Is it possible to launch your own cryptocurrency? There are different scenarios. The first is the creation of a new blockchain. This is the most difficult way, you should choose it only if you have unique ideas, strong development teams and time. Cryptocurrencies begin and develop in this scenario.
The second way is cheaper and more practical. It’s about creating a token on an existing blockchain. It is suitable for developers with available resources who want to create an internal currency for the project or just experiment. We will consider this scenario.
How to Launch Ethereum-based Token
The Ethereum blockchain allows even people without programming skills to issue tokens. This is a digital constructor in which it is enough to change several lines in the source code of the ERC20 standard, and then upload it to the network. The process takes no more than 20 minutes.
You need to make up the name of the token, its ticker, set the number and divisibility of the settlement units, and then enter this data into the system. Then download the standard form of a smart contract (two files with the extension .sol) here:
Download both files to the Ethereum Remix editor using the load button or the Folder icon.
In the NewToken.sol file opened in the Ethereum Remix editor, instead of the variable values, enter the selected data from the first paragraph:
token issue – totalSupply;
the full name of the token is name;
crushing value, the number of decimal places – decimal (since everything is stored in contracts only in whole numbers, you must specify the number of characters in order to be able to credit an integer number of tokens).
exchange token ticker – symbol.
After saving the entered data, deploy the token contract code using the client installed in the browser, e.g. MetaMask. If you want to compile in Remix, open the Compile tab on the right side of the editor and start the compilation process by clicking on the Start to compile button. If you set a “label” in an adjacent field, the compilation will be performed automatically.
To make payments using the new token, the account number of the sender and recipient is required.
Token operations can be performed either on the contract page on etherscan (link in MetaMask) or on the Ethereum Remix page. Pink color indicates paid recording operations, blue color – free read operations.
To send tokens, you need to indicate their number and recipient address. To check the account balance after the transaction, you need to start the balanceOf operation.