1.The blockchain network and cryptocurrency provide an incentive model that benefit small players allow them to compete with large corporations by attracting new users with a real financial incentive to grow their business.
- a token is a token contract that runs on top of a blockchain network. There are fungible tokens and Non-fungible tokens. Non-fungible tokens are used to represent ownership of a digital or real asset. Fungible Tokens can be used as digital cash and or access a certain application, network, service on the network.
3.There’s a simple ERC20 token contract boilerplate code that requires very little change to create a new token.
- Open Metamask in a browser, select your test network and request some ether from your test network faucet.
- Get boilerplate contract from https://github.com/ConsenSys/Tokens/tree/master/contracts/eip20
Copy and paste EIP20.sol & EIP20Interface.sol to Remix IDE (online Ethereum compiler)
Make some changes to EIP20.sol;
Rename contract EIP20 is EIP20Interface() ->contract yourtoken is EIP20Interface()
Rename function EIP20() -> function yourtoken()
Copy and paste EIP20Interface.sol with no change.
4.Click Deploy and run transactions from the sidebar
Environment->Injected Web3
Contract->select your copy of EIP20.sol
Deploy->Click the downward arrow on the side & fill in the initial amount, token name, decimal, Tokensymbol.
Deploy->this opens Metamask to request for GAS to deploy your contract. Click Confirm.
5.Check your tokens
Click transaction hash at bottom of the page.
Once successful copy contract address
add token from Metamask and paste contract address into the field (add custom token)
The wallet will show the balance of your new Token.