The Good Tech Companies - Educational Byte: How to Create Your Own Token on Obyte in 10 Minutes

Episode Date: June 20, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/educational-byte-how-to-create-your-own-token-on-obyte-in-10-minutes. You can quickly and securely create your own customized token in Obyte, without coding, including its own parameters and minimal fees. Check more stories related to programming at: https://hackernoon.com/c/programming. You can also check exclusive content about #tokenization, #custom-tokenizers, #custom-tokens, #crypto-wallet, #how-to-create-a-token, #obyte, #digital-asset-creation, #good-company, and more. This story was written by: @obyte. Learn more about this writer by checking @obyte's about page, and for more stories, please visit hackernoon.com. Obyte is an open-source platform that allows you to create your own tokens. The whole process can take around five minutes, without coding at all. The newly minted coins will be sent to your Obyte wallet address. There are also more advanced features like private, attested, and co-signed tokens.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Educational Byte. How to create your own token on Obyte in 10 minutes. By Obyte, there are many reasons why you would want to create your own token, and also multiple ways and platforms to do it. However, not all of them are easy to use, let alone free of high costs. That's not the case with Obyte, where you can quickly and securely create your own customized token, where you can quickly and securely create your own customized token, including its own parameters and minimal fees. Moreover, the whole process can take around 5 minutes, without coding at all. You don't even have to know a lot about

cryptocurrencies, you'll only need Anobite wallet in the form of a light app available for mobile and desktop. Then, you can acquire some fractions of GBYTEs, the native currency of the network, to pay minimal fees. Around $0.00001 per transaction and $0.045 for token creation. So, without any other requirement, we can start. Method number 1. Wallet Chatbot. After downloading the Obite wallet, remember to write down your backup and secure it with a password. Once done, you need to go to the chat section, where you will find the bot store. Explore the list until you find the Obite Asset Manager chatbot,

add it to your contacts, and follow its instructions. You'll have to pick the number of tokens you want to mint and pay 0.005 GBYTEs from the same wallet. And that's it, no more steps or fees, the downside of this option is that you can't select the name or the parameters yourself. The name will be the transaction ID string, and some options cannot be customized. The tokens will be transferable, not private, and won't yaddo destroy. This is the easier way, though, and you can use it to practice or to issue simple fungible coins with any purpose. Method number 2. Online Asset Registry. Another easy way to create a customized token in Obyte is the Asset Registry website.

The price is the same and the process is quite similar, but it allows greater flexibility. Besides the number of coins, users can choose details like a set name, ticker, decimal places, issuer, and denominations. The steps on the website are only three, order, select all details, pay, and publish, on the Obite network, and this is the web option, but you'll need to connect and pay from your Obite wallet anyway. The newly minted coins will be sent to your wallet address, too. On the other hand, more advanced features like private, attested, and co-signed tokens are also available to include in customized endeavors, but only BY developers.

There's ample documentation about issuing assets on Obite. Token use cases. The word, token, means a representation of something, anything, and you can use it that way to fit your needs. Tokenization can offer new ways of rewards, verification, and payments to everyday applications and industries such as loyalty programs, entry tickets, fractional ownership in real estate, traceability in supply chains, certifications, and, of course, art and collectibles. A customized token could be the idea of your investment in a house, a loyalty point, a ticket for an event, a way to track a product, a stock or bond, or, why not, a memecoin. A company can also create digital twins

of their funds and assets this way, allowing them to handle their less liquid assets with more flexibility. A great example of this is Ofert, a European investment company that is already using tokenization features in Obite. This brand uses the DAG to represent its gold reserves internally, allowing its customers to send, receive, sell, or withdraw their gold investments anytime, almost instantly and without fees, globally. Custom tokens on Obite offer transformative potential across a variety of sectors. At the same time, users can enjoy efficiency, speed, and cost-effectiveness for their real-world applications. Info featured vector image by

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