Hey guys, I’m a longtime algo community member. In fact, I served as a community ambassador in the early days. However, I am only just now creating my own ASA for a top secret project my friends and I are planning.
I am curious, is there a simple walk-through on the creation of a basic asa token? I am not personally very tech savvy, but have created a few different ERC20 and BSC tokens with the help of official walk-throughs/guides. If the answer here is no, is anyone here interested possibly in joining our project team as our ASA dev?
The second part of this is this… does anyone have any suggestions for use cases my team and I could implement in our project? We currently have a short list of use cases from which we will choose from and implement. However, in true decentralized fashion I wanted to give the community the chance to give input. What utilities are missing from the crypto space that you’d like to see accomplished with the Algorand platform? Likewise, what are some things that exist in the ETH world but are missing within the ALGO world?
My team and I greatly appreciate your input and consideration!!
Creating a token can be done in a couple of clicks using UI such as https://algodesk.io or https://asset.myalgo.com/.
For developers: Create a fungible token - Algorand Developer Portal
See also GitHub - algorandfoundation/buildweb3: Repository for the Algorand class of the "Building with Blockchain for Web 3.0" course (https://buildweb3.org) if you want a detailed step-by-step guide.
While the pure creation is very easy, there are many things that need to be thought about before creating a real-world token (I’m only including technical-related questions, there are many more questions about business model, marketing, and even more crucially why do you need to create a token):
- What about the number of units/name/…? None of this can be changed.
- I strongly recommend following ARC-3 or ARC-69 from GitHub - algorandfoundation/ARCs: Algorand Requests for Comments if you want your token to be displayed properly.
- How to you handle key management? This is a very hard topic if your token has a high value. Algorand has many solutions that facilitate key management from multisig to rekeying and smart signatures. But this usually requires a security expert to setup properly if you want security. (For a test token on TestNet, obviously no such issues arise.)
- How do you exchange your token? One option is TinyMan (https://tinyman.org/): but how do you provide liquidity?
Note also this post to make your token verified:
It depends a lot of the size of the project.
I would start by looking at bounties: GitHub - algorandfoundation/grow-algorand: Grow Algorand and Earn ALGOs ❤️