I Have a Token. Am I Rich Now?

I Have a Token. Am I Rich Now?

By Daniel Goldman | The B.C.U. Times | 31 Jul 2019


Introduction

I've been working on a project for a little while now. It's called World Builder. It started as a reaction to the horrible, and yet somehow successful gambling games that seem to pervade Tron. In fact, the specific game that spurred this whole project, tronbuild, ended up getting around $1,000 in profits, and it was just a knock-off of existing games, and used images that were clearly ripped off from other projects. Hell, the hotdog cart used has blood on it, suggesting that it was pulled from a zombie game.

So I started working on my own economic game, which has since expanded into a concept for an entire economic and social engine: World Builder. It's got a long way to go, and I need to gather support and a solid team. If all goes well, it will be the foundation for a number of future projects. In order to start getting more attention, and to get better with learning the process of how Tron works, I decided to issue a token for the project. Here's my experience so far.

Issuing the Token

I decided to go with the TRC-10 token, because it's built into the Tron platform. I really like the idea of having token generation built right into the platform, rather than requiring a custom contract to issue tokens, especially when ERC-20/TRC-20 tokens aren't even close to being issue free. A key example is that ERC-20/TRC-20 does not protect against lost tokens. And the lack of ability to issue more tokens helps to protect against a market flood.

I found a useful tutorial for issuing tokens and how to use SeeIt: https://www.youtube.com/watch?v=7NIXB4RtuHE

Creating a new TRC-10 token is incredibly easy. All it takes is 1024 TRX, a Tron address, and a few minutes to go to TRONSCAN and issue the token. The hardest part was really figuring out the name, symbol, precision, etc. I'm still not sure I picked something I like, but it's good enough. After all, World Builder is going to be more than just a game, so I think WorldCoin is fine. 

Token Link: https://tronscan.org/#/token/1002567

I decided to create 1 trillion tokens. In some ways, it doesn't matter how many tokens you create, so long as the economics is able to sustain the price. I set the initial cost per token at 0.01 TRX so even if every single token was distributed, at 0.01 TRX, that's still only $300 million. Blizzard's annual revenue is about $7.5 billion. And while I don't expect World Builder to be the biggest platform in the crypto world, I want to ensure that it has room to grow, without a single unit being an absurd amount of money. 

I also had the option of doing a token sale directly from TRONSCAN. I took them up on that offer. I did spent the 1024 TRX already, so I figured why not just go all in? Like I said, I set the initial price at 100 WRLD per TRX and I set the sale to go from the day after creation through the end of the year. I also locked half the tokens for that time, because I feel like it's nice to say that I won't, and cannot, flood the market with all the tokens. It also helps ensure that I have plenty of tokens for the platform itself when it goes live. If you want to buy some tokens, feel free. It's not a security. It doesn't give any ownership of the company. It's a pure utility token, just like a game token at an arcade. It will be used for in game transactions. 

Adding to the DEX

I wanted to immediately give people the option of trading the token, so I went right to tronwatch.market and added the token to the DEX. I still want to add a token image, but I'm not sure what it'll be yet. Obviously trading volume is zero for now, but I hope to see transactions as time goes on. 

Seedit

Probably the hardest part of the process so far has been in adding the token to Seedit. While I can add the token to a Seedit wallet, it won't show up until the token is whitelisted. There's no real process to get it whitelisted either. You just have to wait until the dev updates the bot. According to the discussion in the Telegram chat, there will eventually be an official form for requesting the addition, but for now I just have to wait. If I don't get added soon, I'll try to contact the dev personally. 

Airdrops & Faucet

Once I get the token added to the Seedit whitelist, I can do airdrops right from Telegram. However, I also want to do other airdrops, including a Belacam airdrop. I would also love to include the token as an option for tipping on publish0x, but I have to wait to see if TRC-10 token support is ever added. I'll also have to get the token listed on an official exchange, which would be great. 

However, until that happens, I want to get the token distributed to as many people as possible. I also want to get as many people to learn about World Builder as possible. So I'm definitely going to set up a faucet. I'm also hoping to generate some additional revenue from it, but that's only going to be secondary. 

Summery

Creating a TRC-10 token is incredibly easy. Using the token is a little more complicated, but Tron is definitely an option for simple issuing of tokens for a project. I've still got a long way to go before World Builder goes live and even longer before it has the potential to become a real phenomenon, but the vision is there, so hopefully you'll follow along in this journey. 

Also published on uptrennd


Daniel Goldman
Daniel Goldman

I’m a polymath and a rōnin scholar. That is to say that I enjoy studying many different topics. Find more at http://danielgoldman.us


The B.C.U. Times
The B.C.U. Times

The B.C.U. Times - blog about promoting the blockchain and cryptoasset user experience and ecosystem.

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