Issuing and trading tokens on Bitcoin

Bitcoin is a permissionless system.

Anyone can have a private key easily, accept and hold other people’s bitcoins, and transfer bitcoins to others. No one can stop you from doing these things.

This is Bitcoin freedom.

The same goal must be achieved in the Bitcoin Token project.

In the previous article, we explained the technical principles of how the Bitcoin wallet supports Token and how to place an order transaction. The CUP Token protocol https://cup.network is designed based on this very intuitive and easy-to-understand principle. ChainBow Wallet https://ChainBow.io implements the Token protocol.

The CUP Token protocol is open source. Anyone can create and modify their wallet based on this protocol to support the sending and receiving of Tokens. No centralized person or organization prevents you from doing this.

Wallet ChainBow, as the first product to implement this protocol, is briefly introduced as follows:

Download

Website: https://chainbow.io

Support all platforms Mac /Windows/ Linux, iPhone/iPad/Android

Please select the download file for your device.

Install and use

After starting the wallet, first, create a mnemonic phrase. When creating, you can choose mnemonic words in Chinese, Japanese, English, and other languages, and you can choose 12 or 24 mnemonic words. It is recommended to use English mnemonics, which are relatively easy to input and compatible with other wallets.

Open the charge page or the receive button on the main interface, and your address and QR code will be displayed. Transfer some BSV from other wallets or exchanges (note: the wallet only supports BSV, do not transfer to other coins).

You can send coins to other wallets or exchanges by clicking the Pay button.

Creating your own Paymail account is recommended to make it easier to transfer coins to and from other wallets that support Paymail.

Issuing Tokens

ChainBow supports you to issue your own Token.

(The following operations are recommended to use the desktop version)

Open the settings-advanced page, and you will see multiple advanced features. Create a token is the first button. In addition, creating NFT and receiving airdrops will also be realized.

As a company product, ChainBow Wallet restricts these advanced functions. Other wallets that comply with the protocol can be programmed to achieve the same function.

Prerequisites:

-Understand the basic usage of the Ethereum wallet (Wallet3 or imToken, etc.).

-Have your own domain name.

First of all: A certain amount of CSS ERC20 Token is required to issue coins. At the top of the advanced page, you can see an Ethereum address and its QR code. The amount of CSS is indicated on the transfer page to this address. After clicking the CSS balance page to refresh, you can create a Bitcoin Token. To purchase CSS, please visit https://cercle.sg

Second: For the above Ethereum address, please use an Ethereum wallet that you can rest assured of. Please choose Wallet3 (wallet3.io) on the desktop side. You can select secure wallets such as imToken and Trust on the mobile side. Import the mnemonic words recorded in the second step of installation and use. Bitcoin wallet and Ethereum wallet use the same English mnemonic. In the Ethereum wallet, you will be able to see the CSS you just recharged, and you can continue to charge or withdraw to the exchange.

The most detailed Guidebook for Wallet 3

Finally: When the CSS balance is sufficient, click the Create Token button and enter the Token’s name, abbreviation, domain name, issuer, initial circulation, future circulation limit, and a few decimal places after the decimal point.

The name and abbreviation can be in Chinese, English, and Japanese. The domain name and the issuer indicate who holds the legal responsibility for this Token. The number of digits after the decimal point means how accurate your Token can be. For example, 3.12, the number of decimal places is 2. The number of initial issuances, and the maximum supply in the future (fill in 0 for unlimited additional issuance). Then choose three witnesses. Witnesses will observe whether your Token is forged from outside the Bitcoin network.

After the Token is created, you can see the Token you created on the advanced page. You can choose to continue issuing new coins, transferring ownership, destroying ownership, and other operations.

The trnsfer of Tokens

Back to the main screen will display the Token you just created. You can transfer coins to others. You only need the Bitcoin address or Paymail address of the other party’s ChainBow.

The sale of Tokens

Select the sales menu and enter the quantity and unit price to be sold. After placing the order, the order will be displayed on the order page, and you can cancel the order at any time.

Decentralized transaction

Open the URL https://utxo.exchange, OR, Open UTXO Exchange from ChainBow Wallet’s order page, and you will see the order information you want to sell. You can also see orders issued by other people.

First, select CONNECT WALLET in the upper right corner to pop up the QR code. If it is a desktop version of Mac or Windows, select Copy to clipboard, copy the link, switch to the wallet, click the chain icon on the top of the wallet, and accept the link.

Token purchase

On the decentralized exchange https://utxo.exchange, choose your favorite Token and agree to the other party’s offer and quantity.

You can also enter the price and quantity you want in the purchase box, place a buy order, and wait for others to pay for your payment.

Note: There is no automatic matching mechanism. When the selling price is lower than the buying price, pay close attention to arbitrage. In addition, the current version, 1, cannot be partially traded. Whether to allow partial transactions will listen to the voice of the majority of users.

A 0.3% exchange fee will be incurred when a buy or sell order is executed. In addition, some miner fees will be incurred. The miner’s fee is basically around 1 cent.

Note: It is currently in the public testing stage, and there are still various bugs and poor usability issues. Do not recharge a lot of BSV into the wallet. Now all Tokens are not strictly committed by the issuer, and the Tokens bought and sold may not have future value.

Now you have the right to issue coins freely.

So what do you want to do? Would you please leave a message and let us know

• Store pre-sale points
• Tokens within the organization
• Funds operation
• Game tokens

Social token rewards

We are implementing an open and low-fee Token platform. Efforts In the foreseeable future, thousands of Tokens have been issued and are widely used in various fields.

Twenty years ago, the Internet began to grow from open platforms such as Google and Facebook. Anyone can create content, search for content, and consume content on the Internet at almost no cost.

Today, 20 years later, the blockchain era will also move from an open platform to success. Everyone can issue coins, trade, and transfer money at low cost, with fees as low as a few cents and a few cents.

Remember the Bitcoin ideal we mentioned in the previous article: a world currency that serves 7 billion people.

Download ChainBow Wallet from https://chainbow.io