Creating a Token
Last updated
Last updated
A unique feature of PledgePool™ is the ability to create tokens for use in the the applications pools or to transfer to external wallets. There's no limit to the amount of tokens you can create, allowing you to create and distribute tokens for any use case.
In order to create tokens in PledgePool™, you must first become a Beneficiary. Following the instructions in the Level Up to Beneficiary section of this guide. (insert link here)
Once you've become a Beneficiary, token creation is simple.
Access your user profile by clicking on your avatar.
Once you've accessed your profile page, you'll see the Tokens tab. Click this tab to begin the steps to creating your token.
Step1: Create Your New Token!
Click "New Token" to enter your token details. The Create Token screen will appear. Sample data has been entered in the example below to provide some context. We'll walk through each field and describe it's purpose.
The Token Creation fields have been numbered in the above image of the Create Token screen and the numbers will be referenced in the descriptions for clarity.
Click the pencil icon to edit your Token Icon. This is the icon that represents your token and will be used in the system whenever the token is referenced. Pick something creative, yet meaningful.
Enter the Symbol. This symbol is unique to the bennyfi token contract (token1.beny) and represents your token name. Again, this is your chance to give the token a meaningful name so put some thought into it. If you enter a symbol that already exists you'll get a message asking for a new symbol when you submit.
Enter the Precision. Precision is the number of decimal places a token can be divided into. Precision allows you to distribute a fraction of your tokens. In the example above, the BUGGS token has a precision of 16. This means the smallest fraction of the token I can distribute is 0.0000000000000001.
The Contract is the smart contract residing on the blockchain that defines how the tokens behave. The default contract for creating tokens is tokens1.beny.
Enter the Maximum Supply of your tokens. This is the number of tokens that will be minted. The minimum is "1" and there is no maximum limit. You'll want to consider your strategy carefully when minting tokens. Are you creating scarcity? Are you using these for Access? Will the tokens represent something in the real world?
Use the toggles to indicate if your token is going to be used as a Reward token, Staking token, or both.
If Reward toggle is activated during token creation, you will be asked for a Reward Min amount. This is the minimum amount that a PledgePool pool can distribute as part of a pool reward for this token.
If the Reward toggle is activated during token creation, you will be asked for a Reward Max amount. This the the maximum amount the a PledgePool pool can distribute as part of the pool reward for this token.
If the Stake toggle is activated during token creation, you will be asked for a Stake Min amount. This is the minimum amount a Pledgepool pool can ask for staking.
If the Stake toggle is activated during token creation, you will be asked fo a Stake Max amount. This is the minimum amount a Pledgepool pool can ask for staking.
The Submit button creates your token!
Step2: Issue your Token!
Issuing your token releases the newly created token to your account, making it available from your wallet. It's a very simple step.
Click the "Issue Token" button and fill out the fields in the dialog box.
Add your account name in the To field.
Select the token symbol you just created in the Symbol field.
Add the number of tokens you want to issue in the Quantity field. You don't have to issue the total number, you can always issue more later.
Click the "Submit" button!
Step3: Transfer your Token!
Another great feature is the ability to transfer tokens to any account on the chain. All you need is the recipient's account name.
Click the "Transfer Token" button to open the "Transfer Token" dialog box and fill in the fields.
Add the account that will receive the tokens in the To field.
Select the symbol of the token you want to transfer in the Symbol field.
Add the number of tokens you want to send to the recipient in Quantity field.
Hit the "Submit" button to transfer the tokens to the recipients account!
