This guide will illustrate how to create a token on one of the EOS sister chains, Telos (TLOS), in a completely free way, unlike the creation of SLP tokens which requires a few satoshis for the whole operation.
This is a token, therefore an asset generated thanks to a smart contract and of which it is possible to establish the name, the total supply and the decimal digits.
Note: the token was created for the mere purpose of writing this guide.
Before starting the token creation procedure, on the sister chain the user should already have:
- An account on the Telos blockchain, which can be created with Telegram for free;
- A wallet compatible with the EOS ecosystem and the various sister chains, in this case, Telos, such as Scatter or Sqrl.
The first step is to access the DEX (Decentralized Exchange) of Telos, Vapaee with the wallet.
Once connected it will be necessary to click the “Tokens” menu at the top and then the “New token” option.
The next screen is where the token symbol, the number of decimals and the total supply should be entered.
Then the transaction must be confirmed with the wallet and the following result will be displayed:
At this point, the token is ready but not available because it is still inside the smart contract and so it is necessary to interact with it in order to move the tokens.
To interact with the vapaeetokens smart contract, the graphic interface of a block explorer like Bloks.io can be used. It is sufficient to select the Telos blockchain from the top-right menu and then connect the wallet.
Afterwards, it will be necessary to access the account, select the item “Contract”, and then – under the menu “Actions” where it will be necessary to click on “Issue”.
A screen will then open with the data to be entered to move the tokens from the smart contract, vapaeetokens, to the desired Telos account.
In this case, we will use ours, determining the total number of tokens to move and specifying both the number of decimals and the symbol. It is also possible to insert a memo and eventually it will be necessary to click on “Submit Transaction” and confirm it with the wallet.
And so a token was created in just a few minutes: here is the final result.
The token can be used for anything. Everything was created without investing money and time thanks to the ease of use of the tool, which turned out to be even cheaper than the creation of the same token on the Bitcoin Cash (BCH) blockchain, which required 546 satoshis, equal to 0.026 euros today.