Minereum’s Token Service Makes It Possible to Create Your Own Ethereum Token

Minereum now enables anyone to create their own coin, which could be named after them if they so wished. In order to create your own coin, you can access the first version of the service by clicking here. The cost of the service is 1 MNE (approx $5).

The pilot services that have been rolled out by Minereum are a first in the sense that never before has any Ethereum-based token service been created. The tokens that the service creates are fully ERC20 compatible.

We’ve covered recently how Minereum (MNE), the self-mining cryptocurrency, came into being with Genesis in April 2017.  

The process involved the collection of 4,268 Genesis addresses and 32,000 coins per Genesis address being allocated. The total supply of MNE will be reached in 47 years as each address in the self-mining contract only allows the mining of 0.00032 Minereum (MNE) per Ethereum block.

Token creation service goes live

On June 16, Minereum announced the deployment of their ERC20 token creation service on their Twitter account.

In a roadmap document made available to Cointelegraph, Minereum describes the simplicity involved in creating tokens using their service:

“This service will allow anyone to create an Ethereum token (fully ERC20 compatible) with a simple Minereum transaction. There won’t be any technical knowledge or installation of additional tools required.”

The implementation of the ERC23 tokens in their service will be released soon as well. In fact, so simple is the service to use that all a user needs to do is input the desired amount of tokens that they want to create, provide a token name, symbol and some other basic information and, hey presto, the token is automatically created and deployed on the Ethereum network.

The created token is sent to the person who created it or to an address chosen by the token creator.

New coins for old

The process of creating a token using Minereum’s token service is both simple and elegant. The process flow has been described in the document released by Minereum and is reproduced here:

Ethereum Token Cration Service

In line with Minereum’s objectives to keep the token price high, all Minereum’s that are handed over for services will be burned. When we transpose this to the token creation service, what it basically means is that you pay a Minereum (old coin) to the token creation service and you get a new coin in the shape of your very own token. This service will help users in starting their own initial coin offerings (ICOs).

They can list created tokens on an exchange, trade them within their circles or simply keep it for private use.

Democratization of cryptocurrency

Minereum is working on a slew of other services. They have already announced that they would be launching a “World App,” which aims to bring cryptocurrency to the masses through a sort of a geolocation game. You can find out more about it here. They are also exploring the possibilities of starting a Minereum faucet and a lottery that would pay out in MNE.

Although the token creation service is of significant interest, it remains to be seen what future plans they have for it. However, now that Minereum has freed cryptocurrency from the necessity of being mined at huge farms using massive amounts of hardware and put the power of creating tokens in the hands of common people, the next logical step would be to make crypto more accessible to the masses.

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Source: Cointelegraph