I am excited to share a super simple process for issuing tokens on a blockchain network that takes only a few minutes. The full process is detailed in the YouTube video: https://www.youtube.com/watch?v=y4BTmojgC4Y.

We are using the Waves blockchain to issue the token. We get to choose how many units to issue, how many decimals they divide by, and the name. We can also choose to make the crypto asset re-issuable or not. This is one of the simplest use-cases for blockchain. Other than as a traditional currency, tokens can represent: voting rights in an organization, customer rewards points, niche digital payments, and many more. One major issue with blockchain however is that it is not typically the best choice for any of these systems.

In general blockchain provides a trust-less way to decentralize software application logic. The thing is not many applications would benefit from using blockchain over having one company control the servers and administration of the application. It’s typically more expensive and complicated to build blockchain systems, creating a risk/reward ratio very difference from building a traditional (centralized) software application.

Overall blockchain needs to be assessed on a case-by-case basis, and should not be assumed to be a ‘superior’ technology in all situations. That being said, blockchain in large public corporations tracking supply chains, or governments using it to track and publicly report spending or votes could be excellent applications for blockchain in the future.

If you want to see more blockchain (or other specific tech videos), leave a comment below.