How to create and launch a cryptocurrency token with TokenMint?

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 minting digital coins. This scenario, however, led to the development of platforms where anyone, not knowing even an iota of programming, could launch their own cryptocurrencies.

The flagship of this change was TokenMint, a code-free tokenization 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 goes into questions like what TokenMint is and how it works, how to create an ERC-20 token and start the token using TokenMint. Users will also learn how to mint the tokens they want. But first, it will help to understand what ERC-20 and ERC-223 tokens are.

What are ERC-20 and ERC-223 tokens?

Ethereum’s Request for Comments- (ERC) -20 is a standard for fungible tokens created on the Ethereum blockchain. These tokens can represent pretty much anything on Ethereum, from lottery tickets to reputation points. How to develop an ERC-20 token is usually a question asked by anyone who wants 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 made to handle transmitted 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 programming skills create and launch their own unique cryptocurrency tokens with custom tokenomics. The easy-to-use platform has put in place an automated drag-and-drop feature, simplifying the entire tokenization process and helping to quickly switch from a cryptocurrency enthusiast to a currency owner.

TokenMint has simplified tokenization for traditional users by integrating custom tokenomics and improving the element of privacy. The platform removes the barriers between tokenization and the average person with no programming knowledge.

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

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

TokenMint ecosystem components

There are four key components of the platform 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 components:

TokenMint chain

The TokenMint chain is a side chain built on the Horizen network designed to power the tokens that anyone builds on the platform. Developers can also create other components on the TokenMint sidechain.

Token generator

The cryptographic token generatorr is a web application and token generation tool for creating and minting tokens. It involves a simple and lean process for creating fungible tokens.

Cobalt wallet

A browser extension for managing and storing cryptocurrency tokens created using TokenMint, the Cobalt wallet is used to manage and trade with tokens generated on the platform.

TokenMint Block Explorer

TokenMint block explorer allows anyone to see all the transactions that have taken place on the chain. Allows users to access all transaction details.

How to use TokenMint to create a token?

Creating a token with TokenMint is a quick process with a few simple drags, as listed below:

The token has been created by the system now with its own preferred parameters. The platform is designed to be easily accessible. And, even if the creator of the token doesn’t have the predetermined coding capabilities, it just isn’t questioned because it’s all a matter of a few drags, drops and clicks. The next step is to mint a token. Read on to find out 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 must enter in the first box the address of the wallet he wants to mint and in the second the amount of tokens he wants to mint.

The system now subtracts the required number of ZENs from the Cobalt wallet and sends the number of entered tokens to the designated address. Anyone can also use the TokenMint block explorer to find the details.

Why use TokenMint to create tokens?

TokenMint hopes to spark the new wave of cryptocurrency platforms, especially for people with non-programming backgrounds. As a solid platform built on Horizen’s highly secure blockchain infrastructure, TokenMint brings with it such crucial trust for 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. On a code-zero tokenization platform like TokenMint, a user with no knowledge of software development can mint 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, giving users a seamless experience. As Horizen introduces more components, the feature will receive further updates.

With security remaining essential to Horizen, they maintain a strict policy that includes privacy, security and transparency. The TokenMint platform will harness the power of zero-knowledge encryption in its future releases to maintain a balance between privacy and security.

The road ahead

At a time when tokenization is expected to be the driving force for a new wave of blockchain innovations, TokenMint offers a platform for non-programmers to create or mint crypto tokens. Although 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 domain looking to accomplish their business goals by creating a token, TokenMint has addressed the previous challenges and barriers. Additionally, users can continuously customize their token design until it is in sync with TokenMint’s requirements.

Privacy has been a cornerstone of Horizen and the element will be present in the next versions of TokenMint. Key features such as zk-SNARKs, non-fungible token (NFT) capabilities, and EVM capabilities can be expected to further enhance the platform’s performance.