Satoshi Nakamoto’s Bitcoin technology has inspired a lot of innovation spawning a myriad of tokens representing digitized assets. There are now token creation systems on blockchain networks like Omni Layer, Counterparty, and Ethereum. Each framework comes with the cost of sending tokens and right now the Simple Ledger Protocol is one of the cheapest most cost-effective ways to issue and send tokens.
The Rising Popularity of Tokens Built on Some of the Best Known Blockchains
Over the last few years, tokens have become a big part of the cryptocurrency ecosystem. Blockchain tokens, colored coins, and the association of real-world and digital assets tied to a secure network have been around for quite some time. In 2012, the Mastercoin protocol whitepaper was published and the author J. R. Willett explained: “The [Bitcoin blockchain] can be used as a protocol layer, on top of which new currency layers with new rules can be built without changing the foundation.” From here, history shows the initial formation of the Mastercoin project which slowly evolved into the Omni protocol.
Blockchain systems that have enabled token creation. From left to right: Counterparty, Omni Layer, Ethereum, and the Simple Ledger Protocol.
Other token creation systems appeared later, like Counterparty in 2014 and the Ethereum ERC20 token standard was proposed in late 2015. The Omni Layer protocol is known for issuing one of the most prominent stablecoins to date, Tether (USDT). The Ethereum network had a token explosion after the first ERC20s were released (DAO, Digix, Alethzero), which fueled the initial coin offering (ICO) token craze in 2017. Regardless of the merits of these tokens,