Here Are The Steps I Took To Create A Brand New Token And Mint My Own Cryptocurrency
So Many Cryptocurrencies
The main reason there are so many cryptocurrencies is to leverage blockchain technology in all the areas that can benefit including but not limited to finance, security, privacy, payment processing and education.
Bitcoin and Ethereum were designed for different purposes. Bitcoin was primarily created as an alternative to national currencies and aspires to be an instrument or system used to facilitate the sale, purchase, or trade of goods between parties as well as a store of value.
The Bitcoin and Ethereum
Ethereum was not introduced to compete with Bitcoin but rather complement it. Ethereum network enables the deployment of smart contracts and decentralized applications designed to be impervious to 3rd party control or interference eliminating fraud and downtime.
Ethereum comes complete with its own dedicated programming language which runs on a blockchain allowing developers to build and run applications know as DAPPS.
Block time is one of the major differences between Bitcoin and Ethereum. Ethereum uses ethash algorithm while Bitcoin uses SHA-256 making transaction time seconds for Ether and minutes for Bitcoin.
Ripple XRP ranks as the third largest virtual cryptocurrency is another contender as far as processing time. Transactions for Ripple XRP payments also takes seconds compared to minutes for Bitcoin.
I Wanted To Mint My Own Cryptocurrency
The first step I took to create my brand token was to register for my access on the OST Platform using the Brendan Eich Brave Browser for extra security. The registration process was straightforward and required clicking an activation link I received after registering for a free account.
Step 2 included submitting additional information about my company and whether or I use a mobile device. I used Alexander Smoljanovic as the company name and clicked to save the info.
Upon receiving the required access in the first step, I promptly created my own token name 'Smoljanovic' and token identifier 'SMO' and set the suggested conversion rate between my brand token and OST after registering on the platform.
Only letters, numbers and spaces were allowed in my choice of token name. I chose SMO as the token identifier and understood the length can be either 3 or 4 characters. The conversion rate between my Brand Token 'Smoljanovic' and the staked value token 'USD' was set to to 1 SMO = 1 OST = $0.01493 as suggested.
My Account Owner Address was then associated with MetaMask to manage an initial allotment of 10,000 tokens I chose to mint while in the sandbox environment. Connecting the MetaMask account was a prerequisite.
The MetaMask browser plugin to created a wallet to which I received my initial allotment of OST-Test in the sandbox environment.
My wallet address that was created is extremely important as it is used for token creations on the Ropsten Test Network.
I would lose access to any Smoljanovic brand tokens that were minted if my associated private keys of my MetaMask account were compromised or lost.
My personal signature associates my owner address on the OST platform to ensure it is valid and that I am the owner of the MetaMask account.
The token setup process started as soon as I associated my owner address. The process takes between a few and several minutes to complete and involves running multiple blockchain transactions on the Ethereum blockchain and OpenST Side Chains.
Minting my tokens fortunately did not require obtaining Metallic plates to produce my Smoljanovic tokens.
I didn't need to purchase a tailor-made Shuler Blankmaster to create blanks or a Ringmaster minting press to create my choice of round, multi-sided, or bi-metal coins.
Physical coins and paper money are an obsolete technology that will be pushed out of existence much like CDs were. Cryptocurrency will replace the fiat that is presently used in the world today.
Leasing or buying a minting press to create my own cryptocurrency was not even a consideration in this case. I was able to mint my coins without any physical equipment whatsoever.
The process was as easy as selecting the amount of tokens needed for the process. I opted to mint 10,000 on sidechains by staking OST-Test on the public Ropsten Ethereum test blockchain by simply entering the amount and confirming the mint request. The limit in the sandbox mode is 10,000.
The company wallet address shown immediately below has been carefully modified and does not reflect the actual address.
The entire minting procedure only took several minutes and completed with a notification confirming 10,000 SMO tokens were created which I could confirm in the dashboard.
All accounts come with separate set of API keys for both sandbox and production purposes. Each set of keys have nothing to do with the other and should be kept separate. The keys in one mode cannot manipulate the other but should care should be taken to not cause confusing interpretation of actual or test data.
Each key pair include an API key and an API secret.
API keys identify your account and are not meant to be hidden.
API secret should only be stored server side and be kept confidential.
Sandbox vs Production Mode
The sandbox and production modes function almost identically, with a few necessary differences:
OST-Test is used to mint Brand Tokens in the sandbox mode while Mainnet is used for the production mode. Sandbox mode is basically used for testing purposes.
Creating an account to mint your own brand of tokens is surprisingly easy although implementing the SDKs for further use with your android or iPhone device may require a bit more effort.
I will soon leave sandbox mode with my toys and transcend to bigger things.
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