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Since its inception in 2015, Ethereum has grown in prominence as one of the driving forces behind crypto adoption. After Bitcoin, Ethereum (ETH) is the second most popular cryptocurrency. Ethereum, which was founded by Vitalik Buterin and Gavin Wood in 2015, now accounts for more than 17% of the $1.2 trillion global crypto market. In contrast to Bitcoin (BTC), Ethereum is designed to be much more than merely a means of trade.
Instead of establishing value as a "digital gold" like Bitcoin, Ethereum is a software platform that functions on a blockchain. Users can engage with the platform using Ether, the cryptocurrency affiliated with Ethereum, or buy and hold it as a store of wealth. Ethereum is frequently utilized by developers, but some individuals invest in cryptocurrency because it has the potential to grow in value over time.
The ERC20 standard outlines a set of functions (short and simple) that all ERC20 tokens must implement in order to align with other contracts, platforms, or even wallets. External users, such as crypto-wallet apps, can utilize these features to find out the amount of a user's account and transfer funds to another user with sufficient authorization.
Let’s take a deeper dive into how ERC20 came into existence.
ERC20 was developed by Ethereum developers in 2015 on behalf of the greater Ethereum community, and it was formally acknowledged in September 2017. ERC20 became the de facto standard for smart contracts to communicate with one another. Token interaction is now practically seamless thanks to the ERC20 token standard. The ERC20 token's ever-increasing lucrative characteristics have made it a sought-after asset in the crypto arena. It should come as no surprise that enterprises are investing in ERC20 token development.
But how does one go about creating an ERC20 Token on their own? Well, worry not. We have got you covered. Our step-by-step guide will help you develop an ERC20 token in no time.
Let’s take a look at the basic steps involved in the ERC20 token development process.
1. Decide on token attributes
2. Code your smart contract
3. Test the token
4. Verify the source code
5. Deploy it on the MainNet
6. Get it Verified on Etherscan
Before moving forward with the development process, let’s look into the basic mandatory functions involved.
TotalSupply: A method for defining the total supply of your tokens; once achieved, the smart contract will refuse to create more tokens.
Balance of: A method that returns the number of tokens associated with a wallet address.
Transfer: A method for allocating a set number of tokens from the total supply to a user.
Transfer From: Another kind of transfer method used to exchange tokens between users.
Approve: This method determines if a smart contract is permitted to award a specific number of tokens to a user while taking into account the total supply.
Allowance: This method is identical to the ‘approve’ method, with the exception that it verifies whether one user has enough balance to transmit a particular quantity of tokens to another.
Let’s create uber-legit ERC20 tokens.
To create an ERC20 token, you will need the following:
The Token's Name
The Symbol of the Token
Decimal Places on the Token
The Total Number of Tokens in Circulation
When developing the token, consider how many decimal places you want and how it fits into the overall vision of your project.
Ready-to-copy code for the smart contract is available over many sites. However, to get your hands on a legit smart contract code, get in touch with a leading ERC20 token development company such as Clarisco.
While copy/pasting, make sure to change the values of the variables as per your project need and you will be all set to proceed further.
Once you've provided all of the variables, it's time to deploy and test it.
The contract will then be deployed to the TestNet to test if it works. It's a pain to pay for a contract, deploy it to the MainNet, and then watch it fail. To begin, if you haven't already, download MetaMask. They provide a simple UI for testing this. Once MetaMask has been installed, ensure that you are signed in and configured on the Ropsten test network. You may change it to Ropsten by clicking in the upper left corner where it reads 'Main Ethereum Network.' Copy and paste the source code of the contract you just edited into an online compiler to publish the Smart Contract directly to the blockchain. To pay for the transaction, MetaMask will prompt you to click 'Submit.' When you click Submit, MetaMask will display 'Contract Pending.' When it's finished, click the 'Date' button to open the transaction in EtherScan. It is now time to validate the source code.
This is vital for a variety of reasons, the most significant of which is proving the legitimacy of your token to the public. It doesn't matter technically, and your token will still be useable if you don't, but it's good practice to verify it so people know you're not doing anything nefarious.
Now that everything is operational, it is time to deploy it to the MainNet and allow others to access it. This segment is straightforward. You need to link to the MainNet rather than the Ropsten Test Network. Ascertain that your MetaMask account is in Mainnet mode. To achieve this, you must fund your contract with actual Ether.
This step is optional, however, getting it validated by them enhances the validity of your token. When your token is verified, it will have the logo and will no longer say "UNVERIFIED."
Congratulations!. You have created your first ERC20 token that is actually legit and verified.
Does the whole process seem complex to you?
Not to worry. Quite often, individuals may find it difficult to understand the code, especially if one is new to coding. If such is the case, we have got your back!. Whether you are a noob or a pro, irrespective of your technical proficiency, we are here to lend you a hand in fulfilling your journey into the crypto world. Being a renowned ERC20 token development company, we have years of expertise in developing successful and legit ERC20 tokens. Do reach out to us to know more!.