How to Create Your Own Crypto Token - Steemit Crypto Academy | S5W2 | Homework Post for @reddileep

in hive-108451 •  2 months ago 

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Question 1 - Introduce how to create your own Cryptocurrency by differentiating between token and coin

In the cryptocurrency world, the term coin and token are two of the main terms associated with cryptocurrency. Both coin and token are the main aspects of cryptocurrency technology.

Token

A token is basically an asset that operates on another existing blockchain. This means that a token is built and deployed on another blockchain network without the need to have its own blockchain. A token can run on multiple blockchain at the same time like USDT, ANKR, etc. Also, Like every other cryptocurrency asset, the value of any cryptocurrency token that runs on an existing blockchain is derived from the demand and supply of the token. Unlike a coin, a token can have so many use cases such as; store of value and can be traded on exchanges, digital currency, used to assess special services or offers, used within a specific ecosystem. In cryptocurrency, a token can be deployed on any blockchain and can also run on multiple blockchains. Examples of cryptocurrency tokens are ANKR, UNI, SHIB, CAKE, etc.

A token is a lot more easier to create because and doesn’t require full understanding on how blockchain works and the building of blockchain. There are various tools that allow anyone to create a token on popular blockchain networks such as Ethereum, Binance Smart Chain, Tron etc. In order for an individual to create a token on any existing blockchain, the individual must first of all decide on which blockchain to create the token on and also the individual must have a clear understanding of the blockchain the token will run on, and then look for the necessary tools and materials such as docs, guilds, manuals available to aid in the successful launching of the token on the selected blockchain. Once the token is created and deployed on the existing blockchain, the token will run on that blockchain and would adhere to the operations of the underlying blockchain.

Coin

A coin is basically an asset that runs on its own blockchain. This means that a coin is built on its own blockchain. Like every other cryptocurrency asset, the value of any cryptocurrency coin that runs on its own blockchain is derived from the demand and supply of the coin. One of the main purposes of a coin is for payments or to serve as a digital currency or digital money. Also, a coin is meant to be a store of value or exchange of value. In cryptocurrency, a coin does not exist without its own blockchain. Examples of coins are bitcoin, ethereum, litecoin, etc. A coin is more difficult to create because it requires a clear understanding of how blockchain and cryptocurrency works, and also how to build a blockchain. As a result, there are many processes involved before a coin is created.

In order for an individual to create a cryptocurrency coin, the individual must first of all understand how blockchain and cryptocurrency works before venturing into building a blockchain and creating a coin. Also, the individual must also decide on which consensus mechanism the blockchain uses as it will also influence the creation of the coin. The process begins with the building of a blockchain and then the coin is deployed on the blockchain. With this, the coin becomes the native cryptocurrency coin of the blockchain. For example, BTC is the native coin of the bitcoin blockchain, LTC is the native coin of the litcoin blockchain, DOGE is the native coin of the dogecoin blockchain etc.

Difference between coin and token

A coin runs its own blockchain while a token runs on other existing blockchain. Example of a coin is bitcoin and it runs on the bitcoin blockchain. Example of a token is UNI token and it runs on the ethereum blockchain.

For coin, a blockchain must be built before a coin is created and deployed. While a token can be created and deployed on any existing blockchain.

A coin exist on one blockchain. Bitcoin only exist and runs on the bitcoin blockchain. While a token can exist on multiple blockchain networks. USDT runs on the ethereum blockchain, tron blockchain etc.

A coin is primarily a digital currency and a store of value. While a token can have multiple use cases such as an asset to access special features on a platform, digital currency, specific privileges on a platform, discounts, etc.


Question 2 - Demonstrate how to prepare everything needed to create a crypto token, such as making a wallet and adding a few coins to it to pay the gas fee. (Here you should deposit at least 15$ worth of BNB coins from your exchange wallet to the newly created wallet)

To demonstrate how to prepare the things that are needed to create a token, there are certain requirements that necessary before proceeding with the creation of a token. The main requirements are; choose the preferred blockchain to create the token on, supported wallet to store the token on the blockchain, depositing coins to use as transaction gas fee and the right tool such as the remix IDE.

Blockchain - Choosing the right blockchain is the first step in creating a token. For this, I prefer to create the token on the Binance Smart Chain because of its similarities with the ethereum blockchain, faster transactions and low transaction fees.

Supported wallet – For this, I am making use of the metamask wallet as it is a widely supported wallet on the binance smart chain. To begin making use of the metamask wallet, the first step is to go to the download the metamask wallet from the official metamask website.

Downloading and Installing Metamask wallet

Downloading and installing the Metamask wallet is a straight forward process. To do this, first is to visit the official metamask website at https://metamask.io to download the correct metamask version.

Next is to click on download now on the front page of the metamask website

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Next is to choose the platform to install the metamask. For this, I selected chrome. After that, click on install Metamask for chrome

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Next, it will automatically open the chrome webstore, click on add to chrome

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Once the installation is completed, the metamask wallet extension will be installed on your chrome browser.

Next is to follow the installation process to begin the process of setting up the metamask wallet.

After the installation process is completed, Select get started

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choose the create a wallet option to create a new wallet or import wallet to import an existing wallet using the seed phrase. For this, i selected create wallet and agreed to the terms

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For wallet security, a strong password is needed. On the create password page, ensure to input a strong password for stronger metamask wallet security. Confirm password, tick the agree to terms of use check box and click on create

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Next step is backup of the secret phrase. The seed phrase of the wallet will be displayed, reveal by clicking on click to reveal the secret words or backup seed phrase.

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After that, the next page is to confirm the secret word or backup seed phrase.

In the secret backup phrase confirmation section, select the each phrase in their right order and after that click on confirm.

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Congratulations, the setup of the metamask wallet is completed. Click on all done to exit.

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Configuring Binance Smart Chain Mainnet on Metamask wallet

Binance smart chain does not come by default on metamask, only ethereum mainnet. The binance smart chain has to be manually configured. This is a simple process.

To configure the binance smart chain mainnet on metamask wallet, click on the ethereum mainnet dropdown at the top of the wallet.

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Next, click on add network to proceed to the page to input the configuration settings.

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After inputting the configuration settings, click on save to save it on the metamask wallet.

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Done, the Binance Smart Chain Mainnet has been added to metamask.

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Depositing BNB – For this, I will be depositing 0.032 BNB to my metamask wallet required to be used for transaction gas fees. After copying the address, I completed the deposit of 0.032 BNB into my metamask wallet.

Transaction Hash: 0xf0c39adc8923732e623e1798c25d2f993bc187e22a7be09819a72b3c819a70a5

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Question 3 - Explain the Remix IDE and download the source code by showing each step. (Screenshots required)

Remix IDE is an integrated development environment and is basically a tool or a web and desktop application that allows for the easy creation of solidity based DApps. The kit is open-source which means that it is available for anyone to use. This toolkit gives developers the freedom and ability to write new contracts for their projects by making use of the open-source code made available and deploying the smart contract. The solidity language isn’t only for ethereum but also other similar smart contract blockchains like the binance smart chain, and is used for the creation of smart contracts within blockchains such as ethereum, binance smart chain etc. developers can make use of the Remix IDE to build, modify, customize, deploy smart contracts and also debug errors. The remix IDE provides the required tools, plugins, codes, that makes it easy for developers to create decentralized applications on the supported blockchain.

To begin making use of the Remix IDE, the first step is to download the source code of particular token type from verified source. I will be creating a BEP-20 token on the binance smart chain which means that I would be downloading the existing source code that would then be customized and modified to my token needs.

To do this, visit the Docs.Binance site or the Binance Chain documentation site at https://docs.binance.org. Since we are creating a BEP-20 token, On the page, scroll down to the Asset Management section, on the BEP20 Asset, click on Issue BEP20

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On the Issue BEP20 page, scroll down and on the Create new contract BEP20Token.sol section, click on the “here” which is a link that initiates the download of the BEP20Token.template file.

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After clicking on the link, the BEP20Token.template file will be downloaded on your device.


Question 4 - Customize the source code according to your imagined future project. (In addition to simply stating the steps, you should provide a clear explanation about each customized code)

Customizing the Source Code

After downloading the source code, the next is to customize the source code according to my project needs. To do this, the first step is to visit the https://remix.ethereum.org platform to access the tools needed to make customization to the source code.

On the File Explorer section, on the Contracts** folder, click on it to expand the folder.

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Next, I right clicked on the contracts folder to bring up the menu and selected New File to create a new file. This New File will be created inside the contracts folder.

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After selecting New File, I renamed the new file to Zuntr.sol. Note, the new file has to have the .sol file extension just like the other files in the contracts folder.

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Next step is to locate the download location of the BEP20 Template and open it on any notepad editor. Copy the code and paste it inside the renamed new file that was created earlier. For me, I pasted it in the Zuntr.sol file.

After pasting the code in the Zuntr.sol file, the next step is to begin the customization process based on my project and token needs.

The main elements of token customization are; Token Name, Symbol, Decimals and Total Supply. To customize the different elements, scroll down to the line 351 on the code editor to access the customization lines of codes.

Name - Zuntredium Token
Symbol - ZUNTR
Decimals - 18
Total supply - 1000000* 10* 18

Name

This is basically the name of the token. The token creator can name the token anything that is appropriate for the project. For my project, my token name is “Zuntredium”

Symbol

This is basically the token symbol. The symbol is important as it is what will be used to represent the token. The symbol can be named anything but it is always a good idea to make the symbol related to the token name. For my project, the symbol of my token is “ZUNTR”

Decimals

The decimals is very important as well. This is basically the number of decimals that represents the token or the divisibility of the token or how the token can be divisible. This allows the contract to work with the smallest unit of the token. For my project, the token decimal is “18”

Total supply

Like the name, the total supply is basically the total supply of the token that will be created. For my project, my total supply of my token is 180000000

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Compiling

After completing the customization of the different main elements of the token, the next step is to compile the code. To do this, click on the solidity compiler. On the solidity compiler section, click on Compile Zuntr.sol

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Once the compilation is completed, there will be a green check mark that indicates the compiling is completed. To check the success of the compile, select deploy and run transactions and click on deploy.

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Once the deploy is completed, still on the deploy and run transactions section, expand the dropdown of the BEP20TOKEN to view the deployment.

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Question 5 - Demonstrate all the steps to add your created crypto token into your any wallet such as Trust Wallet and MetaMask wallet. (Screenshots required)

To add the my newly created BEP20 token to my metamask wallet, I will first of all connect my metamask wallet to the Remix IDE platform. To make the connection, launch the metamask wallet and click on the 3 dots.

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Next is to Select connected sites

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After that, I selected manually connect to current site

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After that, proceed with the connection by clicking on connect to connect the metamask wallet to the Remix IDE interface.

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Connection completed. Metamask wallet has been connected to the Remix IDE interface

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After the wallet connection is successful, on the Remix IDE interface, click on the Deploy and Run transaction section, on the ENVIRONMENT dropdown, select the Injected web3 option.

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Next, click on deploy.

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Metamask wallet will be automatically launched to confirm the contract deployment transaction. A fee will be charged. For me, 0.00786567 BNB was charged as fee. Click on confirm to execute the transaction.

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Question 6 - Verify transactions and other details through the relevant Block Explorer

After the deployment process is completed and successful. Go down at the debug section, click on the dropdown to expand the details of the transaction.

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The transaction details can be found in the debug section. Next is to copy the transaction hash to verify on bscscan.

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Transaction hash: 0x231c590929bcb8d1aeef05eec1d442e62cc99cf01a9516f98cb969daf2dc75bf

On bscscan website at https://bscscan.com, paste the transaction hash in the search input

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The transaction details will be displayed

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@reddileep

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