transactions than simply obligations.
State of the Art Smart Tokens
Tokens can represent real-world assets within a blockchain, allowing holders to create transactions based on these. They are typically executed with some kind of contracts that are smart and may come in a variety of possible attributes and functionalities, including indivisibility, exclusivity in time and much more.
The present state of the art for tokenization in terms of the Bitcoin-derived blockchain systems is best captured by the “coloured coins” notion, the company describes. Additional cryptocurrencies which have been optimized to be used with tokenization (such as ethereum that is most used for ICOs), typically depend on intelligent contracts. However, Coingeek states that none of these solutions have yet created the optimal answer, with them all fighting with inadequate scalability, insufficient controls and documentation, restricted auditability, little transparency, and being vulnerable to nominal reduction.
The challenge for the content participants is to look for a system which delivers a solution that enables nominal creation, issues tokens to users’ wallets, redeems tokens from consumers, and securely destroys tokens into the originating cryptocurrency at the end of the token’s life cycle.