Dismantled in detail together with the trader Denis Cerkovskis how to create your token on the Ripple platform.
The release of their tokens on the Ripple platform
2017 can rightly be called the year the ICO fever. A new form of investment attraction gave the world hundreds of new projects that have been funded through the issue of private tokens.
In most cases, tokens are issued on the Ethereum platform. Also some of the projects used in their ICO platforms such as Waves, NEM, BitShares.
To create a token on Ethereum takes skill programming. Tokens are created using smart contracts are written in a special programming language Solidity. In the simplest version, you can take a sample of existing code, published on the website of the Ethereum project, paste it in the Ethereum wallet and spend compiling the code. In any case, this requires certain knowledge, therefore, the creation of tokens on Ethereum can not be called "create a one-click".
Platform Waves, in contrast, offers a very simple way to generate your own tokens: all that is required of you is to go to purse Waves, click create new token, and enter the name and the number of produced tokens. Voila, your tokens issued by, and now you can distribute them in two ways: either by transfer to other wallets, Waves, or place a sell order on the internal exchange Waves.
It turns out that the Ripple platform also has the function of amitybeane own tokens. This process is not much more difficult than production of tokens on the platform Waves.
Yes, you can produce your tokens on Ripple
The ideology of the Ripple platform is based on the notion of trust (trust). The registry platform known as XRP Ledger is "credit network" because it produces "credits" for any asset other than his own asset — XRP.
The XRP Ledger gives network members the opportunity to issue its own loans for all purposes by issuing tokens that can represent the value of any asset: currency, property, services and so on. The loans are an debt, a kind of digital notes is the promise of the Issuer to pay the holder a designated value that represents an issued token.
And here comes the interesting feature of the Ripple platform: releasing your tokens, you can't give them all in a row immediately after the issue. To get tokens, the purse of the recipient must trust the wallet of the Issuer. To this end, the recipient's wallet should create a so-called line of trust (trustline) with a purse of the Issuer.
When you create a trust, the recipient specifies in the settings of your wallet, the wallet address of the Issuer and Ticker token. Only then, the Issuer may send the token to the purse of the recipient.
To activate the Ripple address initially, you must send a reserve of 20 XRP is the minimum balance that can never be withdrawn from the wallet. When you create the wallet of the trust to receive and hold any token, the reserve is increased by 5 XRP for each line.
How to create a Ripple wallet
Open site The World Exchange is not only the exchange, but the interface to the wallet with the Ripple platform. The principle of this site is similar to the principle of MyEtherWallet website where you can create wallets Ethereum and work with them.
Site the World Exchange allows you to create a Ripple wallet, you can recharge it, to buy and sell XRP and other tokens, send XRP to other wallets, and most importantly — to create their own tokens.
In the upper right corner of website click Login or Create a Ripple Account.
If you already have a Ripple wallet, enter your address and a secret key. Don't worry, your data is not going anywhere, all information processed on your computer.
You can also enter only a private key or wallet address without the private key, but in this case you logged in read mode (read-only mode). If you do not have the Ripple address, you can create a new address by clicking on the button Create New Account. Don't forget to tick the box at the bottom of the window in the line "I have read, understand, and agree to the above".
If you created a new address, to get started you need to send him at least 25 XRP: 20 XRP to activate wallet + 5 XRP for the opening of the order to release the token. This can be done using any cryptocurrency exchange, which supports the withdrawal of funds in XRP, or through universal exchange ShapeShift.io.
How to buy and sell XRP and other tokens
After you logged in, in the upper right corner you will see the address of your wallet and your balance.
A Ripple wallet can store and implement not only their own tokens, XRP, but also other tokens issued by other wallets. For example, you can buy, sell and store tokens popular Fiat currency, or tokens BTC, ETH, and several other cryptocurrencies.
To this end, the interface of the website on the left, click Buy or Sell and enter the quantity and Ticker token, as well as the price and Ticker symbol of the second token.
Actually, it's not real dollars and bitcoins, and only the tokens that are issued by certain issuers, in terms of Ripple, they are called gateways (gateway) and represent the equivalent of the asset, after which they are released.
Please note on the screenshot above. Under the Ticker token, BTC is the Issuer who has issued — in this case, this exchange Bitstamp.
If you click on the link with the name of the Issuer (Bitstamp), then you will see a window with the full list of gateways (issuers) that are issued tokens with the same Ticker.
And here we return to a fundamental parameter of the platform Ripple — confidence. When you see tokens from different issuers that represent (according to the Issuer), the equivalent of bitcoin, what token will you buy? Most likely, you will buy a token Issuer that you trust.
The name of each token consists of two parts: the first part is a three-letter Ticker token, and behind him, through point, comes the name of the Issuer that issued the token.
For example, tokens, bitcoin exchange Bitstamp issued will have the name of BTC.Bitstamp, and tokens of the dollar, issued by the exchange Gatehub will have the name of USD.Gatehub.
Rumors about the freezing the assets, the Ripple
Network walk about articles that the Ripple platform has the function to freeze the assets of any purse. Either the authors of these articles do not fully understand the subject matter, or spreading disinformation.
Indeed, in the technical documentation of Ripple present Freeze function that allows any gateway to freeze operations with the tokens issued by this gateway.
We are not talking about the fact that all of your tokens, XRP can be frozen by the company Ripple — it's just impossible, and the documentation about it clearly written. We are talking about the fact that the Issuer of any token has the right to freeze your own tokens it was released. At the same time, such a freeze is possible only in cases prescribed in the documentation: when the user token shows suspicious activity or a violation of the rules of the Issuer or in the event of a compromise of the wallet of the Issuer or the Issuer's migration to the new wallet address.
How to send XRP and other tokens to another purse
To send tokens to another purse, select the Ripple in the interface of the website left menu Send, enter the quantity and Ticker token and the wallet address of the recipient.
Tokens XRP can be sent without any additional conditions. All the other tokens that you plan to send must be added to the list of accepted tokens in the recipient's wallet.
To manage this list through the web interface, the recipient must also log in on this website and in the top right corner click Set Tokens Receivable.
In the appeared window enter the three-letter Ticker token that the recipient agree to, and then in the column to the Issuer will be a list of issuers that issued the token with the given Ticker. If you can't find the Issuer in the list, then enter the address of the Issuer manually. You also need to enter a size limit — how many tokens the receiver is willing to accept.
This operation is precisely what was written above: the establishment of the trust (trustline) between the recipient and the Issuer of the token (not the sender as the sender of the tokens may not be the Issuer, and also could get them earlier from another wallet or purchased on the stock exchange), this operation increases the reserve purse to a 5 XRP per trust line.
For example, if you want to take and store the tokens USD, EUR and BTC on your wallet, then reserve your wallet (minimum balance) will be 20 + 3*5 = 35 XRP.
The recipient may at any time remove any created a line of trust and reduce the amount of the reserve on the wallet, but before that he needs to get rid of this token.
The meaning of lines of trust that nobody can send you their tokens without your consent. For example, the fraudster can produce tokens under the Ticker symbol BTC and send them to you, assuring that these tokens secured by bitcoin.
A similar problem known to the owners of the wallets of Waves — it is often possible to see how the wallets come strange tokens released by unknown.
How to create your own tokens for 5 minutes
Select the interface of the website left menu Issue, enter the quantity and Ticker symbol of your token, as well as the price and the Ticker token, which is the base currency of your token.
For example, it is possible to produce 1 million tokens with the symbol PKR for poker lovers, and assign a price of one token is equal to 1 XRP.
Of course, as the base currency, you can choose USD, EUR or any other currency. But if you use as base currency XRP, the value of your token it will be automatically converted at the current exchange rate to any other currency.
Here's how it looks: you can buy tokens PKR per XRP for the price of 1 XRP.
Or you can buy tokens for tokens PKR USD.Bitstamp at the current price 1.7 USD.
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