What are Ethereum tokens? Can I issue my own Ethereum tokens?

Ethereum tokens are the backbone of the decentralized financial ecosystem and could one day become the backbone of the global financial system. Let’s look at what exactly Ethereum tokens are and how people can create their own tokens with zero programming experience.

When Ethereum was launched in 2015, one of its most revolutionary features was the ability to create and publish smart contracts on its blockchain.

Smart contracts are written in code and have self-executing properties, meaning that if programmed correctly, the correct outcome will always occur. Therefore, even if one party involved in the contract tries to act maliciously, they will not be able to do so and the contract will execute as intended. Smart contracts have endless possibilities, and they make business, finance, and other industries more efficient, more reliable, and more secure.

One of the most common uses of smart contracts is to create cryptocurrencies. For example, someone can create a smart contract and write a line of code in that smart contract to become the owner of 100 XYZ tokens. Even though this person simply created this token and it has no value, they can now use it for many different purposes, such as trading it with friends, holding it as a collectible, or even creating a company and distributing this token like company stock. In fact, this is similar to the goal of tZERO, who are trying to tokenize company stocks so that they can be traded on the blockchain.

Many of the largest cryptocurrencies either started out as Ethereum or are still tokens on Ethereum. For example, before its mainnet launch, Tron was just a token on the Ethereum blockchain, along with other tokens like Chainlink, Shiba Inu, FTX Token, and all the stablecoins.

Now that we know a little bit about tokens and their history, let’s learn how to create your own token without any coding experience.

The first step is to download and set up the MetaMask wallet. This can be done at https://metamask.io/. MetaMask is a browser-based Ethereum wallet that allows us to interact with the blockchain. Be sure to write down your private key as it is the only way to access your wallet if you lose your computer. Once setup is complete, your MetaMask should look like this:

Next, change the network to the Ropsten testnet. Since everything on the Ethereum blockchain has economic impact, testnets exist where developers can deploy free versions of Ethereum smart contracts. Click the Ethereum Mainnet button at the top of MetaMask, click Show/Hide Testnets, and select Ropsten Testnet.

Now we need to get some free Ethereum to create tokens. Visit https://faucet.dimensions.network/, enter your Ethereum address, and wait 5-10 minutes for the Ethereum to appear in your wallet.

Now, we are ready to code! First, head to https://remix.ethereum.org, an online development environment for creating and publishing smart contracts. Then, click the “Create New File” icon just above the contract folder and name it “TokenName.sol”. To create a token, copy and paste the following code:

//SPDX-License-Identifier: UNLICENSED

pragma solidity >=0.4.22<0.9.0;

import "@openzeppelin/contracts/token/ERC20/ERC20.sol";

contract TestCoin is ERC20 {

constructor() ERC20("TestCoin", "TEST") {

_mint(msg.sender, 100000000000000000000000000);

}

}

You can change the name from "TestCoin" and "TEST" to anything you like, and you can also modify the initial supply, which is the number next to the "mint" function.

Finally, hit “control + s” on your keyboard to save and compile the code, then open the deployer by clicking the icon on the side of the screen.

Here, change the environment from JavaScript VM (London) to Injected Web3 and connect your MetaMask when prompted. The last step is to select the contract you just created from the “Contract” drop-down menu and click Deploy.

Now if you visit https://ropsten.etherscan.io and search for your address, you will be able to see your new tokens in your account and you can use them as you wish. Congratulations on successfully creating your own tokens!