What if most of the ERC20 tokens were being used for good instead of funding scammy ICOs? Well, one startup thinks they may have the solution to this issue. Hexel is a startup that wants to make it for people to use Ethereum –based tokens to engage with their hyperlocal community. For instance, a small corner store can use Hexel tool to create a token, which will be part of a reward program. Additionally, a university could create a token that is used as part of the on-campus economy.
The founder of Hexel, John Palmer, explains that there is a wide array of potential use cases for the tokens, which have not been explored. John thinks that tokens can bring a fun and unique element into a transaction, which would have otherwise felt formal if cash is used.
If you want to interact with Heel, you must have a MetaMask wallet that is connected to the Ethereum blockchain. This is because all newly created tokens are stored on Ethereum. After you sign an initial transaction and create your ERC20 token, you can then mint them via an airdrop.
The airdrop will let you choose how many free tokens you to wish to distribute. You can then paste these tokens to the Ethereum address of your friends. The Hexel dashboard will show you the address of anyone who owns your tokens and the balance. This way, you are able to track you min-economy in real time. There is even a page on Hexel where you can view all the tokens ever created on Hexel.
Since the tokens run on Ethereum, there are some downsides. This is because users will need to pay the transaction fee each time they interact with Ethereum. Thus, creating tokens and airdropping them to friends costs Ether.
In the perfect system, it would only cost a few cents of ETH for every transaction. However, network congestion means that you end up paying quite a lot. In some cases, distributing tokens could end costing you as much gas as a dollar.
If you have never interacted with Ethereum, this is not an intuitive platform. Even Palmer admitted that the platform is going to be easier to use for those who understand the Ethereum network. However, the development team is already working on a solution, according to Palmer.
For instance, they are thinking of creating a wallet that will exist solely on Hexel. This way, users do not need to worry about ETH or gas when they just want to create a reward token for their customers.
Hexel Crypto Token Conclusion
On Hexel, they are surprisingly few limitations. For instance, the platform does not control how many tokens you can create, they have left that to the creators. Besides that, you do not need to set a minting cap. However, you do have the option to press the “end minting” option, which will mean no more tokens can ever be generated.