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Create EOS Token Contract Without Coding

02.05.2019

Like Ethereum, the creators of EOS network offer us to use smart contracts to implement the logic of the applications running in it. There is an opinion that EOS needs extensive refinement before this blockchain can compete with Ethereum smart contracts, but this is a controversial point.

What are EOS smart contract features?

First, you should understand the principles of the system: what is unique and what is not quite.

EOS Explanation

Until recently, Ethereum was considered the most prevalent platform for running smart contracts. Nevertheless, the biggest event of 2018 in the world of cryptocurrency occurred, the network was launched. Enthusiasts immediately called it the Ethereum’s strongest competitor.

EOS is one of the latest projects of the experienced blockchain entrepreneur Dan Larimer. It was presented to the world as a free development platform for programmers with ultra-high throughput transaction processing.

EOS helps Dapps developers by providing databases, access rights, a scheduled execution, authentication, and a connection between applications. All this significantly facilitates the process of developing and deploying decentralized applications and expands the audience of potential developers for all interested, even those who have only basic web development skills.

EOS software is designed in such a way that programmers do not have to sacrifice development efficiency or productivity as it expands and develops.

So what is EOS really? In their objective opinion, EOS is software that makes up the blockchain architecture for vertical and horizontal scaling of decentralized applications.

What does this mean in simple human words? Currently, hundreds of large companies, banks, and other institutions are eager to create applications for the enterprise level on the blockchain and use the smart contract technology.

Availability Understanding Smart Contracts

Smart contracts can facilitate the transfer and exchange of money or property in a transparent way while avoiding the services of an intermediary.

Smart contracts also determine all the obligations and potential costs associated with the agreement itself, as well as traditional agreements, but the smart contract platform also automatically applies all of these commitments and penalties. At the output, we have these smart contract platforms that allow programmers to develop decentralized applications to work on the Mainnet and the Testnet. Ethereum is currently the major and most sought-after platform for creating decentralized applications, but the new EOS system will seek to solve several problems faced by the Ethereum network, one of which is scalability.

Smart contracts on EOS are written in the C ++ programming language. To experiment with these programmes, you will need an installed EOSIO software. If you are not a programmer, smart contract constructors platforms will come to the rescue, where you can easily create for example your own EOS token contract.

What is an EOS Token?

Unlike Ethereum, EOS token is included in the standard set of the smart contract. If there are ERC20 tokens on Ethereum, then the EOS standard is called eosio.token on EOS smart contract. With this smart contract, you can create your tokens, set their name and maximum issue amount, enter some amount into circulation and forward from account to account. EOS tokens in the EOS blockchain are issued in accordance with the same contract.

Creating and editing a smart contract requires the authorization of at least one account. Additional accounts and permits may be requested depending on the complexity of the contract variables. A network account can consist of one or more persons configured in a permissions-based structure. Smart contracts can be executed only by one account, and one account can have only one smart contract. For convenience, it is recommended to assign the same name with lower case letters of the account and a smart contract.

It is noteworthy, you will not be able to interact with the eosio.token contract without prior preparation, for this you need to create your account with the same name and run the contract for this account.

Why “No EOS Account” Will Not Work

To do something in this blockchain, you need to have an account on it. EOS account is a human-readable 12 character name that is stored on the blockchain. It may belong to one person or group of persons, depending on the rights set. The account is required to perform any transactions in the blockchain.

In essence, an account is a collection of public and private keys associated with a specific name. Keys are stored in a wallet. Accounts are stored on the blockchain.

If you do not yet have an account with some EOS, then you should create an account on the Mainnet, and you will need the help of someone who already has such an account, and this is not free. There is another way is a special multiplatform, which also offers the creation of an EOS account without the help of other participants with accounts.

The MyWish service offers any user to create their account in just 4 steps. Come up and specify the name, the availability of free names can immediately check on the site. Enter your public keys, service will generate safe one for you automatically if you don't have it. and then the simplest step - just click on the Create button. And in 5 min you will get your own account.

EOS has a complex multi-layered structure, much the same as modern computer operating systems. Therefore, many developers perceive it as a kind of blockchain operating system. It is possible to have multiple accounts for this purpose. A primary EOS account can manage an additional account, giving them specific access rights to send specific transactions. It is important to know that all accounts are obtained from the accounts of a certain list of miners who are elected by voting. Consequently, the so-called block producers have a significant impact on the entire network operation.

EOS Smart Contract Differences

Just by getting an EOS account, you become a full member of this network.

As you know, a smart contract on Ethereum has two main components: the wallet address and the transaction. To produce a block, the following scheme is used: both smart contracts and users have the ability to send transactions.

Otherwise, everything works a little differently on the EOS network, for instance, to send an action to a transaction, you initially need to get access rights to perform certain transactions. Without this, it will not work. EOS is a fairly flexible system in terms of settings and upgradeability. That is why this blockchain has every chance to overtake the giant.

A Smart contract provides the basis for fulfilling the obligations of financial transaction parties. EOS smart contracts recorded in the blockchain are executed on EOSIO nodes using common contract rules and requirements that are transparently stored in the blockchain.

Typically, deploying an EOS smart contract requires the following knowledge: C / C ++ and Mac OS experience.

Here, the Mywish platform comes to the aid of those who do not understand the symbolic signs or have not fully mastered these utilities. It works much easier than it sounds.

MyWish Platform does making agreements really smart. This is a decentralized full cycle platform consist of smart contracts creation, audit, deployment, systematic calling on schedule, execution. The most important thing is smart contract can be easily created, customized and managed, cancelled or renewed with a user-friendly interface.

Consider really basic option to deploy a smart contract on EOS blockchain.

To start to select a symbol and define the owner. Further, even easier enter token total supply and get your custom EOS-Based token by clicking EOS token create.

There are a large number of step-by-step instructions for creating a token or another smart contract on the EOS blockchain with the analysis of each line of code, but in reality, you will not need such details. The MyWish platform is also interested in the educational services of its community, therefore it released even EOS smart contract tutorial that clearly shows every click and how easy it is, subscribe on official YouTube channel, and learn more.

Launching a token in 5 minutes is more than a realistic thing, you just need to intend and select the appropriate blockchain, Ethereum or EOS it will be - decide for yourself, please note that MyWish is a multi-chain platform that combines 5 different popular blockchains so far (Ethereum, Bitcoin through RSK, EOS, NEO and TRON).

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