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How to create a token on the Algorand blockchain
How to create a token on the Algorand blockchain
Wiki

How to create a token on the Algorand blockchain

By Alfredo de Candia - 3 May 2020

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The recent protocol update on the Algorand blockchain a couple of months ago introduced the possibility to create tokens. 

Algorand (ALGO) is one of the emerging blockchains in this sector that is increasingly making itself known. It uses the PPoS (Pure Proof of Stake) protocol, very secure, fast with very low fees.

The tokens on this blockchain are called ASA (Algorand Standard Asset) and anyone can create them at the modest figure of 0.001 ALGO.

Note: the token of this guide has been created only for the purpose of writing the article. It will not be used or listed. Every Cryptonomist or Cryppo token on the market is fake.

This guide will show how to create a token and what is needed to do so:

  • an Algorand wallet, with the addresses to manage the token;
  • at least 0.001 ALGO.

First, it’s necessary to go on this page and insert the seed, being careful to delete what we’ll see on the video; then, once inside the wallet, it’s necessary to move onto the testnet or mainnet, according to the needs, and click the Create Asset button inserting the data of the token.

One of the peculiarities of ASAs is that it is possible to manage them in a complete way, that is to freeze other people’s tokens, transfer them from any account (Clawback) and put them in a reserve/deposit address, which can be ours or that of another user.

At that point, we send it with the “Create” button and so a transaction will be generated consuming only 0.001 ALGO. This will be the final result:

token algo

All the information we have chosen for the token creation, the name, the ticker and the quantity can be seen.  

Moreover, there are the relative addresses for the various operations: this is an important part because while it is true that the freeze and clawback function can be useful against fraudulent operations, it is also true that they can allow the author to empty the wallets, so before proceeding with the purchase of an ASA it is better to check if the related fields are reset so as to avoid losing your assets.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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