How to generate your own tokens on NEM for $20: The Ultimate 9-Step Guide
Here’s the step-by-step ultimate guide for the process of tokens generation on NEM platform. No unnecessary details. Here we go:
Step 1. Buy XEMs.
First, you need to have 125 XEM. If you don’t have this amount, simply buy at the exchange (1 XEM = $0,12, 120 XEM = $15 $ as for August 10, 2018 ). You may act through any middlemen in case you don’t want to register at the exchange and trade yourself.
So, you’ll spend about $20 to buy the necessary amount of XEM (including all fees). If you want to buy them via exchange, but don’t have a registered account, then choose the exchange that accepts fiat money and you’ll be able to buy coins simply transferring fiat money via any bank.
Here’s the list of exchanges to buy XEM from the official NEM website:
Step 2. Create your wallet.
Download NEM Nano Wallet from their official website https://nem.io/downloads/.
Install the app and create your wallet. The good news is you don’t need to download dozen of gigabytes like from other platforms. The process is clear and smooth.
Step 3. Transfer XEMs to your wallet.
Transfer XEMs you’ve bought at the exchange to your Nano Wallet and wait them to arrive.
Step 4. Create Namespace.
Click ‘Service’ link at the upper menu. Then in ‘Namespaces & Subdomains’ block click ‘Create namespace’ link. You will see the following:
Step 5. Give your namespace a name.
As the instruction says, give your new namespace an appropriate name. This will be the main folder where your Mosaics (tokens) are kept.
Pay 100 XEM for your namespace.
Step 6. Create a Subdomain in your Namespace.
Create Subdomain in your Namespace (same way as you created the Namespace). This will be the folder for your own tokens.
Pay 10 XEM for the Subdomain creation.
Step 7. Generate your tokens.
Now you are ready to generate your tokens (Mosaics, in terms of NEM platform). Click ‘Service’, then ‘Create a mosaic’. Fill out the necessary fields:
· choose the Subdomain for these tokens (the one you’ve created on Step 6);
· define token’s name;
· provide its description;
· define the amount of tokens you are about to generate;
· choose the number of fraction digits.
Pay 10 XEM by clicking ‘Send’:
Step 8. View your tokens in Explorer.
The tokens (Mosaics) you’ve created will appear in ‘Explorer’ very soon.
Step 9. Try to make your first transaction.
You can send your tokens with ‘Send’ menu. Fill out the fields, tick ‘Mosaic transfer’.
After this you’ll see the block ‘Attach mosaic’. Here you should the Subdomain with your tokens and click ‘Attach’ button.
Then define the amount of tokens you wish to send in the appeared block. Finally, pay the fee for tokens transfer.
This is it. Now you’ve generated your own tokens, you succeeded in sending them to your partner and you’ve spent only 120.5 XEM or about $15 (as for August 10, 2018) or about $20 with bank fees.
Good luck with your project!
Artur Goncharov
