This guide will illustrate how to create a token on Ethereum, a blockchain that has now established itself as a leader for this type of use and this is confirmed by facts: over 200,000 tokens created to date.
This supremacy is mainly due to its longevity, as it was the first blockchain that could support smart contracts.
Considering that the Ethereum blockchain has a high amount of documentation and a lot of tutorials, it’s a very good tool that allows users to create their own ERC20 tokens on Ethereum.
ERC20 is one of the most used standards, but that doesn’t mean that there are no other methods to create a token.
Note: the token in this guide has been created for the purpose of writing the article only. It will not be used or listed. Any Cryptonomist or Cryppo token you find on the market is fake.
We will mainly need 2 things to create a token on this blockchain:
- A wallet that allows managing the Ethereum blockchain;
- Some Ether (ETH) to cover the entire cost of the operation, a cost that also varies according to the gas.
We start by unlocking the MetaMask wallet and use the ERC20 generator that can be found at this address.
We will be presented with a fairly simple layout in which we will have to fill in the various dedicated fields. We will then enter the token name, ticker (maximum 5 characters), decimals, total and initial supply, and decide whether to enable token transfer and minting, in case we want to create more tokens in the future.
After filling in the various fields just click on “Create Token” in the bottom right corner and confirm the transaction with the wallet.
In this case, we spent a little more than 0.1 ETH. After confirming the transaction, this will be the final result.
What if we want to destroy the token?
Additionally, it is possible to use the address to burn even part of the supply and thus reduce the amount of that token in circulation. This strategy is often used by several projects that have implemented a burning system.