Before you rush into creating a mintable token, you need to choose the best Ethereum token development company that will tick all the token development checklist. That’s very important one can take lightly as the destiny of your mintable ERC20 tokens literally depends on it. And if you’re planning to create the mintable ERC20 token, you shouldn’t forget about convenience as well.
Picking the right Ethereum token development company is almost like picking a right business solution: you want it to be safe, squeeze in all of your belongings, have all the right amenities, and it might as well be scalable and look reliable.
We are well-known about What is Ethereum Tokens and it's different types of standards before we going to the topic we just recall about what is tokens and it's standards in a simple process.
What is Token?
Usually, a token is any transferrable unit of value on a blockchain. A bitcoin is the token of the bitcoin blockchain, ether is the token of the Ethereum blockchain, Tokens perform a digital asset or utility and exist on top of the blockchain. They are tradeable goods and can enact coins, loyalty points, in-game assets, and so on. They can even be recoverable for a service an issuer will provide at a later date. Tokens can be issued on blockchains like Ethereum, Waves, Minter and TRON. Most of the tokens are launched on the Ethereum blockchain. A token is actually just a representation of value which can change owners. The most widely used token standard is Ethereum’s ERC20.
What is ERC20?
ERC20, the Ethereum token standard, is a technical standard used for smart contracts on the Ethereum blockchain. This is the same standard that the vast majority of ICOs uses and launches today.
ERC20 tokens frequently have the following basic characteristics that are decided at the onset:
What I’ve explained above is the most common type of crypto-token. Here we list out below some of the Additional features are:
Further reading - What is Ethereum Tokens? A startup guide for beginners!
Yes, finally you get some basic idea about Ethereum tokens especially about erc20 token standards, let's come to the topic, In this blog will explain What is mintable ERC20 token? and what are the main differences between mintable and minable tokens, what is the primary role of Minter and how to create a mintable ERC20 token? what are some successful mintable ERC20 token projects? & more...
What is Mintable ERC20 Token?
A mintable erc20 token is a token with a non-fixed total supply, allowing the token owner to “mint” more tokens whenever they want. Adds a mint method to the ERC standards-based token contract, which can be used by the owner to create tokens for specific addresses. Also adds a disable Minting method that can stop the minting process irreversibly.
The mint function is defined like this in Solidity:
Ref - programtheblockchain.com
New tokens can be minted only by an address which is set to be in a Minter role. If no address is in Minter role, then no one can create new tokens.
What is Minting?
The minting process can be ended once it is no longer considered required, but keep in mind that once it is ended, it cannot be restarted again. And one more thing to note is that the minting process should not be concluded while a token crowd sale is ongoing as it would normally put an end to the crowd-sale since no more tokens can be minted and thus sold to more new investors.
Minable Tokens Vs Mintable Tokens:
Actually, most of the people misunderstanding the topic of What is Minting and Mining in crypto tokens. Let's differentiate here:
Mineable tokens are tokens which can be created or minted based some activity and also it is usually limited as per consensus rules of that blockchain and needs spending energy and money. This so-called activity can be anything, i.e, It can be as crazy as solving some easiest puzzles and add it to the transaction data, depending upon the insanity level of the token programmer/team.
Mintable tokens are also a way of creating tokens where you don't have to wait for some activity, you as the contract creator can create a token whenever you want. With the help of smart contract function, it can create unlimited no.of tokens without spending more energy or cost.
Advantages of Mintable ERC20 Tokens:
Mintable tokens are awesome and, for the most part, tokenization of all the things has a positive and bright future. On a high-tech level, it’s important to note that Mintable tokens tend to help with a variety of business cases.
Mintable Tokens in ICO:
Since the normal ICO's ERC20 token is limited, it was a drawback for the several fundraisers, because they were supposed to provide the tokens for the pre investors, stakeholders, providing airdrop and bounty program for the marketing. So they were unable to do the several phases of the ICO like Pre-ICO, ICO, and Post-ICO. It like they can't transfer the authority and they can't increase the tokens total supply. Owing to the concern now as the miners are doing the mining for the coin, Ethereum updates its Standard of ERC20 as Mintable by just inheriting a new code. Now we can create n number of tokens when we need, there is no limit for that. As it was limit for the ICO that the unsold token will be automatically burnt Based on this like fundraisers can create the new tokens and get their ICO successful in several phases
Next thing, you can figure out your mintable Erc20 token based on your business model.
You can use Mintable ERC20 Tokens as coupons or vouchers. For Example, You can decide that a token is worth a 40% discount on a certain product. This will
Create an artificial market for your mintable tokens, making them worth something to your customers.
Mintable Tokens can be given away as a reward for contests or for filling out surveys to incentivize people to participate.
You can use Mintable Tokens as “members club”. You can decide that token owners are now members of your member’s club and get special discounts.
What can you create using Mintable?
Mintable allows you to create your very own ERC-20 & ERC-721 standard tokens and smart contract for the various business model. Mintable allows you to create a digital asset or token that you can sell for cryptocurrencies on marketplaces.
For example, If you create ERC-721 standard-based digital items then you can take a picture, some characteristics, give it a name, make it rare, and sell away for a profit. With each smart contract, you can create multiple tokens and these tokens can be used to represent your digital items.
How Mintable is Unique?
Mintable is unique because it allows you to create and own your token and smart contract. You decide what the contract is for and you choose what the tokens represent and how many there are.
So how can you use these mintable ERC-20 & ERC-721 tokens in the real world?
There are various ways you can use your tokens, some of these include:
Some of the Mintable ERC20 Token Project examples are:
Mintable erc20 tokens are very popular and numerous mintable tokens have already been deployed to the Ethereum blockchain network. Together, the value of all ERC20 tokens is in the billions of US Dollars. Some of the largest tokens in use today are
1. Dai (DAI) - it is a USD-pegged stable coin built on the Ethereum blockchain network and has no centralized authority. Its $1 USD equivalent is maintained through automatic pricing mechanisms built into smart contracts.
2. Status (SNT) - Status (SNT) is an open-source messaging platform and mobile interface built to interact with applications that run on the Ethereum blockchain network. The Status Network token is a utility token that fuels a decentralized push notification market, governance of the Status client, along with curation of user-generated content on the network.
3.Decentraland (MANA) - It defines itself as a virtual reality platform powered by the Ethereum blockchain network that allows users to create, experience, and monetize content and applications. In this virtual world, users purchase plots of land that they can later navigate, build upon, and monetize. Decentraland uses two tokens: MANA and LAND. MANA is an ERC20 token that must be burned to acquire non-fungible ERC721 LAND tokens.
How to create Mintable ERC20 tokens on Ethereum Solidity?
Creating your own Mintable ERC20 tokens consist of implementing an ERC20-compliant smart contract and deploying it on the Ethereum network. There are countless guides that cover the mintable token generation, however they need programming skills with a deep understanding of how Mintable Ethereum blockchain works.
If you want to create your own Mintable ERC20 token then you are search is end here. As a leading Ethereum token development company, Developcoins provides end-to-end Ethereum token development services and solutions. Our team of developers provide the token creation checklist that will enable you to create your own mintable ERC20 token effectively. With the help of our token creation checklist, you can create the name and symbol of the token, as well as initial supply.
Do you want to Create a new Mintable Token, or looking for a Solidity developer?
Developcoins helps business build Mintable tokens with Solidity. If you have a token creation project where you need solidity developer resources, drop us a line. Developcoins can help you estimate build time for given product and feature specs, and provide specialized Solidity developers as you need them. If you’re building crypto token & Smart contract with Solidity, check out here!