How absolutely anyone can create a cryptocurrency in 60 seconds

Andrew Munro 16 April 2018 NEWS

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.

0xbF209Cd9F641363931F65C0E8EF44c79cA379301

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, XRB

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
Go to site