New Wormhole Wallet Can Create Tokens and Crowdsales in Minutes

Technology & Security

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.

Coinbase 2
New Wormhole Wallet Can Create Tokens and Crowdsales in Minutes
The Wormhole Cash wallet beta version for desktops

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.

New Wormhole Wallet Can Create Tokens and Crowdsales in Minutes
The Wormhole Cash wallet is also available for Android.

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.

New Wormhole Wallet Can Create Tokens and Crowdsales in Minutes
Wormhole Cash wallet users can also burn BCH for WHC at an exchange rate of 1 BCH – 100 WHC.

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.

New Wormhole Wallet Can Create Tokens and Crowdsales in Minutes
Users can set crowdsale specifications.

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.

New Wormhole Wallet Can Create Tokens and Crowdsales in Minutes
Wormhole smart property settings

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.

New Wormhole Wallet Can Create Tokens and Crowdsales in Minutes
Users can create an airdrop with the Wormhole Cash wallet.

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.

Disclaimer: Software reviews and editorials are intended for informational purposes only. There are multiple methods and steps that are ultimately made by the decisions of the user. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images via Shutterstock, Wormhole.cash, and Pixabay. 


Have you seen our new widget service? It allows anyone to embed informative Bitcoin.com widgets on their website. They’re pretty cool, and you can customize by size and color. The widgets include price-only, price and graph, price and news, and forum threads. There’s also a widget dedicated to our mining pool, displaying our hash power.

New Wormhole Wallet Can Create Tokens and Crowdsales in Minutes 1
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 39,028.00
ethereum
Ethereum (ETH) $ 2,340.60
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 310.64
cardano
Cardano (ADA) $ 1.26
xrp
XRP (XRP) $ 0.723110
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.200277
polkadot
Polkadot (DOT) $ 14.65
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,028.00
ethereumEthereum (ETH)
$ 2,340.60
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 527.98
litecoinLitecoin (LTC)
$ 137.07
bitcoinBitcoin (BTC)
33.051,84
ethereumEthereum (ETH)
1.982,20
tetherTether (USDT)
0,846875
bitcoin-cashBitcoin Cash (BCH)
447,13
litecoinLitecoin (LTC)
116,08
bitcoinBitcoin (BTC)
28,129.24
ethereumEthereum (ETH)
1,686.98
tetherTether (USDT)
0.720745
bitcoin-cashBitcoin Cash (BCH)
380.54
litecoinLitecoin (LTC)
98.79

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020
KuCoin hackers steal $150 million
KuCoin Exchange Hacked But Insurance Will Cover The Stolen $150M
September 29, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin38,920 0.17 % 2.88 % 20.09 %
Ethereum2,335.5 0.45 % 0.39 % 15.19 %
Tether1.000 0.00 % 0.01 % 0.11 %
Binance Coin310.18 0.34 % 1.68 % 5.58 %
Cardano1.270 0.17 % 1.40 % 6.72 %
XRP0.7212 0.15 % 1.55 % 21.19 %
USD Coin0.9997 0.16 % 0.20 % 0.29 %
Dogecoin0.2000 0.13 % 4.31 % 4.38 %
Polkadot14.60 0.01 % 3.84 % 10.11 %
Binance USD0.9990 0.38 % 0.33 % 0.36 %

bitcoin
Bitcoin (BTC) $ 39,126.00
ethereum
Ethereum (ETH) $ 2,348.43
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 311.75
cardano
Cardano (ADA) $ 1.27
xrp
XRP (XRP) $ 0.723756
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.200665
polkadot
Polkadot (DOT) $ 14.76
binance-usd
Binance USD (BUSD) $ 1.00