News By  Artem Khomenko
Newbie 2907 1 Sept 2022
Newbie

Creating your token. Useful tools and services

By  Artem Khomenko 2907 1 Sept 2022
Photo - Creating your token. Useful tools and services

Many people dream of creating their cryptocurrency, and it’s actually relatively easy. It is unnecessary to generate a new blockchain. You can take a ready-made network and make a token on it.

The first thing is to choose a blockchain to work with. Ethereum and all EVM networks are the most suitable. It is convenient because of the similar type of wallets and the cheapness of transactions. This includes Polygon, BSC, Avalanche, and other blockchains compatible with the Ethereum decentralized machine. In 2022, Solana, Near Protocol, and Polkadot have become very popular, but it will be more difficult to work with them because there are fewer constructors and services.

To issue a token, a smart contract must be deployed. This is an algorithm that creates information and tasks in the blockchain. You can do it yourself or with the help of token constructors, where you just set the name and number of coins. You don’t need to write any code, but it costs more. 

First, let’s look at the low-cost option when we create our token. We move to the Remix Ethereum service and create a token file. 

Remix Ethereum workspace

Remix Ethereum workspace

You can get the contract template on GitHub if you don't have programming skills. Then type in the search for the most popular contract standard – ERC20, and copy any available code (first, make sure that the contract license is free and allows you to use it for your own purposes). 

Search for a ready-made smart contract on GitHub

Search for a ready-made smart contract on GitHub

Insert the data into the document and change the information about the token – the number of coins, the name, the abbreviated ticker, and the decimal places. 

Custom contract setup

Custom contract setup

To check for errors, it is necessary to go through a compilation. You will see a green checkmark in the block icon if everything is clear. After that, proceed to deployment, which generates a smart contract. 

Smart contract compilation block

Smart contract compilation block

In the “Environment” tab, select “Injected Provider” and connect our Metamask wallet, which was previously installed into the browser extension.

Click “Deploy” and pay the network fee, which depends on the selected blockchain. At the time of writing, the Ethereum token costs $ 10 in the AVAX network – $ 0.5, and in the Polygon network – $ 0.05. The payment is made with a blockchain coin. 

Deployment of smart contract and token issuance

Deployment of smart contract and token issuance

That’s it! Find the contract in the transaction details, add it to your wallet, and coins will be displayed.

Now we come to the constructors.
They allow you to avoid red tape with the code and create a simple token, the security of which is confirmed (in the case of GitHub – the available contracts are not always verified there). Here is a list of services for automatic token creation:

Dodo.ex. A decentralized exchange with elements of a development environment. Here you can create a token, conduct a token sale, crowd pooling, create a mining campaign, etc. The platform supports 12 networks. A coin on Ethereum costs 0.02 ETH. 

Dodo.ex workspace for token creation

Dodo.ex workspace for token creation

DxSale. Service for automatic smart contract writing. There are 16 networks available, and the cost of the token on Ethereum is 0.08 ETH. 

DxSale workspace for token creation

DxSale workspace for token creation

Cointool.app. A service is like the previous one and has very extended functionality. More than 30 blockchains are available for work, and the price of a token on Ethereum is 0.1 ETH. 

CoinTool.app workspace for token creation

CoinTool.app workspace for token creation

Creating a token is the easiest thing to do when planning a project. The hardest part is deploying a product or service users may receive for your tokens.

Once the coin is created, new tasks emerge:

  • To prepare the website and social media;
  • To list the coin on the exchange;
  • To give it value and investment value;
  • To form tokenomics, launch sales rounds;
  • To set up staking programs, liquidity mining, etc.

All of this and many other things are necessary to launch a successful project.