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Easy step-by-step guide to creating ERC20 token
« on: December 25, 2021, 11:14:38 AM »

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15 Minutes Guide to Creating an ERC20 Token Based on Ethereum

ERC-20 Token. Brief Review
Ethereum ERC-20 tokens are coins of third-party projects that work on the Ethereum blockchain. They are based on the ether network, use its power to conduct transactions, support its addresses and wallets, but at the same time have their own tickers, issue, rate and value. For example, although EOS is an ERC20 token, it boasts a capitalization of $ 11.5 billion, which is more than the absolute majority of independent cryptocurrencies that are mined by mining.

Most often, ERC-20 tokens are issued during the ICO in order to attract funding from investors (the token generation process is called TGE, from Token Generation Event). Projects issue a certain number of coins and sell them to everyone for bitcoins or ethers. It turns out something like startup shares or certificates confirming ownership of the asset. In addition, tokens can also act as an internal currency within the application system, individual stake coins, bonuses in the loyalty program, etc.

It should be understood that although ERC-20 tokens work on the ether blockchain, this does not mean that they will necessarily go on the stock exchange and increase in price by thousands of percent. Yes, of course, there are very promising projects with great potential and a great team that have a great future and can shoot. But there are also absolute shitcoins that are created to collect millions from investors and disappear into the night. Therefore, you need to be careful.

Making an ERC20 Token
Creating an ERC20 token and conducting an ICO is definitely not a rocket science task.
Preparing for the ICO, you should understand that the ICO is a pure marketing event. If you think that you will need a staff of programmers to conduct it, it’s a serious mistake. You’ll need marketing staff, as well as a normal amount of currency, to attract public attention. Yes, there are ICOs that happened without serious investments (due to their idea/experience/connections), but let’s not flatter ourselves with hopes and deceit — to collect a million dollars, you will have to invest thousands of dollars in ICO.
There are many ways to create your token. The simplest and the most popular are:
  • Go to Waves/Cryptonotestarter (or analogues) and release your coin in 1 minute right in the interface.
  • Solidity/Pyethereum (Ethereum-based token). Using the knowledge and/or the ERC20 smart coin writing standard (in fact, the source code of the coin with many blackjack variants) to sign a contract.To launch your token, you need to take the source code of the ERC20 token, change a couple of lines and upload the contract to the network by one of the clients (of.client Ethereum / Metamask / etc).
To Issue an ERC20 Standard Token, You Need:
Step 1
  • choose a name, for example Best Coin
  • choose a symbol, let’s make it BEC
  • choose the number of ethereum based tokens, it is unchanged, for example 10,000
  • choose whether the tokens will be divided, if so, how many decimal places will be the maximum
If you trust the community, you can use the utilities — this or others. The problem with such services is that they do not provide source code, only byte code. Therefore, there is no confidence in their purity. But most often, such things are written by guys with a name, so you can still trust it.

Step 2
Deploy the Token
Enter this data into the smart contract available by the link. Download both .sol files. Go to the remix editor. Download both files.


Files are loaded with the Load(Open) button. Select both files.Open NewToken.sol, put the necessary values in <brackets> instead of variables:
  • totalSupply — total number of tokens
  • name — the full name of the token
  • decimal — the number of zacks after the decimal point. The fact is that in contracts, everything is stored only in integers. Therefore, you should specify the number of characters if you want to be able to credit a non-integer number of tokens.
  • symbol — a symbol for exchanges
  • buy ads
  • unplug
It should turn out something like this:


Save it. It remains to upload the contract to the network. For example, install it in the Ropsten test net. Any client will be required for the deployment. Let’s use MetaMask — it does not know how to compile smart contracts on Solidity, so we will compile first.



In the right part of the remix editor, open the compile tab. By default, the contract is compiled automatically. By selecting your contract in select and clicking Details, you can view the bytecode and other information.To deploy, click Run, select Injected Web3, select the Account that we will deploy (it should load automatically if you have MetaMask installed in the browser). Enter the necessary information in the fields (gas, value), click Create.



MetaMask picks up the action from the page.Click Submit. Your contract is sealed. The dispatch is confirmed in MetaMask by an icon with a document (it leads to the transaction page) and the inscription “Contract published”.



A sealed smart contract is a token.

Step 3
Token Operations
Ethereum based token transactions require two wallets — the one that already has them (by default, the contract creator, the ERC20 standard) and the one that needs to transfer them. Perform operations with our token (transfer it, for example). We can either on the etherscan contract page (link in MetaMask) or on the remix page.


Blue here — read operations, pink — write operations.

To transfer ERC-20 tokens, enter the recipient’s address and quantity. After that (and entering data into the blockchain, of course), you can check your balance or the balance of the recipient of the tokens with the operation balanceOf.
Done!

Learn about more specifics of ERC20 tokens: https://icoda.io/blog/15-minutes-guide-to-creating-an-erc20-token-based-on-ethereum/

 

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