Bitxor's Simple Token ID (STID) is a key feature that enables the creation and management of tokens in the Bitxor Protocol. Tokens are digital assets that represent a collection of identical items, such as reward points, shares, votes or even other currencies. With Bitxor's Simple Token ID, users can create custom tokens with specific properties and use them in a variety of ways.

Creating a token using Bitxor

To create a token using Bitxor, there are two main methods available: using the desktop wallet or using the SDK. Both methods are described below:

Method 1: Using the desktop wallet.

    1. Open the Bitxor desktop wallet.
    2. Click on the “Tokens” tab in the left side menu.
    3. Click the “Create new tokens” tab at the top of the page.
    4. Define the properties of the token you want to create. You can refer to the “Token properties” in the documentation to decide how to configure your token.
    5. Click on “Submit”.
    6. Verify the information in the pop-up box and enter your wallet password. Click “Confirm”. This will send the transaction to the network.
    7. Once the transaction is confirmed, you can verify that the token has been created by returning to the “Ownership Tokens” tab.

Method 2: Using the SDK

    1. Open a new file and define a “TokenDefinitionTransaction” (Token definition transaction).
    2. This transaction defines the properties that your token will have.
    3. Make sure you have configured the network type, private key, lifetime, custom token flags, divisibility and nonce according to your needs.
    4. Use the Bitxor SDK to create the token definition transaction.
    5. Send the transaction to the network using the SDK.

Bitxor Simple Token ID Usage Examples

Once you have created a token using Bitxor, you can use the Simple Token ID for various applications. Here are some usage examples:

    • Loyalty rewards: create a token to reward your most loyal customers. You can give them tokens as a reward for their purchases or their participation in loyalty programs.
    • Asset shares: Tokenize physical assets such as real estate or artwork and issue shares of those assets as tokens. This allows investors to own a fractional share of the assets.
    • Alternative currencies: Create your own digital currency using tokens. You can set specific rules for the issuance and transfer of the tokens, allowing you to have greater control over the economics of your currency.
    • Decentralized voting: Use tokens for decentralized voting. Each token represents one vote and the results are transparently recorded on the Bitxor blockchain.

These are just a few examples of how you can use Bitxor’s Simple Token ID. The flexibility and customizable features of tokens allow for a wide range of use cases.

Bitxor’s Simple Token ID provides a powerful solution for token creation and management on the Bitxor platform. With configurable token creation methods and properties, users have the ability to create custom tokens and use them in a variety of applications. Whether for loyalty rewards, asset shares, altcoins or decentralized voting, Bitxor tokens offer flexibility and opportunities for innovation.

Start exploring the possibilities of Bitxor’s Simple Token ID and unlock the potential of tokens in Bitxor!

Related publications: