How to issue your cryptocurrency (token) and which blockchain to choose for this?

How to issue your cryptocurrency (token) and which blockchain to choose for this?

By Kluma | InterestingCrypto | 24 Jun 2020


How to issue your cryptocurrency (token) and which blockchain to choose for this?

Is it possible to issue your own cryptocurrency? Yes, but there are different scenarios. The first is the creation of a new blockchain. This is the most difficult way, you should choose it only if you have a unique idea, solid means, a strong development team and time. According to this scenario, the launch and development of cryptocurrency can take up to several years. Since this is an exclusive option, we do not consider it in the card.

The second way is cheaper and more practical. It's 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. We will consider this scenario.

 

How to issue a token on Ethereum?

The Ethereum blockchain allows even people without programming skills to issue tokens. This is a digital constructor in which it is enough to change several lines in the source code of the ERC20 standard, and then upload it to the network. The process takes no more than 20 minutes.

Sequencing

1. It is necessary to come up with the name of the token, its ticker, establish the number and divisibility of the settlement units, and then enter this data into the system. You need to download the standard form of a smart contract (two files with the extension .sol) here :

2. Download 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 paragraph:

  • token issue - totalSupply;
  • the full name of the token is name;
  • crushing value, the number of decimal places - decimal (since everything is stored in contracts only in whole numbers, you must specify the number of characters in order to be able to credit an integer number of tokens)
  • exchange token ticker - symbol.

4. After saving the entered data, deploy the token contract code using the client installed in the browser - for example, MetaMask. He does not know how to compile smart contracts, but compilation can be done in the Ethereum Remix editor. To do this, 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 “label” in an adjacent field, compilation will be performed automatically.

5. To deploy a smart contract using the MetaMask client,
select the Run tab and the Injected Web3 sub-item in the Remix editor, fill in the Gas limit and Value fields below and click Create (the account from which the deployment will take place is loaded automatically, reading the data from the page ), click "Submit" and make an entry in the blockchain.

The contract is deployed. The status is confirmed in the client by an icon with the image of a “document” and the signature “Contract published”. When you click on it, you go to the payment transaction page.

 

6. To make payments using the new token, the account number of the sender and recipient is required.

You can perform token operations either on the contract page on etherscan (link in MetaMask) or on the Ethereum Remix page. Pink color indicates paid recording operations, blue color - free read operations.

To send tokens, you need to specify their number and recipient address. To check the account balance after the transaction, you need to start the balanceOf operation.

 

How to issue a token on WAVES?

WAVES is a blockchain platform for the development of digital coins. According to the platform website, creating a new token takes a minute.

Sequencing

1. 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 (before doing this, make sure that you have at least 1 Waves to pay the commission for creating the token).

5. In the “Token Issue” form, fill in the fields “Token Name”, “Description”, “Total Tokens” (the total number of tokens can be fixed at issue or increased later if you select “Re-issued”), “Decimal digits”.

6. After checking the completed form fields, click on the “Release” button.

7. Click “Submit”, after which the token will appear in the “Portfolio” tab.

 

How to issue a token on EOS?

On EOS smart contracts, the token standard is called eosio.token .

Sequencing

Note: The “url” parameter shows which node the user is connected to. API endpoint information is available on the project’s official website .

1. 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 must send commands to cleos).

2. Create a wallet, two key pairs for ownership and activity rights, and import them into the wallet.

3. Create an account. If the user already has an account with EOS tokens, you can create a local account by typing cleos create account at the command line, but you can’t create an account on the main network for free, so in order to save time and money, it’s better to create an account on the test network in EOS Jungle Testnet . To do this, go to jungle.cryptolions.io , click on the Create Account link, enter the account name and two public keys created earlier, and confirm the creation of the account.

4. To publish a contract, it is necessary to transfer several EOS tokens to an account on a special platform using the EOS Jungle Testnet Faucet tap , type cleos system buyram at the command line and buy RAM for EOS tokens.

5. To upload a contract to the blockchain, type cleos set contract on the command line and set the parameters: account - account to which the contract belongs; contract-dir - contract directory; wast-file - a WAST or WASM file containing a 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. At the set contract command prompt, enter the account name. Since the wast / abi files are named the same as the directory, these parameters can be omitted. Next, check if the code has loaded.

6. To create a token, you need to perform the create and issue actions in the push action command, specifying the following parameters: contract - the account to which the contract is attached, action - the action that must be performed under this contract, data - the terms of the contract.

7. Transfer of tokens from one account to another: you need to type the push action and transfer commands in cleos, create an account (just like ylvdeveloper), send tokens, check balances.

Everything works the same on the main network, however, you need to use other API endpoints and pay for accounts and RAM.

 

How to issue a token on Ripple?

You can create your own token in XRP Ledger, which allows participants to issue loans (digital bills) for any purpose, issuing tokens representing the value of currency, services, property, etc.

Sequencing

1. Go to The World Exchange website (exchange and interface for working with the Ripple wallet platform), in the upper right corner click on Login or Create a Ripple Account. If a new address is being created, at least 25 XRP must be sent to it to start working: 20 XRP for opening an order to issue a token and 20 XRP for activating a wallet.

2. Select the “Issue” item in the site’s interface on the left, indicate the quantity and ticker of the token, as well as the price and ticker of the token, which is the base currency of the token being created.

3. After issuing the token, add the defaultRipple = true parameter in the settings, which will allow sending a new token to other wallets. Without installing this function, token holders can only sell and buy it, but not send it. The site will automatically generate a link to the currency pair, which can be distributed among potential buyers of the token.

 

How to issue a token on the TRON blockchain?

Sequencing

1. Go to Tronscan.

2. Log in and select the type of token: TRC-10 on a standard smart contract or TRC-20 on a custom smart contract.

3. Fill in the information about the token and confirm its creation. The site will enter information about the token into the smart contract template and publish the smart contract on the blockchain.

4. 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.

5. The TRC-10 network will write off 1024 TRX from the wallet. If the user does not want to pay, he can install the TronBox development environment and write a smart contract on his own.



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