Bitcoin is the king of cryptocurrencies. We are undoubtedly in the age of blockchains, this technology being like a ledger that holds all the data of the transactions of the already existing cryptocurrencies.
However, it is normal to wonder sometimes if these technologies are only for geeks and smart people. Don’t be fooled, everyone can understand how the cryptosphere works and it’s better that way because it will probably be the future.
If bitcoin and blockchain technology are made for everyone, how can we use it in our everyday lives?
Besides, it’s all we’re talking about right now. We are on the news and we see that the bitcoin had just beaten a new record and then some time later, we talk about a certain winter of the cryptocurrencies where all the prices have fallen.
In any case, it’s a flare-up that can give some ideas. Finally, let’s be direct, given that there are more than 7,000 cryptos, is it still possible to create a digital currency? How to create your own token? What are the sites that allow us to create?
Yes, anyone can issue their own digital currency today. Here we show you the complete steps to follow.
First of all, let’s be clear and dot the i. There is a difference between a token and a cryptocurrency.
Cryptocurrency or Token?
A coin or crypto refers to a unit of value specific to a blockchain, whereas a token refers to a digital asset that does not have its own blockchain.
If you opt for the coin or the crypto, you should still know that the creation is only the first step in the life of a digital currency and that it must then be promoted, distributed and made sufficiently successful for it to be sustainable and enter the category of the promising ones.
It’s a long road, but it can be worth the effort if your crypto were to follow the path of a corner like Bitcoin, ETH or Cardano.
To create a cryptocurrency, you will have 3 main solutions, which we will detail next:
Create a new blockchain
Fork an existing crypto
Create a currency via a specialized platform
Coding your own blockchain
Coding experts can make the choice to code their own blockchain. In this case, you have to start from scratch by writing your own code, line by line. For this purpose, the coder needs several tools including:
A custom server;
A large storage space;
A powerful computer.
Even with the required coding skills, coding your own blockchain is a time-consuming and complex task. The main challenge in this regard is not the creation itself, but rather the ability to guarantee an optimal level of security.
Create a token
For those who choose to create a token, remember that it is an asset that meets established rules. A smart-contract determines the terms and conditions of its operation. Ethereum’s ERC20 token remains the best known and most used to date. A token is not created on any blockchain, only on those allowing the creation of smart-contracts.
The advantage of creating a token is that you can start your project without any initial investment, unlike a coin where servers are needed to ensure the integrity of the blockchain data.
Choice of the platforms
Ethereum represents the safe bet for token creation, especially thanks to the ERC20 standard. This standard reduces the risks of incompatibility while giving confidence to investors, thus facilitating exchanges.
The notable differences are on two axes: simplicity and cost. Launching tokens on Ethereum requires the use of several tools (Metamask, CZAM…) making the process seem complex to the most novice.
Then, there is also the famous Binance smart chain or Solana.
This time, we will opt for the creation of tokens on the Binance Smart Chain. This one is similar to the Ethereum network, it has as main advantage to have acceptable transaction costs. It is optimized to make ultra-fast transactions, and offers comprehensive programming tools for developing decentralized applications. These assets lead many crypto startups and cryptocurrency project developers to create their tokens on it.
Binance Smart Chain : The steps to follow
STEP 1 : Preliminary
Before creating a token on the BSC, it is essential:
to have a decentralized wallet, preferably MetaMask ;
to connect to a node of the Binance Smart Chain;
to have Binance Coins (BNB) in your wallet.
STEP 2 : Install Metamask
To validate transactions on the BSC you will need a wallet connected to the BEP20 network.
To do this we will install MetaMask, add BNB (the currency needed to pay the transaction fees), and connect it to the BEP20 network.
You can install it on your phone or on your PC (preferable to follow this article).
https://metamask.io/download
STEP 3 : Find a node
Once you have installed the MetaMask wallet, you will need to connect to a node on the BSC. To do this, go to the Moralis platform. This is the best tool that offers fast and reliable nodes on the Ethereum, Binance Smart Chain, Polygon, Arbitrum, Avalanche and Fantom blockchains.
On the platform’s interface, the first thing to do is to register. For this purpose, you will need an email and a secure password. After that, log in to the platform and click on the “SpeedyNodes” tab on the top left of the site. Then select the Binance Smart Chain Network node, and you will see a list of options including:
For the Main Net:
Network Name: Binance Smart Chain
New RPC URL : https://bsc-dataseed.binance.org/
ChainID : 56
Symbol : BNB
Block Explorer URL: https://bscscan.com
Then the test network (Testnet) : https://docs.binance.org/smart-chain/developer/rpc.html
Network Name : Binance Smart Chain Testnet
New RPC URL: https://data-seed-prebsc-2-s1.binance.org:8545/
ChainID : 97
Symbol : BNB
Block Explorer URL: https://testnet.bscscan.com
In general, to test your contract, you will start by publishing it in the testnet.
To do this, you will need to feed your wallet with test BNB (fortunately free).
You just have to go to the following page: https://testnet.binance.org/faucet-smart
Then fill in the address of your wallet.
Your address can be found here :
STEP 4 : Installing the Customized ROI
In this step, you will use your MetaMask wallet. This will allow you to download your token and use it when you launch. So, click on your wallet icon to bring it up, and select “Custom RCP” in the network selection. A list of fields will appear on your screen; use the following settings to complete the configuration:
Network Name: BSC Testnet;
New RCP URL: (paste the URL copied from the Moralis Binance Smart Chain node);
Chain ID: 97 ;
Currency symbol: BNB;
Blockchain Explorer URL: https://testnet.bscscan.com.
Step 5 : Token creation
The process of creating tokens on BSC is similar to that of Ethereum. It should be noted that tokens are lines of code. So, since there are already pre-established standards on these blockchains, most of the source code is already available. In other words, you will only need to make a few adjustments to set up your program.
The source code
OpenZeppelin is an open source platform that collects token standards (ERC-20, BEP-20…) for developers to use. The advantage of this tool is that you can do a simple copy and paste to have the standard code of BSC tokens. It will be up to you to customize it as you wish.
Create a new contract
Remix is the tool you will need to deploy your smart contract. To access it, go to RemixEthereum, and select the “Contracts” tab in the left-hand menu. From there, you create a new file by clicking on the “Creat New File” icon.
You are free to give the file any name you want. But ideally, this file has the name of the project or the token. Once that finished, you paste your source code in the environment which appears on the screen.
Step 6 : Program the BSC token
As you know, there are parameters to adjust in the base code obtained from OpenZeppelin. Here are the elements to take into account during the programming of your BSC token:
The first line of the code must always correspond to the version of Solidity used;
The following line must import the model of the token, and contain a URL link to the Github with the complete structure of your token;
Now paste the smart contract template by implementing your parameters ;
Be aware that the second line of the smart contract refers to the developer’s execution. So, it is at this level that you must specify the name of your token, as well as its symbol.
The next line refers to the striking and receiving of the struck tokens. So, take care to indicate the quantity of tokens to hit, as well as its distribution.
Compile the contract
At the end of writing your smart contract, you need to compile it to check for any bugs or errors. To do this, click on
click on “Solidy Compiler”, the second tab in the RemixEthereum interface ;
select the compiler version from the top drop-down list;
Click on “Compile”.
Deploy and launch the BSC token
In this step, you must use the “Deploy & run transactions” tab in the RemixEthereum interface. The first menu in this option leads you to choose the programming environment. At this level, select “Injected Web3”.
Then, in the second menu, make sure that the address displayed is the same as your MetaMask wallet address. You do not need to modify the other menus that follow before creating your BSC token. However, you will need to make sure that the contract selected matches the name of the new file being created. Then you can click on “Deploy”.
Step 7 : How to find the BSC tokens created in its portfolio?
After deploying your contract in Remix, MetaMask will automatically confirm the transaction. Here you have the possibility to see the details of the transaction on BSCscan. To do so, you must click on the link provided to open the Binance Smart Chain Explorer. You will see in particular:
The hash of the transaction;
The status of the transaction;
The height of the block;
The address of the wallet that created the tokens;
The address of the contract for your token.
In addition, you need the contract address to see your new BSC tokens in your wallet. This can be retrieved from BSCscan as described above or from Remix.
When you scroll down to the bottom of the Remix deployment tab, you will find a list of “deployed contracts” with the token addresses. The most recent token address or the only address displayed as the case may be is that of your BSC token. Copy it to the clipboard. Next:
Open your MetaMask wallet;
Click on the “Import tokens” option;
Select the tab on the right, “Custom Token”;
Paste the address of your BSC token into the “Token Contract Address” field.
At this point, the token symbol and precision decimals should auto-populate. When you return to your main MetaMask wallet, you will see your new BSC tokens.
Conclusion
There is no point in developing a cryptocurrency if there are no users interested in it. For this reason, once a cryptocurrency has been successfully created, the next step is to conduct an Initial Coin Offering (ICO). This is an initial coin offering of the created currency.
This post-creation stage involves raising funds. It consists of offering investors tokens, i.e. a few units of the new cryptocurrency, in exchange for a reward in known currencies such as Bitcoin or Ethereum.
In this whole process, the hardest part is therefore not creating a crypto, but rather managing to secure the support of a given community. It is therefore essential to succeed in this step if one aspires to create a cryptocurrency and see it flourish.
