How to create and start a cryptocurrency token with TokenMint?

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Developing a cryptocurrency token was a complex task as it requires advanced blockchain programming skills. Until recently, only blockchain developers with strong coding skills could create a mechanism to store digital coins. However, this scenario led to the development of platforms where anyone, not even a little programming, could launch their cryptocurrencies.

The standard-bearer of this change is TokenMint, a codeless tokenization platform. The platform has bridged the gap between token creation and the mainstream, leveraging automation to allow anyone with no development knowledge to create and TBEN tokens.

This article takes a closer look at questions such as what TokenMint is and how it works, how to create an ERC-20 token and start the token with TokenMint. Users will also learn how to TBEN the tokens they want. But before that, it will help to 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 fungible tokens created on the Ethereum blockchain. These tokens can represent just about anything on Ethereum, from lottery tickets to reputation points. How to develop an ERC-20 token is usually a question of anyone looking to launch their own cryptocurrency.

Related: History of ETH: The Rise of the Ethereum Blockchain

ERC-223 token is intended to enable users to transfer tokens securely 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 provides a way to prevent accidental loss of tokens in contracts that were not created to handle sent 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 using custom tokenomics. The easy-to-use platform has implemented an automated drag-and-drop feature, streamlining the entire tokenization process and allowing anyone to quickly transition from a crypto enthusiast to a currency owner.

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TokenMint has simplified tokenization for regular users while integrating custom tokenomics and improving the privacy element. The platform eliminates the barriers between tokenization and the average person with no programming knowledge.

Related: What is Tokenomics? A beginner’s guide to supply and demand of cryptocurrencies

TokenMint’s mainnet launched in early July 2022. This comes after months of successful running on testnet. Users successfully created hundreds of tokens on the TokenMint testnet, leading to the successful launch of the mainnet version.

Components of the TokenMint ecosystem

There are four major components of the platform that come into play in creating a cryptocurrency token: TokenMint chain, Token generator, Cobalt wallet, and Block explorer. Here is a brief explanation of these components:

TokenMint Necklace

TokenMint chain is a side chain built on the Horizen network that aims to power tokens that everyone builds on the platform. Developers can also build other components on top of the TokenMint side chain.

Token Generator

The crypto token generatorr is a web application and token generation tool for creating and storing tokens. It includes a simple and streamlined process for creating fungible tokens.

cobalt wallet

A browser extension to manage and store cryptocurrency tokens created with TokenMint, Cobalt wallet is used to manage and process tokens generated on the platform.

TokenMint Block Explorer

The TokenMint block explorer allows anyone to see all the transactions that have taken place in the chain. It gives users access to all details related to transactions.

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How to use TokenMint to create a token?

Creating a token with TokenMint is a fast forward process with a few simple drag and drop as mentioned below:

The token is now created by the system with its own preference parameters. The platform is made in such a way that it is easily accessible. And even if the creator of the token doesn’t have the pre-determined coding skills, it just doesn’t come up for discussion as it’s all a matter of dragging, dropping and clicking a few times. The next step is to TBEN a token. Keep reading to learn more!

How to use TokenMint to store a token?

On the same screen space where “Create Token” appeared, a new option, “TBEN Token”, once the token is created, will be displayed and the user must click on it. When the next screen opens, the user has to enter in the first box the wallet address he wants to TBEN and in the second the amount of token he wants to TBEN.

The system will now subtract the required number of ZEN from the Cobalt wallet and send the number of tokens entered to the address provided. Anyone can also use the TokenMint block explorer to find details.

Why use TokenMint for token creation?

TokenMint hopes to trigger the new wave of cryptocurrency platforms, especially for those with a non-programming background. As a robust platform built on Horizen’s highly secure blockchain infrastructure, TokenMint brings trust that is so critical to any project.

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The underlying Horizen blockchain with tens of thousands of active nodes — one of the largest in the blockchain space — allows TokenMint to support high-traffic applications on its platforms. On a zero-code tokenization platform like TokenMint, a user with no software development knowledge can TBEN a token.

Drag and drop allows anyone to feel confident as a blockchain developer. This user-friendly platform has a very simple and intuitive interface, giving users a seamless experience. As Horizen introduces more components, functionality will continue to be upgraded.

Because security remains essential to Horizen, they have 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 of us

At a time when tokenization is expected to be the driving force for a new wave of innovations in blockchain, TokenMint provides a platform for non-programmers to create or TBEN crypto tokens. While TokenMinthas has already made tokenization accessible to the mainstream, it will become even more efficient as the technology develops and expands.

For anyone outside the tech realm who wants to realize their business goals by creating a token, TokenMint has addressed the past challenges and barriers. In addition, users can continuously modify their token design until it conforms to TokenMint’s requirements.

Privacy has been a pivot of Horizen and the element will be there in upcoming releases of TokenMint. You can expect key features such as zk-SNARKs, nonfungible token (NFT) functionality, and EVM capabilities to further enhance the platform’s performance.