Cryptocurrencies

Bitcoin.com Introduces Coin-Creation Tool Called “Mint”

In 2017 — when Bitcoin broke-out, reaching a record of near $20,000 per coin — cryptocurrency suddenly became a phrase that even everyday Americans were at least somewhat familiar with. Of course the majority are likely only aware of Bitcoin itself and not any of the other multitude of tokens that exist. But, if you thought there are a lot of token types now, you haven’t seen anything yet.

Bitcoin.com now has a tool that allows anyone to create their own custom tokens. The site calls this platform “Mint” — not to be confused with the popular personal finance app owned by Intuit. Although this service debuted last month, the site recently made it official by putting out a press release about the offering.

Mint utilizes a token called  Simple Ledger Protocol (SLP), which itself resides on the Bitcoin Cash blockchain. Thus users who want to create their own coins using the service will need to start by depositing Bitcoin Cash (BCH). As a blog post on Bitcoin.com explains, this requires as little as five cents worth of BCH. From there, creators can enter a name and symbol for their coin, attach any supporting documents or whitepapers, select how many tokens should be initially produced, and more.

While the capability and customization that Mint offers may just seem like a fun crypto novelty, Bitcoin.com CEO Stefan Rust sees far greater implications for the tool. As he explained in a statement, “This new generation of customizable tokens has unlimited potential. For instance, a chain like Starbucks might mint a token called ‘Starbucks coin.’ This could be used to reward loyal customers, with tokens being exchangeable or redeemable in-store.” Rust continued, Alternatively, the tokens could incentivize staff, providing work perks to high performing employees.” Beyond business transactions, Rust also sees opportunity for peer to peer transfers, noting, “We’ve not only seen astronomical growth in token transactions, but also something more unexpected. People started using tokens to tip each other, which led to them gaining real market value. They’re now traded on crypto exchanges.”

Even if Bitcoin’s value is still nothing near where it was when it first started to hit the mainstream, the interest in cryptocurrencies only continues to grow. Therefore, while Rust’s vision of major chains such as Starbucks using Mint to create their own loyalty tokens does seem like a bit of a stretch, it’s not hard to imagine creative and savvy small businesses jumping on board with such an idea. This in turn could help push the adoption of cryptocurrencies as actual currency instead of just an investment for speculative investors holding onto them in hopes of another gold rush.

Other Articles by Jonathan Dyer