An introduction to Zapit & SLP tokens
Zapit is a Bitcoin Cash non-custodial wallet that supports SLP Tokens. And also has some non-custodial services built into the wallet.
SLP Tokens stands for Simple Ledger Tokens. So basically a simple token system built on the Bitcoin Cash blockchain. It takes only a minute to create a token on mint.bitcoin.com. Where you can set your preferred token name, symbol and you can also select options like decimals, website URLs. Or even an attached to the token document hash that then is recorded on the BCH Blockchain for a very small transaction fee. which is usually not more than a cent.
Use these tokens for multiple purposes like tipping, appreciation token, shares of a company, gaming assets, and much more.
One of Zapit’s goals is to promote the adoption of SLP Tokens by businesses and individuals alike. By providing the right platform and tools that empower users to reach the audience they like and using the power of the BCH blockchain, tokens can be sent and received instantly for a very low transaction fee.
Because it’s so easy for anyone to create a token especially with the same name as any established token. Zapit provides users with a method to make sure no one gets scammed. Or falls for the wrong tokens by providing different tiers for tokens.
1. Featured Tokens
This is a paid tier where a partner with a token project can list them in the wallet. So even if users don’t have any balance of that particular token which isn’t provided by any other SLP wallet at the moment. This increases the exposure towards the token as any new user of the wallet is able to open the token wallet and read more about it and find out more information.
Zapit also provides custom and unique features for these tokens that other tiers do not get such as Staking, Buy Token Feature, and also a plan to reward users with featured tokens for various activities.
2. Verified Tokens
This is a free tier where token projects can submit the token details along with the associated project website. And if everything checks out the tokens move to the Verified Section of the wallet for free. So this gives users a sense of security as they know that Zapit has spent time verifying a project. And that they are not buying into a project that is looking to cheat users.
3. Unverified Tokens
By default, all tokens show up on unverified until it has been submitted either for verification or featured list. This list contains newly created tokens but they could also contain fake tokens or scam tokens. Users need to take caution while dealing with these tokens as there are possibilities that these are dead-end projects. Or projects that try to scam users.
4. Collectibles (NFTs)
Zapit also supports NFT tokens on the BCH Blockchain which can be bought and sold on juungle.net which is a new NFT marketplace. Zapit has plans to introduce the creation of NFTs right within the wallet which will be a paid feature and will host multiple kinds of files including images, gifs, animations, videos, and more.
5. Token Rewards
Zapit has a popular tool dedicated to sending out rewards in the form of Bitcoin Cash or an SLP Token to any token that has been created on the BCH Blockchain by just entering the token ID and setting custom options like min/max token holdings and including/excluding specific addresses as well.
The rewards can be sent out in 2 different formats – Airdrop (Which sends out equal amounts of token to all) & Dividends (Which sends out the total funds based on the percentage of the balance).
Because anyone can use this tool to send dividends to any project token holder in a very simple way. The tool can also make multiple transactions for token dividends automatically, for up to 50 transactions which will soon be released after the upcoming Bitcoin Cash upgrade in May 2021.
6. Coin Swap
With the partnership of Sideshift.ai, which is an automated exchange to swap between multiple cryptocurrencies/tokens. Zapit has integrated a very easy method to store your wealth by instantly converting to a stable coin (USDH) from BCH and swap back whenever required. So there is a minimal fee for this service and the swap is almost instant. At the moment it only supports BCH-USDH swaps but has plans to expand to other cryptocurrencies and SLP Tokens in the future.
Zapit has some pretty cool features planned to promote the usage of Bitcoin Cash payments by offering discounts/coupons using the SLP token ecosystem. Because users will be able to earn tokens via the Achievement Task Ads which is an advertisement platform where users can choose to complete any task they like and earn tokens upon completion.
Now, these tokens can then either be sold on any of the exchanges where these tokens are listed. The main focus is on making payments to merchants and availing of the discounts using the tokens earned.
The earning part of this system is already live on the app and the discounts feature will be available soon.
There are a lot of other projects within the SLP Ecosystem. It grows fastly and we expect to see more and more projects built on top of this ecosystem.
Founder of Zapit
We hope that this guest blog about Zapit and SLP tokens helped you get a better understanding of the SLP ecosystem. If you have any Questions regarding Blockchain or Bitcoin? Feel free to ask them on our Facebook or Telegram group. We are happy to help whenever we can!
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