Software Verde LLC a software company has been working with the local government of Dublin, Ohio to launch the first government blockchain using the Service Location Protocol (SLP) on the Bitcoin Cash blockchain.
Bitcoin and many other cryptocurrencies have mostly recovered from the crypto crash of 2018 and are reaching new heights as the crypto sphere continues to grow. This time the price rise is fueled by institutionalized investors instead of new retail investors. This is beneficial for the crypto market over a long period of time.
The Verde and Dublin government have been developing the token for the last six months and plans to use it to reward positive behavior among citizens however, the token remains unnamed. The token is not backed up by any asset and its worth will be decided by vendors during the process of rewarding.
The token will be divided into whole units and no fractional points and be accessible through old mobile apps like the Badger Wallet.
In a statement, the company’s chief executive officer (CEO) Joshua Green stated that the token will be the city’s way of showing gratitude for the community services done by the citizens.
These tokens may award the holder discount vouchers for city festivals or other such city-sponsored events or even used to digitize other tokens used by the city.
The token will require Bitcoin Cash to be digitized therefore to make the system effortless the token will require the holder to register their Identity with the city of Dublin. Users will then receive 0.10 USD to fuel a further 50 SLP transactions.
Bitcoin Cash is an efficient network to host this token as it is fast and the transaction fee is very low and hundreds of transactions can be processed for a single dollar.