How to create your own cryptocurrency?

Why I made my own coin?

I was learning about Decentralized Finance this winter. Thanks to threads, hashnode blogs and websites, I had learnt about ERC20 tokens, crypto wallets etc.. I would have created my token much earlier, but my token — that has absolutely no value in real money — wouldn’t have been very useful; unless it could solve some problem.

Luckily, just yesterday, I found a problem to solve — TV turn fights in my house. My 10 year old sister and 12 year old brother had TV turns on alternate days, but they always wanted each other’s TV turns and sometimes, not give the other their TV turn on the next day in return. They were also fascinated by the idea of having their own electronic wallets and their own digital money, similar to everyone else in the family.

Creating a digital coin and assigning a value to a TV turn, so that they can “buy and sell” each other’s TV turns was an innovative way to solve this problem. Now that you understand why I created my token, let’s move on to how I created it!

What you’ll need?

• An internet connected desktop/laptop with a Google Chrome/Chromium browser.

Process of making your own token, without code:

01 : Install the MetaMask Wallet Chrome Extension. chrome.google.com/webstore/detail/metamask… MetaMask is a Ethereum Wallet. Ethereum is the decentralized, open source blockchain technology on which we will be making our own token. The next step is to sign up for a MetaMask account.

02 : Create your token Since this is a no-code tutorial, we will be using a token generator website — so head over to this link: vittominacori.github.io/erc20-generator/cr…, and fill up all the fields given there. In the first column, you need to fill in a token name (for example, Dogecoin) and the symbol (that would be DOGE for the example case). Leave the next field (Token Precision) as 18.

In the next field, you have to decide how many of your tokens you want to bring into existence. I entered 10000 there, but you can put anything you want. Don’t modify anything in the second column. In the third column, you can decide what network to put your token on. Metamask allows you to access 4 test networks and the MainNet. I chose Ropsten Test Network. You should also change the token type to HelloERC20, so that you don’t see a commission fee. Click on the chrome extension and make sure that it can access the website.

Check the agreement box and click confirm. It might take a significant amount of time, and at first I thought it was a scam, but it isn’t. Be patient, and after some time, you should be able to see the token in your metamask wallet.

03 : How to make the token visible on other wallets Now if you have a second metamask app, for example on your phone, your token may not be visible to you. In order to fix this, you should simply search for the token’s contract address and copy it, go to “Import Token” on your phone’s Metamask app, and paste it in the given field. You don’t need to fill out the other fields on the Import Token page, for, when you enter the contract address, the other fields should be automatically filled in. Finally, press confirm on that page, and you should see your token in the other app too.