25 February 2021
Ethereum was founded in the year 2013 by Vitalik Buterin. It is the second-largest cryptocurrency by market capitalization and it is known for its ‘n’ number of functions and applications. Ethereum is a decentralized open-source platform based on blockchain technology and Ether - a crypto token that drives the network. The platform is popularly referred to for smart contracts and DApps - Decentralized Applications, however, it is also known for its tokens.
In this blog, we are going to give you a guideline in 13 Steps To Create Your Own Ethereum Token:
1. Creating your own Ethereum token can be a time-consuming process since you would need to work on the token, background work, the programming language, and frameworks.
2. There are many platforms (applications) such as Remix in the market that will help you create toke, with a certain amount of fee or for free. The platform will create and build your token and launch it on the Ethereum mainnet.
3. You can even hire a team to build your token but it would involve a huge amount of costing and dependency on the team.
4. You would need to choose the Ethereum network that you want to work with and use a test network to test your token.
5. It is important to verify the validity of your source code of the token.
6. The next step after testing the network, you need to choose the network you want to work with to build and deploy your token.
7. You would need to create a wallet and an account in the network.
8. The key step is - creating your token - you will have to work on the - token supply, the name of the token, total supply, decimal places and of course the owner account.
Also Read, Smart Contracts and Ethereum
9. You would need to outline and write, set the number of tokens, get token total supply, token contract, transfer the tokens to an account, approve delegate for tokens withdrawal, transfer tokens, safe math the library and hence, deploy the Ethereum contract.
10. Code - you would need to have precise knowledge on coding, code the contract, and update the code.
11. Inorder to launch your token on the mainnet you would need to pay fees.
12. You would need to process, edit, build and deploy your work on the token.
13. In summary,
- You need to contract the code.
- Create an Ethereum wallet and get ethers.
- Contract code editing.
- Verify and publish your contract.
- Add token to your wallet.
And ta-da your Ethereum token is ready to be used on the network!