Last night, the first commercial-grade Token based on BCH (WHC) — ViaBTC’s Mining pool coin VIAT (VIAT) was successfully launched, marking a turning point in BCH’s development. BCH has since officially entered the token market and has practical application and commercial value in the field of smart contracts.

Although BCH has been deeply engaged in the field of smart contracts for a long time and has launched many solutions, and many tokens have been issued through THE BCH blockchain, VIAT is the first well-known Token with commercial value and practical application. VIAT is an equity certificate for the ViaBTC ecosystem, which acts as a fuel and value delivery vehicle in ViaBTC Ecosystem. It is issued based on BCH’s first smart contract program, the Wormhole protocol. The application scenarios of VIAT described in the white paper include mining pool rate concessions, exclusive customer service, payment for mining machines, transaction accelerators, ViaBTC souvenirs and other products. Through VIAT, miners can share in the profits from ViaBTC’s pool.

According to ViaBTC’s announcement, the VIAT distribution is 50% phased release in the form of mining incentives, 12.5% through partner support and 37.5% through accelerated support. As of last night, 37.5 percent of VIAT had been accelerated through the CoinEx trading platform. In just 2 hours and 20 minutes, 750 million VIAT were distributed, raising about $30 million. In addition, CoinEx will also support VIAT/CET, VIAT/BCH, VIAT/BTC, VIAT/USDT trading pairs on October 9, 2018 at 20:00 (HKT), and open VIAT recharge and withdrawal at a later date.

All of these have illustrated the success of the first commercial-grade Token based on BCH, from issue to distribution to transaction, completing the path of a Token very quickly. VIAT’s accelerated process also shows users’ enthusiasm for tokens on the BCH blockchain. BCH’s success in smart contracts is something many BCH supporters are eager to see.

Although the ERC20 Protocol of Ethereum is still the main Protocol for creating tokens in the market at present, BCH has also launched many smart contract schemes, such as relatively mature Wormhole Protocol, Simple Ledger Protocol, Keoken and BitcoinToken under development. And creating tokens through BCH has many advantages that ethereum does not have:

scalability

The BCH contract layer is built on the BCH blockchain, and BCH nodes do not need to execute the code in the contract layer, but only undertake the function of recording the code itself, which is extensible. Ethereum’s contract account for issuing tokens is in the same layer as the external account for billing users. All nodes execute both the contract account and the external account at the same time, which limits the scalability of Ethereum. The scalability of BCH also means that unlimited tokens can be issued on BCH without worrying about a big impact on the BCH main chain.

The cost is low

This is determined by the characteristics of BCH itself, which is reflected in the low cost of ISSUING BCH tokens, and the commission fee for users to send tokens is also very cheap, only a few cents. However, due to the expansion of ETH, the commission has been high, and the commission for sending ERC20 tokens is also higher.

Simple, high security

BCH chain itself has high security, and the process of issuing tokens based on BCH Token scheme is very simple, directly write parameters to create tokens. The ETH Token issuance process is based on smart contract, which is complex and error-prone. In addition, the ETH ERC-20 protocol once had security vulnerabilities, causing great losses. Therefore, choosing BCH chain to issue tokens is more secure and reliable.

At present, BCH’s smart contract process has taken a big step forward, and BCH chain has unparalleled advantages in Token issuance. In the future, there will be more commercial projects using BCH to issue tokens. BCH itself, due to its large block, has the advantage of fast transaction and low commission fee, occupies the majority of the payment market, and will make a brilliant future in the token market.