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Currencies

The currency entity is the basic building block of the IEP Currencies System. A currency has a unique name and code and uniqueness is guaranteed by the protocol, currencies can be deleted and their code can be reused under certain conditions. The total currency supply is divisible into currency units. Like assets, currency units supports decimal positions implemented as a client side feature.

The maximum number of currency units which can be issued per currency is similar to token 10^9 * 10^8. The actual maximum units supply is set by the currency issuer. The currency issuer is the account which issues the currency and pays the issuance fee. The issuer is responsible for setting the currency properties and in some configurations has additional control over the currency usage. Like asset balance, currency units can be transferred between accounts.

How to issue currency To issue currency you need at least a token balance of 1.000 xin so that you can pay issuance fee and access to a private running node. Since currency needs your secret-phrase a private VM or a local node is mandatory when issuing currency within the wallet. The secret-phrase is hold in memory on this node once currency is issued. For security reasons the secret-phrase is not added as a property.

Issue currency from Node : You need to start the Issue Currency process on this node. Todo this you have to use the issueCurrency API call. Run a curl or wget command to start the forger.Just type this command on your shell:

curl http://localhost:23457/api?requestType=issueCurrency&name=*YourCurrencyName*&code=*YourCurrencyCode*&secretPhrase=**YourSecretHere*** Note: currency name, 3 to 10 characters and longer than the currency code and currency code must be in uppercase and smaller than currency name, instead of secret-Phrase you can pass public-Key.

This will issue new currency and you will become a currency issuer, for that you will have to pay issuance fee which will be deducted from your account after successful currency creation.

Issue currency from Wallet : You can issue currencies from wallet by navigating into currencies section and click ‘Issue Currency’. As mentioned above your secret-Phrase is needed to issue currency and therefore the wallet will try to detect a local (127.0.0.1) running node. If no local node is detected you are unable to issue currency.

issue currency

Give currency name and code with its description and you can add currency types : it is currency type bitmask, from least to most significant bit: exchangeable, controllable, reservable, claimable, non-shuffleable.

Then you need to enter CURRENCY DECIMAL and INITIAL SUPPLY , if you set CURRENCY TYPE as Reversable then you need to enter Minimum amount per unit, REVERSE SUPPLY and ACTIVATION HEIGHT.

  • CURRENCY DECIMAL : the number of decimal places used by the currency ( default zero).
  • INITIAL SUPPLY is the initial currency supply (in QNT) Multiplied by number of decimals gives the smallest currency unit to trade or transfer.
  • REVERSE SUPPLY is the reserve currency supply (in QNT) (must match MAX SUPPLY).
  • MAX SUPPLY is the maximum currency supply (in QNT).
  • ACTIVATION HEIGHT is the blockchain height at which a reservable currency is issued if the reserve minimum is met.