In this piece, we explain what crypto tokens are and how to make your own on the Ethereum, TRON, EOS, and Enecuum blockchain, as well as demonstrate how to create a new token from scratch in five minutes.<\/p>\n
What\u2019s a Token?<\/h2>\n
A token is a cryptocurrency-based digital asset. ERC20 is a token standard on the Ethereum blockchain.<\/p>\n
The token issuer sets the name for a new token, emission, and transaction fees.<\/p>\n
In an interview with ForkLog, Pavel Kravchenko, the founder of the blockchain expertise center Distributed Labs, pointed out<\/a> the key functions of a token, which are:<\/p>\n Tokens reside on the blockchain of the corresponding cryptocurrency and don\u2019t require a separate wallet. The complexity of the token creation, as well as fees and transaction speed depend on the platform.<\/p>\n According to Enecuum, there are 19 token emission platforms. Let\u2019s compare how tokens are made on the Ethereum, TRON, EOS, and Enecuum blockchain.<\/p>\n Comparison between token creation specs on Ethereum, EOS, TRON, and Enecuum<\/i><\/p>\n EOS: Command Line and EOS Cleos Client<\/b><\/p>\n TRON: Standard and Custom Smart Contracts for Token Issuance<\/b><\/p>\n Enecuum: Standard Smart Contract for Quick Token Issuance<\/b><\/p>\n The whole process of the token creation takes no more than five minutes, but more on that is covered below.<\/p>\n An inexperienced developer may write a smart contract with errors, which could potentially lead to a loss of money. Thus, a hacker once stole<\/a> $50 million worth of ETH from The DAO due to an error in the code. The attacker had sent tokens to a smart contract and restarted it several times before the exchange was completed. Each time, the contract mistakenly thought it received new tokens, and subsequently sent ETH back to the hacker\u2019s wallet.<\/p>\n A smart contract allows the coins to be withdrawn if the transaction is signed by the majority of the wallet owners. Yet, you only need one<\/a> signature to change the number of signatures required to make a withdrawal. This allows a potential attacker to reduce the required number of signatures to one and then take coins without other owners\u2019 consent.<\/p>\n That is why Enecuum introduced a standard smart contract for token issuance dubbed SHARNELL<\/a>. It has several advantages:<\/p>\n In Ethereum, you have to pay transaction fees in the main coin: to send Tether USD over the Ethereum network, you\u2019ll have to pay fees in ETH. This is a problem for users.<\/p>\n Imagine having $100 and not being able to buy bread because you have to pay operational fees for any transaction in Chilean Peso.<\/p>\n You have to pay transaction fees with the main cryptocurrency because miners don\u2019t accept tokens.<\/p>\n In Enecuum, miners get paid by the token issuer. The issuer pays a 1,000 ENQ fee when creating the token and miners receive transaction fees from that sum.<\/p>\n Users pay fees in tokens. The issuer sets up a fixed fee or a percentage of the sum, or even\u00a0 assigns a zero commission, making transactions free for the users.<\/p>\n Transaction fees in Enecuum<\/i><\/p>\n The smart contract balance for paying commissions can only be replenished. If the creator doesn’t replenish it, users can do it instead.<\/p>\n The Enecuum network uses the Trinity Consensus Protocol. It combines three consensus algorithms, which are:<\/p>\n Enecuum users can also mine with their smartphones.<\/p>\n Token creators can set specific parameters like the fungibility and mineability of the token.<\/p>\n Enecuum lets you issue the following types of tokens:<\/p>\n Fungible tokens can be mineable, with users being able to mine such tokens using their smartphones.<\/p>\n Currently, Enecuum is testing the emission of fungible tokens, use cases for which are limited only by the creator\u2019s imagination. Here are just a few ideas:<\/p>\n Step 1.<\/b> Go to https:\/\/explorer.mybit.network\/<\/a>. Register a wallet, save the address and private key. Copy the public address of the wallet.<\/p>\n Be sure to save the address and key as you won\u2019t be able to recover this information after leaving the page.<\/p>\n Step 2.<\/b> Request BIT coins to your wallet by clicking \u201cGet BIT coins,\u201d enter the public address of your wallet and click \u201cConfirm.\u201d<\/p>\n Step 3.<\/b> Go to the wallet and select the \u201cIssue token\u201d tab. On this page, you can specify the name, ticker, emission, and fees associated with the token, as well as its type. After choosing the settings, click \u201cIssue token\u201d and confirm the action.<\/p>\n Step 4<\/b>. Check whether the token is on the list.<\/p>\n Now, when you have issued the tokens, let\u2019s check if they can be sent and see how the fees work.<\/p>\n Step 1.<\/b> Go to your wallet and pick a token to send. Specify the amount and the recipient address.<\/p>\n Step 2. <\/b>Confirm the transaction. Fees are shown in tokens, not in the main currency, which is ENQ.<\/p>\n Step 3.<\/b> Receive the tokens.<\/p>\n Enecuum is planning to introduce token issuance on the main network in Q2 2020. The developers have simplified this process and shielded users from making errors when writing a smart contract code. The team is currently working on the integration of the main network with popular crypto-exchanges to make the listing process of new assets just as fast as of standard ERC-20 tokens.<\/p>\n Enecuum fees mechanics make tokens easier to understand and use in a variety of applications. When the team gets mineable and non-fungible tokens up and running, users will get a simple tool to bring yet more ideas to life.<\/p>\n There\u2019s a chance that in the future stores will hand out bonus tokens instead of loyalty points.<\/p>\n Follow us on <\/b>Twitter<\/b><\/a> and <\/b>Facebook<\/b><\/a> and join our <\/b>Telegram channel<\/b><\/a> to know what\u2019s up with crypto and why it\u2019s important.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":" Creating your own token has become much simpler over the past decade, but still, you have to know how to write a smart contract to launch an Ethereum (ETH) token or purchase some RAM to do it on EOS.<\/p>\n","protected":false},"author":6,"featured_media":9252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[198],"tags":[1124,817,46,596,951],"class_list":["post-9241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion","tag-enecuum","tag-eos","tag-ethereum","tag-tokens","tag-tron"],"aioseo_notices":[],"amp_enabled":true,"views":"1006","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=9241"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9241\/revisions"}],"predecessor-version":[{"id":9250,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9241\/revisions\/9250"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/9252"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=9241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=9241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=9241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
How To Make Ethereum-, TRON-, EOS-, and Enecuum-based Tokens<\/h2>\n
![\"Comparison](\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/07\/image8.png\")
<\/a><\/p>\nEthereum: Code, Compile, Publish<\/h3>\n
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Why Enecuum Uses Standard Smart Contracts for Token Issuance<\/h2>\n
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How Enecuum Solves the Fee Problem<\/h3>\n
![\"Transaction](\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/07\/image2.png\")
<\/a><\/p>\nWhat Consensus Protocol Does the Enecuum Network Run on?<\/h2>\n
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What Tokens Can Be Issued on Enecuum?<\/h2>\n
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Exercise: Creating a Token on Enecuum in 5 Minutes<\/h2>\n
![\"Creating](\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/07\/image3.png\")
<\/a><\/p>\n![\"Creating](\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/07\/image4.png\")
<\/a><\/p>\n![\"Creating](\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/07\/image5.png\")
<\/a><\/p>\n![\"Creating](\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/07\/image6.png\")
<\/a><\/p>\nBonus: Sending Tokens to Another Wallet<\/h2>\n
![\"Creating](\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/07\/image1.png\")
<\/a><\/p>\n![\"Creating](\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2020\/07\/image7.png\")
<\/a><\/p>\nConclusion<\/h2>\n