What is IoTeX Token Minter? How to create your own XRC-20 or XRC-721 tokens without knowing the basics of programming? Why do I need my tokens?
For us at IoTeX, the tokenization of data and IoT devices is an important part of the global DeFIoT vision.
We envision a new world in which ordinary people and companies can not only own their devices / data, but also monetize their digital assets as part of a decentralized global marketplace.
In September 2020, ioTube, stablecoins and Mimo DEX were launched, which launched the development of DeFIoT. Today we continue to push the boundaries of DeFIoT with the IoTeX Token Minter!
Token Minter is a web application that simplifies the process of creating new XRC-20 and XRC-721 tokens. With the help of Token Minter, any user can create their new token on the IoTeX blockchain in just a few clicks.
Getting started with Token Minter is very easy. For you, we’ve prepared guides on how to create your own convertible and non-convertible tokens on the IoTeX network – no developer experience required!
Topics covered in this review:
- Convertible Token (XRC-20)
- Non-convertible token (XRC-721)
- Open source on Github
- Information about convertible and non-convertible tokens, why would you self-issue your own tokens on the IoTeX blockchain network?
Convertible Tokens (XRC-20)
The XRC-20 standard provides users with a standardized set of commands for launching and interacting with convertible tokens on the IoTeX network. XRC20 tokens are convertible (i.e. identical and fungible) and implemented as decentralized smart contracts that run on an IoTeX virtual machine.
XRC-20 tokens are usually used to denote VALUE, since unique information cannot be represented by a token. When using Token Minter, all you have to do is define the token name, character, decimal place and total volume, and then instantly create your new XRC-20 token.
XRC-20 token structure
After your XRC-20 token is created, the total amount of tokens will be assigned to you as the account that deployed the smart contract. You can write a smart contract yourself to define specific rules, such as automating the distribution of a general proposal.
Non-convertible tokens (XRC-721)
In our ever-growing digital world, scarcity is an often overlooked concept. The World Wide Web has forever changed the meaning of asset ownership. Newspapers and magazines, CDs and photographs that were the norm several decades ago have now been replaced by digital counterparts. They can be endlessly copied and, in principle, they are not uncommon.
Non-convertible tokens (NFTs) are pioneers of a new concept of sustaining digital scarcity with blockchain-based assets that are unique and cannot be replaced.
The key difference between the XRC-721 standard and other XRC standards is that XRC-721 allows the creation of non-convertible tokens (NFT), that is, tokens with different prices or values can be created within the same platform or ecosystem.
XRC-721 tokens allow you to tokenize, including unique assets, and this is not only digital images or photos. Anything can be an asset: works of art, antique books, antiques, unique furniture, vintage wines, real estate, diplomas and much more.
NFTs were popularized by CryptoKitties, Ethereum’s digital collectibles. NFTs can be anything from real estate shares to fractional ownership of a painting or rare book, or full ownership of a digital artwork, the XRC-721 token acts as proof of ownership.
Today, if someone submits a digital asset (e.g. image, mp3), they still retain ownership of what they sent. With an NFT-based digital asset, ownership is fully transferred, verified, and regulated to maintain the digital scarcity.
Unlike convertible tokens, which usually provide value, non-convertible tokens usually provide unique value and information about the tokenized asset.
Several NFTs are already active on the IoTeX network, primarily to denote users who have completed certain tasks (e.g. Ucam Pioneer, Burn-Drop IGNITE). NFT can not only be sold on a decentralized basis, but can also be used to identify and interact with specific blockchain users; for example, we can scan the blockchain and identify all Ucam Pioneer NFT owners and provide bonuses or other privileges.
What are the prospects for the IoTeX Token Minter?
The launch of Token Minter marks a milestone in the DeFIoT concept in IoTeX. An opportunity for people far from developing smart contracts to create their own tokens. This event will allow the entire IoTeX community to bring their decentralized ideas to life, accelerating the growth of the project’s decentralized ecosystem.
We work closely with the community developers, constantly improving the Token Minter, encouraging the IoTeX Delegates to popularize and release new tokens for the IoTeX community.
Token Minter’s integration with ioTube and mimo provides a huge prospect for transferring XRC-20 and XRC-721 assets to other block chains, allowing them to be exchanged, traded, and developed along with the growing number of IoTeX and Ethereum assets.
More information can be found in the article “Creating your own XRC20 token on the IoTeX blockchain”.
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