Home News SPICE Token Continues to Boom: The SLP Phenomenon is Equal Parts Fun,...

SPICE Token Continues to Boom: The SLP Phenomenon is Equal Parts Fun, Snark, and Business

TL;DR: Back in July, CoinSpice was surprised with the rise of SPICE, one of the first SLP tokens on the Bitcoin Cash (BCH) network. It grew out of our wild, private Telegram chat group, though it has exactly no formal relationship with CoinSpice proper. It’s its own thing. Soon after, it began to gain popularity, even getting listed on a commercial exchange. Conceived as an appreciation token which on purpose didn’t take itself too seriously, the project slowly grew into a whole ecosystem of tech designed for users to tip and enjoy being tipped. SPICE token continues to boom. Here’s the latest on this remarkable project. 

SPICE, an Early Showcase for SLP Tokens

Back then when SPICE was in its nascent stages, it became clear the token was going to be a showcase for SLP capabilities. While pioneering the BCH token space and testing new technology, SPICE became relevant and managed to distinguish itself in a heavily crowded token market. Its being listed on an important exchange like CoinEx was a real milestone, for example, and developers have built an impressive array of tech around it with a lot more surprises waiting in the pipeline.

The barely publicized token has roped-in more than 500 followers in their dedicated Telegram chatroom, and it’s a pretty active spot, which points to SPICE generating excitement among its users. They’ve even gained enough notoriety to help sponsor the Bitcoin Cash City Conference in Australia and a recent virtual SLP hackathon.

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Reddit, the popular news aggregation site, is of pivotal importance for cryptocurrency discussion on the internet. The biggest communities related to the crypto world are housed there, and SPICE had it as a goal to be there also. The project extended the functionality of their SpiceBot to also serve as a vehicle for tips on the popular platform. “We worked hard to get the message of SpiceBot to the crypto communities of Reddit, to show the possibilities Spice and SLP tokens can bring to the environment,” Joey B. Wong, one of the developers of the SPICE team told CoinSpice.

SpiceBot’s new tricks were first tried in a closed environment, the r/Spice subreddit, where the development team ironed out kinks, and then it was released to be used widely. The bot is now available in the r/btc subreddit, where you can tip SPICE to users in appreciation for their posted content.

TipBitcoin.cash Becomes Part of the Team

TipBitcoin.cash, the standalone tipping service geared toward live video streamers, has been acquired by the SPICE token team, and now tips that were only made using BCH can use the token as a tipping option. This app is already being used as a powerful tool by several content creators and streamers, and presents several advantages over other similar services. TipBitcoin.cash’s anonymous creator Pokkst declared that the idea was to introduce SPICE alongside his platform as a fun and different way of tipping, while leveraging the 0-conf capabilities of the Bitcoin Cash network, allowing for almost instant payments and transactions with low fees.

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Also, TipBitcoin.cash is very frugal in the fees collected from content creators compared to other alternatives. While services like Twitch keep 50% of the revenue collected by the content creator, TiṕBitcoin.cash does not collect any fee from content providers as of now. Pokkst explained eventually the service will have to take a small fee, but nothing as costly as other, presently more renowned alternatives.

Development of the SPICE token is a reminder about utility and innovation, and how both can be achieved in technology through having fun. The Bitcoin Cash SLP token platform is a cheap and relatively easy way to tokenize a favorite project or service, allowing more users of cryptocurrency to experiment. Whether SPICE ultimately succeeds and grows even further is almost beside the point at this stage. It’s bringing back play and joviality to a space that can sometimes take itself way too seriously.

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DYOR: CoinSpice is your home for just spicy crypto things. We’re not affiliated with any cryptocurrency project or token. Each published piece is intended for information purposes only, not investment advice and not in the hope of impacting speculative markets. There are plenty of trading sites and coin-specific advocacy journals out there, we’re neither. CoinSpice strives for rigorous accuracy in our reporting. Information presented here is contingent usually on a host of factors, and the ecosystem moves fast — prices change, projects change, and at warp speed. Do your own research.