Create Your Own Token In 5 Minutes

When you lend, exchange, send or perform any other actions with a cryptotoken, you pay for it using the blockchain coin. If you are simply curious about crypto, then there’s likely no harm in creating your own token. Just make sure to avoid any activities that might be considered as an initial coin offering (ICO) by the U.S. Securities and Exchange Commission, as you don’t want to accidentally violate any federal securities laws. With so many coins and tokens being released, you won’t be the only person or organization experimenting with making your own cryptocurrency. You can make a new cryptocurrency without first creating or modifying any blockchain.

At the time of writing, there are estimated to be around 11,000 to 20,000 tokens and cryptocurrencies. The vast majority of these are tokens, and only a few are considered real cryptocurrencies. Sign up to our newsletter and stay up to date on product features, development updates and exciting new projects.

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But launching a cryptocurrency that is successful and gains value generally requires commitments of time, money, and other resources, in addition to advanced technical knowledge. Maintaining and growing it over time is usually much more challenging. And then, finally, you are ready to mint your new cryptocurrency. How many coins you decide to issue initially is up to you. You can decide to mint the complete supply of coins in a single batch, or gradually increase the coin supply over time as new blocks are added to the blockchain.

Other EVM compatible chains such as Polygon or BNB-Chain may thus be a cheaper alternative for minting and managing your own token. Finally comes the listing for your coin on the selected exchange platforms; this is the part where you can finally begin trading your coins/tokens! But bear in mind that any worthwhile cryptocurrency will generate hype for itself through means of marketing. The coins sold in ICO will provide money to cover some expenses and move on developing the network further. During the years of the development of the cryptocurrency industry, many different consensus mechanisms were created. They differ a lot and the consensus mechanism choice is important and determines the way the currency will function.

Mint your cryptocurrency

Again, transactions on Ethereum may take a couple of hours. That’s not days like in the case of international bank transfers, but that’s not immediate either. Sometimes, a transaction may not come through, and you still need to pay the fee. Whitepapers should also provide insight into the crypto’s tokenomics and roadmap. They should be easy to understand and offer technical explanations of the project’s competence. MetaMask, Trust Wallet and plenty of others will work perfectly.

To implement the ERC-20 token standard to create your cryptocurrency, you would code all the elements required. These elements include a name for the currency and its symbol (e.g., the ticker for the currency, like BTC for Bitcoin and ETH for Ether). You would build code to determine the total supply of coins for your currency, and then you would program a function to return the current balance of a given account. Finally, you would also program functions to transfer coins from one account to another, as well as a variety of other necessary coding functions. The first cryptocurrency emerged when Satoshi Nakamoto conceived Bitcoin in 2008.

What Is the Purpose and Use Case of My Cryptocurrency?

So it may be worthwhile to think hard about tying your cryptotoken features as close to the functioning of your digital product as possible. At the elementary level, NFTs are digital art tokens with verified and public proof of ownership. That can be an animated image with cats belonging solely to you, a collectible item, an access key, a lottery ticket, etc. If you were to develop an NFT, you’d have to comply with the ERC-721 standard. As a result, we now have somewhere between 6,000 and 7,000 cryptotokens.

Many people who come to the crypto industry do not understand what is happening in blockchain technology and simply want to earn money by selling tokens. Because of that, you need to find a real expert, like a needle in a haystack, to make your own cryptocurrency token properly. At ProCoders we know that the technical ability of job candidates to code is often the most important factor in determining whether or not they will be a good fit for your company.

Top crypto platforms in the US October

When it comes to creating tokens on Ethereum, it has a particular standard set in place for fungible tokens (ERC-20). As such, we can use an ERC-20 contract template provided by OpenZeppelin and add a few lines of code to adjust it for our particular case. Some crypto tokens have peculiar logic when users stake them.

For example, if you have a project named “Super Hero Coin”, then another project using the word “super” could confuse users. So, you should remember that even if you hire 10 developers for high prices, there’s no guarantee that a token will be successful or widely adopted by other businesses. Although crypto originated as a transfer of value used mostly by darknet users, it has since evolved into a fully legal venture. Ideally, of course, you should understand the basic mechanics of the token you want to create. Also, have an idea of ​​what that part of the code is responsible for.

Step 3: Specify your Token’s Features

Fortunately, you can make some of these issues work for your project (transparency is not necessarily a bad thing) and improve other aspects of your crypto token to make it more viable. As the name suggests, they exist solely to allow users to transact without offering extra functions. Finally, it’s important to evaluate the success of your TGE.