Token Creation on the Signum Chain: A Smart and Efficient Solution
Tokens have become an essential part of the blockchain ecosystem, allowing for creating and exchanging digital assets with various use cases. While the Ethereum blockchain introduced the popular ERC-20 token standard, other blockchain platforms, such as Signum, have their token creation solutions, which offer unique features and advantages.
Smart Tokens
On the Signum blockchain, tokens are similar to the native coin, Signa, in that they are unique entities that can be transferred or traded directly between accounts. Their position is attached to accounts, not taken via a smart contract. All possible activities are governed by the blockchain nodes’ existing transaction types and logic, making the current token setup “smart.”
No coding
In contrast, creating an ERC-20 token on the Ethereum blockchain requires coding skills in Solidity, the language used to write smart contracts on the Ethereum blockchain. While many resources and tutorials are available online to help developers create ERC-20 tokens, it still requires more technical expertise than creating a smart token on the Signum blockchain.
This ease of use and accessibility makes the Signum blockchain a great option for individuals or organizations who want to create their tokens but do not have the technical skills to code them themselves.
Transaction based
Creating a smart token on Signum is a straightforward process. The smart token is made with one transaction, defining the ticker, description number of digits (0–8), and if mintable or not. The user can specify the token as mintable or non-mintable, with the smart token Id being the transaction Id for creating the smart token, making it unique. The creator can mint additional smart tokens if the token is defined as mintable.
Transfer ownership
With the introduction of SIP-43, it is possible to transfer the ownership of an existing smart token from the current owner to a new owner with one transaction, making it highly convenient. The minted new smart tokens will always be added to the current owner account of the smart token. The original creator of a smart token is named the issuer.
Use-case transparency
Additionally, the transaction type addAssetTreasuryAccount allows a smart token creator to define Treasury Accounts for its smart token. Token balances in these accounts will not be used when calculating circulating supply, nor will the balance in the official burn address of the Signum chain. Once set, this transaction cannot be reverted, and the smart token creator can publicly specify on-chain which accounts belong to a use case.
Token payments/dividends
One of the most significant strengths of smart token creation on the Signum chain is the transaction type distributionToAssetHolder, which allows any account to transfer a given amount of Signa or other smart tokens (or both) to defined smart token holders in one transaction. With this transaction type, Signum can serve an infinite number of holders per this new transaction, catapulting the current TPS of 8.5 to 5,000 STPS.
The costs for such a transaction are reasonably low, with the transaction costing 0.01 Signa plus the number of served accounts multiplied by 0.001 SIGNA. Other blockchain solutions do not cover this unique use case, making it highly efficient without burdening blockchain resources.
Integrated on-chain order book
Moreover, Signum provides an on-chain smart token market, enabling the trading of Signa/Smart Token at any time by entering bid or ask orders, creating a convenient and decentralized marketplace for token exchange accessible via signumswap in any browser.
If you want to try the token economics on the Signum chain, install XT-Wallet (browser plugin for Firefox or Chrome) and start your use case on signumswap.
Smart Contract handling
The Smart Contract framework on the Signum chain can handle smart tokens from working with the smart token balances on a contract up to the automated creation and transfer of those smart tokens. Also, those smart contracts can execute the distributionToAssetHolder transaction type, which opens the possibilities for fully automated workflows on-chain!
Conclusion
In conclusion, smart token creation on the Signum chain offers several unique advantages, making it a smart and efficient solution for creating and exchanging digital assets.
With features such as addAssetTreasuryAccount, distributionToAssetHolder and the on-chain smart token market, Signum offers a unique token creation solution that stands out from other blockchain platforms, including the popular ERC-20 and BEP-20 token standards.
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