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 to mint digital coins. This scenario, however, led to the development of platforms where anyone, not even knowing an iota of programming, could launch their cryptocurrencies.
The flagship of this change has been TokenMint, a no-code tokenization platform. The platform bridged the gap between tokenization and the mainstream, using automation to allow anyone with zero development knowledge to create and manufacture tokens.
This article delves into questions such as what is TokenMint and how does it work, how to create an ERC-20 token and launch the token using TokenMint. Users will also learn how to mint the tokens they want. But before that, it will be useful 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 virtually 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 provides a way to prevent inadvertent loss of tokens in contracts that are not designed to handle passed 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 tokenization process and helping to quickly transition from crypto enthusiast to currency owner.
TokenMint has simplified tokenization for mainstream users while integrating custom tokenomics and improving the privacy element. The platform breaks down barriers between tokenization and the average person without programming knowledge.
Related: What is Tokenomics? A Beginner’s Guide to Cryptocurrency Supply and Demand
TokenMint mainnet launched in early July 2022. This comes after successfully running on testnet for months. Users successfully created hundreds of tokens on the TokenMint testnet, which led to the successful launch of the mainnet version.
Components of the TokenMint ecosystem
Four key components of the platform 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:
The TokenMint Chain is a side chain built on the Horizen Network intended to power the tokens that anyone builds on the platform. Developers can also build other components on top of the TokenMint sidechain.
Crypto Token Generatorr is a web application and token generator tool for creating and minting tokens. It involves a simple and streamlined process for creating fungible tokens.
A browser extension for managing and storing cryptocurrency tokens created using TokenMint, the Cobalt Wallet is used to manage and transact with the tokens generated on the platform.
TokenMint Block Explorer
The TokenMint block explorer allows anyone to see all the transactions that have taken place on the chain. It allows users to access all details related to transactions.
How to use TokenMint to create a token?
Creating a token with TokenMint is a quick process with some easy drag and drop, as shown below:
The token was created by the system now with its preferred settings. The platform is designed to be easily accessible. And, even if the token creator doesn’t have the predetermined coding skills, that’s just not in question because it’s all a matter of a few swipes, drops, and clicks. The next step is to hit a token. Keep reading to find out more!
How to use TokenMint to mint a token?
In the same screen space where “Create Token” appeared, once the token has been created, a new option, “Mint Token”, is then displayed and the user must click on it. When the next screen opens, the user must fill in the address of the wallet he wants to mint in the first box and in the second the amount of tokens he wants to mint.
The system now deducts the required number of ZEN from the Cobalt wallet and sends the entered number of tokens to the designated address. Anyone can also use the TokenMint block explorer to find details.
Why use TokenMint to create tokens?
TokenMint hopes to spark the new wave of cryptocurrency platforms, especially for people from non-programming backgrounds. As a robust platform built on Horizen’s highly secure blockchain infrastructure, TokenMint brings such crucial trust 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 applications with heavy traffic on its platforms. On a no-code tokenization platform like TokenMint, a user without knowledge of software development can create a token.
Drag and drop makes anyone 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 functionality will receive further upgrades.
As security remains essential to Horizen, they maintain a strict privacy, security and transparency policy. The TokenMint platform will leverage the power of zero-knowledge cryptography in future releases to maintain a balance between privacy and security.
The road ahead
At a time when tokenization is expected to drive a new wave of blockchain innovation, TokenMint offers a platform for non-programmers to create or create crypto tokens. Although TokenMinthas has already made tokenization accessible to the general public, it will become even more efficient as the technology develops and develops.
For anyone outside of technology who is looking to achieve their business goals by creating a token, TokenMint has overcome the previous challenges and hurdles. Additionally, users can continually customize their token’s design until it aligns with TokenMint’s requirements.
Privacy has been a pivotal point of Horizen and the element will be there in future releases of TokenMint. Key features such as zk-SNARKs, non-fungible token (NFT) functionality, and EVM capability can be expected to further improve platform performance.
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