Create your own ERC20 token - step by step process
If you are interested to know about the smart contracts and creating erc20 token creation, then give this article a try.
In common, what do you mean by ERC20 token creation?
In ethereum blockchain, the ERC20 tokens are created using the agreement called smart contracts. The algorithm used for the creation is ERC20. The smart contracts are nothing but the execution code built on the ethereum functions and they are written using the language called solidity. Ethereum and ETH tokens are stored on the digital storage space called Meta Mask.
First step: Set your supply and Code the contract
The initial step in ERC20 token creation is developing a code structure for the entire supply. The codes can be are written on your own if you are a developer or else it can be executed by the good expertise companies.
Before that, you should define your Token name, Token symbol, Tokens’ decimal numbers, and the number of tokens you want to circulate. Among these people are often confused about how many decimal places to decide? This is the most asked one. Most of the tokens had up to 17 or 18 decimal places of their choice, you can select the count which could fit for your project. Importantly, the number of decimal places you decide is directly correlated with the supply of your ERC tokens.
Then the coding needs to be done with the solidity language and it is preferable to hire experienced developers. Once you have done with the code structure, you can change the characteristics of the token on your requirements. You can name them and set supply units.
For example, if you set the pricing of you ICO as 1ETH= 20 Your ERC20 tokens, then the supply chain will flow on like this.
Okay, you have set up the token limit and coding, it’s the time to test the tokens on blockchain network for approval. To submit the tokens, you have to pay for some other private networks, or you can use metamask extension to check whether it’s working or not.
Second step: Create the wallet
After you have finished the basics of the ERC20 token creation, it’s time to create a wallet on your website. It can be done by Meta mask and once you install this extension, you can use the wallet easily. In general, ethereum wallet accepting all the ERC tokens in the market can be developed also. It’s more secure than other things.
For the simple process, metamask is used nowadays. The development of ethereum wallet is very important because the user may have a different ETH token and the only way to do the transaction is through ETH wallet.
Third step: Initial Token Supply
The next thing you need to do is receiving the initial tokens generated. The initial supplies of the tokens are received by the owner of the smart contracts and it is recommendable to verify the smart contract.
Once the verification is done, the tokens are ready to issue and you can launch initial coin offering in the website you hosted.
This article is the basics of how ERC20 tokens are generated and issued on the website. If you have any questions to ask, leave us a message. We are available here to do ERC 20 token creation, ERC223 token and etc.
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