Easily create, hold and trade NFTs on Tokel
Tokel is a platform designed to make it simple for anyone to create, hold and trade NFTs and tokens. Launched as a Komodo smart chain, it is an independent blockchain that implements the Antara Modules from the Komodo platform. According to the development team, the Tokel architecture will give token projects access to an open-source and ready-to-use ecosystem in which they can develop, create, manage, and use their tokens in any way they need to best achieve their goals.
One major concern of all developers when building projects is gas fees, especially when developing on Ethereum. But with Tokel, there will be no gas fees associated with the platform. In addition, TKL-coin holders can create tokens while conducting transactions on the blockchain. Moreover, Tokel is a decentralized token platform that is currently in development. Below are the six core ecosystem components that when fully launched, Tokel hopes will propel them to being a serious contender in the NFT space.
Tokel under the hood
Tokel is built using Komodo’s smart chain technology and was launched as a standalone blockchain. The Tokel network has its blockchain and associated hash rate, integrating the Proof-of-Work algorithm. The UTXO-based Tokel network doesn’t support smart contract functionality through transactions. The chain adopts Komodo’s smart-UTXO features and also includes Antara Modules. The modules developed by this project will be used to construct the token platform, provide projects with access to cutting-edge existing technologies, and enable projects to create their unique applications.
Tokel Coin (TKL)
TKL is the utility coin of the network and its role is to generate token value through the usage of the token exchange and NFT marketplace. To generate new tokens or complete token trades, all the tokens must be kept in a single wallet. The fewer tokens are in circulation, the lower the total supply of TKL. These fundamental characteristics contribute to the TKL coin’s value with the desired result, deflation of TKL.
Under half of the total coin supply will be premined when Tokel is launched. About 60% of these TKL will be provided to the community in various ways, while the remaining 40% will be given to the team.
- Initial adopters allocation: 20 million TKL
- Early adopters allocation: 20 million TKL
- Trading incentives/liquidity allocation: 10 million TKL
- Incubation/development/bounty allocation: 10 million TKL
- Team allocation: 40 million TKL
- Total: 100 million TKL
Why Tokel is different
Cryptocurrencies are powered by blockchain technology which ultimately boils down to data. When you send or receive coins or tokens, small amounts of data are being created that only your private key can access. Over time, as blockchain technology has become more popular and more people started using cryptocurrency, the amount of data in the blockchain has grown. At some point, this leads to bottlenecks.
Traditionally, Simple Payment Verification (SPV), which was outlined in Section 8 of Satoshi Nakamoto’s original Bitcoin white paper, has been the solution to this inevitable data bottleneck. However, SPV itself is a limited solution, as it, too, will eventually reach a point where it requires an excessive amount of data. Current implementations of SPV are also resource-intensive, prohibiting integration to small devices and limiting compatibility with the decentralized internet and the internet of things. Komodo’s lead developer recently developed a new superlight client technology called nSPV. It is hundreds of times more efficient than traditional SPV methods and more secure than ordinary SPV. Claiming that it is so efficient that even tiny electronic devices can run blockchain clients, opening up the door for mass adoption of blockchain technology through the internet of things.
The Tokel application is built using nSPV superlite wallet technology developed by the Komodo platform, for a fast and reliable experience. This application accesses all of the features offered on the Tokel blockchain whilst keeping users’ funds in their wallets. This application is in development. You can keep up with progress on the github, or join their discord channel.
By leveraging existing Komodo Technologies, Tokel will lay a solid foundation on which token projects can be launched and thrive in the future. This will be accomplished by developing end-to-end token solutions for tokens with a fixed supply and non-fungibility (NFTs).
For projects and businesses looking to take advantage of token economics or token applications, this encompasses everything from the blockchain architecture to information, assistance, and open-sourced applications.
Projects and businesses can also benefit from the streamlined token creation processes, integration of token explorer and wallet functionality, trade on the decentralized exchange immediately, and effective use of the NFT marketplace, among other features. The main features of Tokel include:
Coin Wallet – Users can maintain complete control over private keys and keep track of their coins.
Token Explorer – Enables access to knowledge and essential information of each token on the Tokel blockchain.
DEX – Built-in tokenDEX allows holders and traders to trade their favorite tokens on the blockchain.
Token Wallet – All-in-one token wallet allowing users to keep track of every token on the blockchain.
NFT Marketplace – Tokels NFT marketplace will allow participants to buy, sell, hold, own, and send cryptocurrency Additionally, any token with a supply of one is eligible to be listed on the exchange with fees lower than on any other platform.
Token Creation Tool – Easily make personalized tokens with the help of the token creation tool.
Advantages of the Tokel Creation Tool
The platform features a straightforward graphical user interface for token usage, management, and creation. Additionally, the use of the TKL TEST chain is entirely free to test any token or Antara Module before their launch or integration. Moreover, tokens are protected by the hash rate of Litecoin, which uses KMD delayed proof of work technology. Thanks to Tokel’s on-chain tokenDEX and NFT marketplace, tokens will be available for sale immediately after creation.
Additionally, token exchange partnerships become possible and open up the option for a created token to be listed on a centralized exchange. With exchanges required to only maintain the Tokel chain to access every single token on the chain.
How much does it cost to mint NFTs with Tokel?
Each transaction on the Tokel blockchain costs roughly 0.0001 TKL. This can be reduced as well, but we will use this amount for this example. Any TKL used to create tokens is effectively removed from the TKL supply as you cannot reverse the minting process. Once a token/NFT is created, the data is there for as long as the blockchain remains.
So in essence, It costs 0.00000001 TKL to create a single NFT. With 1 TKL you can:
- Create 100 million NFTs, or
- Create a token with a supply of 100 million, or
- Create 10,000 transactions on the blockchain.
At the moment you can only create tokens using a Tokel full node and through Command Line Interface (CLI). The team is continuing to develop the above-mentioned all-in-one superlite application which will feature a token creation page. If you’re interested in creating your tokens using CLI, we suggest reading the how-to guide.
If you’d like to try this out on the Tokel Test (TKLTEST) chain before launching a token on the main chain (TOKEL), check out this documentation.
Roadmap and Summary
The announced partnership with the Komodo Platform – a longstanding cryptocurrency in the market can provide some reassurances of the promise of Tokel delivering on expectations.
Komodo is an open, composable blockchain platform. With a unique multi-chain design, Komodo is focused on providing fully composable blockchain solutions for independent developers, startups, and enterprise businesses alike. Komodo inherits the characteristics and strengths of both Zcash and Bitcoin cryptocurrencies and can potentially become one of the fastest, most secure, and decentralized ecosystems on the market.
Phase 1 and 2 are now completed. The Tokel project roadmap is currently in Phase 3, which got underway in July 2021. During this phase, the project is focused on Tokel initial DEX Offering (IDO), Token Wallet Launch, and further Community Engagement. Tokel will use AtomicDEX to conduct an IDO with early adopters able to purchase and use the Tokel app to contribute to the Tokel Platform’s development. With the launch of Token Wallet, users can interact with all the tokens available as well as store, send and receive their favorite tokens.