How to create your own token in under 5 minutes using the Enecuum platform?
How to create your own token in under 5 minutes using the Enecuum platform?
Enecuum is the world’s first blockchain to link millions of smartphones and other mobile devices into a single network. There, each smartphone can become a miner and make Enecuum stronger and more reliable. Simple, safe and fast using your application.
It is a blockchain mobile network for decentralized applications that can take the blockchain and cryptocurrencies to the real mainstream, involves mobile device users in a blockchain network and provides a powerful toolkit for dApps developers Create fast and low-cost WEB 3.0 applications for millions of people.
Why use Enecuum?
To launch a token on Ethereum, you need to write a smart contract. On EOS, you need to buy RAM.
The Enecuum project team believes that issuing a token should not be so difficult. The task of Enecuum is to simplify this process to a few clicks.
In this article, we explain the purpose of tokens and how to create them in Ethereum, Tron, EOS and Enecuum. Then, we show how to issue a token in under five minutes.
What is a token?
A token is a digital asset based on cryptocurrency. For example, the ERC20 token is a standard token on the Ethereum platform.
The creator (issuer) sets the name of the tokens, their supply and transaction fees.
Pavel Kravchenko, a blockchain expert, identifies the following token functions:
- blockchain accounting tool;
- stock analogue;
- means of payment.
Tokens operate on the blockchain of the main cryptocurrency; they do not need a separate wallet to store them. The complexity of token creation, fee, and transaction speed depend on the platform.
How to create tokens on Ethereum, Tron, EOS, and Enecuum?
According to Enecuum, there are 19 platforms for issuing tokens. Let’s analyze the process of creating tokens on Ethereum, TRON, EOS and Enecuum.
|Platform||Command line required||Interaction with smart contract code required||Token issue fee|
|Ethereum||Yes||Yes||32k GAS, $5|
|EOS||Yes||Optional||RAM purchase required from miners|
|TRON||Optional||Optional||1024 TRX, $22 or free|
|Enecuum||No||No||1000 ENQ, $14|
Comparison table: token issue with Ethereum, EOS, Tron, and Enecuum
Ethereum: write, compile, publish
- Install the Atom text editor or SublimeText for the smart contract editing convenience.
- Write the smart contract code or download a template and change its token name and supply.
- Translate the text of the smart contract into byte code.
- Publish it through MyEtherWallet or Metamask.
- Pay for the publication of the smart contract: 32,000 GAS, which is approximately $5 at the time of the article publication.
EOS: command line and EOS Cleos client
- Install the EOS Cleos client through the command line. This may be complicated if you haven’t worked with the console before.
- Buy RAM for the network to conduct token transactions.
- Write a smart contract code or create one through EZEOS.
- Publish a smart contract through EOS Cleos.
TRON: standard and custom smart contracts for issuing tokens
- Go to Tronscan.
- Log in and select the token type: TRC-10 on a standard smart contract or TRC-20 on a custom smart contract
- Fill in the information about the token and confirm its creation.
- The website will enter information about the token into the smart contract template and publish your smart contract in the blockchain. The BitTorrent token was created this way.
- If you are writing a smart contract for TRC-20 tokens, you need to insert the smart contract code in the form and confirm the publication.
- The TRC-10 network will deduct 1024 TRX from your wallet (approximately $22 at the time of publication).
- If you do not want to pay, install the TronBox development environment and write a smart contract yourself.
Enecuum: standard smart contract for quick token issue
- Go to the website or log in to the application.
- Create a wallet and top it up with 1000 ENQ ($14 at the time of the article)
- Fill out the form: name, supply and transaction fee.
- The website will enter information about the token into the standard smart contract and publish it on the blockchain.
- For creating a token, the network will deduct 1000 ENQ from your wallet.
The process of issuing a token takes 5 minutes, but more on that below.
Why Enecuum uses standard smart contracts to issue tokens?
A developer with little experience can write a smart contract with errors. Due to this error, the hacker once stole $50 million in ETH from The DAO. The attacker sent tokens to the smart contract and restarted the contract several times before completing the exchange. With each restart, the smart contract considered that it received new tokens and once again sent ETH to the hacker’s wallet.
A smart contract allows you to withdraw coins if the transaction is signed by most wallet owners. But to change the number of signatures for withdrawing funds in Ethereum, one signature is enough. So an attacker can reduce the number of signatures to one and withdraw coins without the consent of other owners.
For these reasons, Enecuum introduced the standard SHARNELL smart contract for token issue. Advantages of a standard smart contract include:
- A user cannot change the smart contract code and create vulnerabilities;
- SHARNELL uses linear logic and simple operations, so it is easy to check for errors;
- The security of the smart contract will be checked by auditors. Only after that Enecuum will add it to the main network.
How Enecuum solves the fee problem?
In Ethereum, for the transfer of tokens you need to pay a fee in the main coin: to send Tether USD on the Ethereum platform, you need to pay a commission in ETH. This is a problem for users.
Imagine you earned $100. But you cannot buy a loaf of bread, because for any operation you need to pay a fee in Chilean pesos.
You need to pay for transactions with the main cryptocurrency, because miners do not accept tokens. But in Enecuum, the work of the miners is paid by the token issuer:
- In the token creation process, the issuer pays a 1000 ENQ fee;
- From this fee, miners receive rewards for processing token transactions;
Users pay the fee in tokens. The token issuer sets a fixed fee or a percentage fee. At the same time, he or she can assign a zero commission and make transactions free for users.
The balance of the smart contract for paying commissions can be replenished. If the token creator does not want to do this, users can replenish the account.
What is Enecuum consensus protocol?
The Enecuum network runs on the Trinity Consensus Protocol. This protocol combines three consensus algorithms:
- Proof of Activity: Enecuum smartphone app verifies random transactions and gathers them in microblocks. 25 ENQ is required for mining;
- Proof of Stake: one of the 100 largest wallets becomes the leader of the network. It verifies transactions in microblocks, collects them into a macroblock and signs it with a key;
- Proof of Work: Enecuum nodes on PCs verify the macroblock and add it to the blockchain.
This algorithm allows Enecuum users to mine to smartphones.
What tokens can be issued in Enecuum?
The token creator configures its parameters: the possibility of mining and interchangeability (fungibility).
Enecuum allows users to issue the following token types:
- Gungible tokens — analogues of means of payment;
- Non-fungible tokens — tokens with a unique value — identifiers of items, cryptocurrency addresses and gift cards.
Fungible tokens can also be minable. Users can mine these tokens on smartphones.
Currently, the Enecuum team is testing the release of fungible tokens. Their utility is limited only by your imagination. Here are some ideas:
- Internal currency. Launch a decentralized application with tokens as a means of payment. Users would make in-app transactions with these tokens.
- Stablecoins. Create a token with stability ensured by a steady asset.
- Tokens for ICO. Create tokens and sell them as part of the ICO. Tokens can act as access keys for your product or provide payment discounts for services.
- Accounting tool. Issue a token, make a small transaction, specify required data in the transfer description. This data will be stored in the blockchain; it cannot be changed.
- Means of voting. Distribute tokens to the voting participants. Create two addresses: For and Against. Users make a choice and send tokens to one of the addresses.
Enecuum token issue in practice (under 5 minutes)
Step one: Go to the test network bit.enecuum.com. Create a wallet, back up your public and private keys. Copy the public key — it acts as a wallet address.
Be sure to write down your private keys and store it securely. If you close the website, you will not be able to access your wallet.
Step two: Request BIT coins to the wallet for the token issue: click the “Get BIT coins” button, enter the public address of the wallet and click “Confirm”.
Step three: Go to the wallet, click the “Issue token” button. On this page, indicate token name, ticker, emission (supply) and fee. Click “Issue token” button and confirm.
Step four (the last one): Check if the token is on the list.
Bonus: transferring tokens to another wallet
We have just created tokens. Let’s check whether they can be transferred and at the same time see how the fee operates.
Step one: Go to the wallet, select the token to send. Enter the number of tokens and the recipient address.
Step two. Confirm transaction. The fee is indicated in your newly created tokens instead of the main ENQ coin.
Step three (the last one). Receive your tokens.
Enecuum plans to add the token creation process in the first quarter of 2020. The company simplified the creation of tokens and protected users from errors in smart contracts.
The Enecuum commission system will make tokens more accessible for understanding and widespread use.
With the introduction of mining and unique tokens, users will receive a simple tool for implementation of a large number of ideas. Perhaps soon loyalty programs will come in the form of tokens instead of bonus points.
Do you want more information? Visit their website.
Website to create wallet: https://bit-wallet.enecuum.com/
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.