The Zilliqa blockchain allows users to take advantage of smart contracts to create different types of tokens.
Contrary to what one might think, this blockchain uses a system similar to PoS (Proof of Stake), or rather it is a hybrid consensus protocol that consists of PoW (Proof of Work) and PBFT (Practical Byzantine Fault Tolerance).
Moreover, thanks to the implementation of sharding, Zilliqa allows to have a high throughput, so at a technical level, this blockchain can compete with others for its smart contract system that uses Scilla as the programming language and can create really interesting things, such as quizzes, directly on the blockchain.
And it is with Scilla that we will create our own token.
It should be said that what we will use is only one of the earliest tools that were made available to create a token on this blockchain, but it has everything we need to proceed.
The platform also provides examples, which means it’s up to the users to make changes and add or remove features.
Note: the token in this guide was created only for the purpose of writing the article. It will not be used or listed. Any Cryptonomist or Cryppo token you may find on the market is fake.
Before creating our own token on the Zilliqa blockchain we need to have a couple of things ready:
- A wallet that supports Zilliqa (ZIL) and allows having a Base 16 address and to extract the .json file. In this guide we used Zillet;
- 25 ZIL to create the smart contract and pay the fees.
How to create the token
The first step is to connect to the platform that provides several examples of ready-made contracts to be modified. For this guide, we are interested in what is called “FungibleToken.scilla”, which can be found in the menu on the left.
Another essential step will be to connect the wallet by going to the top right and choosing the network we are interested in. This will unlock it and reveal both our base 16 address and the balance.
After selecting the contract, first we will have to click on “Deploy” and enter all the information of the token, such as the address of the owner (base 16 address which starts with 0x), the name, the ticker, the decimals, the initial supply, and all the operations that we want to change in “default_operators”.
At this point, we just have to press the “Deploy Contract” button and wait some time for the transaction to be created and confirmed. The final result can be seen here.
As mentioned, this is a tool designed to facilitate the work of developers.