The Simple Ledger Protocol (SLP) has garnered a lot of attention over the last few months as there’s been a wide variety of tokens created on top of the Bitcoin Cash network. On May 10, the Tokyo-based Alliance Cargo Direct revealed the SLP-minted token ACD and bitcoin cash will be accepted by thousands of online and brick-and-mortar merchants from Japan and around the world.
Ever since the launch of the SLP project, lots of Bitcoin Cash supporters have been creating new and inventive tokens so they can share and trade with each other. There have been all types of SLP-based coins made with various supply counts and different ideas behind them. This week Alliance Cargo Direct, a subsidiary of ANA Holdings (ALNPF), explained that an SLP token called ACD will be accepted by thousands of physical and online merchants. Moreover, the same affiliate retailers will accept bitcoin cash as well and the company has also initiated an ACD coin buy back project.
Bitcoin.com’s CEO Roger Ver divulged the news on the official Bitcoin.com Youtube channel detailing how Alliance Cargo Direct decided to launch payments using ACD. Ver emphasized that the initial launch would be “thousands at first and hopefully tens of thousands” of brick-and-mortar and online shops both domestically in Japan and globally. “You will be able to pay with two different cryptocurrencies at these vendors — ACD token and bitcoin cash,” Ver reported.
After payments are made using the affiliate retailers, Alliance Cargo Direct will also be buying back ACD in order to provide liquidity and add more value to ACD. The Japanese firm Alliance Cargo Direct and its CEO, Mr. Yasuhiro Sonoda, chose the BCH network because it will “benefit our customers by offering fast, cheap and reliable worldwide transactions for both online and offline payments.”
The SLP Network Effect
The recent news from Japan also follows the SLP-based coin merit (LLM), a token that was recently listed on the Altilly exchange and created for the micronation Liberland. With the SLP ecosystem starting to generate a network effect, LLM was created to strengthen the country and help Liberland citizens prosper. Now, the SLP-created tokens ACD and LLM are being swapped for other currencies on crypto trading platforms. Further, news.Bitcoin.com was told that the new digital advertising marketplace Tribeos and its Security Token Offering (STO) called “FIRE” will be based on the Simple Ledger Protocol. The Tribeos offering was also approved by the Bermuda Minister of Finance under new digital asset laws as well.
As SLP tokens begin to gather real value, users who wish to store these new digital assets don’t have to keep them on an exchange either. SLP-based tokens can be stored non-custodially using Badger, Electron Cash, and the Crescent Cash wallet. Token users can also check their transactions using the SLP explorer Simpleledger.info. For example, the website shows statistical data and ACD is the eighth most popular SLP token this month. The recent announcement to use ACD and BCH at thousands of online and physical stores should further drive growth of the token protocol.
What do you think about the ACD token and BCH being accepted at thousands of online and brick-and-mortar retailers? Let us know your thoughts about this subject in the comments section below.
Image credits: Shutterstock, Youtube, Bitcoin.com’s Block Explorer, and Simpleledger.info
Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.