Developing a cryptocurrency token has been a complex task as it requires advanced blockchain programming skills. Until recently, only blockchain developers with strong coding skills could create a mechanism for mining digital currencies. This scenario, however, led to the development of platforms where anyone, without knowing an iota of programming, could launch their cryptocurrencies.
Flagship for this change was TokenMint, a codeless token generation platform. The platform has bridged the gap between token creation and the mainstream, using automation to allow anyone with no development knowledge to create and mint tokens.
This article addresses questions such as what TokenMint is and how it works, how to create an ERC-20 token, and launch the token using TokenMint. Users will also learn how to mine the tokens they want. But before that, it will help you understand what ERC-20 and ERC-223 tokens are.
What are ERC-20 and ERC-223 tokens?
Ethereum Request for Comments- (ERC)-20 is a standard for exchangeable tokens created on the Ethereum blockchain. These tokens can represent almost anything on Ethereum, from lottery tickets to reputation points. How to develop an ERC-20 token is usually a question asked by anyone looking to launch their own cryptocurrency.
Related: History of ETH: The rise of the Ethereum blockchain
The ERC-223 token is intended to allow users to securely transfer tokens to a wallet. It was created as a solution to a major problem with ERC-20: the lack of an event-handling mechanism. The ERC-223 standard offers a way to prevent the inadvertent loss of tokens within contracts that are not built to handle broadcast tokens.
What is TokenMint and how does it work?
Developed by Horizen, TokenMint is a tokenization platform designed to help anyone with little or no coding skills create and launch their unique cryptocurrency tokens with custom tokenomics. The easy-to-use platform has implemented an automated drag-and-drop feature, streamlining the entire token creation process and helping one quickly transition from a crypto enthusiast to a coin holder.
TokenMint has simplified tokenization for mainstream users while incorporating custom tokenomics and strengthening the privacy element. The platform eliminates the barriers between tokenization and the average person without programming knowledge.
Related: What is Tokenomics? A Beginner’s Guide to Cryptocurrency Supply and Demand
The TokenMint mainnet went live in early July 2022. This comes after successfully running on the testnet for months. Users successfully generated hundreds of tokens on the TokenMint testnet, leading to the successful launch of the mainnet version.
Elements of the TokenMint Ecosystem
There are four main platform components that play a role in creating a cryptocurrency token: TokenMint chain, Token generator, Cobalt wallet and Block explorer. Here is a brief explanation of these items:
The TokenMint chain is a sidechain built on the Horizen network intended to power the tokens that anyone builds on the platform. Developers can also build other assets on top of the TokenMint sidechain.
The crypto token generatorr is an online application and token generator for generating and clipping tokens. It includes a simple and streamlined process for creating redeemable coupons.
A browser extension to manage and store cryptocurrency tokens generated using the TokenMint wallet, Cobalt is used to manage and trade tokens generated on the platform.
TokenMint block exploration
The TokenMint block explorer allows anyone to see all transactions made on the chain. It allows users to access all transaction related details.
How to use TokenMint to generate a token?
Generating a token with TokenMint is a quick process with a few easy drags and drops as listed below:
The token is generated by the system now with one’s preferred parameters. The platform is built to be easily accessible. And, even if the creator of the token does not have the prescribed coding skills, it is simply not in question, because it is all a matter of a few drags, drops and clicks. The next step is to cut a coupon. Keep reading to learn more!
How to use TokenMint to mint a token?
In the same screen space where “Create Token” appeared, once the token is created, a new option, “Mint Token”, appears and the user has to click on it. When the next screen opens, the user has to fill in the wallet address he wants to cut to in the first box and in the second, the amount of token he wants to cut.
The system now removes the required ZEN number from the Cobalt wallet and sends the number of tokens entered to the specified address. Anyone can use the TokenMint block explorer as well to find details.
Why use TokenMint to generate tokens?
TokenMint hopes to enable the new wave of cryptocurrency platforms, particularly for non-programmers. As a powerful platform based on Horizen’s highly secure blockchain infrastructure, TokenMint brings with it the trust that is so critical to any project.
With the underlying Horizen blockchain having tens of thousands of active nodes — one of the largest in the blockchain space — TokenMint can support high-traffic applications on its platforms. In a zero-code token generation platform like TokenMint, a user with no software development knowledge can mine a token.
Drag and drop allows anyone to feel confident as a blockchain developer. This easy-to-use platform has a very simple and intuitive interface, offering users a seamless experience. As Horizen introduces more components, the functionality will receive further upgrades.
As security remains essential for Horizen, they maintain a strict policy that includes privacy, security and transparency. The TokenMint platform will leverage the power of zero-knowledge cryptography in its future releases to maintain a balance between privacy and security.
The road ahead
In an era where tokenization is expected to power a new wave of blockchain innovation, TokenMint offers a platform for non-developers to create or mint crypto tokens. While TokenMinthas has already made tokenization accessible to the mainstream, it will become even more effective as the technology develops and expands.
For anyone outside the tech sector looking to realize their business goals by creating a token, TokenMint has addressed the previous challenges and obstacles. In addition, users can continuously adjust their design until it is in sync with TokenMint’s requirements.
Privacy has been the benchmark of Horizen and the element will be present in upcoming versions of TokenMint. One can expect key features such as zk-SNARKs, nonfungible token (NFT) functionality, and EVM capability to further enhance the performance of the platform.