After seeing how to use the Electron Cash wallet, which allows managing both Bitcoin Cash (BCH) and SLP (Simple Ledger Protocol) tokens, here is how the same wallet allows creating a new SLP token.
Today’s procedure will involve creating an SLP token, in this case, the token of The Cryptonomist, for which a specific supply will be generated without the need for these tokens to be mined.
Note: The token was created for the sole purpose of writing this guide.
To create an SLP token we will need:
- An Electron Cash wallet;
- A minimum amount of Bitcoin Cash (BCH) on the wallet, at least $0.10;
- A BCH and SLP address, which can be created with the wallet itself.
Once we have all the necessary, we will go to the Tokens tab.
At the bottom of the screen, we can find the button “Create New Token” which, once pressed, will display a second window. Alternatively, it may show an error message if there are not enough funds.
In that window, we will have to enter all the data related to our token, some of which are optional and others mandatory.
The information to be entered is the following:
- Name of the token;
- Ticker symbol (text);
- URL of a document (we can insert either an e-mail address or a link to a website);
- The hash of the document;
- The number of decimals (maximum 9);
- The total of the supply (there are no limits of any kind);
- The address that will receive these tokens.
After pressing the “Create New Token” button we will have to enter the wallet password and the new SLP token will be created.
Now we will have our new token and thanks to the token ID we can also view it directly through the block explorer here.
As can be seen, all the information related to the creation of the token is now available:
- The ID of the token, which identifies the respective token;
- The version, which is Type1
- The name, The Cryptonomist
- The symbol, which is CRYPPO;
- The timestamp of when it was created;
- The numbers of decimals chosen, which in this case are 3;
- The URL of the document, which in this case is the web address of The Cryptonomist;
- The total supply, which in this case corresponds to 8 million SLP CRYPPO tokens;
- The satoshis that were used for the process and that are blocked, in this case, 546.
So, with just 546 Satoshi, we managed to create a new SLP token. Creating an SLP token is therefore extremely simple and economical.