Over the previous couple of months, Easy Ledger Protocol (SLP) tokens have been extremely popular amongst Bitcoin Money (BCH) supporters and there’s been all kinds of distinctive tokens created. Since then Memo.money, the onchain social community constructed on Bitcoin Money has revealed customers can’t solely retailer tokens with the applying’s native pockets, however they will now create their very own SLP-based cash inside the Memo platform as properly.

Additionally learn: How to Create Your Own SLP Token Using the Electron Cash Wallet

The BCH group has been properly conscious of the Simple Ledger Protocol and the way a lot the venture has developed for the reason that platform first launched. The protocol permits anybody to simply create, commerce, and handle distinctive tokens which might be created on the BCH chain. Actually, anybody on this planet can create a token in seconds and it prices lower than a penny to supply. For the reason that SLP venture launched there’s been loads of tokens created and there’s a wide range of wallets that maintain them, an SLP transaction explorer, and now Memo.cash has added an alternative choice for token creation. Again in March, information.Bitcoin.com gave our readers step-by-step instructions about tips on how to create an SLP-based token utilizing the Electron Money mild shopper. Now we’re going to provide you a fast lesson on tips on how to forge an SLP token utilizing the Memo.money social community.

Creating Your Own SLP-Based Token Using Memo
Memo.money is a social community constructed on Bitcoin Money, customers can create a profile, put up a standing, add photos, and even retailer and create SLP tokens now. Memo is each a protocol and a front-end utility that makes use of the BCH chain to retailer written knowledge.

With a purpose to create a token utilizing Memo, that you must have an account. I created a model new profile to point out individuals how straightforward it’s to get began. First head to the web site Memo.money and choose the signup tab and from there the positioning will direct you to the account registration page. All that you must do to signup is create a username, password and choose the create key tab. Additionally, you will be required to simply accept a disclaimer, which principally says that you simply perceive that every part is noncustodial and Memo takes no duty on your account.

Creating Your Own SLP-Based Token Using Memo
Creating an SLP-based token on the Memo.money platform is simple and takes solely a minute if you have already got an account on the onchain social community. Memo permits you to select a ticker, identify, the variety of decimals your token shall be divisible by, a doc URL, and the variety of tokens you wish to create.

Signing up for Memo takes lower than a minute and from right here you possibly can browse the platform and cargo up your account with BCH. A small fraction of BCH is required for while you’re utilizing Memo as a result of each motion is completed onchain for a tiny variety of satoshis. This consists of setting your profile identify, description, and your profile image. It’s good to have a small fraction of BCH in your Memo pockets for token creation as properly. You don’t want so as to add plenty of funds as anybody can fiddle with Memo with as little as $0.10-0.50 worth of bitcoin cash.

Creating Your Own SLP-Based Token Using Memo
The Memo platform permits you to retailer, ship and obtain SLP-based tokens. The Memo pockets supplies a Easy Ledger Protocol handle and you may toggle between sending BCH and tokens with ease.

After getting a really feel for the performance of Memo, head to the web page memo.cash/token/create and the platform will will let you generate an SLP token based mostly in your specs. This implies you possibly can customise the token’s ticker, the identify, what number of decimals the token might be divided by, and the preliminary amount. Additional, you can too tether an internet hyperlink to the tokens as properly giving them extra personalization.

Creating Your Own SLP-Based Token Using Memo
The one factor it’s best to be aware when creating an SLP token utilizing Memo.money is that the genesis creation is introduced in your consumer profile. Additional, while you ship SLP tokens on Memo they may even be recorded in your profile. For those who don’t need your token introduced on this trend then selecting to create an SLP token with Electron Money can be extra preferable for you.

For my instance creation, I created a bunch of tokens known as “The Triforce of Knowledge” and the token’s ticker known as “Zelda.” I made a decision to make Zelda tokens non-divisible, however you may make tokens divisible by 9 decimals. From right here I made a decision to create 45 billion Zelda and I additionally connected a URL to those tokens which result in the official Zelda homepage.

Creating Your Own SLP-Based Token Using Memo
I ship 5 billion Zelda to my Badger Pockets and the ship from Memo went easily.

After you’re pleased with all of the custom-made attributes of your token, merely press “create” and Memo will broadcast the transaction over the BCH community. After creation, Memo will present you the transaction ID and all of the opcode knowledge as properly. It’s also possible to view the token’s genesis on a block explorer like Bitcoin.com’s BCH explorer to view the token’s metadata, and Simpleledger.info as properly. As a result of Memo accounts have SLP addresses now, you possibly can ship funds to Memo customers however you can too ship them to people utilizing wallets just like the Badger Wallet, Crescent Cash, Monarch Wallet, and the Electron Cash SLP version. It’s value noting that making a token on Memo shall be etched into your profile without end. So individuals who wish to launch a token in a extra non-public method ought to ponder utilizing the Electron Cash method to create an SLP token. Creating an SLP token with Memo is tremendous straightforward, nonetheless, and creating one might be executed very quickly if you have already got a Memo account.

What do you concentrate on creating an SLP token utilizing the Memo.money platform? Tell us what you concentrate on this topic within the feedback part under.

Picture credit: Shutterstock, Memo.money, Badger Pockets, and Pixabay.

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Tags on this story
Badger Wallet, BCH, bitcoin cash, Creating Tokens, Crescent Cash, Cryptocurrency, Electron Cash SLP version., guide, Memo, Memo.cash, Name, Simple Ledger Protocol, SLP, Social Network, ticker, Tokens, walkthrough, Zelda

Jamie Redman

Jamie Redman is a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open supply code, and decentralized purposes. Redman has written 1000’s of articles for information.Bitcoin.com concerning the disruptive protocols rising at the moment.

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