Crypto

Creating Your Own ICO Token Is Shorter Than Half an Hour

Since the emergence of the Ethereum network and other networks that can generally be built on tokens, a large number of projects have begun to implement ICO, and through these ICOs, a total of billions of dollars have been raised through cybercitizens such as Bitcoin, Ethereum. The vast majority of the tokens used today in ICOs are referred to as the 'ERC-20 tokens', which are generated by Ethereum Virtual Machine (EVM) in a few hundred lines of code. Many people in the crypto money industry think that starting ICO is quite difficult to create tokens and that technology should be worth doing to make them, but we will see in this article that it is not really that way and that it is possible to build the ERC-20 token in less than half an hour .

Creating an ERC-20 Token Shortly in Half an Hour

From the Bitcoin.com team, Jamie Redman tried to create a contract using the Solidity programming language in the past, thus creating a token on the Ethereum network.

There are too many ICOs in the industry right now, and the vast majority of these ICOs are based on the publicly traded Ethereum blockchain, the ERC-20, which is based on the popular Ethereum blockchain. standard. In essence, these ERC-20 tokens consist of a contract written in Solidity that identifies the attributes of the coin (such as the location of the store of the koin, the name of the token, the symbol of the token, the supply of the token).

 Launching an ICO Token on Ethereum in Less Than Thirty Minutes

The example code provided by Moritz Neto was used in the experiment. The code used was written by an Ethereum developer named 'BokkyPooBah'

Things to be done

In order to find the answer to the question How to create a token, Google needs to do a few minutes of research. In this essay we mentioned in this article, a guide written by Moritz Neto and based on a short video produced by Ivan on Tech. In both cases, 20 minutes was sufficient to produce the ERC-20 tokens. In his experiment, Redman managed to create an ERC-20 token called Posternut (PNT) in as little as 25 minutes.

 Launching an ICO Token on Ethereum in Less Than Thirty Minutes

It may be useful to use a text editor to organize the copied Solidity code, because it is possible to use the ETH tokens on Ropsten Network while creating the Solidity contract. you can more easily find out which lines of code need to be updated. The total inclusion of the token in the code, its name, address output, symbol etc.

Redman later used the Ether wallet created by Metamask as a Chrome extension. I would like to note that this platform is generally very fluent, but it is still in beta. You can also use other platforms such as My Ethereum Wallet (MEW) and Mist to create a token contract. You also need 'gas' to create a contract on the Ropsten Network, but you can use the ETHs produced for testing purposes to get rid of this need.

After this step, Redman saved some fake coins Moritz used a contract in the content written by Neto. There are also various Solidity contracts that can be rewritten, so you do not have to use the same contract with the province.

 Launching an ICO Token on Ethereum in Less Than Thirty Minutes

The ability to specify code properties, check code, and make Ethereum Remix was used to insert into the Ropsten Network. This process can also be done using real money on the original ETH network.

Later, a site called remix.ethereum.org is being created to create the contract. This process can also be done using different wallets mentioned above, but in this experiment the Remix Solidity IDE platform was used. After copying the token contract, you need to paste this code into the Remix platform and change a few properties. Just in the meantime you determine the name of the token, the symbol, the total supply and the Ethereum address required to send the tokens. Once all of these are selected, you need to 'run' the code base that you changed after the copied and pasted code has been changed. If there is a risk that can be considered 'critical', the Remix platform will tell you something is wrong.

 Launching an ICO Token on Ethereum in Less Than Thirty Minutes

When approving and creating a contract using Remix and Metamask. You will either receive this error step-by-step, or your transaction will be approved smoothly.

After this step, the address of Metamask will be fixed to your own account and you will have to press 'apply' key. If there is an error in the contract, you will receive either yellow or red warnings and you may need to make certain changes before putting your code on the Ropsten Network. Assuming that you do not have a problem and press the 'apply' key, your process will be sent to the entire network after this process. [19659000] Transferring Posternut to another wallet

 Launching an ICO Token on Ethereum in Less Than Thirty Minutes

After creating a token named Posternut,
  • An Ethereal Wallet (Mist, MEW, Metamask)
  • Fake or real ETH to be used for network fee
  • Things to create a short-time token contract on the ETH Network for a short time

    • ] Solidity token contract
    • The platform needed to implement the contract (Ropsten, Rinkby) or the original (Remix, MEW, Mist) platform

    The ease of building ICO

    The token created in this experiment is called 'Posternut' 100 million units were produced. It took about 25 minutes to build the token like you see. Real money was not spent on the experiment, but if you say that I will make token on the original Ethereum network, then you need to buy almost $ 20 ETH to cover the network fee. According to Redman, the most challenging part of building the ERC-2o token was not the next part but the part before it began to build the token.

     Launching an ICO Token on Ethereum in Less Than Thirty Minutes

    The posternut (PNT) token was created by Jamie Redman on May 10, 2018 in the Ethereum Ropsten Network,

    As we mentioned above, it is not necessary to produce ERC-20 tokens even though the technology can understand very seriously. Now we have stated in this experiment that a Solidity contract is being used and you can also look at other contracts. Now you can choose the ICO project you want and check if the project is using a ready contract. The only thing you need to do is look at the code of the ICO and check that it does not look very similar to the code of another project.

    It is not too difficult to set up an ICO after you have created the posternut token. The only thing needed to start ICO is a website and a whitepaper. Even if we think that even in 2017 there was a $ 5.6 billion increase in token sales, even ICOs who did not put a product could collect money. All you have to do is create a website, deal with codes for 25 minutes and prepare a whitepaper.

    Research Before Investment

    You can ask why this experiment is intended to be done. The purpose of this experiment is to show that it does not take half an hour to build a token, that it does not really need much to build an ICO, and encourages a thorough investigation before investing. Since there is a token that complies with the ERC-20 standard in the middle, it does not show that the project with that token is worth investing in, and investors need to seriously investigate ICOs. Or you can invest in a half hour produced token and ICO with a whitepaper written to convince people that Posternut tokens are 'for the foreseeable future' …