Bitcoin finally has a decentralized token exchange. Bitcoin token exchange was uploaded on March 6. It is currently the most functional decentralized exchange and the only one for tokens that is operational on Bitcoin SV.
âI started seeing people talking about Simple Fabriik Protocol (SFP) tokens on Twitter a few weeks ago (February 18). People would hit them and send them to anyone who asked for them, âsaid Graeme Madden, founder of Bitcoin Token Exchange, also known asâ Gmadd âon Twitter and Twetch.
âI received a lot of different tokens and wanted to see them in an alphabetical list with more token details, so I created a page to use the Money Button API to display them (and to learn how to use the ‘API).
âSome people were trading them on Twitter, so I thought it would be a good idea to let other people list their tokens they wanted to redeem and allow them to contact each other through the site. Then, following user suggestions, I started working on adding a trading feature to allow people to transfer tokens directly to the site by dragging a money button. The rest is just ideas of what might be useful and suggestions from users. “
– gmadd (@gmadd) March 2, 2021
From an end-user perspective, it’s a bit like using eBay because completing a transaction requires both the buyer and the seller to do a bit of manual labor (until it does) is automated of course).
Here is How it works:
Buyers on the platform select the token they want to buy, then slide a money button to pay. Then the order appears in the seller’s order list; the seller then needs to slide a money button to send their tokens to buyers.
âTo date, 642 users have logged in. There are currently 692 listings displayed on the For Sale page. 328 payments made since March 6 (the date the buy / sell bit went live), âMadden said.
As you can see, BTE isn’t even a week old, yet it is taking a significant amount of traction. Beyond buying and selling tokens, BTE users can:
– Check out their list of tokens held in their Money Button wallet and mark the tokens as “ available for trade ”
– Display a list of all tokens (not complete, but shows everything that has been seen by the site) and mark the tokens they want
– Show matches (users who have something you want and want something you have)
– Create a commercial offer and send it to another user (with the buttons Against / Accept / Reject the offer)
– Send messages to other users
– Define, hit and modify tokens
– Evaluate other users
– Send tokens / payment to any paymail Money Button
– See the list of sales announcements
– Buy / sell tokens directly with other users, and
– View their buy / sell orders.
The future of BTE and tokens on Bitcoin
This is just the start for Bitcoin Token Exchange; BTE is in its early stages and there are many upgrades to come.
âI worked to get everything working fine, to fix the little bugs, and to make the UI / information side a bit clearer,â Madden said. âThe biggest demand for functionality has been to automate token transfers so sellers don’t have to manually send and buyers receive immediately. I would really like to add this. I would like to integrate all token / other wallet protocols and make transfers transparent. I have another idea for a game using tokens, but it’s pending at the moment. “
He noted, âI am aware that some large companies are working in token markets, and I don’t expect to compete with them with the resources they have, so I hope to add some extra functionality that they don’t provide. . Everything is going so fast that I will try to keep pace and add as many useful features as possible, and see what users need. “
The creation of Bitcoin Token Exchange marks a major step in innovation on BSV. Fabriik’s Simple Fabriik protocol for tokens opened the door to tokenization and implementation of tokens in business models. But a crucial aspect of tokenization is the ability to swap one token for another, and there was a lack of infrastructure in that regard until Madden stepped up to create BTE.
Automation through smart contracts is another infrastructure deficit Madden alluded to. Automation is currently in high demand in Bitcoin. Smart contracts have been around for some time in Bitcoin, but it is only recently that apps like the Bitcoin Token Exchange have created a real demand for smart contracts.
I think in the coming weeks and months we will see this change, and see BSV’s smart contract capabilities and tools improve dramatically and begin to be implemented across multiple applications, platforms, and services. .
Because at the end of the day, platforms like Bitcoin Token Exchange force Bitcoin SV to evolve and improve. That being said, the Bitcoin ecosystem and its participants will have – and will have – better tools and resources at their disposal thanks to platforms like Madden’s BTE pushing the boundaries of what Bitcoin can do.
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