How to develop a token?

Tokens can be described as crypto-assets that run on the top of another cryptocurrency’s blockchain. Crypto-tokens can also be described as a type of cryptocurrency that represents an asset or specific use-case which resides on another’s blockchain. Crypto-tokens are used to facilitate transactions (like making and receiving payments)along with the blockchain. For the development of tokens, the basic requirement is the blockchain, which will run the tokens. Every blockchain has its own rules for creating tokens. Also, each crypto-token has its own specific and distinct use case from another. The Ethereum blockchain and the Binance blockchain are the two most successful and popular blockchains. (Like, for example, the most common type of token to attract investors isERC-20 and if you are building a Non-Fungible Token then you may useBEP-721 and ERC-1155 tokens). Steps To Develop Your Token1. To get started creating your own token, 1st of all you have to download the wallet which is consistent with the blockchain on which you are developing your token. (e.g, if you are developing an ERC-20 token on Ethereum then you may want to download them, in an Ethereum wallet). And then you will have to fund your wallet with ETH and form a new contract.2. Now you need to decide on the amount or the number of the token supply you want.3. After the above two basic steps now you have to link your smart contract to the token. And for enabling your token for sending and receiving purposes, or from preventing users from sending more tokens than they actually have, you have to add a code at the bottom of your solidity contract code field.4. Now you set the name and symbol that you want to keep on your token. Also, add the decimal units of your token.5. Finally, add the code to turn on a transfer event, which allows ETHwallets to know when transfers of your token take place. And you are all set to release your token to the world


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Written by Ragini Sinha

Story Maker

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