Creating Tokens
Let's create your first token
Last updated
Let's create your first token
Last updated
From the home page, click on 'Tokens'. All authorized tokens are listed here. You can create tokens, issue tokens and transfer tokens. Now, click the 'CREATE TOKEN' button.
The 'Create Token' dialog will appear. Here we've input the data to create the 'FREE' token.
Symbol - the short name. Shorter is better.
Precision - defines the number of decimal places for the token.
Contract - Tokens that are created with Composer are created on the tokens1.beny contract. Just leave the default value here.
Maximum Supply - Total number of tokens being created
Token Roles - Tokens on the BennyFi Platform have roles within a pool.
Those roles are
Reward - this is a token that can be deposited and distributed by a pool
Stake - These tokens are staked to the pool. At end of the pool, they are returned to the account that staked them.
Fee - A token that is used to pay a fee on the BennyFi platform. For example, the BENY token is used to pay fees on the BennyFi platform.
Min Value - The Min value is the minimum that can be used in a pool.
Max Value - Max is the maximum amount of tokens that can be used in a pool. You must set these for each token you create.
Click Submit and let's mint this token!
Once you've created your token, you'll need to issue it into circulation. Only the creator of the token can issue a token and it can be issued to the creators account. Here we authorized 1,000,000 FREE tokens to be issued to poolmanaged1, who is also the creator of the token. This transaction completed. Let's click on the 'Transaction ID' and examine the transaction directly on the blockchain.
Here's the token issuance transaction of 1,000,000 FREE tokens on the blockchain viewed through the explorer.
Finally, you can use the Tokens dialog to transfer your new token to other accounts. Click on 'Transfer'.
Let's check the transaction on the block explorer, by clicking on the 'Transaction ID' message.
One note about transfers. Transfer uses token balances outside of the BennyFi contract. So using our example. We would need to have the 100 FREE token outside of the sender BennyFi balance. To illustrate this, let take a look a the token balances of the account we just transfers 100 FREE token to, beneficiard4. Notice there is no FREE token balance in the contract.
Now the token are visible to the transferee in their Token Balances
