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.”
Subscribe to AMBCrypto’s Newsletter
Bitcoin Cash would be a perfect global coin for daily spending, claims Chainblock’s Federico Pecoraro
Federico Pecoraro, CEO of Italy-based crypto-company, Chainblock, made waves in the cryptospace after he suggested that Italians were shifting to cryptocurrencies owing to the country’s growing economic problems. The 2008 financial crisis hit the Italian economy badly, largely due to the huge public debt accumulated after years of excessive public spending.
According to Federico Pecoraro, the state of affairs offers an opportunity for many people and businesses to benefit from using decentralized money. In what is the most newsworthy bit of his take, he said that Bitcoin Cash (BCH) could be the cryptocurrency that would fit perfectly as a real global coin for daily spending, despite the fact that Bitcoin (BTC) is more likely to emerge as a better store-of-value. He added,
“We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services.”
Pecoraro also spoke about how Chainblock used the crypto-winter to develop new products and expand its customer base. He revealed that by the end of 2018, Chainblock recorded a 156% increase in transactions and a 144% increase in new users. Federico Pecoraro told Bitcoin.com,
“We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a strategic market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency mass adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.”
Subscribe to AMBCrypto’s Newsletter