How to make a crypto token easily with StakeCube Protocol wallet
Years ago before tokens were popular, most cryptocurrencies were considered as coins. Because of this, the ability to launch a cryptocurrency project had some extra layers of difficulty. Establishing a main network, and blockchain for a coin to operate on takes a ton of time, and development team allocation. Later on, as tokens became popular, It gave projects the ability to focus more on use cases, working products, and building up a community. Spending all of a projects development resources maintaining a main chain, aka coin, can cause a severe lack of progress in the other areas. Especially when you can rely on a main network to host a token on, such Ethereum, Binance Coin, Solana, Avalanche and of course StakeCube Protocol, Otherwise known as SCP.
If you have not already signed up at StakeCube.net, You will first need to do this to acquire at least 10 StakeCube Coins (SCC), and a little extra to cover gas. At this time it costs 10 $SCC to create a token on StakeCube Protocol. Which is approximately a cost of $3.60 at the time of writing. Lastly I will mention that StakeCube Coin is the gas to the network, X11 Proof of work miners and Masternode holders of $SCC validate both SCC and SCP network of transactions.
Next step to this process is to download the StakeCube Protocol wallet which can be found at the SCP explorer for all tokens and NFTs on the network.
Download StakeCube Protocol Wallet Here- scpscan.net/download
Once you have successfully downloaded and installed Aeternum, open the wallet and will arrive to a place to enter a password.
Create a password that you will not forget, If this password is forgotten or lost, so will the Coins, Tokens, NFTs and creations made under this wallet.
Now that you have a strong password set, Make sure to write it down, or save it somewhere safe. Next will be arriving at user dashboard.
Feel free to explore and get comfortable with the wallet before diving too much further. After getting a feel for the wallet, click on the settings wheel in top right corner, this step is needed to access the developer tools. As you can see above some things are present on menu that are not when first opening a new wallet.
After selecting settings wheel, Click on Personalization drop down menu, then scroll to the bottom where it says “Display the SCP Developer menu”. After toggling this button, the token creation menu will appear.
There is 3 token standards, however the focus of this article is on SCP-1 and SCP-2 tokens. SCP-1 tokens do not stake, and are able to be a issued supply. Its up to the creator to distribute tokens. SCP-2 Tokens Stake and Burnable. The supply is elastic. There can be a maximum supply set on both standards. SCP-2 tokens have a block reward, and staking age to be determined before launching. Also, at this time 90M is the max supply that can be made for SCP tokens. Today’s demonstration will be on SCP-2 Tokens.
Now that you have decided on a Name, Ticker and Max Supply, Its time to do some calculations to determine block rewards. Block times on SCC aim to average around 2 minutes. This makes a total of 720 Blocks in 24 hours.
I have decided to aim for 90 Tokens as a block reward, which will create around 64.8k tokens per day, 1.94m tokens per month, or 23.238m tokens per year. With inflation at this range, it will take no time at all for Booger Sugar Token to reach max supply. Next is to determine a staking age for your token, this will determine the amount of time needed for tokens to sit idle, also known as maturing before earning stakes. I decided to go with a 4 hour mature time, which results in 120 blocks.
Now that all metrics are in place, check for any errors, double spaces or calculations. Lastly make sure to only click the “Create Token” button once if you have than 10 $SCC in wallet, it may create the same token more than once. A confirmation message will appear that Token is created, It may take 10 minutes or so before token appears on explorer at scpscan.net
As you can see I accidently smashed the button too many times and created 3 tokens. In other words it costed me 30 SCC that were sent to the burn pit to create Booger Sugar Token. Click on the token you created, as the next step to this process will require the token contract ID. This ID will be needed to Mint the initial supply to your SCP wallet.
Now that you know where to find contract ID for token that was created, go back to SCP wallet and RIGHT CLICK anywhere. This will bring up a menu, then click on Toggle Developer Tools and the wallet Console will appear.
Now what you have arrived to the wallet console you can now mint the initial supply for your token. The console should look something like this.
The command to mint new tokens:
mintSCP(“contract_id_here”, 10 * COIN);
So for example here I am going to mint 180k Booger Sugar tokens, here is demonstration of what it would look like.
mintSCP(“cf9904ed03014ef32c44243ecfc2965b5481ad7b4a42076ae829f1a51336637e”, 180000 * COIN);
This command works best if it is copied and pasted. Additional pointer, most functions on SCP wallet work best by using CTRL-V to paste.
After a few minutes, Booger Sugar Token will appear in my wallet Dashboard as ticker BST. Since I setup mature times at 120 Blocks, It will take about 4 hours of tokens being still to earn first stake. These tokens may be transferred and used where needed. Note- If there is a delay for tokens appearing, it may be a good idea to check on the StakeCube Coin explorer to see how block times are doing, although the average block time aims for 2 minutes, it can take much longer for a block to pass, depending on the Proof of Work network on StakeCube Coin.
To wrap things up, Your newly created token will arrive to your SCP wallet dashboard, from here the token will earn stakes, and can be transferred to other SCP wallet users.
PRO TIP- for free distribution, there is a address book on SCPscan.net landing page that is available and free to use for tokens, SCC and NFTs.
Future updates of the wallet, and creation methods will be upgraded and updated over time, things like logos for token creation, a DeFi swap, farm and LP may all be added to the wallet over time. Sky is really the limit for decentralized finance with the StakeCube Protocol.
Thank you for your interest on StakeCube Protocol, If you would like to send me tokens or NFTs from your creations, feel free to do so! and thank you ahead of time! My address- sZMQhTWsNbnwepAxByc5Q2bnRpm4SfCqgU
Main SCP Discord- https://discord.gg/CqX2Ckkmu5
Facebook Page- https://www.facebook.com/StakeCubeEcosystem Facebook group- https://www.facebook.com/groups/stakecube/