Introduction
The emergence of cryptocurrencies has revolutionized the way we think of money and financial transactions. With the advent of blockchain technology, it is now possible to issue your own cryptocurrency or token. This article will provide an overview of the steps necessary to issue your own cryptocurrency token, and which blockchain network to choose for this purpose.
On EOS smart contracts, the token standard is called eosio.token.
Sequencing
Note: The “url” parameter shows which node the user is connected to. Information about API endpoints can be obtained from the official website project.
1. Install cleos – a command line utility for interacting with EOS nodes (nodeos) in the REST API – using Docker, AWS Image or compatible code (in order to interact with the EOS blockchain, you need to send commands to cleos).
2. Create a wallet, two pairs of keys for ownership and activity, and import them into the wallet.
3. Create an account. If the user already has an account with EOS tokens, then you can create a local account by typing cleos create account on the command line, but you cannot create an account on the main network for free, so in order to save money and time, it is better to create an account on the test network in EOS Jungle Testnet. To do this, you need to go to jungle.cryptolions.ioclick on the “Create Account” link, enter the account name and two public keys created earlier, and confirm the account creation.
4. To publish a contract, you need to special site transfer several EOS tokens to the account using a faucet EOS Jungle Testnet Faucettype in the command line cleos system buyram and buy RAM for EOS tokens.
5. To upload a contract to the blockchain, you need to type cleos set contract on the command line and set the following parameters: account – the account to which the contract belongs; contract-dir – contract directory; wast-file – a WAST or WASM format file containing a text version of the contract; abi-file – ABI description of the contract (link: waste/abi). If the contract is being built using source code, you will need the ./build/contracts/eosio.token/ folder. In the set contract command line, enter the account name. Since the wast/abi files are named the same as the directory, these options can be omitted. Next, you should check if the code has loaded.
6. To create a token, you need to perform the create and issue actions in the push action command, specifying the following parameters: contract – the account to which the contract is linked, action – the action to be performed under this contract, data – the terms of the contract.
7. Transferring tokens from one account to another: you need to type push action and transfer commands in cleos, create an account (just like ylvdeveloper), send tokens, check balances.
On the main network, everything works exactly the same, but you need to use different API endpoints and pay for accounts and RAM.
Conclusion
Issuing your own cryptocurrency (token) can be a very profitable and exciting venture. Choosing the right blockchain to ensure the success of the token is an important step. Ethereum is a popular choice as it allows for the use of smart contracts to ensure the token is used for its intended purpose and is secure from malicious activity. With the right development team and an understanding of the legal and regulatory issues, issuing your own cryptocurrency (token) can be a great way to invest in the future of blockchain technology.
FAQ
Q: How to issue your own cryptocurrency (token) and which blockchain to choose for this?
A: Issuing your own cryptocurrency token is a complex process. You will need to do the following:
1. Choose a blockchain to issue your token on. Ethereum is a popular choice for issuing tokens since it has a large, established community and offers many tools to help you build your token.
2. Design a token structure. This includes deciding how many tokens to issue, how they will be distributed, and what value they will represent.
3. Create a smart contract. Smart contracts are programs that run on the blockchain and are used to store and execute the rules of your token.
4. Develop a user interface. This could be a web-based dashboard or a mobile application, depending on your token’s use case.
5. Promote the token. This includes marketing, community building, and listing the token on exchanges.
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