Recently, the former Liverpool soccer player Michael Owen, partnered with the Singapore-based Global Crypto Offering Exchange (GCOX) to produce his own name-backed cryptocurrency. Their ultimate plan is to purchase merchandise and make contributions to charities selected by the players.
What is GCOX?
“GCOX” is a Blockchain-based startup that let celebs generate their own digital currencies. They are labelled as “Celebrity Tokens” to be used by fans, who can pay for stars’ exclusive content.
Well, this doesn’t mean that common people cannot make their own Blockchain-based Tokens and is exclusively reserved for celebrities. In fact, you can issue your own Tokens, generate an ICO and make tons of money with few simple steps. But first you must understand what the term ‘ERC-20 Tokens’, stand for?
ERC-20 Tokens: It is a “Tokens smart contract”, built on a platform called ERC (Ethereum Requests for Comments). ERC-20 standard specifies six functions i.e. Total Supply, Balance Of, Transfer, Transfer From, approve and allowance. These six functions are recognized by other smart contracts and are widely accepted by many cryptocurrency wallets.
P.S. Most ICOs use ERC-Tokens
How to Create ERC-Tokens?
Now that we’ve learnt what ERC-Tokens are, let’s now understand how you can create them.
Decide the Features of Your New Tokens
Now, to create an ERC20 Tokens, you must define
- The Name of Your Tokens
- Determine the symbol of your Tokens
- Supply of Tokens
- Number of Decimal Places
- How many Tokens does the owner receives
P.S. Most Tokens have up to 18 decimal places, it means that you can have up to .0000000000000000001 Tokens. For experiment, you can begin with zero.
Set the Code
Visit here for the source code. Form this website, you can essentially “Copy/Paste” the code to create your own ERC20 Tokens. After clicking on the link above, you will reach a page like this.
Throw your codes into your favorite text editor or visit here. Put the codes here and replace everything where it says, “CHANGE THESE VARIABLES FOR YOUR TOKENS”. This includes your Token’s Name, symbol, decimal places, owner amount and the number of Tokens in circulation. Once you have all the variables in, it’s now time to deploy it to the Blockchain and test it.
Third Step: Test the Tokens
Next, deploy the contract to the Test Net to figure out if it works. If you don’t have it, then download MetaMask that offers easy-to-use interface to test this. After installing MetaMask, make sure you are logged in and setup on the Ropsten test network.
Now move to the Solidity Remix Compiler, which is an online compiler that let you publish Smart Contract straight to the Blockchain. Here, just Copy/Paste the source of the contract you just modified into the main window and go to the settings to select a latest release compiler and then auto-compile.
Don’t forget to keep note of the Solidity version in the compiler as you will need it later for verification of the contract source. Now, come to Contract tab and hit ‘Create’ under the name of the Tokens function that you have created earlier.
Next, MetaMask will ask you to pay for the transaction. And once you click the submit option, it will pop out saying ‘Contract Pending’ and when it’s ready, click ‘Date’ and it’ll bring up the transaction in EtherScan.
Now, to see whether you have generated Tokens or not, copy the Contract Address listed in the Transaction information and add it to MetaMask ‘Tokens’ tab by clicking the “+” button. Once it shows you the added amount, you are eligible to sell them in market.
P.S. Do not forget to verify the source code to ensure that your Tokens is valid or not.
This was all about Tokens generation. If you have anything else to share, please comment in the section below and we hope you like this article.