The Waves blockchain represents a rather interesting solution for creating tokens depending on the ratio of efficiency and cost of ownership; this blockchain uses the LPoS (Leased Proof of Stake) protocol and the value of its token – currently just over a dollar – allow to have more competitive costs compared to other blockchains.
For this reason, we will explore how to create a token on this blockchain. The system to do so was designed by Waves itself and offers the potential of oracles.
Note: The token in this guide was 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.
Step by Step to create a Waves blockchain-related token
Before starting it is important to have:
- A Waves address;
- 1 Waves token.
First, it is necessary to go to the official Waves exchange page here and create a new account or import a previous Waves wallet.
Once inside, it is necessary to click on “Create Token” in the menu at the top of the page.
At this point the interface is very simple and intuitive: it will be necessary to enter the data of the token: name, description, total tokens and whether they are finite or infinite. There is also a section for scripts to interact with at an advanced level.
Interestingly, it is essential to accept the Terms and Conditions for issuing a token:
- You will not use the token for fraudulent purposes;
- You will not use, in whole or in part, the name of an existing cryptocurrency or a known company for the purpose of misleading users;
- You will not use the names of states, other administrative units or municipal institutions for the token name in order to mislead users;
- You will not set up a script on a smart asset that limits exchange transactions on Waves.Exchange based on the asset’s availability;
- You will not give false information in the description of a smart asset regarding the rules governing the operation of the token, which do not correspond to those of the script actually installed.
Finally, all that is left to do is click on the “Generate” button and a transaction will be created that will be visible on the Waves’ blockchain explorer. It is interesting to note that a token related to the Coronavirus has been created on this blockchain.