Bitcoin Cash proponents have been introduced to a new project built using the Simple Ledger Protocol (SLP) framework called mistcoin (MIST). The new token is essentially the first mineable implementation of colored coins on Bitcoin Cash. Mist allows participants to mine the SLP tokens “using proof-of-work to help decentralize allocation of newly minted tokens.”
It seems an unknown developer called “Kasumi” created a Simple Ledger Protocol (SLP) token that can be mined like bitcoin (BTC) or bitcoin cash (BCH). The Mist project’s white paper can be viewed on the website mistcoin.org and it describes the SLP token framework and how the mining process works. “Mist presents the notion of using mineable SLP tokens to address this problem with a Bitcoin script, allowing tokens to be mined using proof-of-work,” explains the project’s white paper.
“Mist is an SLP token that can be generated by proof-of-work mining and is governed by a simple, but novel, Bitcoin script,” the white paper details.