Honk Launches Token Sale to Fund SLP-Powered Sports Betting Site

The team behind one of the most active tokens in the SLP ecosystem is launching a crowd sale to fund the development of a new sports betting site. The platform will require no identification from either users or investors, and will pay dividends directly in bitcoin cash and a number of supported SLP tokens.

Also Read: SLP Token Ecosystem Built on Bitcoin Cash Continues to Blossom

Honk Launches SBS Token Sale

Honk is a popular SLP token based on the ‘Clown World’ meme, which features a tipping bot and a sports wagering bot on the Telegram messenger as well as a dice game website. Now the team behind the token is launching a sports betting platform and funding it via the issuing of a new token to investors at the SBS Token Sale page.

The team explains that half of the profits from the betting platform will be paid out as dividends to these token holders, showcasing how SLP tokens are enabling the creation of new forms of private and secure business models. The remaining half of the profits is reserved for growth and continued development of the platform.

The new site will be called ‘Honk-a-bet’ and will support bitcoin cash (BCH) as well as popular SLP tokens such as SPICE, HONK, and DROP. The system will be based on an established sports betting API so that it can feature all sorts of sports for users to wager on from football, basketball and other popular choices to alpine skiing and crossfit for more varied options. It will also enable real time betting during live sports events. The system has no Know Your Customer (KYC) requirements so no identification is needed from either users or investors.

“There are a lot of gambling sites out there, but this will be the first SLP gambling site with a full API to bet on pretty much anything,” commented Honk Project Manager Keith Patrick. “What we are most excited about is getting our shareholders paid out via dividends. This is a new use-case for SLP and I’m glad to be a part of it. The lack of KYC will be a huge selling point for a lot of investors and customers of the site.”

The Simple Ledger Protocol Ecosystem

Simple Ledger Protocol (or SLP) is an easy to use, robust and extensible token management system that allows anyone to create tokens on the Bitcoin Cash network in a permissionless way. It has helped the development of an ecosystem for BCH that replicates the variety of ERC20 tokens on the ETH network.

SLP tokens can easily be created, traded, and managed on the Bitcoin Cash blockchain within seconds, while costing users only fractions of a penny for each transaction. All transactions are recorded on chain, and custom token behavior can be defined using a bitcoin Script developing language.

SLP token adoption has grown rapidly during the last year, with support integrated by the likes of Cybavo – a cybersecurity firm providing secure private key management to some of the biggest exchanges in the world. This is in part thanks to Bitcoin.com Exchange which has started listing SLP tokens for trading on its platform. These include assets such as Gocrypto’s GOC, a token that enables online or physical merchants to accept crypto payments and receive settlement in their local fiat currency.

Other examples of SLP-based token adoption are the launch of an SLP token called ACD issued by the Tokyo-based ANA Holdings subsidiary Alliance Cargo Direct, and a local token built for the city of Dublin, Ohio. More than 6,400 tokens have been created using the SLP framework so far.

Is this development good for the ecosystem? Share your thoughts in the comments section below.

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