How absolutely anyone can create a cryptocurrency in 60 seconds
No experience needed. If you have an Internet connection, which you obviously do, you can create a coin.
It's sometimes said that anyone can create a cryptocurrency these days, without knowing anything about technology. This is absolutely true.
This ease of creation may have flooded the world with a range of unusual coins of potentially unscrupulous intent. But where some see a bug, others see a feature. And as far as Loopring's concerned, the more the merrier. Enter the Loopring token factory, which lets anyone create their own ERC20 token in four steps and a minute flat. This particular guide condensed it down to three steps, because that's a nicer number.
Note that if it's your first time creating a token it might take longer than a minute. In fact, it might take up to several. But if you're not doing anything else for the next several minutes, there are worse ways to spend time than by creating your very own cryptocurrency.
Easy as 1 to 3
You will need:
- 1 x MyEtherWallet address to receive your freshly made tokens.
- That's all.
You can get a step guide on how to create a MyEtherWallet here. If there was more than one step it would be called a step-by-step guide, but there's not.
How to create your token:
Once you have a MyEtherWallet, just follow these steps to create your token.
Step 1: Begin
Go to https://www.myetherwallet.com/#contracts and copy and paste the following into the "Contract Address" box.
Now go to this page, and copy and paste the entire thing into the "ABI/JSON Interface" box, then click the "Access" button. You'll see another section pop up now, with a drop-down bar.
This bar shows different ways to interact with this contract. Because you want to create a token, you'll naturally want to select "createToken".
Step 2: Creating your token
This is the fun part where you get to choose your coin specifications. You should be looking at something like the picture below.
The four fields are:
- Name: What's your coin called? It can be anything you want and doesn't have to be unique.
- Symbol: This one does need to be unique. Check that yours works by doing a quick search for your symbol here. If nothing comes up it should be good.
- Decimals: Pick a number from 1 to 18 (inclusive). It doesn't matter which. If your favourite number is within that range, you're in luck.
- Total supply: How many tokens are you creating? It's entirely up to you.
Step 3: Get your tokens
Choose an option to unlock your wallet. In the case of MyEtherWallet, that will likely be a private key.
If you choose that option it will give you a warning that it's not recommended to enter your private key on a website – which is absolutely correct – but if you created the MyEtherWallet specifically to hold your newly created token, and won't be using that address for anything else, then there's really nothing to lose. It's probably a lovely token, but it's unlikely to hold much value for thieves.
Now simply hit "Write" and it's all yours.
The token you've just created is a fine specimen of the ERC20 standard, which means it can smoothly run on the Ethereum blockchain and is inherently compatible with a range of platforms. The tokens created in this way are automatically supported by the Loopring protocol, and should be sendable using MyEtherWallet.
Were these instructions simple enough? Send them to your least technically-literate acquaintance to find out.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, BTC, NANO