Did you know that you can create a new cryptocurrency or a crypto token on Hive with just less than 100$? Read this post further to know how it can be done. There are several platforms available online for us to create our crypto token for our project. Most of the blockchains have a facility for that. Ethereum and Binance Smart Chain is one of the popular examples. There are a lot more too but I don't want to list out everything in this article.
The good thing is, we can create a token for our project on Hive Engine by providing details about the token and the project. The token creation cost is 100 BEE and you can literally keep the token supply to unlimited or a limited value based on your need. This facility is available on Hive Engine which is a sidechain to Hive. Even though we don't have this facility directly on Hive, good that we have a side chain that has a smart media token creation capability.
Is it fully decentralized?
If you ask this question, I would say that most of the important aspects of Hive Engine are decentralized. The side chain itself runs with a code that is open source and witnessed by 20 top witnesses who run the sidechain for us. (I'm one among them too). It is true that some of the aspects of this Hive Engine is not fully decentralized but it still works for projects that don't need full decentralization.
People who create tokens on Hive Engine will be able to decide the tokenomics and they have full control to mint how much ever tokens they would like to mint. But whoever is starting a project will publically announce how many tokens will be minted and how many will be pre-minted and how they will be used. Otherwise, there is a small chance of centralization there where the token minting is not fully through a smart contract. If the investors are okay with this, then it should be a good thing to go.
Even though we have a bit of centralization here, people still like some of the projects on the Hive engine and are investing a huge amount of money here. The main reason behind this is that we don't have another alternative or a fully decentralized option here.
Advantages of creating tokens on Hive Engine
There are lots of advantages to creating a token on Hive Engine. Even though there are a few disadvantages, I personally think that we should be looking at the advantages more than the disadvantages.
- Token creation fees are only 100 BEE which is less than 100 $.
- People can define their own tokenomics based on their project need.
- There are no transaction fees or any gas fees while transferring the tokens from one user to another user.
- Easy and simple place to launch your big idea.
- Hive community is very welcoming. There are lots of users who are eager to invest in new concepts that are really good.
- Hive Engine tokens can be integrated with other chains and other exchanges as well.
Disadvantages
I do think that there are a few disadvantages as well which really need addressing.
- Documentation should be improved. There is a documentation available for Hive Engine but it is not clean and structured.
- The Hive Engine team focuses on bringing new features and innovations but they sometimes miss to improvise the existing features.
- The tokens and NFTs created on Hive Engine are centralized and the minting is controlled by either an individual or a group of individuals.
- Currently, there is no capability to write our own smart contracts on Hive Engine.
- There are many aspects that are still highly decentralized.
I'm not trying to write a review here about Hive Engine. I will definitely agree that Hive Engine is the best thing we got on Hive Ecosystem and it is definitely one of the best innovations that one can have on Hive but it will be great to see it grow furthermore in a decentralized way.
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Posted Using LeoFinance Beta
I have two questions. First question is regarding pre-minted token that I have read it in several articles and second is about side chain.
What is pre-minted token?
What is side chain?
Posted Using LeoFinance Beta
Oh my bad, I gave a 100% vote by mistake. Good for you. :)
Yeah coming to your question. Pre-minted tokens are something that the project owners or the token creators mint when they create the token. Initially, when they create a supply and a tokenomics, they allocate a good amount of tokens for themselves. Those are called pre-minted tokens.
A sidechain is something that runs alongside the main chain. For example, Hive is the main chain here and Hive Engine is the sidechain. All the transactions are broadcasted to Hive and based on those transactions, the side chain is created or the blocks are produced. There is a data structure defined for the side chain and the data is broadcasted to the main chain and from there the sidechain is built. Hive engine is the best example for that and there are also many other blockchains having this same concept of sidechains.
Posted Using LeoFinance Beta
Making the token "stakeable" costs 1000 BEE. I am not sure what one needs to do to set up Scotbot.
I haven't found the full documentation on what needs to be done to set up a tribe. Although I am not interested in creating a tribe, I would love the read the documentation so that I would understand the configuration options.
BTW: What token did you create?
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I've not created any token by myself but I'm involved in a few projects that has its own tokens. Yeah we purchase things on Hive Engine with BEE tokens. That's how Bee token gets its utility.
Just wondering I hear that the hive engine nodes have issues and that the main node is backed up. Is there only 1 main node there as I thought there would be back up nodes to make sure everything is running even if one or two go down.
Posted Using LeoFinance Beta
There are several nodes now. The main node is the one that is being operated by the Hive Engine team itself. Even if the main node goes down, the other nodes will still be able to keep up as long as we are not forked/diverged. Additionally many applications go down because they all have the main node as their endpoint.
Ah ok. I was wondering why there were so many issues so it is more or less dependent on the applications to change nodes.
Posted Using LeoFinance Beta
Yes applications can have an automatic way to switch nodes if there is an issue with the current node.
do you know if once one makes a token, if you can choose tags that will pay out that token or do you nees to start a whole tribe for that kimd of thing?
Usually creating a token alone won't be enough, you have to create a tribe and select the tags and have a scot bot enabled. Then only your tags on posts will start rewarding the authors.
You have multiple ways here to monetize your token. The tribe is nothing but a tokenomics for the token you created. It is not necessary that you have to use the on-chain tokenomics, you can also have your own way to reward people by writing your own logic.
It's quite interesting to know this. I sometimes thought it was a difficult and tasking thing to create a token.
Posted Using LeoFinance Beta
Yes, indeed it is interesting. Though the steps are pretty straightforward on the website, it is up to an individual to make his project a success.
Can you detail a little bit more the tokenomics of setting the pool rewards or simply how your tokens are used? Are they all minted at once or if you have a blog for it, how is that allocated?
Posted Using LeoFinance Beta
I'll try to write a post on the same. Usually when someone is creating a token, they define the tokenomics on how they are going to define the supply. If the token is for Tribe, there is a setting available that defines the tokenomics. The owner usually has a button to mind how much ever token they want. Some projects mint the tokens when they create it and supply them one by one and some projects let the smart contract mint the tokens whenever it is required.
“Documentation should be improved” is a bit of an understatement.
I am building an app for Punks on Hive to both boost the Punks market performance and to learn about Hive-Engine. My end goal is to both have an useful app and to have learned enough about Hive-Engine so that I can start teaching.
We need brains and the documentation and tutorials suck, I want to improve but I still don’t have enough time and knowledge so it has been slow. I am trying to take matters in my own hands because if we can bring/transform new devs into hive-engine devs we can succeed, but it has not been easy at all. I am learning, slowly, things are starting to make sense, but it is very unintuitive IMO.
The main devs should seriously add to their roadmap to develop comprehensive and extensive tutorials ASAP.
Yeah I have expressed the same thoughts on documentation. It was very hard for me to get started. I really struggled to understand how to build things on top of Hive and Hive Engine. Thanks to people who were helpful.
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Really interesting article. Is there any tutorial for creating own token or application on hive? Only a few references was found on the internet