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.

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.

This week Cloudbet celebrates its fifth birthday, making it one of the world’s oldest and most established bitcoin sportsbook and casino operators. As crypto ages in the digital equivalent of dog years, turning five is a real landmark.

When Cloudbet launched, it had a simple mission: to offer the easiest way to bet with bitcoin (and later bitcoin cash) which continues to be its focus. It achieves this by leveraging the power of cryptocurrencies in an user-friendly bitcoin betting platform that meets the needs of the growing number of crypto gamblers, and addresses the shortcomings of fiat (traditional) bookmakers.

To celebrate the milestone, Cloudbet is giving away a big chunk of bitcoin for the best meme that encapsulates how crypto has changed in the last five years. All details of the competition are available on the Cloudbet Blog.

Mirio Mella, Cloudbet’s spokesperson, said, “Cloudbet turning five is a real landmark, and something we are super proud of. We acknowledge that we wouldn’t have made it this far without the early engagement of the bitcoin community which is why we’re giving something back. We’re looking forward to seeing what creative memes the community comes up with.”

“Cloudbet is just as excited about the next five years and how big crypto can grow.” he added.

Cloudbet has a history of giving their players big windfalls. One player won 160 BTC on a single spin in their bitcoin casino and they were the only sportsbook to honour the Bitcoin Cash fork by crediting all players with their corresponding funds after the split. New customers also qualify for a 5 BTC/BCH welcome bonus.

About Cloudbet:

Established in 2013, Cloudbet is the world’s leading bitcoin sportsbook and bitcoin casino platform, fully licensed and regulated with satisfied customers in over 100 countries.

Cloudbet offers exceptional value odds and unrivalled bitcoin betting limits, while new customers also receive a generous 100% deposit bonus up to 5BTC/BCH.

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Source: OnlineCasino.info