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HOW TO BUILD A ERC20 TOKEN GENERATOR PLATFORM LIKE TOKENMINT?

Updated Nov 21 , 2020 at 07:15 PM |
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HOW TO BUILD A ERC20 TOKEN GENERATOR PLATFORM LIKE TOKENMINT?

What is TokenMint Clone?

TokenMint Clone involves the development of a platform like Tokenmint that supports ERC 20 token, ICO and Smart contract creation for its users without the need of coding knowledge. If you are also seeking services to launch a platform like TokenMint then Pulsehyip, top-notch Ethereum Token Creation development company can provide you with such services.

Below in this blog you will get the details about Token Mint Clone Development and the way it supports Ethereum Token Minting and ICO creation along with ease of Smart contract deployment.

What is TokenMint?

TokenMint is a platform that helps the users to mint their own ERC 20 Tokens and deploy their smart contract easily even if the user do not have any programming knowledge.

ERC 20 Token

We all know, ERC20 is a widely proposed and adopted token standard for creating tokens on Ethereum Network. It can also be said as a set of rules implemented in a smart contract and will further be deployed in Ethereum network. As the smart contract gets deployed the users of the platform can easily send and receive tokens using an Ethereum wallet. Each of the ERC20 token has its own smart contract that keeps track of the transactions carried out of that specific token.

Conventional method of Creating your own ERC20 Token

The Best way to create Ethereum Tokens is to implement an ERC-20 compliant smart contract on the top of Ethereum blockchain. There are many tutorials that willhelp cover token generations but they usually require vast programming knowledge and a deep understanding about Ethereum Blockchain.

The way a Token Minting Platform supports Ethereum Token Minting and ICO

Token Minting platform helps the users create their own ERC20 tokens with the helps of a tool that will allow the users to deploy their own tokens in few minutes without coding skills.

Using such tools, the users can define the name and symbol of the tokens along with initial supply. There will just be a need for Ethereum wallet to complete the process. The Platform that supports such services usually charge a service fee and mining fee. This becomes a source of Income for the platform owner.

Since in the near future, the Cryptocurrency Ecosystem will face a huge user volume because of its increasing popularity. Users may seek services that will help them to deploy their Ethereum Tokens instantaneously. So, Developing a TokenMint clone Platform can be a great choice for those Crypto entrepreneurs who decides to begin their own Crypto Business.

Difference between Minting and Mining

There is a huge difference between minting and mining even though both supports creation of tokens. Let plunge into its details!

Minting tokens is enabled by sending transaction that creates new tokens in the token smart contract. It can be simply explained as a creation of unlimited number of tokens without sending much energy by deploying a smart contract function.

Mining Tokens also involves creating new tokens but is limited based on the concensus rules of that Blockchain and it will require spending energy. But its serves purposes such as securing the network and in creation of new blocks.

“Thus, the Mintable Tokens can be defined as ERC-20 compatible Tokens that will allow new tokens to be created anytime and get added to the total supply. As, explained Standard ERC20 tokens does not support this feature and has limited supply of tokens.”

Working Principle of Token Minting Platform

Here is the Gest of all the working processes carried out in the Token Minting Platform and the way one can set up features of such in their own platform or can also add up more innovative features to it. After setting up a ERC20 Token mintable tools, crowd sale; the user of the platform will be supported with features that’s been listed below.

Creation of Tokens in Token Minting Platform

The user create Token using the following ways-

  1. Wallet Installation- Installing an Ethereum wallet is the foremost process. Also the the user is advised to hold enough funds to pay for the contract deployment service.

  2. Fill up the Form- Its a simple process to be carried out by the user which will be in an easy to understand format. Then the platform will guide the user to the further steps.

  3. Smart contract Deployment- This is the important step where the user will deploy the newly created smartcontract in a single Ethereum Transaction.After the transaction is being confirmed the contracts are deployed.

Provision of Dashboard for the User

  1. Web wallet- Used to send / receive / Withdraw tokens

  2. Burn Token- Users can delete or destroy their tokens

  3. End crowd sale- Options for the user to end their crowd sale

  4. Dividend- User can set the dividend rate for their token users and can manage the dividends accordingly.

ICO Dashboard Creation for the User

This is an option given to the user to market the token they have created. Once the user finishes the token creation process, there will be a message that will ask whether they want to create ICO for their Token. The user can also skip this step.

  • Building an ICO- Once the user approves of Building an ICO for their token, they have to make a payment for the platform owner for creating the ICO platform, after which the platform owner will approve from the back end to enable it.

  • Features in the ICO platform for the users- Options to set the time for the Pre ICO and ICO, price of the token launched, Selling the token to the desired entity.

  • Token holder- The buyer will select the token owner by searching the token names and can request the amount of tokens needed. Then the buyer can send certain amount of ETH to the holder’s wallet to receive the tokens.

  • Role of Admin in ICO-  The admin needs to approve the request for ICO. Admin can himself set the price for token creation as well as for ICO platform creation.

Crowdsales of Mintable Tokens

These Mintable tokens are used very well in the Crowsales. The widely known crowd sale contracts are mainly used to create an ICO where the ERC 20 tokens are sold for ETH. Below listed are the mechanisms used for combining mintable tokens with crowdsales.

  1. The ICO maker deploys mintable token contract, thus giving them a “Minter Role”

  2. The ICO maker deploys Crowdsale contract

  3. The ICO maker transfers Minter role to Crowdsale contract. Now only crowdsale contract can mint new tokens.

  4. When the crowd sale is finished no one can mint new tokens as the contract will be set up in such way. This will assure the investors that no one can dilute their token holdings.

What is Minter Role?

Minter role is an address that provides special privilege to create tokens and to add the tokens to the total supply. There may be multiple minter role addresses, but practically its just one address. The address that deployed the Token contract is the first Minter. The Minter can add up a new minter or renounce his privilage to be a minter or transfer his rights to another address.

Examples of Mintable Tokens

Here is the few of many mintable ERC20 Tokens present out there.

  • Dai (DAI)- Its a Decentralized stable coin that is been pegged to $1 USD in MakerDAO system. Like explained earlier, the users can swap the token in exchange for ETH.

  • Status (SNT)- It’s an open source platform that uses SNT token as a method of governance. The SNT has a limited total supply with a limited lower current supply. New tokens can be minted using the controller address.

  • Decentraland (MANA)- The users of the platform can create the goods and services and trade them using MANA tokens. It is both mintable as well as burnable.

Why Pulsehyip for TokenMint Clone Development?

Pulsehyip as a leading Smart contract and Token development company on top Blockchain can help you deploy your own Token Minting platform instantaneously. That too, our adroit developers provide special smart contract based auditing services such as Review of code manually, Identification of vulnerabilities, Testing tools with Automated functionality, Code Optimization, Footprint analysis of Gas and Memory, Quality analysis of the code etc.,

Here is the details of our Project Execution Flow

Design Phase- Our Consultants and Developers provide 24x7 service to meet your requirements.

Development Phase- Based on your needs the project is developed to more integrity.

Testing Period- Once the project is developed our testing team carry out this phase to make sure the functionality of the features is attained as expected.

Deployment phase- The project is deployed finally based on your conveniences.

Get a Free Consultation from our Experts!!

Disclaimer : We do not own the site tokenmint.io or deal with them. Also we aren't involved in any kind of promotional activities for them or support any transaction. We provide only development services which enables you to develop your own platform like "tokenmint.io". For the better understanding and easy identification we use the term "Tokenmint".

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About Dhyana

Salut! This is Dhyana, an indefatigable and fervent person in knowing about Cryptocurrency. As an experienced executive with the technical aspects of Cryptocurrency and its applications at the Business level, i will be able to leverage the same to you. Stay in touch with the blog updates at Pulsehyip to know the trends of Cryptoworld.

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