It is thought that creating your own token is impossible without knowing any line of code. However, with Pantograph, you can easily do that without needing any expert knowledge! Pantograph features a token creator which makes everything at hand.
Moreover, you can create your NFT within a few simple clicks. It’s even more amazing when you can create V-NFTs using your videos! This will keep your memories, or your artworks forever on Blockchain.
Undoubtedly, we will craft everything on a Smart Contract with code in advance.
Token definition
A token is an object that represents another object (either physical or virtual), or an abstract concept. A token can be a voucher that you can exchange it for goods or services.
In a blockchain, crypto tokens represent specific fungible and tradable assets or a utility created over an initial coin offering (ICO). Tokens can also incentivize an autonomous group of people to individually contribute to a collective goal.
These crypto tokens often serve as the transaction units on the blockchains that are created using the standard templates. For example, tokens issued on TomoChain following TRC-21 standard allow token holders to pay fees for transactions to the token contract in terms of the token itself. Such blockchains work on the concept of smart contracts or decentralized applications (dApps), where the programmable, self-executing code is employed to process and manage the various transactions occurring on the blockchain.
How does the token system work?
The token system works like the world economy. An individual earns tokens by completing tasks or displaying the desired behavior. The tokens are then exchanged for something of personal value.
For further understanding, you can find out more about Token Economy.
What is a Token of Appreciation?
A “token of appreciation” is a small gift given as a gesture of gratitude. It could be tangible or intangible assets. In a blockchain, tokens represent monetary value or access to services.
A token is an object that represents another object.
Token Advantages
Tokens can represent many types of real-life assets in a digital way that might not have been feasible before.
Tokens in NFT format are tokenized versions of digital or real-world assets. You can covert anything such as collectibles, digital items, or your artwork into NFTs as verifiable proofs of authenticity and ownership within a blockchain network. These tokens are not interchangeable with each other and introduce scarcity to the digital world. As NFTs can be seen as collectibles, you can monetize them in certain marketplaces to earn value.
Creating your own tokens is a good kick-off if you want to start getting into blockchain and cryptocurrencies. Your tokens can be sent to your friends as gifts or can be used in your own community as tickets to access your services.
Tokens can be easily issued and securely traded on a blockchain, without an intermediary or escrow service. Whereas assets like art or real estate that are controlled by centralized entities, they can now be issued with a few lines of code and managed by a public and verifiable infrastructure like a blockchain. This could reduce transaction costs of developing, managing, and trading assets between marketplaces.
On a broader scope, Tokens can provide more transparency along with marketplaces than with existing financial systems. This could significantly reduce fraud or corruption along the supply chain of goods, services, and financial transactions.
This may result in completely new use cases, business models, and asset types that were not economically feasible before, and potentially enable completely new value creation models.
NFTs are verifiable proofs of authenticity and ownership within a blockchain network.
Types of tokens
There are various types of crypto tokens. However, pretty much all cryptocurrency falls into one of three token categories: currency, utility, or security.
- Currency tokens are tokens that represent a means of payment for goods and services external to the platform running the token. For example, Bitcoin is seen as a currency with the intention of replacing fiat money.
- Utility tokens are built to provide investors with something other than a means of payment. Typically, these tokens give access to a particular product or platform, such as a decentralized app (dApp). For example, in Pantograph, TICKET is a utility token to play the game Panto Draw.
- Security tokens are tokens that promise a positive return on their investment (besides profits generated from rising market prices). For example, the Meridio platform allows investors to trade tokens representing real estate shares and pay in Dai.
First Video Non-Fungible Tokens in the world
Over the last few years, more complex token standards have emerged that can represent any asset or access rights with special properties. In TomoChain, TRC-721 is a free and open standard that describes how to build so-called non-fungible tokens. This has introduced the era of building more complex features into the tokens. This standard has made it easy to create a token that represents any type of collectible, artwork, property, or personalized access rights.
Each NFT carries unique information or attributes that make them irreplaceable or impossible to interchange, be it the Mona Lisa painting or simply a plane ticket.
On July 8th, 2020, Bacoor Inc. – a blockchain company known for their HB Wallet, announced the release of the first Video Non-Fungible Tokens in the world. They call them V-NFT (Video NFT).
NFTs keep your creations authentic and durable from time to time. This establishes the base value for almost anything. On the other hand, it cuts off the fees of mediators, as its fundamental core is peer-to-peer. It means you create and sell your assets directly, with no mediators.
What is a Token Creator/ Token Generator?
A Token Creator, or also Token Generator, allows you to quickly generate a valid token on a certain blockchain network. This saves you having to worry about coding when you are new to blockchain. A Token Creator/ Token Generator gives you the access token you need for your own services or simply send it to your friends as a gift.
Create your tokens with Pantograph’s Token Creator
Create a TRC-21 token via TomoIssuer
- Download Pantograph Mobile App: https://pantograph.io/
- On the home screen, tap on ‘More’.
- Choose ‘Create Token’. It will take you to the TomoIssuer site.
- Tap on ‘Issue a new one’. Then upload your Token details.
Create a V-NFT (Video NFT)
- Download Pantograph Mobile App: https://pantograph.io/
- Choose ‘More’ on the home screen.
- To start creating a V-NFT, select ‘Create Panto NFT’.
- Tap on ‘Experience it’. Then sign in with your account.
- You can upload your content (texts and images) to the Panto NFT feature on Pantograph.app.
Once you submit your content, Smart Contract will take care of the rest. It will save your texts and images on Blockchain, then verify your asset. After the verification process is complete, you can find your new NFT in your ‘Collections’.
As your NFT is in your possession, you can trade it with anyone to get some tokens in return, which can be Panto Point (~ $1 USD), or TOMO, or any tokens that based on TomoChain. Sending via Panto Chat will not cost any fees.
Let’s watch a video tutorial below!
We hope this article helps you create your own token on the TomoChain network in the simplest way.
