Hello, welcome to Steemit Crypto Academy Season 5, Week 2.
It is another great chance to learn. Thanks to Prof @reddileep.
Introduce how to create your own Cryptocurrency by differentiating between token and coin.
The entire idea of this assignment is to create a cryptocurrency of my own, however before the process begins, it is important to understand that a cryptocurrency may be a Coin and may be a Token. They are two distinct terms. So many people mix the terms of COINS and TOKEN up, using one for the other.
Moving ahead, A coin is importantly the digital form or version of money or financial security. It is independent of any other block chain but its own. The blockchain functions as a system delivering several functions which includes transaction record, human practicability, etc. and to take advantage of the blockchain’s use, the coin is the method. Therefore, any system of exchange that is indigenous to block chain, is referred to as a coin. An example of a coin is the TRX built on the TRON network.
Tokens on the other hand are usually built on already existing block chains. For instance, it’s like taking the TRON block chain and building an exchange that is dependent on it. That exchange then is called a Token.
To build a token is a lot easier than the steps it takes to build a coin and that is the process that is to be highlighted here. The reason for the rigid process that comes with building a coin lies in the fact that it starts from building a Blockchain. However, because the template of existing blockchains are available to users, users can utilize the source codes of these blockchains to develop their own Token. Token after all means “taken from”.
Demonstrate how to prepare everything needed to create a crypto token, such as making a wallet and adding a few coins to it to pay the gas fee. (Here you should deposit at least 15$ worth of BNB coins from your exchange wallet to the newly created wallet)
Under are steps are used in creating my own crypto token for this exercise:
- GETTING A BLOCKCHAIN: This is a vital part of token creation because they determine speed, energy discourse, and a whole lot of things that can affect the success of the Token. Blockchains basically predicts the outcome of a token. A successful revolutionary blockchain is a plus to a token. There are several blockchains in existence but for the purpose of this exercise, I will use the Binance blockchain. In order to access the Binance block chain, visit www.bscscan.com
Source:
- USE A BROWSER THAT IS PLUG-IN SUPPORTED: I recall one of our exercises where we had to use Metamask as a plug in, and I had issues connecting with a particular browser, till I used Chrome. Chrome is not the only Plug in browser but it is what I would be using for this exercise.
- GET A WALLET: for the sake of this exercise, I would be using the Metamask Wallet which may not be as simple as Binance and other known wallets but allow for web manipulation which is needed in the token creation.
Source: Chrome Browser (Meta Mask Plugin).
Deposit a minimum of 15$ worth of BNB in your Metamask wallet:
The process of funding my Metamask Wallet is not so obvious, but from the class explanation, I must log in to the wallet first, and when I do so, I click on the three dot icon on the right hand corner as shown beneath:
Source: MetaMask
After clicking this icon, we have to input the following details in the pop-up:
Network Name: Binance Smartchain
CHAIN ID: 56
NEW RPC URL: https://bsc.dataseed
CURRENCY SYMBOL: BNB
BLOCK EXPLORER URL- Source: www.bscscan.com.
Source: Metamask
After this is done, the BNB wallet is created successfully:
Source: Metamask
Explain the Remix IDE and download the source code by showing each step. (Screenshots required)
The Remix IDE is a system that is concerned with developing tokens or financial securities. It is basically a website housing a series of codes, programming that helps in ensuring that the right process is done towards building financial securities even including basic programming features like debugging.
Remix IDE can be viewed in https://remix.ethereum.org
Source: https://remix.ethereum.org
Nevertheless, to begin to use the Remix IDE, we must obtain the source code for the Binance Blockchain which is available on Binance’s blockchain through https://docs.binance.org/.
Source: docs.binance.org
After following the process highlighted above, the source code is downloaded into my PC.
Source: My File Explorer.
Customize the source code according to your imagined future project. (In addition to simply stating the steps, you should provide a clear explanation about each customized code)
The next step is to use the source code on Remix IDE to build our token. Once we have accessed or accessing Remix IDE on the provided link above, and preceding what comes next in the content above, we then go ahead to select “contracts”
Source: remix IDE
and open a folder we name “BEP20TOKEN.SOL” that looks like the diagram below and paste the source code in the blank page on the right:
Source: Remix IDE
As can be seen above, It resembles typical coding. To move forward, we find section “351”, this is where we are able to name our token as well as other features as would be below
Name: Benie
Symbol: BNN
Decimals: 18
Total Supply: 500,000 10*15
This information is likely what would interest my investors. After inputting, it looks like this:
Source: Remix IDE
From here, I move to the left side of the page and select “solidity compiler” it is expressed by the icon labelled in orange below, like a swap icon and then I select “Compile BEP 20 Token Sol” as shown below:
Source: Remix IDE
We then move on to deploy and Run Transactions, we then select the option just below the swap icon to access it.
Source: Remix IDE
After Deploying, it is safe to say that BENIE (BNN) token has been created.
Demonstrate all the steps to add your created crypto token into your any wallet such as Trust Wallet and MetaMask wallet. (Screenshots required).
However, creating the BNN token does not end there, it needs to be deployed to a wallet to be used for transaction, and the process is thus:
- Utilize the MetaWallet: If one would recall in the process of listing things that would be needed for this procedure, the MetaMask Plugin was connected to the chrome browser and one of the purposes stated was that it was a way to hold funds. We had even gone as far as crediting the Metamask wallet with 15 BNB for the transaction, this is how we utilize it.
First, while on the created token page, open the Metamask Wallet and connect it to the current site (Remix IDE site), an option found by clicking on the three dot icon on the right again:
Source: My Chrome Browser
The below pops up after linking up the site:
Source: Metamask Wallet
After clicking connect above:
Source: My Chrome Browser
When done connecting, we go back to the Remix IDE page and click on the “Environment Section” and then “Injected Web3” when we have done this, we select “Deploy”.
When “Deploy” has been selected, a metamask window emerges showing the Gas fees and total.
Source: My Chrome Browser.
From the above, Estimated Gas Fee is 0.00786589 and Total Fee is same for this transaction and this concludes it all for this as I click confirm, I am informed that it has been processed via the page below:
Source: Remix IDE.
Verify transactions and other details through the relevant Block Explorer. (Screenshots required)
To verify a transaction done on any blockchain, what is important to have is the transaction code sometimes referred to as hash, this code is situated below:
Source: Remix IDE.
When I copied the code, I obtained the following: 0x811A1ae033C9aD783Fc051ED4a2c0b8d144ABF26.
I then proceed to the Binance Block chain to see if this transaction was recorded.
Source: Binance Blockchain
I log into the blockchain and in the search bar, as identified above, I input the hash code.
Source: Binance Blockchain
Tada! The above pops up! The Green icon saying “success” thrills me. I touch my alias name under Token transferred, and the next page pops up for further confirmation:
Source: Binance Blockchain.
From the above , we can see all the details of the transaction including the name of the Token: BENIE. It is currently at 0.00$. Ideally the token is created but the last step like the question demands is to add it to the wallet. We take the contact address on the above picture: 0x848c4ca37780870dcb20757987659c220a445bf4 and return to the Metawallet and click on Import Tokens as described in the picture below:
Source: Meta Wallet.
After clicking it, another pop-up arises that requires me to put in the copied contact address above and just immediately, the Token’s abbreviation (BNN) pops up.
Source: Metawallet.
And when I click on “Add Custom Token”. I get an addition of my token to my wallet as seen below:
Source: Metamask wallet.
CONCLUSION
It has been an exhausting but interesting ride towards developing my token. If I am to combine what was learnt here with the process in which funding is sourced in cryptocurrency, perhaps I may be capable with the right resources to champion a token that may be as revolutionary as SHIBA INU or DOGE coin in terms of their massive price movement.