Tokenization race in the Bitcoin Cash cryptocurrency has been just triggered up. It is a golden opportunity for the developers to earn a cake and take amount of GB £ 5 million by adding up on some advanced utilities to the ecosystem of this cryptocurrency which effectively means that the day is not far away when we shall be able to see smart contacting being implemented within the cryptocurrency Bitcoin Cash. By the process of tokenization of Bitcoin Cash cryptocurrency it would be possible that everything starting from initial coin offering of new coins to the land deeds could be emulated over a Bitcoin Cash network.
The program has been launched by CoinGeek which is a company with dealings in cryptocurrencies for long and is led by the multibillion entrepreneur Mr. Kelvin Ayre. Bitcoin Cash tokenization program has put on a stacks around 5 million as the contest winning money. The stated aim and mission of this competition is to elevate this Bitcoin Cash platform from being just a cryptocurrency among the 1300 others to being a backbone of global decentralized economic system. An exhaustive paper has been brought in where the definition for the requirements by virtue of which the contest and the constraints of the posed challenges for the interested people has been put in. The paper goes on at lengths to explain the moves of going for a competition so that in future it may also be possible that the Bitcoin Cash platform should be able to offer scaling on the chain and be able to support wider sorts of transactions and not just constraining to payments methodology.
Tokens are the representation of real world properties lying over a blockchain which allow the holders so that they may perform transactions by virtue of them. The typical execution of the tokens is done by taking some form of smart contacting methodology which comes in a great diversity of probable qualities and utilities such as exclusivity of time, atomicity that is non divisibility, and such more features.
However, there exist some out of the box methods which may allow the solution of some of the problems of real world but as per the company CoinGeek these ad hoc solutions are not able to put up a perfectly synchronized solution of having on scale stretch ability and lacks in many aspects such as being susceptive to loss of tokens, little or no transparency, constraint auditability, rarity of controls and documentation, and imperfect scalability and such more.
Therefore, the challenge has been put up with the prize money of GB £ 5 million so that they may be able to device systems which are able to deliver solutions permitting the creation of tokens, issuance of tokens to wallets of users, redemption of tokens from the consumers, and secure destruction of tokens when the life cycle of token ends up so that the reuse of dead token not becomes a possibility.