It's very easy to create your own token that can be traded on WX Network. Just log in to your WX Network account, navigate to the "Wallet" tab and go to the "Create Token" section.
In the Create token tab, you can give your token a name and description, select the total amount of tokens and decimals. Let's look at each of these options in turn:
- Token Name: First of all, give your token a name. It is important to know that names are not unique, but the identifier (token ID) is unique. Whenever you are looking for a token, you can make sure that it is the right one by checking the token ID.
- Description: Write a description of your token. You can include website links which can be particularly useful;
- Amount of Issued Tokens: Define the total token supply. The total supply can either be fixed at the issuance or increased later by making the token reissuable;
- Token Type: Reissuable defines if a token issuer can increase the token supply later. If set to "Reissuable", the issuer can increase the supply at any time;
- Decimals: Set how many decimals your token shall have. For example, if you specify 8 decimals, as in Bitcoin, your token can be divided down to 0.00000001. If you specify 0, your token can only be transacted in whole pieces.
Before creating a new token, carefully read the token creation conditions:
• You will not use the token for fraudulent purposes;
• You will not violate any IP rights (do not use names of existing cryptocurrency, fiat-money or any companies);
• You will not set a script on a smart token that limits exchange transactions on WX Network by token quantity;
• You will not give false information in a smart token's description concerning the rules governing the tokens's use, which do not correspond to those of the script installed on it.
If necessary, change the name of the token according to the conditions, then select the checkbox and click "Create Token" button.
In the following window double-check the entered data and if everything is correct click "Continue" or close the pop-up window to make corrections.
You can find and sort your tokens in the Tokens section of the Wallet tab ("My Issued Tokens" tab).
The token you created is to be categorized as 'Unverified' by default. You can verify your token on Voting page.
WX Network users have the ability to create Non-fungible token or NFT. NFT is a singular entity that has a unique ID. This contrasts with a regular token, two coins of which cannot be distinguished from each other. NFTs can be used as in-game items, collectibles, certificates, or unique coupons.
In order to issue NFT you need to specify the following values in the token creation form:
- specify 1 in the Total tokens field;
- specify 0 in the Decimals field;
- specify Not reissuable in the Reissuable field.
If you have any questions related to WX Network, feel free to contact us.
tags*: create my token generation newbie asset nft