On August 23, Bitcoin.com released a new application called the SLP Dividend Calculator. The new platform allows users to build a transaction to make dividend payments to any Simple Ledger Protocol (SLP) token holder.
Testing the New SLP Dividend Calculator From Bitcoin.com
Over the last year, SLP tokens have been extremely popular among BCH proponents, and so far supporters have made thousands of unique coins on the BCH chain. As time has progressed, the SLP ecosystem has matured a great deal and there are many third-party solutions supporting the token infrastructure. This week, Bitcoin.com added a new platform to our Tools.Bitcoin.com portal called the SLP Dividend Calculator. The application provides users with the ability to make grouped dividend payments to specific SLP token holders. For instance, if you distributed fractions of an SLP token to a group of three people, then you could enter the token’s ID and send funds to all three holders at a specific point in time. With the ability to pay BCH dividend payments to SLP token holders, the new tool opens the door to all kinds of real-world use cases.
After the new tool was released, I decided to test the service in order to highlight just how easy it is to use the new Bitcoin.com SLP Dividend Calculator. I tested the app with my cousin, Andrew Brow, because back in June I sent him some custom SLP tokens called “Andy Coin (ABC)” just to show him how simple it is to create tokens. At the time I created 21 million ABC coins and sent 10 million to my cousin’s Badger wallet. Last night I opened up the SLP Dividend Calculator and pasted the token’s unique ID number into the first window.
Then I decided to pay $1 to the Andy Coin token holders, which means it will be split in half between both of us, because we are both ABC token holders. The SLP Dividend Calculator can pay a lot more than just two addresses, but for this test two was enough. After making sure the SLP token ID and the number of funds I wanted to send were correct, I decided to make the funds available at the last confirmed block height. You can also choose to broadcast it as is in the latest mempool state or you can choose a custom block height as well.
The service gives you two choices after the customization is complete: you can either press the button “Start over” or “Build the transaction.” After I chose to build the transaction, the application showed me exactly what would happen after I paid the unique payment invoice. The SLP balances were scanned at block height 597121 and I sent a dividend payment of 0.003176 BCH, which would be paid to the token holders of the Andy Coin token ID number. The platform also told me that two addresses would receive a BCH dividend payment after I paid the QR invoice code through Pay.Bitcoin.com. Any wallet that supports invoices, like the Bitcoin.com Wallet, can pay the invoice by copying the URI scheme or scanning the QR code. I used the Electron Cash wallet to pay the invoice, because I had some available funds in the wallet and I wanted to see exactly how the transaction was built and executed from the client perspective.
Opening the Door to a Decentralized Stock Market, Trust Payments and Bearer Bonds
After paying the invoice, the transaction broadcasted and my cousin Andrew and I were both sent $0.50 in BCH each. The transactions confirmed in the following block and the entire test can be seen on Bitcoin.com’s Block Explorer or Simpleledger.info as well. The tool could be used for a variety of interesting dividend payment ideas. For instance, Bitcoin.com’s executive chairman, Roger Ver, recently sent BCH dividend payments to Cashgames.Bitcoin.com Dividend Test Token (CGT) holders for being Cashgames.Bitcoin.com patrons.
A person with four children could create four separate non-fungible (NFT1) tokens with the kids’ names attached to them and call them Trust Tokens. After a specific block height, the Trust Tokens can be sent a BCH dividend payment in order to leave an inheritance to the children. Or a business could have people invest in the company by initiating an initial coin offering (ICO) and token holders could reap the profits in the form of dividend payments over time.
The sky’s the limit when it comes to the variety of concepts that can derive from people using the Bitcoin.com SLP Dividend Calculator. Since the application was launched, a bunch of BCH supporters have tested the platform to send funds to certain token holders. “Fantastic,” one BCH enthusiast wrote on the Reddit forum r/btc. “[This] gives us decentralized stock market… dead easy to use.”
“Holy crap the new SLP dividend tool is awesome. Just played around with it and sent all holders of the MIS token their share of .01 BCH just to test it out,” another BCH user said on Twitter. “This is magic internet money for reals.” If you have created SLP tokens you can try sending a dividend payment to token holders by using the SLP Dividend Calculator. The process takes less than two minutes to complete and you don’t need to be a tech wiz to use the new tool. Check out the platform at Tools.Bitcoin.com and send your first BCH dividend payment today.
Alibaba Denies Working With Bitcoin (BTC) Company or Support for Crypto: Report
Contrary to an announcement made by Bitcoin cashback company Lolli, e-commerce giant Alibaba says it has no partnership with the platform.
Lolli announced on China’s Singles Day that its app now allows Alibaba shoppers to earn Bitcoin rewards.
According to a report by CoinDesk, however, Alibaba representatives are denying the partnership. Additionally, Alibaba clarifies that it does not support payments in BTC.
An Alibaba representative tells CoinDesk,
“One of Alibaba.com’s contractors hired a subcontractor who brokered an affiliate marketing program with Lolli. This was done without the knowledge of Alibaba.com. Alibaba.com’s contractor is terminating the relationship with the subcontractor who was working with Lolli. As a result, Lolli should no longer promote or bring traffic to Alibaba.com.”
Lolli’s head of communications, Aubrey Strobel, says Alibaba.com trialed the platform for 24 hours during the Singles Day campaign which drew attention as shoppers broke records and the day’s marketing event, an entertainment extravaganza featuring Taylor Swift, sparked global attention. Shortly thereafter “the partnership” was deactivated.
In a statement reviewed by CoinDesk, Strobel writes,
“It seems as though there was a miscommunication on Alibaba’s end and while that’s unfortunate, we look forward to the possibility of working with Alibaba.com again in the future. In the interim, Alibaba Group’s AliExpress is still live on Lolli.”
In the days following Singles Day, China is showing signs of renewing its crackdown on Bitcoin and cryptocurrencies. While President Xi Jinping has embraced blockchain in addition to removing cryptocurrency mining from a list of banned activities, rolling out mobile app lessons about Bitcoin and calling BTC the first successful use case of blockchain, the country’s anti-crypto stance has not entirely faded. It remains complex.
The Weibo accounts of leading cryptocurrency Tron and trading platform Binance were recently blocked for violating community regulations as China is rolling out new directives that are designed to squash the speculative trading of cryptocurrencies.
Bitcoin drop below $8,500 may be tied down to USDCoin
If one were to look at the unrelated rise and fall of Bitcoin vis-a-vis internal factors within the digital assets space, the relevance of stablecoins increases. Seen as a balancing tool for the volatile world of decentralized currency, the printing, volume and change in stablecoins is often tied to the rapid price movements of Bitcoin.
The recent drop below $8,500 was no different, however, it had a different stablecoin playing a tethering agent, and according to Santiment, a crypto-analytics service it wasn’t Tether [USDT]. Rather the stablecoin USDCoin should be given more weightage.
According to Santiment, the over $600 fall of Bitcoin observed on November 15 can be tied down the USDCoin’s “average age consumed in days metric, which spiked to its all-time high during the same period. They stated,
“#Bitcoin has fallen back below $8,500 for the first time in three weeks, and one likely foreshadow was $USDC‘s [USDCoin] largest “average age consumed in days” spike of all time.”
The metric, although not used frequently in charting is used to determine the number of days, on average, that digital assets are not used before being transacted on a said date, as per the Santiment website. This metric looks at the “idleness,” of the blocks within cryptocurrency’s network and hence the days since the “last time said token moved.”
Santiment stated the three elements in this price move was Bitcoin, stablecoins and large whales. As Bitcoin is being moved between two exchanges, stablecoin movement can indicate future drops in price when “previewing,” activities of large -whales. They opined that this is most often on the sell-side, with a large number of organic buyers within the market. Santiment stated,
“This spike likely occurred from the result of a large amount of $BTC being transferred between exchanges, and stablecoins often indicate future drops in price with these types of spikes by previewing a whales’ plan to make a large (most often sell-related) move.”
At press time, Bitcoin is trading below $8,500 for the first time since it marked its biggest daily gain of over 40 percent on October 23, owing to Xi Jinping’s comments about China making headway in blockchain technology to ramp up its plan of issuing a digital currency tied to the Chinese yuan.
Bitcoin News Today – Headlines for November 17
- Bitcoin finds strong support around the lower $8k range
- Bitcoin might experience another major dip before the next price rally
- Bitcoin’s next rally might coincide with the forthcoming halving
Bitcoin News Today – Bitcoin (BTC) has been in a consolidation period for a long time now. The digital currency has been trading sideways with support around the $8,500 mark. That has been the major support level for Bitcoin (BTC) over the past week. Since the digital currency plunged below the $9k level, it has not posted any major upward and downward trend. Many believe Bitcoin (BTC) is consolidating for another major upward movement. However, some analysts believe that the reverse might be the case.
According to some analysts, the price of Bitcoin (BTC) will experience one more major downward correction in the short-term before it starts correcting higher. The analysts are pointing out that the next major rally is likely to coincide with the approaching halving of Bitcoin mining reward.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Finds Strong Support
At the press time, the world’s largest digital currency by market cap is trading up marginally and its current value is $8,534. This marks the second day Bitcoin has been trading sideways around the $8,500 support level. The recent dips of the digital currency have proven that it presently has strong support within the lower $8k level. This is because BTC quickly tested the $8,400 mark before it found enough buying pressure to push it over the $8,500 mark.
The recent price action of Bitcoin (BTC) marks an extension of the slow grind downtrends that the digital currency has been facing since it plunged from its 30-day high of $10,600. The $10,600 mark was set as the height of the meteoric rally of Bitcoin that first started when it hit $7,300.
Bitcoin (BTC) to Experience One More Dip Before Halving
There is support around the present price levels of Bitcoin (BTC). However, analysts are watching closely for one more price dip before it returns to a level that has sufficient buying pressure to act as a catalyst for the next price rally, which could be around the $7k region.
In a recent tweet, a very popular digital currency analyst on Twitter – Mayne – gave his opinion regarding what is ahead for Bitcoin (BTC). His tweet says:
“$BTC: One more down move I reckon. Take out this currency swing low, some more sideways, spring to fill the last of my bids then up. I am building a swing long down here so my stop is wide and my position size is calculated accordingly. Play safe!”