BEP20 & ERC20 Token Maker & Generator

Today I’m going to show you how to code your own cryptocurrency on the Ethereum blockchain and sell it! I’ll also explain what an ERC-20 token is, how an Ethereum token works, how an initial coin offering (ICO) works. The number of crypto tokens has more than doubled within the last year, showing the importance and increased application of asset tokenization.

After picking a blockchain, you’ll need a method for creating your token. With BSC and other blockchains that are based on the Ethereum Virtual Machine, the process is relatively simple. You can also find ready-to-use tools that create tokens based on the parameters and rules you provide.

Option 1: Create your own blockchain and native cryptocurrency

However, unlike Smart Chain, Ethereum has substantially higher transaction fees. If you’re looking for a platform with low fees, fast transaction times, and smart contract compatibility, then look no further than Binance Smart Chain (BSC). Before you venture off to create your own cryptocurrency, you need to pick a blockchain platform that is appropriate for your use cases.

A few examples are lottery tickets, points on an online platform, skills for a character in a game, fiat currency, etc. This feature is quite powerful and needs to be regulated by a standard, and that’s why the ERC-20 exists. Crypto tokens remain on the blockchain that they were issued on and are therefore blockchain specific. Each blockchain has its own governing rules and supports different token standards.

Full Tutorial to Create Tokens on Youtube (English Version)

Ethereum is an open-source blockchain-based platform that creates and shares business, financial services, and entertainment applications. Ethereum Blockchain is specifically designed for smart contracts and the creation of decentralized applications (DApps). ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens. The majority of tokens issued on the Ethereum blockchain are ERC-20 compliant. Unlike coins, which are built on their own native blockchain, tokens are created on an existing blockchain, like Ethereum or Binance Smart Chain.

The Tax Receiving Address is the account which receivs the Transaction Tax. It can be used to raise money during a transaction or to pay yourself for providing the currency. The Tax Receiving Address can be adjusted by the owner after the token is created. Furthermore, since Ethereum is the most popular programmable blockchain, let’s touch on it briefly.

How to Make a Cryptocurrency

Once the balance has been checked, the contract owner can give their approval to the user to collect the required number of tokens from the contract’s address. The purpose of this method is to determine the total number of tokens floating around the ecosystem. In constructor we will initialize our contract with initial supply tokens to the creator of the contract (that is msg.sender). Add these lines to our code and we will discuss purpose of all of them. Choose your token parameters, deploy the contract, mint the tokens and transfer them to your private wallet, with a few clicks, from our self-serve dashboard. The accompanying video footage for this portion of the tutorial begins with this video.

And then, finally, you are ready to mint your new cryptocurrency. How many coins you decide to issue initially is up to you. You can decide to mint the complete supply of coins in a single batch, or gradually increase the coin supply over time as new blocks are added to the blockchain. You can design your native coin in any way that you like.

Understanding Token Generation Events

If you manage to create and develop a solid cryptocurrency project, you can fill in Binance’s online application forms for either a direct listing and/or distribution on Launchpad/Launchpool. Now that you have your blockchain running and are ready to mint your cryptocurrency, it’s best to ask for expert legal advice to check whether you will need to apply for permission. Again, this step is difficult to achieve alone and requires outside help. Auditing companies like Certik can check the code of your blockchain and its cryptocurrency to look for any vulnerabilities. You can then publish the audit publicly and also act on its findings.

Many people find this mechanism more convenient while mining is criticized a lot. However, there are many things to consider, so there is no best option. The token standard ensures basic functionality for the token, such as transferring, returning a balance, viewing token ownership, etc. These tokens conform to a standard called BEP20, which is similar to the Ethereum standard ERC20.

Create Free Token – Example Project

Crypto differs from other digital payment systems because of its roots in blockchain technology. This basis gives cryptocurrencies more freedom from central entities like governments or banks. Starting a cryptocurrency-based business is worth considering if you want to be part of the future. Our developers know how to start a crypto token and would be pleased to share their experience with you. For example, if you want to create a token that will be used as a currency, then some merchants or companies should accept it as a payment method.