BSV-powered gold token Amleh announced at CoinGeek Seoul

Eli Afram is launching Amleh, tokenized gold powered by bitcoin SV.

The project is being pioneered by Afram’s Layer2, a holding company he co-founded alongside chairman Josh Sleiman and COO Bill Hotait, with the mission of bringing the “utmost utility and value to the BSV blockchain.”

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The company operates four subsidiaries. First, there’s MetaNet Labs, the education arm of the business. The company’s mission is to help in training, awareness, and increasing the visibility of BSV across the firm’s core markets of Australia and Southeast Asia.

MetaNet Solutions, the development arm, is working on developing various ecosystem applications internally as well as external client developments on BSV.

Small World Mining is the company’s crypto mining operation, currently in development, which will use hydro and biomass power to support the bitcoin network.

But arguably most significant is Amleh, the first project of its kind to tokenize gold on BSV.

Amleh was presented to delegates at the recent CoinGeek Seoul Conference by Bitcoin Association President Jimmy Nguyen, on behalf of the development team at Layer2.

The Amleh token offers a digitized, on-chain gold token, emulating gold certificates that have existed off-chain for decades. While the principle is nothing new, the technology is revolutionary in its impact, thanks to the scalability of the BSV blockchain and the flexibility of the Tokenized protocol.

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Scalability allows for gold to be tokenized down to the milligram, or pennies of value. With the network’s capacity for instant, secure transactions and mass scale, the token is envisaged as a possible currency—flexible and low-cost enough to be used to buy a packet of gum.

The initial issue is set for an amount of 10kg of gold. Audit reports will be uploaded and stamped immutably to the blockchain, with transparency and legitimacy both key tenets of the model.

According to Afram and the developers behind the project, Amleh is an attempt to move away from the “hysteria” of crypto labels. The initial issuance is not an ICO—rather, it is a digital representation of a real-world asset, as frequently described as a prime use-case by Dr. Craig Wright.

Powered by bitcoin SV on the award-winning Tokenized protocol, Amleh is backed by physical gold reserves held in a vault on a 1:1 basis.

Because BSV seeks to remain stable, it is perfectly suited to enterprise building. It’s also scalable, but not subject to surprise changes in technology or direction. The Tokenized protocol works within the real world, within the realm of regulatory frameworks and within the confines of law.

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The firm is planning the development of a wallet as well as POS technology for Amleh, which could ultimately facilitate its use as a gold-backed cryptocurrency, should any government decide to use it in future.

The development is just one of a number of exciting projects discussed at the CoinGeek Seoul Conference earlier this month, at a time of rapid innovation and development on BSV. 

Bitcoin SV leveraged: BitBoss launches Tokenized-powered casino tokens

Casino blockchain app BitBoss has launched the first casino tokens on the Tokenized Protocol for mobile gaming, in a move that looks set to revolutionize the gambling experience on blockchain.

The real money gaming solutions developer has embedded baccarat and lottery games within a dedicated Bitcoin SV (BSV) wallet, with the games powered by native BSV or custom tokens, such as those specifically created and branded for single-casino use.

The platform enables provably fair betting via the BSV blockchain, with bets and results written to BSV transactions. Payouts are adjudicated and administered by smart contract, with double-spend protection built in to the platform.

In a post on Medium, Alex Shore, co-founder and CTO of BitBoss described how the platform uses smart contract processes to process bets and transactions.

As bets are sent to the Bitcoin SV blockchain, a BitBoss designed smart contract processes the bet and places both bet results and payout transactions back onto the chain. They include their double spend prevention technology when using native BSV, and leverage Tokenized’s double spend prevention when bets are placed using a custom token.

According to Shore, the developer is now focusing on their slot machine integration, which would see players sending tokens directly to and from the slots game to their device wallet.

“What’s next? BitBoss will be incorporating provably fair functionality into their mobile games using their patent pending technology,” he noted. “The Tokenized Protocol will also power their Slot Machine integration by allowing players to send tokens directly to a slot machine from their smartphone and then later cash out back to the phone.”

Powered by BSV, the platform makes effective use of BSV double-spend protection, as well as relying on BSV infrastructure and tokens to deliver an optimal blockchain betting experience.

BitBoss now using Tokenized protocol on Bitcoin SV

Crypto gaming company BitBoss has announced it is now processing tokens on the Bitcoin SV (BSV) blockchain, in what has been described as a major milestone for the company.

The implementation means BitBoss users will now be able to send and receive tokens on top of the BSV blockchain, opening up access to the benefits of low transaction costs, fast transaction times and scalability-by-design.

According to a post on Medium, BitBoss has been developing via the Javascript implementation, its own contribution to the open source project behind the Tokenized Protocol.

Justin Laue, chief engineer at BitBoss, said the development will allow users to create and send custom tokens within their BitBoss wallets, for even greater functionality on the platform.

“This is a major milestone with our cryptocurrency wallet technology. We leveraged the BitBoss Keyring libraries to develop our BSV wallet, and now we are able to create and send custom tokens within that wallet. We’d like to extend our thanks for the amazing ongoing support that the Tokenized team has provided us throughout our development cycle.”

BitBoss is a gaming company, providing blockchain solutions for the sports betting and casino sectors. According to the Medium post, BSV tokens will allow the firm to experiment with new products.

The firm likened the functionality to ERC20 tokens on Ethereum, while highlighting the particular benefits of choosing BSV.

They explained, “Similar to how ERC-20 tokens power creative solutions on Ethereum, BitBoss is using Tokenized for similar capabilities on BSV, where it can also leverage the highly scalable network, extremely low transaction fees, and built in double spend prevention functionality.”

While there are limited details available on how BitBoss intends to develop its platform with these tokens in mind, it’s not difficult to imagine possible implementations. In the casino sector, for example, custom tokens could represents different chip values, or could be used to otherwise identify or reward users as they play.

In adopting BSV, BitBoss is the latest blockchain firm to recognize Bitcoin SV as the superior technology, and the only protocol following the vision that Satoshi Nakamoto set out in his original whitepaper.

James Belding: BSV Smart contracts can help businesses of all sizes

Tokenized is using the massive scaling of the Bitcoin SV blockchain to introduce a world of possibilities for individuals and enterprises alike. To explain its recent ramp up and where it’s planning to go with future plans, its founder, James Belding, joined our Becky Liggero on the sidelines of the CoinGeek Toronto 2019 scaling conference.

As Belding has said before, a big game changer for Tokenized’s progress has been the expansion of the OP_RETURN payload limit, which had previously constrained them. ”We just couldn’t get what we wanted into the transaction, not enough size,” he said. “But the moment the restriction was lifted, then we had open season, we could finally fulfill the vision that we always wanted to do. That happened in February I think, and ever since then we’ve been scrambling to catch up and deliver on the promises that we had.”

The potential uses of having a law abiding token system on the Bitcoin SV (BSV) blockchain are vast, and Belding spelt some of them out for Liggero. “You’ve got your obvious token examples at multiple work now, like your financial instruments, I mean silly tokens like movie tickets, admission tickets things like that, and they offer a real significant value proposition compared to what you can do today,” he said. “But there’s much, much more that will start to be revealed and the smart contracts that we have today can be tools for governance.”

Applying tokens to enterprise governance is a truly exciting prospect, and one that will make BSV an exciting prospect to mom and pop shops and multi-national corporations alike. “When you get to the bigger levels you got lawyers to help you out and take care of administrative, but if you’re a smaller company and medium size company, it’s a tremendous amount of work, administrative work,” he explained. “A lot of little rules you gotta follow and it’s easy to forget and not do them in time, and do them in the right sequence. A smart contract can have all the rules built into it, so it can basically guide you like safety rails to make sure that you do in the right sequence. You sign it properly, it’s all done. And then of course it’s immutably stored forever on the chain right so that you don’t have to worry about managing your contracts, where do you keep them, where to keep your backups, how long if you keep them”

Liggero asked Belding what the longer term plans are for Tokenized, and the answer was to widen the appeal of tokens through applications. “Basically we’re building a full desktop app, as well as a mobile app, to basically do all these features,” he revealed. “So it’s gonna be designed for everyone. I think it’s more it’s like an iPhone right? Like business people use iPhones, regular people use iPhones, all the features you want to talk to people and all that stuff it’s the same. When it comes to management contracts and your finances, the things the same. Sometimes it gets a little more complex to the analysis and things like that, enterprise, but foundationally, it’s the same.”

Facebook should forget Libra, launch stablecoin on Bitcoin SV

I think Facebook is realizing the obvious — its Libra stablecoin project is never going to properly get off the ground. Several countries have already come forward to say that they will completely ban the digital currency, while others are pushing for a complete and thorough investigation, coupled with regulatory approval, before allowing the project to see the light of days. The social media giant has stated that it is willing to wait as long as it takes regulators to determine the viability of the project, but there is a much simpler, much more accessible alternative: give up the standalone crypto and launch a fully-backed stablecoin on the Bitcoin SV (BSV) blockchain.

Facebook could also go a different route and just let BSV become its currency. With the lowest fees of any crypto and the proven capability of being able to handle a large number of transactions simultaneously, thanks to the Quasar upgrade, Mark Zuckerberg can stop beating his head against the wall and offer a cryptocurrency that meets his Libra goals — a worldwide payment solution that is available to everyone, even those who have no access to banks.

The U.S. government is trying to prevent large tech companies from entering the financial space. A bill has been drafted by the House of Representatives that is aptly called the “Keep Big Tech Out Of Finance Act” bill. It states, in part, “A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System.”

This would preclude the participation in a financial system by companies like Google, Facebook and virtually any large tech entity.

The Tokenized Protocol on BSV is a great way for businesses to tokenize assets and offer those assets to customers. This would be a solution that could be easily integrated and easily implemented by Facebook, saving the company from the hassles it currently faces through global regulatory scrutiny. According to Tokenized founder and CEO James Belding, “That simple truth is that organizations must comply with the laws and regulations of the jurisdiction they reside in. Building the technology around a sensible assessment of these solution requirements allows for a token system that is much more expressive, performant, secure and lower cost than competing solutions.”

BSV understands something that other major crypto projects don’t. Bitcoin wasn’t created to be above the law, nor is it meant to allow users to circumvent the law. On the contrary, it was designed to work within regulated financial frameworks while giving consumers easier access to currency solutions. This is what Libra has professed itself to be and, given that BSV is already a regulation-friendly digital currency, it is fitting that Facebook turn to the real Bitcoin in order to fulfill its goals.

Tokenized’s James Belding takes the stage at CoinGeek Toronto Conference 2019

Tokenized’s James Belding takes the stage at CoinGeek Toronto Conference 2019

James Belding, the CEO of Tokenized, recently made the trek to Toronto for the CoinGeek Toronto Conference 2019. The two-day event was a huge success due to the incredible knowledge that was provided, which resulted in a better than expected turnout. Belding took the stage at one point, discussing Tokenized and what it means to the cryptocurrency ecosystem and his presentation has been made available for everyone to view on YouTube. It’s an excellent look at how the Bitcoin space is transforming and the role Bitcoin SV (BSV) is playing in that transformation.

Tokenized is designed to offer solutions to regular people, businesses, governments, etc. It’s all about adding value in the blockchain, which BSV has already initiated. Ultimately, Tokenized envisions an ecosystem that works from one hub, one app to become the portal to everything. Belding points out that this was never possible before BSV and adds, “Our mission is to use Bitcoin SV and the Tokenized Protocol to make voluntary exchange simpler, faster, and much more affordable.”

Belding emphasizes that it’s important to think ahead as technology becomes more sophisticated. Tokenized is about creating more relationships, more cooperation, bigger networks, more specialization and to make life simpler, thanks to BSV. It is an application layer protocol that utilizes the BSV blockchain to pass and store messages. The protocol focuses on records from different activities—finance, legal, commerce, accounting, etc.—from all types of legal entities and can ultimately replace current standards, such as SWIFT, LEDES, FIX and others (4:57).

A token is a digital record of ownership. Tokenized tokens are assigned by a smart contract to a BSV address in response to a transfer request, and are used to represent property, shares, bonds, tickets and virtually anything that can be issued (5:47). Once the process has been initiated, all subsequent activity is automatically recorded on the blockchain and tied to that initial record.

The smart contracts are able to reduce the amount of complexity of a given transaction, such as those listed above, and ensure adherence to rules. Once the data is stored on the blockchain, it is permanent and immutable, always available to substantiate the transaction and its parts. The smart contracts also have the benefit of being extremely cost-efficient to implement, manage and exchange.

One of the main reasons Tokenized chose to build on the BSV blockchain is because it is the only network that has proven that large blocks are possible, making large amounts of data storage easier. It is also the only network being built to support businesses and allow them to work more efficiently, more accurately and at a reduced cost. The companies that adopt the BSV blockchain can be confident that the network will be able to handle their traffic and that all tokens issued by the smart contract issued on the blockchain comply with the pertinent laws.

Tokenized is building smart contracts that are easier to use and easier to implement. They are also backed by the strength of the BSV developers, who are working toward a singular goal, not fractioned into different groups working on their own agendas. This creates cohesion and common implementations that will help BSV stay strong as other digital currency projects begin to die due to a lack of fundamental business acumen.