The Mintable Token feature that came with the TokenGen 3.5 update basically allows users to create tokens and send them to addresses of their choice. In this article, we will cover just how simple it is to use this new feature.
What is the Mintable Token Feature Used for?
In the case where you want to have control over the total supply of tokens, even after the fundraiser has ended, you want to use the Mintable Token feature. It allows you to send as many tokens as you want to as many addresses as you want and you can do it until you decide to put an end to the minting process.
It is important to note here that, once the minting process is ended, it cannot be restarted. So be careful not to end the minting process while a fundraiser is ongoing because that would ultimately put an end to it as no more tokens can be created once the minting process is finished.
Using the Mintable Token Feature
First of all, in order to use the Mintable Token feature, you need to make sure you have it selected when you are creating your TokenGen project:
Once you have that covered, and your project is paid for and built by TokenGen, you can then deploy it (here’s how), and head over to the Manage Contract interface:
From here, all you need to do is use the actions across the Minter and Minter Status variables. Using the Mint Tokens action across the Minter contract variable, you can create and send tokens to any address of your choosing:
Just provide a valid address and the amount of tokens you would like to send, and then click the Submit button. TokenGen will generate the necessary MetaMask transaction and all you need to do is confirm it and wait until it is included in a block. For this guide, I will send myself 1,000 of these New Tokens. As you can see, the total supply is currently 1,000 NT, so once I send myself another 1,000, it should be 2,000:
Just as expected. Now, if you decide that minting new tokens is no longer needed, you can disable the minting process and no more of your tokens will ever be created. The way you do it is by clicking on the Disable Minting action across the Minting Status contract variable and then confirming the generated MetaMask transaction. Once the transaction is validated by the Ethereum network, you will see that the Mint Tokens and Disable Minting actions will become disabled and thus put an end to the minting process:
That is pretty much all there is to the Mintable Token feature.
We want to once again warn that, disabling the minting process while a fundraiser is ongoing will render the latter invalid since no more tokens can be created. Another thing to note is that, only the owner of the contract can mint tokens so be careful not to lose control of that account. That being said, use the Mintable Token feature with caution as inflation applies to cryptocurrencies as well and you don’t want your token to be another Zimbabwe dollar.