How to create a cryptocurrency
How to create a cryptocurrency
The prospects of digital currency today are already few in doubt, bitcoins are known even to children. People tend to earn it in different ways, and some are thinking about such a difficult thing as creating their own cryptocurrency. Theres nothing impossible about it, although it will have to try. Lets take a closer look at the question of how to create a cryptocurrency.
Digital currency is electronic money (or coin) that does not have a centralized emission center and paper equivalent, so it does not depend on the decisions of government and regulatory bodies. Each unit of such money has its own digital code, securely protected by cryptographic algorithms.
Ways to create a digital token
Each coin is based on software code. It spells out the technical characteristics and network operation parameters. Creating a cryptocurrency, the code can be written from scratch or, taking the source code of bitcoin or other altcoins, to remake it for yourself.
The first option is the most complex, suitable for a team of experienced developers who have a large stock of money and are willing to spend on the release of cryptocurrency from a few months to several years.
The second option is special platforms for creating a cryptocurrency. Such services contain a blockchain structure and its basic modules, and all additional components are added by the creators themselves. The advantages of such frameworks are that they allow you to use ready-made templates. Unlike other platforms for creating digital tokens, these services do not overload the project with extra functionality.
One of the popular resources for creating your own cryptocurrency is Ethereum - a blockchain platform on which most tokens for projects issued for trading on Uniswap and other popular exchanges.To do this, you need to know the Solidity programming language.
If you dont have programming skills, create a token using the MyWish.io smart contract generator. The platform supports 6 blockchains, in addition to creating a cryptocurrency, helps solve many other functions. This way you will be able to optimize your startup time and not get stuck in the technical part for too long.
Who can create a token contract?
Everyone can create their own Ethereum token contract. This will be a fully functional token standard ERC20. It can be added to the wallet, sent to friends and even trade on Binance, Huobi, Kucoin and other exchanges.
Ethereum tokens are a kind of cryptocurrency that can be created within the blockchain of the Ethereum platform. This technology helps to standardize the development of tokens and eliminates the need for developers to create their own blockchain. Also, they increase the demand for Ethereum cryptocurrency, since commissions for launching smart contracts are paid specifically by ETH.
The universality of the ERC20 standard
You could see the phrase ERC20 when reading information about Ethereum tokens.
Today, most of the coins are launched on the basis of the blockchain and the ERC20 standard. Take a look at the top 100 coins on the Coinmarketcap website and see for yourself.
Currently, over 70 thousand different token names were launching on the Ethereum blockchain. Practically all large-scale projects have compatibility with the ERC20 standard in the Ethereum system today.
The advantages of the Ethereum network lie on the surface: the popular blockchain has established itself as the most proven and reliable to create a smart contract.
Token creating preparation
Primarily, you need to think of the name of the token (it makes sense to call your new cryptocurrency a science fiction word related to your project) and choose a ticker (short name) usually three letters that will briefly denote a coin.
Then you need to set the maximum supply of tokens: how many of them will exist in the nature of everything.
It is also worth considering in advance whether the coin will divide into small parts, like a dollar into cents.
Finished data must be entered when creating a token contract.
In essence, the ETH platform is a digital constructor, in which you need to change a few lines in the source code of the ERC20 standard token, and then use a special program to upload data to the network.
The process of Ethereum token contract creation is quite difficult, it is desirable to know the programming language Solidity and adhere to the standards of ERC. But if you want to save time and money, it is easier to use specialized platforms like MyWish.io.
Everything is not as difficult as it seems at first glance.
The concept of the work of a smart contract only seems difficult to master by beginners, you should not bypass this topic. Such a decision is absolutely correct after all smart contracts have a great future.
Creating tokens using the traditional method requires a certain set of advanced programming skills that most people simply do not possess. In this regard, the MyWish service offers a functional solution for creating a smart contract with zero programming skills in a few clicks.
Starting in 2017, the MyWish project has become the most popular platform for creating your own smart contracts. Users especially appreciate the friendly interface and constantly improving service. The main feature of the platform is the general availability for anyone who wants to create their own smart contract or not even one.
In a short period, the MyWish team was able to integrate 6 blockchains at the current time, one of which is Ethereum.
Thus, it is possible to create ERC20 token on the platform without much effort. If you have read this far, then you are quite ready to create your own cryptocurrency. To do this, you need just a few moments: to pick a name, enter the eth wallet address of the creator and recipients, decide and set the maximum amount of emission and finally launch your own cryptocurrency.
All you need to do is click on the button to create a smart contract and then choose the blockchain and the type of contract, fill in the necessary information, click create and pay for the creation of the contract.
Since we consider in more detail the Ethereum token contract, the cost of such a total $99, payment is accepted in tokens ETH, WISH, BNB and fiat too.
Thereby, to create such a simple token based on Ethereum does not require any special programming skills, only by clicking a few buttons and waiting a couple of minutes.
MyWish is a reliable service that is used by thousands of customers who confirm that creating a token contract is a fairly simple process.
Now you understand that creating your own cryptocurrency is not the preserve of just a handful of chosen ones, and everyone with the right intention is quite capable of doing the same.
What to do next, when you have created a token?