The blockchain technology is promising and is expected to transform most of the financial assets and technological models due to its transparent, immutable and distributed structure. The blockchain technology has brought along with it so many benefits and tokenization is one of them.
Tokenization is a process where some form of assets is converted into a token that can be moved, stored, or recorded on a blockchain. While ERC-20 is the most popular token standard to create tokens because of Ethereum’s first mover’s advantage and ICO boom of 2017. Creating a token on Ethereum is not user-friendly as it needs a good knowledge of programming and familiarity with solidity.
This blog focuses on creation of ERC-20 like token on Zclassic blockchain without any technical knowledge.
So let’s start …
To create ZSLP token we will need:
- Electrum ZSLP wallet
- Minimum (dust) amount of ZCL in the wallet
- ZCL and ZSLP address, which can be created within the wallet itself.
Once we have the above prerequisites, we will go to the Tokens tab.
At the bottom of the screen, we can find the button “Create New Token” which, once pressed, will display a second window. Alternatively, it may show an error message if there are not enough funds.
In that window, we will have to enter all the data related to our token, some of which are optional and others mandatory.
It consists of the following fields:
- Name of the token
- Ticker symbol (text)
- URL of the document
- The hash of the document
- The number of decimals (maximum 9)
- The total of the supply (there are no limits of any kind)
- The address that will receive these tokens
After pressing the “Create New Token” button, we will have to enter the wallet password and the new ZSLP token will be created.
Now we will have our new token and thanks to the token ID we can also view it directly through the block explorer here.
As can be seen, all the information related to the creation of the token is now available:
- The ID of the token, which identifies the respective token
- The version, which is Type1
- The name, Whoopass Stew
- The symbol, which is WASS
- The timestamp of when it was created
- The numbers of decimals chosen, which in this case are 8
- The URL of the document, which in this case is the wiki for the original episode of PowerPuff Girls which was named Whoopass Stew
- The total supply, which in this case corresponds to 78 ZSLP WASS tokens, which reflects the number of episodes
- The satoshis that were used for the process, in this case is 546
So, with just 546 Satoshi, we managed to create a new ZSLP token. Creating a ZSLP token is therefore extremely simple and economical.