How to

3 video tutorials to start creating your own tokens

Key facts:
  • We show you how to issue new tokens on Bitcoin and Ethereum.

  • We review the Omni Layer, Waves and MakerDAO platforms.

Creating your own tokens and registering them on the Bitcoin or Ethereum blockchain may sound complicated to many, but the reality is that the process of issuing them is less complicated than it seems. There are platforms like Omni Layer, Waves or MakerDAO, which make it easier to work and which we now present to you in these 3 video tutorials so that you can start generating new tokens.

Unlike cryptocurrencies that naturally function on their own independent blockchain, tokens are created from an existing blockchain, which gives them other characteristics such as representing a fungible commodity. The vast majority of tokens generated so far use the Ethereum network through the creation of a smart contract. However, other projects have also used Omni Layer itself, Tron, Neo, RSK Smart Bitcoin or Ardor, among others.

It is important to note that this unit of value can also be used as a means of payment and is accepted by user communities. In these 3 video tutorials to start creating your own tokens We have prepared a step-by-step guide to make the publishing process as simple as possible.

With Omni Layer you will be able to create tokens thanks to the implementation of your own smart contracts, with Waves you will be in a position to generate tokens online and redeem them on the platform, which also functions as a crypto exchange. Furthermore, with the MakerDAO service, anyone can learn how to create a stable coin. Below are tutorials to get you started in the world of tokens.

Omni Layer

One of the most recognized options within the crypto ecosystem for token creation is Omni Layer. This platform is the forerunner of Initial Coin Offerings (ICO) for crowdfunding. Another thing going in this service’s favor is that it was selected for tether creationa stable coin whose price is tied to the US dollar and which currently represents the token with the largest market capitalization.

Omni Layer uses a transaction management layer backed by the Bitcoin blockchain, which is used to design and implement its own smart contracts. By creating an account in Omni Layer, the user will be able to create new tokens, store them or exchange them in the system as desired.

To create a token, the user just needs to enter the My Wallet option, select My Funds and continue the generation process. At this point we have to choose the type of token we want to create, whether it is a normal token, an initial currency offering organization or a managed asset, in which case the issued tokens can be used after the contract is created. intelligent.

Waves

The process of creating tokens with Waves starts with the transfer of funds to our account. In this case, for example, ethers can be transferred to be exchanged in the platform’s exchange for several waves. Once the funds have been confirmed and the exchange made, the user is ready to begin the process.

The following information must be included in the token generation form: What will be the name of the new cryptoasset, the description and the total amount of tokens that will be issued?. In this last aspect there are two options. The first one can be reissued, which will indicate if more tokens will be added in the future. While the second option cannot be reissued, which indicates to the system that the token will have one amount forever.

After adding the information about the number of decimals to be used and the token being reviewed, the user only has to click generate.

MakerDAO

The service provided by MakerDAO is related to the generation of stable tokens. The decentralized service created the DAI token that runs on the Ethereum network according to the ERC-20 protocol. DAI is pegged 1:1 to the US dollar, but is not a token backed by a fiat escrow model like tether.

The price of DAI is determined through ether deposit ua a smart contract called Collateralized Debt Position or CDP, which takes into account a concept known as the collateralization relationship.

To generate tokens, it is necessary to create a CDP, taking into account the deposited amount of collateral. The security ratio must be at least 150%. The transferred balance remains as collateral for the issuance of DAI, the amount of which will be defined by the amount of ETH the user provides.

A person can make new deposits after the CDP is created. The intention is to increase the amount of DAI. To close the CDP, the user will have to pay the counter value of the generated DAI and the annual interest rate.

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