How to create a token on the Algorand blockchain
Thanks to the recent protocol update took place a few months ago on the blockchain of Algorand, the ability to create tokens has been introduced.
Algorand (ALGO) is one of the emerging blockchains in this sector that is being talked about more and more. Use the PPoS protocol (Pure Proof of Stake), very secure, fast with very low costs.
Its blockchain tokens are called ASA (Algorand Standard Asset) and anyone can create them for as little as 0.001 ALGO.
Note: the token in this guide was created for the sole purpose of writing the article. It will not be used or listed. Every 100Count or Cryppo token you find on the market is fake and scam.
In this guide, we will see how to create our own token and to do this, we need to:
- an Algorand wallet, with its addresses to manage the token;
- At least 0.001 ALGO.
First we have to go page and insert our seed, taking care to delete what we will see on the video; then, once inside our portfolio, we must position ourselves on the testnet or the mainnet, according to our needs, and click on the element Create an asset by entering the data from our token.
One of the peculiarities of ASAs is that it is possible manage them completelyi.e. freeze other people’s tokens, transfer them from any account (tax recovery) and put them in a reserve / deposit address, which can be ours or that of another user.
At this point, we send it with the “Create” button and therefore one will be generated transaction consuming only 0.001 ALGO. This will be the end result:
So we can see all the information we have chosen for the creation of the token, the name, the ticker and the quantity.
In addition, there are the relative addresses for the different operations: this is an important part because while it is true that the freeze and recovery function can be useful against fraudulent operations, it is also true that they can allow the author to empty the wallets, so before proceeding with the purchase of an ASA, it is best to check if the associated fields are deleted in order to avoid losing your assets.
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