On Omnibasis, digital currency or cryptocurrency represented by a divisible asset that can be tracked on Blockchain.
A divisible asset is an asset that has a fixed number of sub-assets linked to it. This means that when you create a digital currency or cryptocurrency asset, it should contain a desired quantity of that asset that represent your digital currency or cryptocurrency supply of coins or tokens.
When creating a digital currency or cryptocurrency asset on Omnibasis, the number of the sub-assets (coins or tokens) that you want to create needs to be specified in the beginning. That number represents your fixed total supply of coins or tokens.
The sample below illustrates how to create a digital currency or cryptocurrency asset with 10,000,000 coins or tokens.
Navigate to omniLedger \ Ledger Accounts and click Create from action menu at top right corner.
Configure Digital Currency or Cryptocurrency
- Select Account on Omnibasis for account type.
- Specify Opening balance. In our example, its 10,000,000. Note: Digital currency or Cryptocurrency account on Omnibasis requires an opening balance. The maximum is 9,000,000,000,000,000,000.
- Select your digital currency under Currency. Learn how to define digital currency.
Setup Optional Details
Navigate to Details section to setup optional details. For example, you can configure fees that will be charged with every transaction in this account.
Navigate to Blockchain section to configure the use of Blockchain for your digital currency or cryptocurrency.
- Select Use Blockchain network to verify and store transactions to store all transactions in your digital currency on Blockchain.
- Optionally select your own Blockchain network. By default, Omnibasis network will be used.
- If you want to encrypt all transaction data when it is stored on Blockchain, choose Encrypt data.
- For added security, you can add a paraphrase. It will be required anytime you want to create transaction for this account. Click Generate new paraphrase to help you to create a random paraphrase. Write down this paraphrase, if you forget or loose it, you will not be able to complete transactions on this account.
Create New Digital Currency or Cryptocurrency
Click Save to create new digital currency or cryptocurrency account with an initial balance. This is all, no programming required. You just created your own Digital Currency or Cryptocurrency.