On Friday, Nov. 23, the developers behind the Wormhole project announced the launch of the Wormhole Cash wallet. The application allows users to store, send and receive BCH, WHC and any type of token created with the Wormhole software. Additionally, the new client allows users to burn BCH for WHC alongside the ability to crowdfund and create token assets.
Also read: Content Creators Can Earn BCH Using the Honest Cash Platform
Wormhole Developers Launch New Light Client
for BCH, WHC and Tokens
The Wormhole software developers recently released a beta version Wormhole Cash wallet for desktops and Android. The client allows users to safely store, send and receive bitcoin cash (BCH) and wormhole cash (WHC), as well as tokens created using the infrastructure. Wormhole.cash is a project that uses the BCH chain and a fork of the Omni Layer protocol to allow smart contract and representative token creation.
The beta version of the Wormhole Cash wallet has been designed to allow research and testing for those who are interested in the technology. Over time the developers will polish the open source software and periodically upgrade the client. “The wormhole wallet is an open source project, we’re trying our best to contribute for the whole BCH ecosystem,” explained the Wormhole development team.
This Saturday, news.Bitcoin.com took a look at both the Android and desktop versions of the Wormhole Cash wallet interface to give our readers an inside glimpse of this beta platform. When signing up for the desktop wallet, the user is asked to tether a valid email and password to their newly created Wormhole account. This creates a whole new wallet and the wallet identifier is sent to the registrants’ email address.
With the Android version, users can import an existing wallet or create a new one after launching the application for the first time. After creating a new set of keys, the Wormhole Cash client provides a 12-word mnemonic phrase to write down and makes the user enter the string of words to verify that they were recorded correctly.
Tokens, Crowdsales and Proof-of-Burn
The Android and desktop versions of the wallet give the user a fresh BCH address to store, send and receive BCH and WHC. The wallet can also hold and create WHC and store and launch an assortment of Wormhole-based tokens. Essentially, Wormhole Cash wallet users can burn BCH for WHC at an exchange rate of 1:100 using the Wormhole proof-of-burn mechanism. WHC is used to crowdfund and purchase utility tokens, and wallet users can create their own with the client. Tokens can represent anything the creator desires and can be used for novel features like loyalty points.
For instance, after a user creates a token they can use the wallet to conduct an initial coin offering (ICO). Once a Wormhole node validates the crowdsale, the sale becomes active. Users interested in purchasing from the crowdsale use WHC. The ICO creators can manually shut down the sale or close it automatically when it sells out or reaches a certain time or block height.
Moreover, users can create an airdrop for specified holders as long as they pay a fee in WHC. Wormhole Cash wallet users can also browse ongoing crowdsale events hosted on the blockchain and buy tokens with WHC. Users can create and revoke their own fixed number of tokens and also change the existing token issuer within the Wormhole system.
Wormhole developers have detailed that the protocol will become more robust and permissionless down the road. The ability to create a decentralized exchange supported on the protocol, a virtual machine, and smart contracts will come during the project’s “Exophere” phase. In addition to the latest desktop and Android Wormhole Cash wallets, the project’s programmers plan to release an iOS version of the client in the near future.
What do you think about the Wormhole Cash wallet? Let us know in the comments section below.
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Images via Shutterstock, Wormhole.cash, and Pixabay.
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