How to create and launch a cryptocurrency token with TokenMint?

Developing a cryptocurrency token has been a complex task, as it requires advanced blockchain programming skills. Until recently, only blockchain developers with strong coding skills could create a mechanism to mint digital coins. This scenario, however, led to the development of platforms where anyone, not knowing even an iota of programming, could launch their cryptocurrencies.

The flagbearer of this change has been TokenMint, a no-code tokenization platform. The platform has bridged the gap between token creation and the mainstream, using automation to allow anyone with no development knowledge to create and mint tokens.

This article dives into questions like what TokenMint is and how it works, how to create an ERC-20 token and launch the token using TokenMint. Users will also learn how to mint the tokens they want. But before that, it will help to understand what ERC-20 and ERC-223 tokens are.

What are ERC-20 and ERC-223 tokens?

Ethereum request for comments- (ERC)-20 is a standard for fungible tokens created on the Ethereum blockchain. These tokens can represent virtually anything on Ethereum, from lottery tickets to reputation points. How to develop an ERC-20 token is usually a question asked by anyone who wants to launch a cryptocurrency of their own.

ERC-223 token is meant to enable users to securely transfer tokens to a wallet. It was created as a solution to a major problem with ERC-20: the lack of an event handling mechanism. ERC-223 standard offers a way to prevent unintentionally losing tokens inside of contracts that aren’t made to handle transmitted tokens.

What is TokenMint and how does it work?

Developed by Horizen, TokenMint is a tokenization platform designed to help anyone with little or no coding skills to create and launch their unique cryptocurrency tokens with custom tokenomics. The easy-to-use platform has put in place an automated drag-and-drop function, streamlining the entire tokenization process and helping one to quickly transit from a crypto enthusiast to a currency owner.

TokenMint has simplified tokenization for mainstream users while integrating custom tokenomics and enhancing the privacy element. The platform eliminates the barriers between tokenization and the average person with no programming knowledge.

The mainnet of TokenMint was launched in early July 2022. This comes after successfully running on testnet for months. Users successfully created hundreds of tokens on the TokenMint testnet, leading to the successful launch of the mainnet version.

Components of the TokenMint ecosystem

There are four key components of the platform that have a role in creating a cryptocurrency token: TokenMint chain, Token generator, Cobalt wallet and Block explorer. Here is a brief explanation of these components:

TokenMint chain

TokenMint chain is a sidechain built on the Horizen network meant to power tokens anyone builds on the platform. Developers can build other components atop the TokenMint sidechain as well.

Token generator

The crypto token generator is a web application and a token generation tool for creating and minting tokens. It involves a simple and streamlined process for creating fungible tokens.

Cobalt wallet

A browser extension for managing and storing cryptocurrency tokens created using TokenMint, Cobalt wallet is used to manage and transact with tokens generated on the platform.

TokenMint block explorer

TokenMint block explorer enables anyone to see all transactions that took place on the chain. It allows users to access all details related to transactions.