Ethereum is the world’s most popular programmable blockchain. It has been considered as one of the essential blockchain projects since it was launched in 2015. The platform allows you to develop your own tokens and smart contracts on the network. Ethereum implements token standards to ensure that projects developed on the network remain compatible.
ERC-20, ERC-721, and ERC-777 are the most popular token standards on the Ethereum blockchain. ERC-20 is a standard for tokens that can be used for voting, staking, or as virtual currencies. Chainlink (LINK), Tether (USDT), OmiseGO (OMG), Maker (MKR), Basic Attention Token (BAT), etc are some of the popular ERC-20 tokens out there. Here we are going to take a look at how to create an ERC20 token.
What is ERC20 Token?
ERC-20 tokens have become the most popular standard for Ethereum tokens in recent years. It is applied to all the smart contracts on the Ethereum blockchain network to implement tokens. It also provides a list of rules for Ethereum-based tokens to follow. ERC-20 is a simple token that is easy to deploy. The token standard provides a regulated set of commands to manage various tokens such as interaction rules and purchase rules.
Benefits of ERC-20 token
- Can be developed at a low cost.
- The development process is comparatively easy.
- Takes less time to create.
- Ease of use.
- All tokens are secured with smart contracts.
- A crypto wallet is used with it to store and ensure token safety.
- Transactions are done automatically to the wallet.
How to Create ERC20 Token Free In Simple Way
There are multiple networks running on the ethereum blockchain. There is the main net and many alternative networks. We will use the “Ropsten Test Network” to develop our ERC-20 token. You can submit any code and test it out without any cost. Any new token created must be registered on the Ethereum blockchain. This requires a gas fee to be paid to the network. This has to be real money on the main net. But on alternative networks, you can use fake ETH that can be obtained for free and does not have any value outside the network.
As we have selected the network, now we have to create a wallet and make an account in the network. The MetaMask wallet is the most suited for this purpose. MetaMask runs as an extension on browsers. You can use it to create accounts on multiple networks. It also has integrations with the deployment interface we will be using. So download the MetaMask extension on your browser and create an account on the Ropsten Test Network, to begin with. You can get the fake ETH needed to test out your token from “Ethereum faucets”. There is a faucet in MetaMask itself and you can use that or just google “Ethereum faucets” and choose one. The MetaMask Ethereum faucets will deposit the fake ETH directly into your account. You will have to disclose your public account details if you are using an external Ethereum faucet.
After creating a wallet and making an account, we have to define the token we are developing. You have to finalize the details such as token symbol, token name, total supply, decimals, and owner account.
Token symbol: The token symbol is an identifier for the token. BTC, ETH, ADA, DOGE, BNB, XRP, etc are token symbols of popular tokens. Two to five capital letters or numbers can be used in a token symbol.
Token name: The token name is the whole name of the token. Bitcoin, Ethereum, Cardano, Dogecoin, Binance coin, etc are coin names.
Total supply: You can decide the maximum number of tokens there should be in existence. Many popular crypto tokens have a maximum supply limit. It is 21,000,000 for BTC, 45,000,000,000 for ADA, and 100,000,000,000 for XRP.
Decimals: This denotes how many decimals can be used to break down the token. If the decimal is 0, the token cannot be broken down. You either have to own a whole token or you don’t own it at all. You can add up to 18 decimals for your token.
Owner account: You should have an owner account on the same network in which the token is deployed.
After all of this is secured, you will need the code to develop tokens in the Solidity programming language. This can be found on Github. You can edit the files, develop, and deploy the token using the integrated development environment Remix IDE provided by Ethereum itself. You can access your token using MetaMask and other popular crypto wallets as the ERC-20 token standard is supported by most wallets.
Ethereum is one of the most popular blockchains for token development. The Ethereum Virtual Machine (EVM), and its universal compatibility have made the platform a favorite among developers. Launching an ERC-20 token with Cryptosoftwares’ can elevate your business prospectus. At Cryptosoftwares we offer premium white-label ERC-20 token development solutions.
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