CODING TUTORIAL - Building Your Own Cryptocurrency on the Ethereum Network: A Epic Step-by-Step Guide [ PART 3 ]

By Louky | THE CRYPTO-DEV JOURNAL | 17 Jun 2023

Yo, my crypto-savvy crew!

Welcome to the third installment of this mind-blowing tutorial where we take your crypto game to the next level. In Part 3, we're diving into advanced features that'll make your cryptocurrency project shine brighter than a supernova. So put on your coding hats and get ready for some serious action!

Step 8: Adding Advanced Functionality to Your Smart Contract

Alright, my fearless crypto warriors, it's time to enhance your smart contract with some mind-blowing features. We're gonna take your cryptocurrency from basic to badass in no time. Let's get started!

  1. Adding a Mint Function: Imagine being able to create new tokens whenever you want. It's like having a printing press for crypto, right? Well, buckle up, 'cause we're gonna make it happen. Open up your token contract file and add the following code snippet:

  function mint(address recipient, uint256 amount) public { require(msg.sender == owner, "Only the owner can mint tokens"); balanceOf[recipient] += amount; totalSupply += amount; }

This function allows the contract owner (that's you, my friend) to mint new tokens and assign them to a specified recipient. Pretty cool, huh?

  1. Adding a Burn Function: Now, what if you want to destroy tokens and make them disappear into thin air? Well, we got you covered. Add this code snippet to your token contract:

  function burn(uint256 amount) public { require(balanceOf[msg.sender] >= amount, "Insufficient balance"); balanceOf[msg.sender] -= amount; totalSupply -= amount; }

This badass function allows token holders (including you) to burn their own tokens, effectively reducing the total supply. Burn, baby, burn!

  1. Adding a Transfer Ownership Function: Imagine you want to transfer the ownership of your contract to someone else. No worries, my friend. We got your back. Add this code snippet to your token contract:

  address public owner; constructor() { owner = msg.sender; } function transferOwnership(address newOwner) public { require(msg.sender == owner, "Only the owner can transfer ownership"); owner = newOwner; }

This function allows you (the current owner) to transfer the ownership of the contract to a new address. Flexibility at its finest!

Step 9: Updating and Redeploying Your Epic Contract

Alright, my coding maestros, now that you've added some sick advanced functionality to your smart contract, it's time to update and redeploy it. Here's what you gotta do:

  1. Compile your contract by running the following command in the terminal:

truffle compile

  1. Migrate your contract to the Ethereum network with this command:

truffle migrate --reset

Boom! Your updated contract is now deployed and ready to conquer the crypto universe with its advanced features. Take a moment to celebrate, my friends. You're unstoppable!

Step 10: Interacting with the Advanced Features

Alright, my crypto warriors, now that your contract is upgraded and deployed, let's unleash those advanced features and see them in action. Open up the Truffle console once again with this command:

truffle console

Now, get ready to wield your crypto powers like a true boss:

  1. Minting New Tokens: To mint new tokens, use the following command in the Truffle console:

let instance = await MyToken.deployed();'<recipient>', <amount>);

Replace <recipient> with the Ethereum address you want to assign the tokens to, and <amount> with the number of tokens you want to mint. Go ahead, create some digital wealth!

  1. Burning Tokens: To burn tokens, enter this command in the Truffle console:


Replace <amount> with the number of tokens you want to burn. Watch them disappear into thin air!

  1. Transferring Ownership: To transfer the ownership of the contract, use this command in the Truffle console:


Replace <newOwner> with the Ethereum address you want to transfer the ownership to. Flex that ownership power!

Congratulations, my crypto heroes! You've conquered Part 3 of this mind-blowing tutorial. You've added advanced functionality to your smart contract, updated and redeployed it like a boss, and even mastered the art of interacting with the advanced features. Stay tuned for Part 4, where we'll explore security and best practices to keep your crypto empire rock-solid.

And hey, don't forget the golden rule: This tutorial is for educational purposes only. Do your research, stay curious, and exercise caution when dealing with cryptocurrencies. We're on a thrilling journey, so keep your heads up!

If you're finding this tutorial mind-blowingly awesome, show some love by smashing that like button and leaving a tip. Your support keeps the fire burning and motivates me to create even more mind-blowing content and tutorials for the crypto community. You're the real MVPs!

Check out my GitHub for a treasure trove of free code and resources.

Donate directly:
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Together, we'll conquer the crypto universe!

🚀 Keep coding like there's no tomorrow! 🚀

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