How to make a cryptocurrency ethereum

This account has a wallet address that can store Ether, as well as the ERC tokens that are purchased in the crowd sale. The investor must visit a crowd sale website that talks to a smart contract. The smart contract governs all of the rules for how the crowd sale works. Whenever an investor purchases tokens on the crowd sale website, they send Ether from their wallet to the smart contract, and the smart contract instantly dispenses the purchased tokens to their wallet.

The smart contract sets the price of the token in the crowd sale and governs how the crowd sale behaves. Crowd sales can take on all kinds of shapes and sizes. Each of these tiers can happen at different points of time and can behave differently. They can also have white lists to restrict which investors can purchase tokens. They can also have a reserved amount of tokens that are not sold in the crowd sale. These reserves are usually set aside for specific members of each company like founders and advisors.

These reserves can be a fixed amount of tokens or a percentage. Whenever a crowd sale ends, it can be finalized by an administrator. Whenever this happens, all of the reserved tokens will be distributed to the appropriate accounts and the crowd sale will officially be over. So what is a smart contract? Ethereum allows developers to write applications that run on the blockchain with smart contracts, which encapsulate all of the business logic of these applications.

They enable us to read and write data to the blockchain, as well as execute code. Smart contacts are written in a programming language called Solidity , which looks a lot like Javascript. In the case of an ERC token, the smart contract governs all of the behavior about how the token works, and keeps track of token ownership and account balances. It is a community adopted standard that allows tokens to be supported in a variety of use cases.

We want to build a token that is compliant with this standard so that it can be widely accepted. If we did not have a standard like this, we could have endless ways to create tokens, and they might not be compatible with one another! Using the ERC standard ensures that a token is compliant for the following use cases and more : Wallet transfers - sending tokens from one account to another Buying and selling on cryptocurrency exchanges Purchasing tokens in an crowd sale ICO like we'll demonstrate in this tutorial The ERC specification essentially dictates the interface that the smart contract must respond to.

It specifies the structure of the smart contract and types of functions that the smart contract must have. It also provides some suggested functions that are nice to have, but ultimately optional. It dictates certain events that our token must have, like a transfer event. See, smart contracts can emit events that consumers can subscribe to, and with this standard, we can subscribe to events that tell us when tokens are sold.

Here is an example implementation of the transfer function specified by the ERC standard. It is required by the smart contract, and governs how someone can send an ERC token from their wallet to another. It accepts the correct arguments. It fails if the user doesn't have enough tokens to transfer, i. It transfers the balance from the sender's account to the receiver's account. It triggers a sell event.

It returns the correct value, e. Don't worry if all this doesn't perfectly make sense just yet. I'll explain all these parts in detail as we build out the ERC token during the step-by-step video tutorial. This is where all of the community discussion around Ethereum standards takes place.

I highly recommend bookmarking that repository and reading through the submissions, as this is where you can watch the Ethereum technology grow and change in real time! I also recommend this Wikipedia article. This client-side website will have a form where users can purchase tokens in the crowd sale.

It will show the progress for the crowd sale, like how many tokens the user has purchased, how many tokens have been purchased by all users, and the total number of tokens available in the crowd sale. It will also show the account we're connected to the blockchain with under "your account". Installing Dependencies In order to build our ERC token and crowd sale, we need a few dependencies first. It provides a suite of tools that allow us to write smart contacts with the Solidity programming language.

It also enables us to test our smart contracts and deploy them to the blockchain. It also gives us a place to develop our client-side application. You can install Ganache by downloading it from the Truffle Framework website.

It will give us 10 external accounts with addresses on our local Ethereum blockchain. Each account is preloaded with fake ether. Metamask The next dependency is the Metamask extension for Google Chrome. In order to use the blockchain, we must connect to it remember, I said the block chain is a network.

Creating a MetaMask account is simple and only takes a couple of minutes. To access MetaMask, we must either download the browser extension or the mobile application. Acquire a Blockchain Node The next step is to acquire a fully functioning blockchain node for the network we want to deploy our token. The node is essential since this is how our projects can interact and communicate with the blockchain. As such, the nodes are crucial since they allow us to deploy our tokens to the blockchain.

Moralis is one of the quickest blockchain node providers currently available. By signing up with Moralis, the process of accessing nodes is easy and straightforward. Moralis offers a service called Speedy Nodes, in which you can access some of the fastest, most reliable nodes on the market.

As such, you can also use Moralis to, e. Clicking this alternative will provide you with four different networks. These URLs are basically the blockchain nodes that we can use to enable our projects to communicate with the various blockchains. Acquire Tokens The final part before actually developing our token is to acquire the native token of the blockchain we plan to use.

There are several different ways in which we can acquire Ether. One example is to buy it with fiat currency through a platform such as Coinbase. Another example is to use a decentralized exchange or DEX such as Uniswap to swap one token for another. However, there are other ways we can acquire tokens.

Instead, we want to acquire tokens for the testnet, which enables us to deploy the ERC token to that specific blockchain. Create a token contract. Test if the contract is working correctly. However, if you are using another IDE such as Remix, the foundational principles remain the same; the main difference is in the compile and deployment process of the token.

So, if you are unfamiliar with Brownie, we recommend our breakdown of Brownie for further information. In this example, we are going to use the Ropsten Ethereum Testnet. You need to be logged in at moralis. Then, navigate to the Speedy Nodes tab on the Moralis interface. Clicking this tab will provide us with the four networks. Then we want to copy the URL for the testnet and save it for later.

With the URL in hand, we can get back to Brownie and implement the network with the following line of code: As you can see, we need to provide a few things. We need the name of the network, the host, Chain ID, and explorer. If we executed everything correctly, the Ropsten network should appear in the list provided. Step 2 — Adding Pragma Line and Importing OpenZeppelin Package With the means for our project to communicate with the Ropsten blockchain established, we can lay the foundation for our contract.

We need to do three things: first, we need to add a license identifier, then add the pragma line, and lastly, import the proper OpenZeppelin package. License Identifier — The license identifier will determine and signal the licensing status of our token. To determine our license, we can input the following line of code into our project file: Pragma Line — Below the license identifier, we can add the pragma line. This is very elementary, and in the example below, we signal that any Solidity version greater than 0.

This command lists all the installed packages. With the package installed, all we need to do is import OpenZeppelin into our code. Consequently, our token looks something like this: Creating a token like this is quite simple and is possible with no prior development skill.

Templates for all different types of tokens are available on the OpenZeppelin website , allowing us to create tokens effortlessly. Furthermore, the name of the token is specified within the constructor along with the currency symbol. All that remains is to check if the token is working correctly. Step 4 — Test the Ethereum Token Contract To check if the contract is working, all we need to do is compile the token.

It is essential that we do this before deploying it to the Ropsten network. If Brownie compiles the contract successfully, everything is working properly. So, with the contract fully functioning, we can deploy the contract onto the desired blockchain. Once the command is executed, Brownie will query us for the private key of our account.

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