Hands On: Create your own Token

You won’t believe it, but creating your own tokens is done in minutes. Well, it is not a standalone coin like Bitcoin, but a token on top of Ethereum, but anyway. Today, most ICOs are also not created as standalone coins, but just as a smart contract on Ethereum. And these ICOs are a collection of million $$$ within hours. So, why do you not create your own?

 

Download Ethereum

To start off, you have to install the Ethereum testnet. In the official Ethereum network, each transaction will cost you some Ether. So you better start of in a test network in order to create a token and check transactions. However, feel free to start in the real Ethereum environment if you have the pounds! The software to get started is open source on GitHub. You will find the latest downloads here: github.com/ethereum/mist.

Do the Tutorial

I found it a little bit confusing to download the Ethereum Wallet and be able to distribute my own token with that, …but whatever. You can do the tutorial on the Ethereum site now. The tutorial will not actually tell you, but you need that software as I pointed out above. Going through the tutorial will give you a really good insight. Maybe even without doing the examples, but simply reading it. Having programming experience will not hurt. Especially knowledge in C++ will be very beneficial. Nonetheless, after a few minutes you should have created your own token already!

While developing, I found the doc of Solidity useful. Solidity is the name of the smart contract language of Ethereum.

 

Token Ideas

The only thing missing for people like me is creativity. Once you have an idea, you can actually create you own ICOs. Further down on the Ethereum website they also explain you how to create an ICO within minutes. After reading just a few paragraphs, they present the option to do the crowdfunding.

But hey, how about exchanging a few ideas here, if you do not want to program them? Do you have any ideas? I actually thought about a ticket sell provider like Eventim or similar. With the smart contract you can restrict the ticket scalping and also reduce fraud for private ticket sell/purchase. Let me know your thoughts!

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