Recently, Simple Ledger Protocol [SLP], a protocol that issues security tokens on the Bitcoin Cash blockchain added a new feature to the Bitcoin Cash network. The implementation known as the Bitcoin Files Protocol [BFP] is a file storage system that allows users to upload and download small-sized files from the Bitcoin Cash blockchain.
The Bitcoin Files Protocol is said to be a decentralized and inherently censorship-resistant file storing system that permits organizations and entities to seamlessly share files and other information over the Bitcoin Cash Network. When a user uploads a file over the network, individuals can download it by providing a transaction ID.
BFP was created by Simple Ledger Protocol programmers including Kames Cramer, a Bitcoin Cash Programmer. Cramer stated:
“SLP Token V1 has two fields in its Genesis transaction called `token_document_url` and `token_document_hash`. These fields allow any additional token related data to be attached to a token”
According to Cramer, the idea behind BFP was to allow users to upload a file from literally anywhere in the cloud storage platform with the URL and the hash, effectively storing it there permanently.
Cramer further stated:
“It turns out very few cloud storage services permit anonymous file uploads with URL for sharing with others.”
The programmer confirmed that the development team will soon provide users with a download tool in a future edition of the Electron Cash SLP. This tool will permit users to directly download files to their computers by adding the transaction ID of the file on the user’s desktop.
A Redditor named RudiMcflanagan commented:
“Putting immutable and un-censorable messages permanently on a globally distributed blockchain with built-in timestamps and proof of existence – This shit is seriously lit af.”
Another Redditor named MrNotSoRight said:
“This is amazing. Finally, a way to safely store small files permanently.”
Hapticpilot, a Reddit user said:
“If the miners mine your transactions into a block, then it’s your right to do stuff like this however, this is a really terrible use of the blockchain. You can only practically store very small files; it’s not at all scalable. And it’s totally unnecessary for the data to be recorded in a blockchain.”
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John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more
Crypto News – 18 April – John McAfee comments on real Satoshi, Coinbase continues expansion to 11 countries and more
— AMBCrypto (@CryptoAmb) April 18, 2019
Daily Crypto News – April 18
1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!
2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.
To know more about the countries Coinbase has expanded to, click here!
3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.
He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!
4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.
To read more about Binance DEX, click here!
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