Token Issuing App

KINKCreative

Hello, I'm planning / in the process of a token issue app that does the following for this MVP / phase I:

As a User I can sign in to a Stellar account (pub/private key, not stored anywhere)
As a User I can switch between Testnet and Live network
As a User I can submit a token issuing form:
- Token description
- Token CODE - with live verification if such token code already exists, to display a warning
- Amount of tokens
- Checkbox to auto-generate a distribution account for the tokens (checked and labeled as "recommended") -- display public/private key of distro account prior to generating, and being able to choose starting balance

Testnet token generation and issuance would be free, but for the live network there would be a fee - say 100 XLM for the first issuance with a distro account?

Extras (time permitting):
- As a User I can freeze an account's custom token assets (e.g. if suspecting fraud)

A user would be able to see their issued tokens, quantities and distribution accounts. And at any point able to issue more tokens.

Questions:
- Is anyone opposed to a fee being charged? My logic is - why not, if the service saves time and brings value, and - am I wrong in assuming that people shouldn't just be "cornering" custom currency codes in bulk and like crazy? Especially since the namespace is limited? Also, if not, feedback on the price, please? Tokit.io charges $100-ish to issue your custom ERC-20 token. Due to the type of users in the community, I'd keep the fee in the $20-50 range. Perhaps allowing some sort of a discount code e.g. if you're from a place that has really low income?

Does it make sense that we check for existing currency / token codes or does it actually not matter, since a "XTOKEN" from my account and "XTOKEN" from another account could be completely different? In this case, I suppose, consensus / trust is the one that determines which "token" actually "wins" in the public eye/adoption?

Torkus

KINKCreative

Here, found the link https://publicstellar.com/create/

That's the technical part, but I'd like to offer a service for crowdfunding projects so people can issue "stock" on their startup and ways to sell/redeem private offerings, airdrops, etc.

Just an idea.

Torkus

I like this idea and matter of fact I was thinking on doing the same. There is already a page that I forgot the link that helps in creating tokens and which would be the base for my app since it does it really well, but I was thinking on charging like a lumen or two since there is nothing much to it but since there won't be that many tokens created I guess the price could go up to cover for the development time and code maintenance, so 20 to 50 bucks would be fine.

Go for it, the more the merrier and the user always wins when there is competition.

Torkus

Another thing, token symbols in Stellar won't be squatted since they are linked to an account, so there can be a thousand USD tokens. But still it'd be a good idea to get them early for the first-mover advantage and branding recognition.

KINKCreative

Yeah and Stellar Contracts (GitHub) has the same function available. I think your use case is a natural progression.

What I am aiming for is a view of both the issuer account, the distribution accounts, all the "Issue" transactions and total amount of tokens in circulation and the ability to issue more. So, you'd visually see the "distro" accounts and how many of these tokens they received (if not "currently" hold).

Torkus

KINKCreative

Nice! That's a cool app to work on, a whole ICO management app (still applicable to crowdfunding).

PeruZee

If you try to charge that high of a fee, I will make it in less than a day and make it free. Just saying.

KINKCreative

Torkus Yeah, but I feel I'm probably "short" when it comes to the more complex ICO logic ? But having a one stop app for all that sounds great yeah...