Educational Byte: How to Create Your Own Token on Obyte in 10 Minutes

20 Jun 2024

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, including its own parameters and minimal fees.

Moreover, the whole process can take around five minutes, without coding at all. You don’t even have to know a lot about cryptocurrencies, you’ll only need an Obyte 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 #1: Wallet Chatbot

After downloading the Obyte 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’ll find the Bot Store. Explore the list until you find the Obyte 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 auto-destroy. This is the easier way, though, and you can use it to practice or to issue simple fungible coins with any purpose.

Method #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 asset name, ticker, decimal places, issuer, and denominations. The steps on the website are only three: order (select all details), pay, and publish (on the Obyte network).

This is the web option, but you’ll need to connect and pay from your Obyte 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 ampledocumentation about issuing assets on Obyte.

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 ID 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 Aufort, a European investment company that is already using tokenization features in Obyte. 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 Obyte 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.

Featured Vector Image by Freepik