Developing a cryptocurrency has been a complex task as it requires advanced blockchain programming skills. Until recently, only blockchain developers with strong coding skills could create a system to mint digital coins. However, this scenario led to the development of platforms where anyone, who did not even know a little programming, could launch their cryptocurrencies.
The standard bearer of this change has been TokenMint, a codeless token platform. The platform has bridged the gap between token creation and mainstream content, using automation to allow anyone with no development experience to create and mint tokens.
This article delves into questions such as what TokenMint is and how it works, how to create an ERC-20 token and launch your token with TokenMint. Users will also learn how to coin 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 volatile 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 who wants to launch their own cryptocurrency.
Connected: History of ETH: The rise of the Ethereum blockchain
ERC-223 tokens are intended to allow users to securely transfer tokens to wallets. 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 the accidental loss of tokens within contracts that are not designed to handle sent tokens.
What is TokenMint and how does it work?
Powered by Horizen, TokenMint is a token platform designed to help anyone with little or no coding skills create and launch a unique cryptocurrency with custom tokenization. The easy-to-use platform has implemented an automatic drag-and-drop function, which streamlines the entire token creation process and helps one move quickly from crypto enthusiast to currency owner.
TokenMint has simplified authentication for general users while integrating custom tokenization and increasing the privacy factor. The platform eliminates the barriers between authentication and the average person with no programming knowledge.
Connected: What is Tokenomics? A Beginner’s Guide to Cryptocurrency Supply and Demand
Mainnet TokenMint was launched in early July 2022. This comes after running on the testnet for months. Users generated hundreds of tokens on the TokenMint testnet, leading to the successful release of the mainnet version.
Components of the TokenMint Ecosystem
There are four key components of the platform that play a role in creating a cryptocurrency: TokenMint chain, Token generator, Cobalt wallet and Block Explorer. Here is a brief explanation of these factors:
TokenMint chain is a sidechain built on the Horizen network designed to power tokens that everyone builds on the platform. Developers can also build other components on top of the TokenMint sidechain.
The cryptographic token generatorr is a web application and icon generator for creating and typing icons. It includes a simple and streamlined process for creating variable icons.
A browser extension to manage and store cryptocurrency tokens generated by TokenMint, Cobalt wallet is used to manage and trade tokens generated on the platform.
TokenMint block explorer
TokenMint block explorer allows anyone to see all transactions that took place on the chain. It allows users to access all the information related to the business.
How to use TokenMint to generate tokens?
Generating tokens with TokenMint is a quick process with a few easy drags and drops, as described below:
The icon has been generated by the system now with one’s preferred parameters. The platform is made to be accessible. And even if the icon’s creator doesn’t have any predetermined coding skills, it’s simply out of the question because it’s all a matter of drag, drop and click. The next step is to enter a symbol. Keep reading to find out more!
How to use TokenMint to mint tokens?
In the same screen space where “Create Token” appears, 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 enter in the first field and in the second, the amount of the token he wants to enter.
The system now withdraws the required number of ZEN from the Cobalt wallet and sends the number of tokens entered to the specified address. Anyone can also use the TokenMint block explorer to find information.
Why use TokenMint to generate tokens?
TokenMint hopes to start a new wave of cryptocurrencies, especially for people with non-programming backgrounds. As a powerful platform based on Horizen’s highly secure blockchain infrastructure, TokenMint brings the trust that is so important to any project.
Since the underlying Horizen blockchain has 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 zero-code token platform like TokenMint, a user with no knowledge of software development can create a token.
Drag and drop allows everyone to be as secure 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 updates.
As security remains essential to Horizen, they maintain a strict policy covering privacy, security and transparency. The TokenMint platform will leverage the power of zero-knowledge cryptography in its future releases to balance privacy and security.
The road ahead
At a time when tokenization is expected to be the driver of a new wave of blockchain innovation, TokenMint provides a platform for non-developers to create or mine crypto tokens. While TokenMinthas has already made tokenization accessible to the mainstream, it will become even more efficient as the technology evolves and expands.
For anyone outside of the tech field who wants to realize their business goals by creating tokens, TokenMint has addressed previous challenges and obstacles. Additionally, users can continuously customize their token design until it aligns with TokenMint’s requirements.
Privacy has been at the core of Horizen and the feature will be present in future versions of TokenMint. One can expect key features such as zk-SNARK, nonfungible token (NFT) functionality and EVM capabilities to further enhance the performance of the platform.
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