How to create a token on the Ravencoin blockchain
How to create a token on the Ravencoin blockchain
Blockchain

How to create a token on the Ravencoin blockchain

By Alfredo de Candia - 12 Jul 2020

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Ravencoin (RVN) is among the minor blockchains on which it is possible to create new tokens in a simple and intuitive way.

This blockchain allows creating any token with standard costs and provides the necessary to facilitate development.

Ravencoin is a fork of Bitcoin and as such uses PoW (Proof of Work) as a consensus protocol, but altered from the original one to make it more efficient and resistant even to the infamous ASICs.

Note: the token in this guide was created for writing the article only. It will not be used or listed. Any Cryptonomist or Cryppo tokens you may find on the market are fake.

Before creating the token, we need several things:

  • Raven’s official wallet, available here. Note that in order to create a token, we’ll need to download the whole history of this blockchain;
  • 500 RVN tokens, about $9 at the current exchange rate, and a handful more tokens to pay the transaction fees.

After opening our wallet and syncing it (simply check if there’s a tick at the bottom right), the screen is quite intuitive and it’s sufficient to click on the left side menu under “Create Assets”.

By default the standard asset will already be selected for the creation of a normal token called “Main asset”, but we could also decide to create NFTs, assets for messaging channels, qualified assets and restrictive assets, in case we want to avoid some situations with our token, like the restrictions imposed in some countries in the case of STOs.

All that remains is to add the ticker (all in uppercase; it is also possible to add numbers and characters), make sure it is not duplicate, enter the quantity, decimals (maximum 8 like bitcoin), select the box “Reissuable” in case we want to create other tokens in the future.

Finally, we can insert the logo of the token by entering the hash of the IPFS file that we will have uploaded on that protocol (a service that can be used is globalupload.io), and finally press “Create Asset”.

token ravencoin

After a few moments from the confirmation, we can see the transaction on an explorer and thus check all the details of the token. In this case, we spent only 0,003 RVN in fees.

In case we want to add our asset to the list of all the assets that have been created, then we have to go to the top menu on “Help”, select the first item “Debug Window” and on the next screen select the “Console” tab and type listmyassets.

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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