How To Create Your Own ERC20 Token

What Is An ERC20 Token and How To Create ERC20 Token For Free

Last Updated on October 23, 2020 by CryptoCreed

Want to create your own ERC20 token or want to know what is ERC20 token? then you are in right place. There are already thousands of active tokens in the market and most of them are Ethereum based ERC20 tokens.

For your information, all coins except Bitcoin are Altcoin, and coins made on top of any blockchain are token. For example, Ethereum is Altcoin and Tether is token.

What Is ERC20 Token?

ERC20 is the Ethereum blockchain-based method to generate your own coin by using a smart contract. Anyone can create ERC20 based tokens on top of Ether blockchain.

ERC20 tokens are moveable from one wallet to another anyone with an Ether wallet can send and receive ERC20 tokens.

Creating an ERC20 token is easier than creating your own coin or token on any other blockchain. There is already an erc20 token code that you can use to create your own token.

Requirements For Creating Your First Token

Creating an ERC20 token doesn’t need any such thing which you can’t get from anywhere. But still, you need to have the following things in either your mind or somewhere to create your own token on the Ethereum blockchain.

First, you need to get an Ethereum wallet. I suggest creating a wallet on Metamask or MyEteherWallet. Both are easy to use and somehow secure too.

Here you can find out the best ERC20 compatible Ethereum wallet.

Second, you need to have an erc20 token code. If you google about it then you will find many erc20 source code. Below I listed some of the best ERC20 token code examples.

GiladHaimov on GitHub – Click here

Vittominacori on GitHub – Click here

Ethereum Official – Click here

OpenZeppelin – Click here

You also need the following things to get started.

  • Name of Token
  • Token symbol
  • Total token supply
  • Token decimal

The name of the token will be the actual name of your token which will show on the blockchain. The symbol, for example, Ethereum’s symbol is ETH. You have to decide how much the token supply should be there. Basically, it is 18.

Do not forget to have some Ethereum coin in your wallet to pay the transaction fee.

How To Create ERC20 Token

Now the question is how to make an erc20 token? There are two common methods one is to use platforms to create your own token or use code by yourself.

The first method is paid where you have to pay somewhere between 100$ to 400$ for basic token creation.

Sites To Create Your Token

Here I am going to mention some best platform which can be used to create your own token. This is the easiest method but not free. It also depends on the platform whether they are trusted or not.

MyWish

MyWish Founded in the year 2017 when the ICO market was on top. They also launched ICO and successfully completed it by raising funds. MyWish is the best erc20 token creation service.

MyWish supports Ethereum, Tron, Waves, EOS, and Binance blockchain. It means you can create a token on any blockchain. They have more than 14K registered users and created more than 11K contracts.

It allows you to create a token, custom smart contract, airdrop, ICO, and many more contracts.

Not only this but they also allow you to test their platform. On the test net, you can create your token or smart contract and test it.

Price: You have to pay 399$ for a basic ERC20 Token.

Smartz

Smartz is the website that allows you to create a smart contract for Ethereum and EOS. It is cheap but the admins are not active much.

The key idea of Smartz is to bring decentralized applications (DApps) to a new level. Currently, they have 18 different contracts that users can use.

They have the following features for Standard ERC20 token are custom name, ticker, and optional minting, burning, emission limit, pre mint, and pause functions.

Already more than 1K ERC20 tokens are created on the Smartz platform.

Price: For the ERC20 token you have to pay 0.2 ETH.

TokenMint

TokenMint is specifically made for ERC20 generator and crowdsale contract creator. To use this platform you need to install Metamask or any other Web3 wallet.

You can create fixed supply or mintable ERC20 token on this platform. You can create ERC777 tokens too. Also this contracts are verified and published contract source code on Etherscan.

Price: 40$ for fixed supply & mintable ERC20 token.

 

Sites And Method To Create ERC20 Token For Free

Here are some sites and methods to create your own token for free.

Vittominacori

Vittomincacori is simple page on GitHub that allows you to create ERC20 token for free. It helps you to Easily deploy Smart Contract for a Standard, Capped, Mintable, Burnable ERC20 Token.

You just need to have MetaMask install in your browser.

Just visit the page, enter the details and click on the “create token”. Not only that you can also use test net.

Modex

Modex is the another marketplace website which provides simple method to create your own token. They have more than 300 smart contracts on Ethereum network some are free and some are paid. But don;t worry ERC20 token generator is free.

Use Code and Deploy

To use this method you need to have following methods provided by Appery and Axom Software. For this you need to have Remix Compiler, Metamask, and ERC20 Source Code. How to deploy erc20 token? Appery has provided very simple guide.

How To Set ERC20 Token Value

You got to know how to make erc20 token right? but do you know how to set value of your token? Just kidding. No one can set value of any coin, prices depends on the market. Owners can only set the price for the crowdsale or ICOs.

What Is The Suggested Method To Make ERC20 Token?

If you really want to create your own token then I suggest you to create token on MyWish. Or if you want to learn then use open source code provided by OpenZeppelin.

And test it on ethereums test net. Modex has really great platform to create your token or Vittominacori is another best page to create token for free.

Hope this article helped you to understand how to create erc20 token for free. If yes, then please do not forget to share the article.

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