This tutorial is designed to introduce you to the process of tokenizing real-world assets using blockchain. Tokenization is a method that converts rights to an asset into a digital token.
By the end of this tutorial, you should be able to understand:
- What tokenization means
- How to tokenize real-world assets using blockchain
- The benefits of tokenization
Basic understanding of blockchain technology and some programming experience will be beneficial.
Tokenization is the process of converting some form of asset into a token that can be moved, recorded, or stored on a blockchain system. This means that real-world assets can be controlled and exchanged in a digital space.
Let's consider we're using Ethereum blockchain and Solidity language to develop our token.
pragma solidity ^0.5.0;
import "https://github.com/OpenZeppelin/openzeppelin-contracts/blob/master/contracts/token/ERC20/ERC20.sol";
import "https://github.com/OpenZeppelin/openzeppelin-contracts/blob/master/contracts/token/ERC20/ERC20Detailed.sol";
// Defining our token contract
contract MyToken is ERC20, ERC20Detailed {
constructor(uint256 initialSupply) ERC20Detailed("MyToken", "MTK", 2) public {
_mint(msg.sender, initialSupply);
}
}
This code creates a new token named "MyToken" with a symbol "MTK". The "_mint" function is called to issue the initial supply to the issuer's address.
In this tutorial, we've learned about tokenizing real-world assets using blockchain. We covered the tokenization process, some best practices, and also created a basic token using Solidity.
Tips for Further Practice: Explore other blockchain platforms like Binance Smart Chain or Polkadot and try to create a token there. Reading their documentation will be beneficial.