It is important when we talking about how to Build own Ethereum Token with Solidity to keep in our minds that there are two types of cryptocurrencies:
one is coin and the other one is token.
Difference between coins and token
The main difference between coins and token that you should know before you Build own Ethereum Token with Solidity is that:
Coins have their own blockchains.
For example , bitcoin is a coin it has its own blockchain, Ethereum is a coin it has its own blockchain.
There is other type of cryptocurrencies that are talking basically they are using the blockchain or the backbone that are already built
For example , 10x pay storage or my school and civic are all ERC 20 tokens.
I'm going to tell you how to Build own Ethereum Token with Solidity from scratch and I'm going to keep this very simple, let's do it and start from now.
The first thing we need is actual code that is a basic of your token.
Now we are going to make a ERC 20 token that is a basically Ethereum smart contract.
What you can do is actually building your coin from the bottom.
telling him what to do in case of transfer, what to do in case of initial, how many coins the owner has, how to send, it how to receive it and all those kinds of stuff.
This is the basic code and all you need to do is go to the Ethereum GitHub solidity ide and paste your token right there.
this is my basic code (the code will be in file named attach 1) paste it in this place
Don't have to be worried about anything that you don't understand in the code.
I'm going to put the comments in the most important part that you will change in the code.
Number 1 : your coin name. it can have spaces and all sorts of stuff. let's call this crypto coop token.
Number 2 : The symbol. like 10x pay or BTC. let's call it CC X.
Number 3 : your initial supply. how many coin you want to have initially. leave it on 10,000.
Number 4 : The decimal places, this is quite hard to understand but basically it is how many times you've on each coin to be divided.
it can be divided to 18 times so you will have a lot more coins and stuff so leave it on 18.
Now we are going to run this on a testing environment because we don't want to actually do over debugging using a real smart contract because that way we have to actually pay for the gas money we have to pay like $30.
So, we need to install a Google plugin that let us try and test this in a testing environment.
Go to MetaMask.IO and install the Google Chrome plugin.
You will see the icon on top right of your browser, click on it and accept the terms.
put your password then click create.
They will give you mnemonic words in case of you lose your account or you lose your wallet they can restore it.
Be careful , if somebody have the mnemonic words they can take your wallet and take all your money so add this to your notepad and encrypt it and save it somewhere.
Once we have this wallet first let's go to “Main Network” then click “Ropsten test network” because we are going to test, we don't want to really take our Ethereum for transactions.
Now let's buy some fake Ethereum click on “Buy” then go to “Ropsten Test Faucet” and click on “request 1 ether from faucet” and let's do many times click on it.
It will make many transactions below click on one of them
This is going to send us some fake Ethereum to the current account.
We still have 0 but watch the magic.
let's go back to our solidity IDE (when we pasted our code “pic 1”) and refresh the page.
Now keep looking at our fake wallet and let's get happy by our fake money.
look at this we have 12 Ethereum we have two or thousand dollars good I wish life was so easy like this.
Once you have this money now let's go to our IDE and press create then press submit.
It is really real even though you're on the test environment and if you are not in the test environment is really going to run this.
Once you have submitted click on this.
And wait for a minor to pick up your contract.
Somebody picked up my contract it took 26 seconds.
once you have this copy the entire contract ID and go to your Ropsten Test Wallet and click on” token” then click on “Add Token”.
Say you want to create token using this contract (that we copied)
Look at this it recognizes the token Symbol, you don't need to put the decimal press add.
Congratulation you Build own Ethereum Token with Solidity and you have your own CCX
You have your own coin and if you go to the Ethereum scan.
Even though it's Ropsten is a fake page you can see this called a cryptic OOP token and I am the owner of crypto code talking.
Now and I have this much coin and welcome to the ICO initial coin offering phenomenon when an owner of the Coin has the most majority coin and here we are.
If somebody want to buy 1000 from me I'm going to come to my wallet , select “send” and send this much amount to your address.
Now I Built my own Ethereum Token and I have my own coin and I can sell it to the public.
It is easy right?