LONDON, October 31, 2018 /PRNewswire/ --
Project team win £5,000,000 contest from CoinGeek.com
CoinGeek can officially announce that the Bitcoin BCH blockchain now has a leading tokenization solution, and has a winner for its £5m contest (amounts payable in BCH, of course) for developing that solution. 'Team Tokenized', who successfully rose to the challenge are: James Belding, Samuel Georges, Scott Barr, Farid Uddeen, and Brendan Lee from Australia and Singapore.
It is now possible for anyone in the world to create and operate their own smart contract on the BCH blockchain network using customizable terms and conditions.
The Tokenized protocol means many assets can be tokenized on BCH, including:
- financial assets (i.e preferred stock, fixed-rate bonds, floating-rate notes, futures, derivatives, currencies)
- tickets (i.e for movies, events, air travel, transportation)
- credit and point systems (i.e loyalty schemes)
Tokenization is unique in its focus on helping companies deal with real-world legal compliance issues. Global businesses have to abide by laws applicable to their jurisdictions. Investors and customers also want the protection of a legally compliant system. Tokenization provides the tools to enable not only governance features but also to carry out a variety of votes (i.e shareholder votes) all on the blockchain.
CoinGeek founder Calvin Ayre stated: "With BCH already able to massively scale, we have all been waiting for token solutions to ignite rapid growth in BCH usage. Now this is a reality CoinGeek and I are thrilled to honor 'Team Tokenized' as our contest winner, and support their on-going work to show the full power of BCH."
The Tokenized system proves in several ways that the original "Satoshi Vision" of Bitcoin (BCH) works. It uses technical features already existing within the BCH protocol; i.e it does not require any new OP_codes or other protocol changes. It is an on-chain solution and does not create a separate token layer. Equally, 'Tokenized' does not require 'burning' BCH coins to create tokens which simply disturbs the Bitcoin system.
Jimmy Nguyen, CEO of nChain Group (CoinGeek's technical partner on the tokenization contest), comments:
"We have always believed the original Bitcoin protocol contains everything needed for BCH to become the new money and enable advanced programmable functions. Our technical review team was impressed by how 'Team Tokenized' used foundational elements in Bitcoin to deliver a technically comprehensive system which works."
CoinGeek founder Calvin Ayre further observed: "The original Satoshi protocol already has everything it needed to create a digital currency and also enable advanced functions. We just needed to restore it and then scale it. This achieved, I urge all Bitcoin miners to run the new Bitcoin SV implementation of BCH."
James Belding, the protocol author for the Tokenized team, remarks:
"Our team is honoured to be selected as the CoinGeek contest winner because we all believe in Bitcoin BCH. The BCH network is now fully featured and is the only distributed ledger technology that can scale to serve every person on the planet. Our Tokenized system has been designed to harness the full properties of BCH's native technology for smart contracts and tokens. I believe it is only a matter of time before nearly every asset is tokenized on the BCH network, and we have created our Tokenized solution to support the global scale and diversity of tokens that can done on BCH."
The Tokenized white paper, protocol specification, and smart contract code will be released for public preview in mid-November. For more information, please visit https://tokenized.cash/.
To learn more about the Tokenized solution, come to the CoinGeek Week Conference in London on November 27-30. James Belding will be speaking about Tokenized, and the entire Tokenized team will be attending. Also, join the (free) bComm Association.
CoinGeek believes the BCH ecosystem can benefit from even more token solutions that advance the Satoshi Vision. Therefore, CoinGeek will keep its tokenization contest open with a secondary award of £1 million available. Further details will be posted on CoinGeek.com's contest page in the coming days.