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The creation of a cryptocurrency token has been challenging because it requires highly developed blockchain programming abilities. Up until recently, the only people who could design a system to mint digital currency were blockchain developers with advanced coding abilities. However, this situation prompted the creation of platforms that allowed anyone to start their coins without knowing the slightest bit of programming.
TokenMint, a no-code tokenization platform, has been the leading proponent of this shift. By utilizing automation, the platform has closed the gap between the generation of tokens and the general public by enabling anyone without any programming experience to produce and mint tokens.
This article delves into issues like what TokenMint is and how it functions, as well as how to use it to generate an ERC-20 token and launch the token. Additionally, users will learn how to mint the desired tokens. To begin with, though, it will be beneficial to comprehend what ERC-20 and ERC-223 tokens are.
What are ERC-20 and ERC-223 tokens?
The Ethereum network has a standard for fungible tokens called Ethereum request for comments (ERC)-20. On Ethereum, these tokens can stand in for everything from lottery tickets to reputation points. Anyone looking to start their own cryptocurrency frequently has a query about how to create an ERC-20 token.
The purpose of the ERC-223 token is to allow users to safely transfer tokens to a wallet. It was developed to address a key issue with ERC-20: the absence of an event handling mechanism. A method to avoid mistakenly losing tokens inside of contracts that aren't designed to support transmitted tokens is provided by the ERC-223 standard.
What is TokenMint and how does it work?
TokenMint, a tokenization tool created by Horizen, is intended to assist anyone with little to no coding experience in creating and launching their own original cryptocurrency tokens with custom tokenomics. The user-friendly platform features a built-in automated drag-and-drop feature that streamlines the tokenization process and makes it easier for someone to go from being a cryptocurrency fan to a currency owner quickly.
TokenMint has made tokenization easier for regular users while incorporating personalized tokenomics and boosting the privacy component. The software removes the barriers preventing the common individual without programming experience from using tokenization.
TokenMint's mainnet became live at the beginning of July 2022. This follows months of effectively operating on testnet. On the TokenMint testnet, users successfully minted hundreds of tokens, which enabled the mainnet version to launch successfully.
Components of the TokenMint ecosystem
There are four key components of the platform that have 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
Horizen's TokenMint chain is a sidechain designed to support any tokens created on the platform. Other components can be built by developers on top of the TokenMint sidechain.
Token generator
The crypto token generator is a web application and a token generation tool for creating and minting tokens. It involves a simple and streamlined process for creating fungible tokens.
Cobalt wallet
A browser extension for managing and storing cryptocurrency tokens created using TokenMint, Cobalt wallet is used to manage and transact with tokens generated on the platform.
TokenMint block explorer
Anyone may view every transaction that occurred on the chain thanks to the TokenMint block explorer. Users can obtain all transaction-related information using it.
How to use TokenMint to create a token?
Creating a token with TokenMint is a fast-forward process with a few easy drags and drops, as listed below:
The token has been created by the system now with one’s preferred parameters. The platform is made to be easily accessible. And, even if the token’s creator doesn’t have the predetermined coding skills, it simply does not come into question because it’s all a matter of a few drags, drops and clicks. The next step is to mint a token. Keep reading to find out more!
How to use TokenMint to mint a token?
Once the token has been created, the user must click on the new option "Mint Token" that appears at the same screen location as "Create Token" previously appeared. The user must enter the wallet address they want to mint to in the first box on the following screen and the number of tokens they want to mint in the second box.
The required amount of Zen is now taken out of the Cobalt wallet, and the system sends the number of tokens entered to the specified address. Anyone can access the TokenMint block explorer to learn more.
Why use TokenMint for creating tokens?
The goal of TokenMint is to launch the next wave of cryptocurrency platforms, especially for non-programmers. TokenMint brings along confidence, which is so important for any project, as a solid platform built on Horizen's extremely secure blockchain technology.
TokenMint can serve apps with high traffic on its platforms thanks to the underlying Horizen blockchain, which has tens of thousands of active nodes and is one of the biggest in the blockchain ecosystem. A user who is unfamiliar with software development can create a token on a platform for zero code tokenization like TokenMint.
Anyone may feel confident like a blockchain developer by dragging and dropping objects. Users enjoy a seamless experience because to the platform's basic and intuitive UI. Horizen will continue to improve the functionality as it adds new parts.
Horizen maintains a stringent policy embracing privacy, security, and openness since they believe that security is still crucial. In its upcoming updates, the TokenMint platform will make use of zero-knowledge cryptography to maintain a balance between security and privacy.
The road ahead
TokenMint provides a platform for people who are not programmers to design or mint cryptocurrency tokens at a time when tokenization is anticipated to be the key factor in a new wave of blockchain breakthroughs. Tokenization has already become widely available thanks to TokenMinthas, but as the technology advances and grows, it will become much more effective.
TokenMint has addressed the prior difficulties and obstacles for anyone outside the tech industry trying to achieve their business objectives by developing a token. Additionally, users can keep changing their token design until it complies with TokenMint's specifications.
Horizen has made privacy a key component, and TokenMint will include it in upcoming releases. One can anticipate that the platform's performance will be further improved by essential features as zk-SNARKs, nonfungible token (NFT) capabilities, and EVM capability.
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