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 knowing even an iota of programming, could launch their cryptocurrencies.
The flagbearer of this change has been TokenMint, a no-code 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 dives into questions like what TokenMint is and how it works, and how to launch the token using TokenMint. But before that, users will learn what fungible and nonfungible tokens (NFTs) are and which of these are supported by TokenMint.
What are fungible and nonfungible tokens?
Both fungible and nonfungible tokens are an integral part of the blockchain ecosystem. Though cryptocurrencies are all fungible tokens, the real potential of blockchain is realized with the application of nonfungible tokens. Here is a drop-down how these tokens actually work:
Fungible tokens are assets that are replicable and divisible. A fiat currency note, for example, is fungible. One can replace a $100 bill with another bill of the same denomination. Any $100 bill will have the same value everywhere in the United States. Moreover, one can use 5 bills of $20 or 10 bills of $10 for the same payment. Cryptocurrency tokens behave in a similar manner.
NFTs, however, are unique and nondivisible. A flight ticket or a house selling deed are fine examples of nonfungible characteristics of an entity. These documents cannot be replaced with another of the same kind. In a blockchain ecosystem, NFTs reflect the nonfungible attributes of the underlying entities.
It is important to note that TokenMint currently supports fungible tokens. Nonetheless, in the upcoming releases, they will support the minting of NFTs as well.
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 to create and launch their unique cryptocurrency tokens with custom tokenomics. The easy-to-use platform has put in place an automated drag-and-drop function, streamlining the entire tokenization process and helping one to quickly transit from a crypto enthusiast to a currency owner.
TokenMint has simplified tokenization for mainstream users while integrating custom tokenomics and enhancing the privacy element. The platform eliminates the barriers between tokenization and the average person with no programming knowledge.
The mainnet of TokenMint was launched in early July 2022. This comes after successfully running on testnet for months. 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 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 is a sidechain built on the Horizen network meant to power tokens anyone builds on the platform. Developers can build other components atop the TokenMint sidechain as well.
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.
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
TokenMint block explorer enables anyone to see all transactions that took 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 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?
At 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 needs to click on it. When the next screen opens, the user has to populate the wallet address they want to mint to in the first box and in the second, the quantity of token they wish to mint.
The system now deducts the required number of ZEN from the Cobalt wallet and dispatches the number of tokens entered to the designated address. Anyone may use the TokenMint block explorer as well to find details.
Why use TokenMint for creating tokens?
TokenMint hopes to trigger the new wave of cryptocurrency platforms, particularly for people from non-programming backgrounds. As a robust platform built on Horizen’s highly secure blockchain infrastructure, TokenMint brings along trust that is so crucial 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 applications with large traffic on its platforms. On a zero code tokenization platform like TokenMint, a user without knowledge of software development can mint a token.
Dragging and dropping enable anyone to feel confident like 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.
With security remaining essential for Horizen, they maintain a strict policy encompassing privacy, security and transparency. The TokenMint platform will harness the power of zero-knowledge cryptography in its future releases to keep 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 innovations in blockchain, TokenMint offers a platform for non-programmers to create or mint crypto tokens. While TokenMint 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 realize their business goals by creating a token, TokenMint has addressed the previous challenges and barriers. Moreover, users can continually customize their token design until it is in sync with TokenMint’s requirements.
Privacy has been a pivot point of Horizen and the element will be there in upcoming releases of TokenMint. One can expect key features like zk-SNARKs, nonfungible token (NFT) functionality and EVM capability to further enhance the performance of the platform.