Token/Colored-Coin
Introduction
With Burst you are empowered to build your own token(s) / colored coin(s) on the Burst blockchain. The foundation of token / colored coins is the ability of an issuer to set aside some of his BURST and declare that they have a specific color and state his obligations to owners of coins of this specific color. “Color” is used metaphorically – in practice a color will be identified by a ticker symbol and a unique hash.
The token already supports most of the ERC-20 operations out-of-the-box without the need to issue a smart contract. In addition, as an issuer, you are able to pay dividends to your stakeholders in your token. The dividend can be paid in BURST or other tokens.
Easy to create and handle
As an issuer, you define the ticker symbol, the total token supply, and the maximum number of digits the token can be split into.
The issuing of a token costs 1000 BURST. When you send the creation command, you will be immediately able to transfer and trade the token on the internal Token Exchange.
The newly created token, with its total supply, is automatically created on the issuer’s Burst account.
With the built-in function, you are ready to transfer, sell and buy your token, or to pay dividends to your Token holders.
Built-in Token Exchange
The Burst Token Exchange, distinct from the Burst Marketplace, is a built-in decentralized peer-to-peer exchange which eliminates trust points, trading fees and commissions. No third party exercises custodial control and no one is in a position to abscond with entrusted funds, misappropriate them, or otherwise lose them due to poor business practices.
There’s a wide range of applications for potential investments or trades using the Token Exchange due to the fact that a Burst token can be used as a token for almost anything with value. Examples of such token usages:
- Shares
- Bonds
- Payback systems
- Access tokens
- Synthetic investments
- Retirement funds
You can get an overview of all the issued tokens on the BURST blockchain here: Burst-Explorer link.
Tokens listed on the Token Exchange are liquid by nature. They can be easily purchased, resold, or traded. Applying standard business analysis in evaluating the offerings can lead to capital growth for investors while providing the necessary capital for startups or growing businesses. In addition to share price increase, other potential ways for the creators of a token to reward investors is through dividends and distribution of net profits.
An additional benefit for using the Burstcoin Token Exchange is its inherent simplicity.
Tokenize your ideas/business
Issue, trade & transfer with built-in functions
Within the wallet (BRS) from Burstcoin your are empowered to issue Token as you wish.
ERC20 is a popular Ethereum standard for token management and the BURST Token already supports most of the ERC20 operations out of the box without the need to issue a smart contract.
The following attributes need to be set to create a Token :
- ASSET NAME
The name of the asset you intend to issue. This is also the name announced to other traders, allowing them to find this asset.
Mandatory: you cannot issue an unnamed asset. Names are non-unique: multiple assets can be issued with the same name.
Note: for this reason, it is important to pay close when buying or selling!
Length: between 3 and 10 characters.
Characters allowed: uppercase letters, lowercase letters, and numbers. - DESCRIPTION
In this field, you can briefly describe the asset being issued.
Mandatory: this field is mandatory.
Characters allowed: it can contain any Unicode characters but should be URL-encoded. Maximum length of 1,000 characters. - QUANTITY
Specify how many tokens you intend to create.
Mandatory: this field is mandatory. Must be a whole number - DECIMALS
This field defines the divisibility of the token.
As an example, by defining 2 decimals, the minimum amount of tokens you can sell or buy is 0.01.
Mandatory: this field is mandatory.
Limits: 0 to 8 decimals. The latter corresponds to the minimum of 0.00000001 tokens. - FEE
Define the fee related to issuing the asset.
1,000 BURST is the minimum required to issue an asset (to avoid spam assets).
Mandatory: this field is mandatory.
Any balance of Token on your BURST account can be transfered to another BURST account by a minimum fee of 0,00735 BURST.
Tge follwoing attributes need to be set to be able to transfer your Token size :
- BURST Recipient adress
Specifiy the receiver of your Tokens
Mandatory: this field is mandatory. Must be a valid BURST adress. - Quantiy
Specify how many tokens you intend to transfer.
Mandatory: this field is mandatory. Must be a number plus max digits allowed for this Token - Message
You can set a message to the receiver if you like.
Optional: Message can be filled or kept empty
The Token exchange is accessible within the Burstcoin wallet. If your wallet was installed using QBundle you need only to start the wallet and connect to your Burstcoin account.
If you are using a standalone wallet (currently all wallets installed without using QBundle), the exchange is accessed using a standard web browser to connect to your localhost (wallet).
To connect, enter 127.0.0.1:8125 into the address bar.
At the moment a Token is named Asset on the BRS wallet.
Select asset exchange to observe an asset, select add asset and enter the asset id or the issuing account id.
Your selections will be listed along with information such as a description, buy and sell orders, quantity, etc.
You can check the transfer history of assets in your possession which are found under my Assets.
This includes assets that you have purchases as well as any assets that you have issued.
You can check that status of open order by selecting open orders.
From this list you can cancel any order.
Order cancellations are not instantaneous as the order cancellations must be propagated through the network.
There is a possibility that your order may fill while this process is proceeding.
To issue an Token , select issue asset.
The form for entering the asset information will appear.
There are several mechanisms for paying and rewarding your investor.
To do so, you will use one of three Token distribution modules: dividends, automatic asset distribution, or share swap.
Select payout dividends to choose one of the three modules.
By default, the asset exchange does not list any asset.
You must locate the assets that you wish to follow and add them to your list using the add asset button.
There are several online resources (asset exchange explorers) being developed to help rank assets in meaningful ways, such as by volume, number of trades, or another useful metric.
These resources include a variety of filters to help you locate assets of interest.
After locating an asset, you can bookmark it your list.
Note: Incognito mode (or its equivalent) is not supported for adding assets to your watch list. In order for your list to retain the asset that you add to it, your browser must be in normal mode.
By selecting an asset, the interface area will automatically display the corresponding information.
This includes the number of tokens that have been created (“quantity”), how divisible is the token (“asset decimals”), a brief description of the asset, who created the asset (“account”) and the asset identifier (“asset ID”). This information is critical, in fact the asset names are non-unique.
This means that there can be multiple assets that have the same name.
You need to perfom the follwoing action to buy or sell a Token(Asset):
- Select the Token from the list.
- Click on “Buy *Token Name* with BURST“
- Quantity: define the number of assets that you are interested in buying.
- Price: set the amount you are willing to pay. Warning: “price” refers to the cost of a unit of tokens. So, by entering 10, you are willing to pay 10 BURST per token.
- Fee: define the fee (the minimum fee is .00735 BURST).
- Select buy or sell
You can cancel an order at any time. However,
- The process is not instantaneous. Your order may be accepted before your cancellation reaches the network.
- Cancellation orders incur a minimum transaction fee.
- An order that is in the process of being canceled will appear in red in the ‘Open Orders’ menu.