Thursday, October 10, 2019

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 Omni Layer, Waves and MakerDAO platforms.

Creating your own tokens and registering them in the Bitcoin or Ethereum blockchains may sound complicated for many, but the reality is that the process to issue them is less complex than it seems. There are platforms such as Omni Layer, Waves or MakerDAO, which facilitate the work and now we present you in these 3 video tutorials so you can start generating new tokens.

Unlike cryptocurrencies that operate natively in a separate and own blockchain, tokens are created from an existing blockchain, which gives them other characteristics such as representing fungible assets. 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, 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 to make the issuance process as simple as possible.

With Omni Layer you can create tokens thanks to the implementation of your own smart contracts, with Waves you will be in a position to generate the tokens online and redeem them on the platform, which also functions as a crypto bag. In addition, with the MakerDAO service anyone can learn to create a stablecoin. Here are the tutorials to get you started in the world of tokens.

Omni Layer

One of the most recognized options within the crypto ecosystem token creation is that of Omni Layer. This platform is the precursor of the Initial Currency Offerings (ICO) for collective financing. Another point in favor of this service is that it was chosen for the creation of tether, a stablecoin whose price is anchored to the United States dollar and currently represents the token with the highest market capitalization.

Omni Layer uses a layer to manage transactions that are backed by the Bitcoin blockchain, which serves to design and implement its own smart contracts. By creating an account in Omni Layer, the user can create new tokens, store them or exchange them on the system itself if desired.
To create the token, the user must only enter the My Wallet option, select My Assets and continue with the generation process. At this point you must select the type of token that we would like to create, either a normal token, one to organize an initial coin offer or a managed property, in which case the issued tokens can be used once the contract has been created smart.

Waves
The process for creating a token with Waves begins with the transfer of funds to our account. In this case, for example, ethers can be transferred to redeem them in the exchange house of the platform for a number of waves. Once the funds have been confirmed and the swap is made, the user is ready to begin the process.


The following data must be included in the form for the token generation: what name will the new cryptoactive have, description and the total number of tokens to be issued. In this last aspect there are two options. The first is reissuable, which will indicate if more tokens will be added in the future. While the second option is not reissuable, with which the system is told that the token will have a single amount forever.

Once the data on the number of decimals to be used and a preview of the token have been added, the user must only click on generate.

MakerDAO

The service provided by MakerDAO is associated with the generation of stable tokens. The decentralized service has created the DAI token that works on the Ethereum network under the ERC-20 protocol. DAI has a 1: 1 parity with the US dollar, but it is not a token backed by a fiat money custody model, such as tether's.


The price of DAI is established through a deposit of ethers in a smart contract called Guaranteed Debt Position or CDP, which takes into account a concept known as collateralization relationship.





To generate the token it is necessary to create a CDP, taking into account the collateral amount deposited. The collateralization ratio must have a minimum of 150%. The balance transferred is guaranteed for the issuance of the DAI, whose amount will be defined by the amount of ETH provided by the user.

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