Tokens on Coreum: A Complete Guide for Developers and Builders

The world of blockchain technology is expanding, and with it comes the need for developers and builders to explore the potential of creating and managing tokens on platforms like Coreum. Coreum offers a decentralized ecosystem that empowers users to tokenize assets easily.

But what exactly does it mean to create tokens on Coreum, and how can developers utilize this functionality to build their own assets?

In this complete guide, we will break down the key features, functionalities, and steps involved in issuing and managing fungible tokens on Coreum, specifically through the Assetft module and its interaction with the Cosmos SDK’s native bank module. Let’s dive right in!

What Are Tokens on Coreum?

Tokens on Coreum are digital assets that can be created and managed on the blockchain. Specifically, fungible tokens (tokens that are interchangeable and have equal value) can be issued, minted, burned, frozen, and transferred with different levels of control.

Coreum offers a robust structure to manage these tokens, integrating several features like whitelisting, freezing, and smart contract interactions.

Features of Tokens on Coreum

Here are the primary functionalities provided by the Assetft module that allow for the creation and management of tokens:

1. Minting – This allows the token issuer to create new tokens and increase the total supply whenever necessary.
2. Burning – Burn tokens from circulation, reducing the total supply.
3. Freezing – Prevent certain accounts from spending their tokens by freezing their balances.
4. Whitelisting – Allow only specific accounts to receive a token.
5. IBC Transfers – Facilitate token transfers across different blockchain networks via the Inter-Blockchain Communication (IBC) protocol.
6. Block Smart Contracts – Restrict tokens from being sent to smart contracts if required.
7. Clawback – Give admins the ability to confiscate tokens from accounts if necessary.

Each of these features allows token issuers to have granular control over their tokens, ensuring that they can meet their specific needs and requirements.

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How to Issue Tokens on Coreum?

The process of issuing a token on Coreum involves defining a few key parameters:

1. Denomination Naming

   Choose a name for your token's subunit. The token's main identifier will be formed by combining the subunit with the issuer’s address.

2. Symbol and Precision

   These are for display purposes only. For example, if you want to represent Bitcoin on Coreum, you might use "satoshi" as the subunit and "BTC" as the symbol with a precision of 8.

3. Admin Privileges

   The issuer of the token is the admin, and they can transfer admin privileges to another account if necessary.

After defining these parameters, the admin can issue the token to their address, where the total supply will be delivered.

Key Features to Control Token Behavior

Once a token is issued, the admin can enable or disable several features:

• Minting: Enables further minting of the token.
• Burning: Allows the burning of tokens.
• Freezing/Unfreezing: Freezes specific accounts’ token balances.
• IBC Transfers: Decides whether the token can be transferred across blockchains.
• Whitelisting: Limits token reception to certain accounts.
• Clawback: Enables the admin to reclaim tokens from accounts.

These features can be customized during token issuance, giving developers complete control over their tokens’ behavior.

Interacting with Tokens on Coreum

Once tokens are created, they can interact with different blockchain features such as IBC and smart contracts. However, some restrictions may apply based on the features enabled by the admin.

For instance, tokens with the Block Smart Contracts feature enabled will not be allowed to interact with smart contracts, while others may be freely transferred or minted.

Additionally, developers can utilize the Extension feature to attach smart contracts to tokens, offering even more customization. However, it’s important to note that IBC and Extension features cannot be used simultaneously.

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Conclusion

Coreum provides a versatile and powerful platform for creating and managing tokens with high flexibility and control. Developers can issue tokens, manage their supply, and apply various features such as freezing, whitelisting, and minting.

By leveraging Coreum’s features, token creators can ensure their assets meet specific needs while maintaining a secure and decentralized system.

FAQs

1. How do I issue a token on Coreum?

To issue a token, you need to provide a name for the subunit, a symbol, and a precision value. The token will be identified by combining the subunit name and the issuer’s address. You also define the features enabled for the token, such as minting and burning.

2. What is the IBC feature in Coreum?

The IBC (Inter-Blockchain Communication) feature allows tokens to be transferred across different blockchain networks. If enabled, tokens can be sent to and received from other IBC-enabled blockchains, allowing for seamless interoperability.

3. Can I freeze a token’s balance on Coreum?

Yes, Coreum allows the admin to freeze an account’s token balance. This feature ensures that certain tokens cannot be transferred by the user until the frozen amount is unlocked or unfrozen by the admin.