One of the foundational aspects of an on-chain organisation is to have a token that can serve as an incentive mechanism, represent contributions to the organisation and is linked with earning reputation.
When you set up your colony for the first time, you create your colony's very own token. You will then have to mint a number of these native tokens into your colony's treasury to start paying members and funding teams.
How to mint tokens
Create a new action
Navigate to the left-hand menu bar and click the Create action button. This will open the action creation panel on the right-hand side. Enter a title that describes the action you're about to take, and then select Mint tokens from the Action Type dropdown menu.
Creating the Mint tokens action
Enter action details
Enter the amount of tokens to be minted.
Select how the action will be taken by selecting a Decision method.
Refer to What are Decision methods for more information.You can also choose to enter a Description for the action. Allowing you to provide more context to others as to why you are taking the action to mint new tokens.
Confirm details and Mint tokens
If you are happy with all the action details you can then click the Mint tokens button to initiate the mint process.
After signing all the required transactions in your wallet, the action will be created and depending on the decision method chosen, the tokens will either be created, or the decision process will start.
Checking your colony's balance
Once you have successfully minted tokens, They should be added to the colony's treasury. To verify, select the Finances icon in the navigation bar, and select Balance. Your newly minted tokens should be added to your native token balance.
Checking the colony's balance
Start using your tokens
Now that you have native tokens in your treasury, you can start to use them to perform actions such as:
Payments: To make payments to people who you want to be contributors to the colony and have them earn reputation within the colony.
Transfer funds to a team: Allows you to send funds to and from the team.