There are two ways to go about this. You can choose to it yourself (which will involve coding) or you can do it the easy way.
Let’s start with the steps involved in doing it yourself. There are 5 basic steps:
The first step is to give your token a name, symbol, number of decimal places, and amount that will be supplied.
Token’s Name — JudeWorldCoin
Symbol of Token — JWC
Decimal Places — 0
Number of Tokens in Circulation — 1,000
Note: the number of decimal places you choose will be added as zeros to the total supply i.e. 100 coins with 4 decimal places becomes 1,000,000 coins. And then as little as 0.0001 coins can be sold or transferred.
After you have defined your token, you need to code its contract.
This is where you list the transactions that your token can be used for.
You will also input all the information you listed in step one as well as the wallet the coins will be sent to.
To code the contract, you can use any ‘editor’ like sublime.
And if you are not great at coding, you can hire a developer to do it for you.
This what it looks like:
The next step after coding the contract for your token is to test the token.
At this point, the MetaMask browser will be of great help because it features different test networks that you can use e.g. Ropsten
For the testing, you only need to fund your wallet with dummy ethers.
While you are on the test network, compile your contract code using the ‘Solidity Remix Compiler’ feature.
After compiling and submitting your contract, you will then be redirected to the transactions page on Etherscan where you can load your coin on the MetaMask Tokens.
If your tokens are added, it means you have succeeded. Congrats!
You can skip this part but it is important you do it so that your token will be valued by the public.
All you need to do is to copy the contract address you were given when you compiled your contract and paste it on Etherscan.
Then hit ‘verify’ and ‘publish’.
Now, when people view your coin, the ‘unverified’ button will not be checked.
Having succeeded in creating your token using dummy ethers, you can now switch to the Main Ethereum Network to launch it.
You already have your contract code, so, just compile it again on this network and submit.
Once your tokens have been added, go ahead and verify it.
Note that here, you will need to fund your ether wallet with real ethers before your request can be processed.
Thumbs up if you made it to this step!
Ps: you can read this post: How To Deploy Ethereum Smart Contract — A Step By Step Guide for a clearer picture of the steps above.
Say, you do not want to go through all the steps listed above, there is an easier alternative.
Platforms like ERC20 TOKEN Generator make it easy for you to create an ERC20 Token.
ERC20 TOKEN Generator is a decentralized app designed by Vittorio Manacori to help people deploy their tokens very quickly.
Your token can be ready in a minute using this app.
All you need to do is, visit the site, supply the required information on your coin, and make payment.
Here, you do not have to write any codes. The generator takes care of the coding for you.
However, you must install the MetaMask Browser extension and fund your Ether wallet for successful token creation.
How The ERC20 Token Generator Works
1. Go to ERC20 TOKEN Generator and click on ‘create your token’
2. In the new page, provide the required information for your token like name and symbol.
Then hit ‘confirm’.
3. MetaMask will request your approval to debit your wallet for the coin to be created
4. After you have made the payment, you will be provided with a contract address which you can verify on Etherscan.
5. While on Etherscan, you can go ahead and load your tokens.
Quick and easy!
If you need further details on this platform to be sure you are not throwing your Ether to the wind, you can check here.
Before we call it a wrap, I will show you how to keep your tokens safe.