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Create Ethereum Token Contract Without Coding

01.28.2019

Features of a smart contract

One of the most interesting features of blockchain technology is smart contracts.

Smart contracts provide an opportunity to safely exchange money and other digital assets directly, without the participation of intermediaries. The most hit request in the search engines is Ethereum token contract, and it will be discussed in this article.

But first, a historical background. The idea of smart contracts was first described in 1994. Then there was the vision of an electronic mechanism for concluding commercial transactions without intermediaries. The concept became realizable only after the distributed ledger technology appeared.

With it, you can conduct digital self-fulfilling contracts. They can be written as some code. Deployment process will provide a computer network that is controlled by a chain of blocks. Thus, people will transfer money to each other, receive goods and services.

 

Introduction to smart contracts?

Speaking in an understandable language, a smart contract is a program code that allows you to set various parameters and conditions under which people can interact with each other: buy/sell goods, transfer money to each other, enter into usual trade contracts. Only without intermediaries, and, therefore, zero commissions and no one has the possibility of deception.

In theory, smart contracts can be used in all areas where there is an agreement between the parties. They can be used in state registration of property, notarial, logistics, management and even in the electoral process. And taking into account the development of blockchain technology, smart contracts can be applied wherever possible.

Smart contracts are programs that are written on the basis of computer logic and are conveyed in the form of code. For this reason, the parties to the deal or the contract can be sure that all the terms of the contract will be fulfilled, and none of the participants will be able to change the conditions or forge them for themselves. The code is something like the law of smart contracts.

 

How smart contracts on Ethereum change the world

Smart contracts are conducted on various blockchain platforms, the most popular among all analogues is Ethereum.

Well, let's highlight some advantages that any user can receive when using this technology. Why do many experts believe that this innovation may become an integral part of the trade in the future?

  • The scope of application. You can use these contracts for almost any transaction. Moreover, transactions with the use of smart contracts will always be safe;
  • Exchange rate Due to the absence of intermediaries, the speed of transactions will increase at times. It has long been known that the smaller the “chain” of participants in the transaction, the faster it ends. In this case, the exchange takes place directly between the buyer and the seller;
  • Saving all data. Transaction information cannot be forged, deleted, or modified. This fact helps to prevent illegal actions of fraudsters and secure the process of trade.

Ethereum, as a technology, proved to be convenient for ICO. And most of the smart contracts that are created for the blockchain are contracts for ICO and for token sales.

Do you know who is allowed to 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 used in ICO.

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.

This standard was introduced in 2015 and initially was actively used only by programmers, and was adopted by the community to the full only in 2017. All coins created before the introduction of this standard were completely unique, which in turn greatly complicated the work of exchanges, wallets and other applications that were going to interact with new tokens. Later, the ERC20 standard became used everywhere.

It was after the approval of the standard of the ERC20 token contract  ICO companies began to grow at a crazy speed on the cryptocurrency market.

The main secret of the success of the standard ERC20 is the introduction of smart contracts.

The developers of wallets, cryptocurrency exchanges, and other projects thanks to the ERC20 standard can easily implement their most incredible ideas in other ecosystem projects.

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.

How to use token contract correctly

First, you need to decide what purpose the token will have, in other words, why to create a token contract. Creators themselves have the right to choose how their product will interact with other users, tokens, and projects. The use of tokens is quite extensive.

If you simplify, then there are 4 types of tokens that perform some kind of function.

  1. Tokens secured by the assets of the material world
  2. Tokens certifying rights in the material world
  3. Tokens certifying rights within decentralized platforms
  4. Cryptocurrency

The last mentioned does not give the holder any derivative rights and contains all the value in itself.

In the goal of creating your token, there is no magic from the technical side.

Token operations need two wallets - the creator of the token contract and the one who needs to be credited. It is required to choose token contract address of the new coin and the second coin (of what will be in pair).

 

Token creating preparation

Primarily, you need to think of the name of the token and choose a ticker (short name) usually three letters that will briefly denote a coin.

Then you need to set the maximum value 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 not 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.

 

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 5 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 of 2.99 ETH, payment is accepted in tokens ETH, WISH 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.





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