Did you know that you can create a new cryptocurrency or a crypto token on Hive with just less than 100$? Read this post further to know how it can be done. There are several platforms available online for us to create our crypto token for our project. Most of the blockchains have a facility for that. Ethereum and Binance Smart Chain is one of the popular examples. There are a lot more too but I don't want to list out everything in this article.
The good thing is, we can create a token for our project on Hive Engine by providing details about the token and the project. The token creation cost is 100 BEE and you can literally keep the token supply to unlimited or a limited value based on your need. This facility is available on Hive Engine which is a sidechain to Hive. Even though we don't have this facility directly on Hive, good that we have a side chain that has a smart media token creation capability.
Is it fully decentralized?
If you ask this question, I would say that most of the important aspects of Hive Engine are decentralized. The side chain itself runs with a code that is open source and witnessed by 20 top witnesses who run the sidechain for us. (I'm one among them too). It is true that some of the aspects of this Hive Engine is not fully decentralized but it still works for projects that don't need full decentralization.
People who create tokens on Hive Engine will be able to decide the tokenomics and they have full control to mint how much ever tokens they would like to mint. But whoever is starting a project will publically announce how many tokens will be minted and how many will be pre-minted and how they will be used. Otherwise, there is a small chance of centralization there where the token minting is not fully through a smart contract. If the investors are okay with this, then it should be a good thing to go.
Even though we have a bit of centralization here, people still like some of the projects on the Hive engine and are investing a huge amount of money here. The main reason behind this is that we don't have another alternative or a fully decentralized option here.
Advantages of creating tokens on Hive Engine
There are lots of advantages to creating a token on Hive Engine. Even though there are a few disadvantages, I personally think that we should be looking at the advantages more than the disadvantages.
Token creation fees are only 100 BEE which is less than 100 $.
People can define their own tokenomics based on their project need.
There are no transaction fees or any gas fees while transferring the tokens from one user to another user.
Easy and simple place to launch your big idea.
Hive community is very welcoming. There are lots of users who are eager to invest in new concepts that are really good.
Hive Engine tokens can be integrated with other chains and other exchanges as well.
Disadvantages
I do think that there are a few disadvantages as well which really need addressing.
Documentation should be improved. There is a documentation available for Hive Engine but it is not clean and structured.
The Hive Engine team focuses on bringing new features and innovations but they sometimes miss to improvise the existing features.
The tokens and NFTs created on Hive Engine are centralized and the minting is controlled by either an individual or a group of individuals.
Currently, there is no capability to write our own smart contracts on Hive Engine.
There are many aspects that are still highly decentralized.
I'm not trying to write a review here about Hive Engine. I will definitely agree that Hive Engine is the best thing we got on Hive Ecosystem and it is definitely one of the best innovations that one can have on Hive but it will be great to see it grow furthermore in a decentralized way.
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This is a really great idea. I'm pleased to see that such a facility exists in the Hive ecosystem and will most likely make use of it when I start leveraging Hive in my projects (once I get to that stage, of course).
As far as decentralisation goes, I don't think a network will ever be fully decentralised, since the nodes are always going to be owned by some group or organisation of people.