Among the alternative blockchains on which tokens can be created, an interesting one is certainly TomoChain, a project launched 2 years ago and which uses PoS (Proof of Stake) as a consensus protocol.
In addition to the more famous blockchains generally used for the generation of new tokens (see Ethereum), there are also other smaller blockchains that allow this type of functionality even at lower costs.
As far as TomoChain is concerned, using PoS has allowed it to be highly appreciated for commercial use and especially in the field of decentralized finance (DeFi).
In fact, Tomochain allows an average of about 2000 TPS (transaction per second), a production of blocks every 2 seconds and almost no fees, plus it is compatible with EVM (Ethereum Virtual Machine) and there are ready-to-use tools like TomoX to deploy decentralized exchanges (DEX), TomoZ to pay fees with any token and TomoP to have private transactions.
An interesting feature of this blockchain is the management of tokens, which are 3:
- TRC20: This standard was the first type of token to be created. Fees are paid through TOMO token. The first ICO launched on TomoChain, TriipMiles (TIIM) was a TRC20 token;
- TRC21: are the enhanced version of TRC20 tokens. In fact, the main feature of these tokens, in addition to being compatible with the TomoZ (Zero Friction Protocol), is to be able to pay fees with this token and not with TOMO, which is no small advantage in terms of size of the supply;
- TRC721: the classic NFT (Non-Fungible Token). Each token is unique and indivisible.
Tomochain: How to create a token
In this guide, we will see how to create a TRC21 token. To do this we will use the tool provided by TomoChain, called TomoIssuer.
Note: The token in this guide was created solely for the purpose of writing the article. It will not be used or listed. Every Cryptonomist or Cryppo token you should find on the market is fake.
Before we continue with the process of creating a new asset, we need a few things:
- A wallet that allows the management of the Ethereum blockchain, preferably MetaMask;
- 20 TOMO tokens, for a current value of about $8.
At that point, we will be faced with a simple screen where we will have to enter the data related to our token, such as the name (maximum 20 characters), the ticker (maximum 5 characters), the total supply and the number of decimals (between 0 and 18).
After entering all the data, simply click on “Save & Review” and on the next screen, we will see the summary of our token and its code.
Simply click on “Issue Token” and confirm the transaction via the wallet to complete the transaction. Finally, simply use a dedicated TRC21 token explorer and check all the details of the transaction. Here’s our transaction.
If you want to use the token created to pay the fees just click on “View detail” and, in the next screen, click on “Apply to pay fee by any token” and deposit at least 10 TOMO tokens.