1. How to issue your own cryptocurrency (token) and which blockchain to choose?
Is it realistic to release my own cryptocurrency? Yes, but there are different scenarios.The first one is the creation of a new blockchain. This is the most complicated way, it is worth choosing only if you have a unique idea, solid funds, a strong team of developers and time. It can take up to several years to launch and develop a cryptocurrency in this scenario. Since it is an exclusive option, we do not consider it in the card.
The second way is cheaper and more practical. It is about creating a token on an existing blockchain. It is suitable for developers with limited resources who want to create an internal currency for the project or just experiment. This is the scenario we’ll look at.
2. How to issue a token on Ethereum?
The Ethereum blockchain allows even people without programming skills to issue tokens. It is a digital constructor, where all you have to do is change a few lines in the source code of the ERC20 standard, and then pour it into the network. The process takes no more than 20 minutes.
Sequence of actions
- It is necessary to think up a name of a token, its ticker, set the quantity and divisibility of calculation units, and then enter these data into the system. You need to download the standard form of the smart contract (two files with the extension .sol) here:
2. Upload both files to the Ethereum Remix editor using the load button or the “Folder” icon.
3. In the NewToken.sol file opened in the Ethereum Remix editor, instead of the variable values (in triangular brackets), enter the selected data from the first item:
- token issue – totalSupply;
- token’s full name – name;
- token value, number of digits after the decimal point – decimal (since contracts store everything only in integers, it is necessary to specify the number of digits in order to be able to credit tokens not in whole numbers).
- token ticker for exchanges – symbol.
4. After saving the entered data, expand the token contract code using the client installed in the browser – for example, MetaMask. It can’t compile smart contracts, but compilation can be done in the Ethereum Remix editor. To do that, you need to open the Compile tab on the right side of the editor and start the compilation process by clicking on the Start to compile button. If you set a “checkmark” in the adjacent field, the compilation will be done automatically.
5. To deploy a smart contract using the MetaMask client in Remix editor select Run tab and subitem Injected Web3, fill in Gas limit and Value fields below and click Create (the account, from which deployment will be performed, is loaded automatically, reading data from the page), press Submit and make a record in blockchain.
The contract is deployed. The status is confirmed in the client by the icon with the image of a “document” and the signature “Contract published”. Clicking on it takes you to the payment transactions page.
- To make payments using the new token, the account numbers of the sender and recipient are required.
You can make transactions with the token either on the contract page on etherscan (link in MetaMask), or on the Ethereum Remix page. Pink indicates paid write operations, blue indicates free read operations.
To send tokens, you need to specify the number of tokens and the recipient’s address. To check the account balance after a transaction, you need to run the balanceOf operation.
3. How to issue a token on WAVES?
WAVES is a blockchain platform for developing digital coins. According to the platform’s website, it takes a minute to create a new token.
The sequence of steps is.
- Install the Waves Lite Client extension.
2. Create a new account at Waves.Exchange.
3. Launch the application.
4. In the upper right corner click on the “Create Token” button (make sure you have at least 1 Waves to pay the fee for creating a token before doing this).
5. In the “Token Issue” form, fill in the fields “Token Name”, “Description”, “Total Token” (the total number of tokens can be fixed at issue or increased later if you select “Re-issue”), “Decimals”.
6. After checking the filled in form fields, click on the “Release” button.
7. Click “Submit” and the token will appear in the Portfolio tab.
4. How to issue a token on EOS?
On EOS smart contracts, the token standard is called eosio.token.
Sequence of steps
Note: The “url” parameter shows which node the user is connected to. Information about the API endpoints can be obtained from the official project website.
- Install cleos – a command line utility for interacting with EOS nodes (nodeos) in the REST API – using Docker, AWS Image or compatible code (to interact with the EOS blockchain, you need to send commands to cleos).
- Create a wallet, two key pairs for ownership and activity rights, and import them into the wallet.
- Create an account. If the user already has an account with EOS tokens, you can create a local account by typing cleos create account in the command line, but you can’t create an account for free in the main network, so in order to save money and time it is better to create an account in the test network in EOS Jungle Testnet. To do that, go to jungle.cryptolions.io, click on the “Create Account” link, enter the account name and two public keys created earlier, and confirm the account creation.
- In order to publish the contract you will need to transfer some EOS tokens to your account with the help of EOS Jungle Testnet Faucet, type system buyram in the command line and buy RAM for EOS tokens.
- To load a contract into the blockchain, you need to type in cleos set contract and set the parameters: account – account to which the contract belongs; contract-dir – contract directory; wast-file – WAST or WASM file containing the text version of the contract; abi-file – ABI description of the contract (link: wast/abi). If the contract is created using source code, you will need the ./build/contracts/eosio.token/ folder. On the set contract command line, you will need to enter the name of the account. Since the wast/abi files have the same name as the directory, these parameters can be omitted. Next, you should check to see if the code is loaded.
- To create a token, you need to execute the create and issue actions in the push action command, specifying the following parameters: contract – the account to which the contract is bound, action – the action to be performed on this contract, data – the contract conditions.
- Transferring tokens from one account to another: you need to type push action and transfer commands in cleos, create an account (just like ylvdeveloper), transfer tokens, check balances.
Everything works exactly the same on the main network, but you need to use different API endpoints and pay for accounts and RAM.
5. How to issue a token on Ripple?
You can create your own token in XRP Ledger, which gives participants the ability to issue credits (digital bills) for any purpose by issuing tokens representing the value of currency, services, property, etc.
Sequence of actions
- Go to The World Exchange website (the exchange and interface for the wallet to work with the Ripple platform), click Login or Create a Ripple Account in the upper right corner. If you create a new address, you need to send at least 25 XRP to it to start working: 20 XRP to open a token order and 20 XRP to activate the wallet.
- Select “Issue” in the site interface on the left, specify the amount and ticker of the token, and the price and ticker of the token, which is the base currency of the token being created.
- Once the token is issued, add the defaultRipple = true parameter to the settings, which will allow the new token to be sent to other wallets. Without this setting, token holders will only be able to sell and buy the token, but not send it. The site will automatically generate a currency pair link that can be distributed to potential buyers of the token.
6. How to issue a token on the TRON blockchain?
Sequence of steps
- Go to Tronscan.
Log in and choose the type of token: TRC-10 on standard smart contract or TRC-20 on custom smart contract.
- Fill in the token information and confirm token creation. The site will enter the token information into the smart contract template and publish the smart contract to the blockchain.
- If the user writes a smart contract for TRC-20 tokens, you need to insert the smart contract code in the form and confirm the publication.
- TRC-10 network will write off 1024 TRX from the wallet. If the user doesn’t want to pay, he can install TronBox development environment and write a smart contract himself.