Bitcoin may seem to be the main cryptocurrency, the most popular and expensive one, but it is not that simple. The market for digital currencies based on blockchain technology is much larger. For instance, Ether was introduced in 2015. It is a cryptocurrency based on the Ethereum blockchain. By 2021, it had become one of the few virtual currencies with the highest number of transactions on the register, being processed more than 1.1 million times a day. That surpassed Bitcoin by a factor of six in the number of transactions. This was reflected in the price of Ether, which saw the incredible growth in November 2021, reaching over $4,800.
Ethereum token development made Ether one of the most popular cryptocurrencies in the world.However, contrary to popular misconceptions, Ethereum is not only a cryptocurrency but also a platform for developing tokens and decentralized applications based on blockchain and smart contracts technologies. In this article, we have gathered all the information about Ethereum token development based on the ERC20 standard. We will explain what they are, their benefits and business opportunities, as well as go over detailed instructions on how to create Ethereum tokens.
What is Ethereum?Unlike bitcoin, which is a payment system, Ethereum is something more than that. In addition to transferring payments without restrictions and control by states and banks, it allows the creation and deployment of decentralized applications on its blockchain. Ethereum development allows this blockchain platform to be more like the financial services marketplace, games, and social networks. Ethereum has been able to gain trust and popularity among investors, companies and developers because of its innovations in cryptocurrency and blockchain platforms, as well as its main features. Smart contracts and decentralized applications have built a huge platform providing an unimaginable variety of services to tens of millions of users and development opportunities for different types of businesses. Based on statistics, there are already more than four thousand DApps thanks to the capabilities of Ethereum development.
Ethereum technology provides reliable and transparent communication between users and companies in its peer-to-peer network without the need to provide personal information. Distributed among multiple nodes, the database stores a chain of coded transaction information, grouped into blocks, which gives it its name. Blockchain ensures reliability and transparency of transactions. For an attempt to cheat or modify the system, most nodes must be monitored at the same time. In addition to greater anonymity than in standard systems, Ethereum is resistant to censorship. The distributed nature and lack of tools for centralized control by states and companies minimize the possibility of blockchain platform services being banned.
The popularity of Ethereum token development allows more and more people to use the services of an independent, anonymous and secure platform.The evolution of blockchain technology and Ethereum development provides access to banking services for everyone from anywhere in the world. The basic requirement for using Ethereum is a connection to the Internet. The convenience and reliability of this service are achieved through the commercial guarantees provided by smart contract technology. It ensures that funds are transferred only when certain transparent and immutable conditions are reached. This benefits not only users but also businesses. There are many opportunities for businesses, from the creation of Ethereum tokens for ICOs and crowdfunding campaigns to making deals with foreign companies without having to worry about commissions and long processing times for international funds transfers. ICO stands for Initial Coin Offering and is analogous to an IPO or Initial Public Offering, when a company starts selling shares.
Therefore, to take your business to the next level, a good option would be to turn to Ethereum token development. It is possible to start with ERC20 token development, which allows one to take full advantage of the platform, as it is the universally recognized standard in Ethereum token development. So let’s take a closer look at what ERC20 token development is.
What is ERC20?It used to be quite a challenging task to create Ethereum tokens. It required a lot of effort and good technical skills. Each platform and token was created using individual methods and unique architecture. As a result, they all operated under their own rules and implemented their own types of smart contracts. Such features of Ethereum token development led to compatibility and support issues.
To solve the existing difficulties, the Ethereum development community came up with the idea of creating standards that simplify and improve the process of Ethereum token development. Thus, in November 2015 Fabian Vogelstelle proposed a token standard that implements an API for tokens within smart contracts. The implementation of this standard allows to create Ethereum tokens that can be easily added to an exchange, which makes it possible to store them on any Ethereum-compatible wallets, buy and sell them.
Ethereum Request for Comments 20 is a standard interface for fungible or, in other words, interchangeable tokens, which can be seen as some kind of contract. The conditions of this contract are the need to implement certain mandatory and a few recommended functions. Fulfillment of these conditions makes it possible to create ERC20 token.
ERC20 token development implies the implementation of six mandatory and three recommended functions in a smart contract. They allow you to get the balance of tokens on the wallet, send tokens from one account to another, find out the total number of tokens available in the network and confirm withdrawals by checking whether there are enough tokens in the smart contract account. However, these are not all the features provided by the implementation of the standard. We’ll look at the rest of the features in more detail below.
The emergence of this standard has had an extremely positive impact on Ethereum token development. However, as with any other technology, it is necessary to know and consider the strengths and weaknesses in order to create ERC20 token correctly.
The ERC20 standard has become the most popular and reliable way to improve Ethereum token development.The ERC20 token development process has become more convenient due to standardization, the possibility of writing smart contracts in Solidity, and the existence of a coherent development plan. However, the lower entry point means that some startups may create ERC20 tokens for ICOs, not to raise funds for project development, but to make money by deceiving investors.
The great advantage of this standard manifests itself in the popularity and prevalence of ERC20 compatible tokens, that can be exchanged between each other without any problems. This makes ERC20 token development an ideal option for various trading applications. Unfortunately, the great popularity and simplicity of Ethereum token development are poorly matched by the complexities of scalability due to the limitations of consensus mechanisms. Numerous transactions may result in a strong increase in gas fees, i.e. the payment of a commission for the required computing power. However, these problems should soon be resolved when the Ethereum blockchain completes the transition to the consensus algorithm Proof-of-Stake instead of Proof-Of-Work.
In addition to ERC20, there are several other standards for Ethereum token development. For instance, ERC-721 and ERC-777. Ethereum Request for Comments 721 was invented to standardize the creation of non-interchangeable tokens and smart contracts. Non-Fungible Tokens or NFTs are invented to create unique tokens, each instance of which cannot be replaced by another similar token, unlike fungible tokens. ERC-777 is a standard designed to improve and extend ERC20 token development capabilities. However, according to Ethereum‘s official documentation, it is recommended to create ERC20 token instead of ERC-777 because of its vulnerability to various types of attacks.
Why is it worth resorting to Ethereum token development?Let’s look at the possible applications of the ERC20 standard in Ethereum token development for business.
To begin with, it is worth clarifying that tokens and cryptocurrency are not the same thing. However, these terms are often confused. Cryptocurrency can be compared to real dollars or other currency in the form of fiat money. Tokens, on the other hand, are similar to stocks or securities. Thus, securities are not money, but they can be exchanged for other securities or sold for money. In the same way, tokens do not become cryptocurrency, but they can also be exchanged for other tokens or sold, earning cryptocurrency.
Initially, ERC20 tokens were used by startups to raise funds to develop their own projects through ICOs. Tokens were issued in limited quantities and were essentially shares distributed within the Ethereum blockchain network. Surprisingly, Ethereum itself received its first funds after successfully conducting its own ICO in 2014.
Tron is one of the most popular cryptocurrencies at the moment, with the largest market capitalization. It is a platform for developing decentralized entertainment applications. However, its history began when its token Tronix (TRX) was created based on the ERC20 standard and launched on the Ethereum blockchain for an ICO in late August 2017. The initial coin offering issued 40 billion tokens and raised $70 million. After the ICO ended, Tron started using its own blockchain instead of Ethereum. Thus, the former ERC20 token evolved into a cryptocurrency. The EOS platform, which switched to its own blockchain on the first of June 2018, developed in a similar way. From these examples, it becomes clear that in order to develop successfully, a token must have a practical application. If the token is useful or the service that runs on it is popular, the demand for it and its price will tend to grow.
With the emergence of Ethereum Request for Comments 20, the entry threshold for creating new tokens and decentralized tokens has dropped significantly. This opened an extra space for startups and crypto-enthusiasts to experiment. The emergence of new ambitious projects attracted more and more active and enthusiastic users. As a result, a huge user base of the platform was formed. This led to the fact that at the moment, more than 600 thousand ERC20 token contracts and almost 3 thousand decentralized applications have already been created. They provide a huge range of services from loans and exchanges to decentralized science.
If you have an idea for an ERC20-based project, Brivian can help you with implementation. If you have any questions about Ethereum token development, please contact us. To do this, leave a request at the end of the article or here.
How to create an Ethereum token?In order to get a better understanding of how Ethereum tokens are structured, it is useful to know the basic steps of its development. Let’s examine in detail the process of creating and publishing an ERC20 token. To do this, we are going to need the following tools:
- A text editor in which we will be writing our ERC20 token contract code, such as Sublime Text, Atom or any other editor you are familiar with;
- A MetaMask account that we can use to store and manage our tokens;
- Ethereum test network with a certain amount of test Ether. Ropsten TestNet, which can be selected in the MetaMask window, or an account in Rinkeby will do for this purpose. Next, all we need to do is to get a test Ether;
- Deployment tools. There are two most popular options: the framework for Ethereum token development Truffle or the tool called Remix, which is more suitable for the first introduction to the creation of ERC20 token. It can run directly in a browser and does not require any installation.
1. Smart contract creationThe first step in creating an ERC20 token is developing a smart contract. You should begin with creating a file with the extension .sol. Then, you need to open the file you created in the selected text editor, and now you can start writing code in the Solidity language. As we mentioned before, all Ethereum smart contracts are in the public domain after they are published. So we can go to the Etherscan website and study how smart contracts of other ERC20 tokens are written. For example, Tether USD (USDT), which is the most popular ERC20 Ethereum Stablecoin, which is a token with a stable exchange rate tied to the dollar. The Tether smart contract, like all other ERC20 tokens, implements 6 features and 2 events that are required to meet the standard, and 3 recommended features.
Ethereum token development begins with the implementation of this interface.The recommended functions allow our contract to return the name, abbreviation and possible number of decimals of our token, which are set in the corresponding variables of the contract code. For example, Tether USD is the name, USDT is the symbol, and 18 is the decimals.
The implementation of the mandatory function defines the basic actions that a token can perform. The totalSupply function is needed for the total release of tokens, ensuring that no new tokens can be created when the maximum mark is reached. The balanceOf’s logic determines the current balance of the initial number of tokens that are assigned to a particular address, usually the creators’. The transfer method serves to guarantee the transfer of assets from the primary address to customers who purchased them during the ICO period. The transferFrom’s implementation defines the logic that enables payment transactions and transfers between users. The approve function verifies the presence of tokens inside the smart contract and confirms the withdrawal of funds from the account. And finally, allowance, as well as approve, is responsible for the process of verifying the ways of transferring electronic coins and ensures that the user’s balance has sufficient funds to be sent to another address.
The Transfer and Approval events will be triggered after the tokens have actually been transferred, and the user will then be granted rights to withdraw the tokens from the account.
After creating our contract code, we can proceed to the next steps on the way to creating an ERC20 token.
2. Testing and deploymentTesting is an important part of any application or software development. It avoids errors that can lead to the loss of user confidence or money. In order to start testing, we must first get some test Ether, which we will use to test our contract in Ethereum test networks. Ropsten and Rinkeby are so-called Ethereum Faucets. They allow you to request a test Ether by specifying a MetaMask account and other necessary data.
We got the MetaMask account with the test Ether. Now we can move on to compiling our contract. The fastest and easiest option is Remix. Here, we need to select and open the file with the contract code we created at the previous stage. Then on the Deploy & Run transactions tab we can click the Deploy button, having previously set the necessary parameters, such as: the appropriate compiler version, the name of our token from the dropdown list, and turning off optimization. After deploying in the MetaMask window that opens, we need to check that we are connected to the test network and confirm the transaction. At this point, you can perform the first test transaction. After clicking on it, the Etherscan website will open and there we will be able to watch the process of its execution. If we pay attention to the address of the recipient, we will see that the address of our contract is indicated.
3. PublicationAfter the successful completion of the test transaction, we can safely proceed to publish our created ERC20 token to the public access of the main Ethereum network. To do this, open the tab with the smart contract code of our token, where you need to click on the “verify and publish” link. After going to the opened window, fill in the necessary information about our contract and confirm the publication. The code of your contract is now available for every user to view.
4. Adding the token to your walletIn MetaMask, you can now get all the tokens you have created. To do this, select Add Token in the MetaMask window, and then in the Custom Token tab enter its contract address. Click Next and then Confirm.
You should now have all of your issued tokens in your account. We can congratulate you, because you have just created and published your own token!
ConclusionThis brings us to the end of our little dive into the world of blockchain and Ethereum token development. We took a detailed look at what Ethereum is and how to create ERC20 token. We are sure that after reading this article you are ready to implement your idea, which will help your business to broaden its horizons.
Brivian is ready to help you maximize your profits and avoid the pitfalls of ERC20 token development. Our team has extensive experience in Ethereum token development using this standard. Moreover, our expertise is not limited to Ethereum development, we also have proficiency in development for Binance and Tron. We are happy to answer your questions and help you with the implementation.
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Mobile banking has firmly entered our lives. Clients hardly remember how ten years ago they stood in lines to transfer money or receive a salary. Now all operations with money are done in banking applications. Even a small banking business tends to create a mobile product just because clients are accustomed to using applications. Of… Continue reading How to Create a Banking App?
Games are cool. And what happens if you mix game elements with a mobile application? It can result in increased traffic, user engagement, and sales, which is even cooler. Of course, it can only happen if gamification is done properly. I’m a mobile app development expert at Brivian, and in this article, I’ll tell you… Continue reading How to Develop App Gamification Strategy for Mobile Apps to Increase User Retention?
40 years ago, homebuyers and realtors advertised houses for sale and for rent in the newspapers, and buyers and renters bought fresh issues to find housing. Now, instead of newspapers, users download real estate mobile apps. Applications allow us to find a house in the right area fast, see what is in the neighborhood, and… Continue reading Real Estate App Development: Detailed Guide for a Business
Nowadays, people use traditional taxi services less, and use taxi applications more and more. And it’s no wonder because apps are more convenient, faster, and safer. In the applications, users can track the movement of the driver, quickly cancel the trip, send a complaint about the driver, and pay for the trip by card. For… Continue reading How to Create a Taxi App That Won’t Drive the Users Crazy?
9 out of 10 startups fail within five years of launch. 2 out of 10 startups do not even survive the first year of their existence. Such statistics were cited by the Indian branch of Entrepreneur magazine in 2017, and in 2022 the same figures were presented by Failure. Why do forecasts remain so sad… Continue reading MVP Development with Brivian: How to Successfully Start an App?
Managers of IT companies encounter dozens of potential requests for mobile app development every day. Some clients come with a 100-page ready-made requirements specification with a bunch of technical details, and other clients simply say they want something like Tinder, but not exactly. Which of these options will have the best communication with the contractor… Continue reading Writing a Mobile App RFP Like a PRO: How to Make an Effective Proposal for a Development Company?
People buy things all the time, and thanks to technological progress, they don’t need to go to physical stores for shopping. From grocery items to plane tickets, anything can be purchased online. In 2021, e-commerce sales amounted to 4.9 trillion dollars worldwide, and it’s expected to grow to 7.4 trillion dollars by 2025. That’s why… Continue reading How to Сreate an E-commerce App Like EBay: Tips and Trends
Previously, virtual reality was just a fantasy from sci-fi books, but now, thanks to numerous VR software development companies, it has become an everyday part of our lives. This technology allows us to observe, feel, and hear things that never really existed. Today, many big players like Meta are creating virtual worlds and using VR… Continue reading VR App Development: How to Create a Virtual Reality Experience?
Every day, people around the world take an average of 5 to 20 photos. Repsly company came to this conclusion by counting the number of photographs taken in each region. Most often, people take pictures in the United States — up to 22 photos per day. A little less often in Asia and Latin America… Continue reading Photo Editing App Development: Ultimate Guide
When entrepreneurs hear the phrase ‘outsourcing app development’, they imagine a long and complicated process of interacting with an outsourced team that will not bring a successful result. In addition, there is a myth that developing an app with an outsourcing team is more expensive for businessmen than hiring employees. As you understand, there are… Continue reading What Is the Cost of Outsourcing App Development Based?
Over the past two years, the popularity of video calling applications has doubled. People use video chats for work meetings, daily communication, for learning purposes. During the pandemic, organizations and users had to switch to a remote work format urgently, and video chats became a kind of salvation for those who were locked at home.… Continue reading How to Create a Video Chat App That People Want to Use
The large flow of information and interaction with gadgets and mobile apps for everything makes people more anxious. To calm down, people used to turn off notifications on their phone and put on airplane mode. But with the advent of meditation apps, that has changed. Now users, instead of turning off their phones, download Headspace… Continue reading Meditation App Development: How to Run a Business Reducing Stress Level
Getting a diploma is complicated, takes a lot of time, and some people can’t afford even to study at universities. On top of that, during the pandemic, most schools and colleges were closed, and students had to study at home using different applications to communicate with teachers and classmates. It was inconvenient and affected their… Continue reading How to Develop an E-learning Platform to Gain Profit
There is a whole range of XR or extended reality technologies that merge the virtual and real worlds by adding digital objects to the real world or simulating it. These technologies are AR or augmented reality, VR or virtual reality, and MR or mixed reality. XR technologies are popular because they allow us to expand… Continue reading Augmented Reality App Development: How AR Technology Integrates into Our Reality and Business
Marketplace is one of the most profitable types of online businesses. Creating a marketplace now means starting a profitable project and attracting a lot of users. We have prepared a guide for those who want to know how to build a marketplace like Amazon or eBay. We answer all questions related to the development of… Continue reading How to Build a Marketplace: Detailed Guide by Brivian
There is a certain percentage of people who would like to work out but don’t want to go to the gym. First, people are embarrassed by how they look and think they are evaluated by other people. Secondly, some people find it more difficult to fit a workout into their schedule — they need to… Continue reading How to Create a Fitness App Without Straining the Muscles
Even 20 years ago, investments were the lot of professionals. To invest in a project or buy company shares, you had to hire a specialist or become a pro in financial matters. How to invest properly was taught in universities or on expensive courses. Today, half of the USA is investing, and 20% of them… Continue reading How to Create an Investing App That People Will Trust?
Delivery apps make you feel like you’re in the world of the future. You can get the goods you want just by making a few clicks on the app. Since the pandemic and remote working, delivery of food, appliances, clothing, and anything else you can take home has become even more popular than in pre-covid… Continue reading How to Build a Delivery App and Achieve Success?
Messaging is an important part of our communication with friends and colleagues. It’s more convenient than SMS, faster than emails, and less stressful than phone calls. That’s why messengers are in great demand. But how to overcome giant competitors like WhatsApp and Telegram and make the audience fall in love with your app? You need… Continue reading How to Make a Messaging App to Kill WhatsApp: Guide from Brivian
When Mark Zuckerberg created Facebook, one of the important tricks that attracted users was relationship status. Instead of asking a person whether they’re available for a relationship, you can go to their profile and see that they are actively searching. Today, for online dating, there are dozens of applications, e.g.: ✔️ Tinder, ✔️ Badoo, or… Continue reading How to Make Your Own Tinder: Create a Dating App Step-By-Step
The metaverse is evolving before our eyes. A few years ago, this phenomenon was distant and incomprehensible, but today everyone is talking about ‘metaverse virtual reality’. This is confirmed by statistics. According to a study by the media company MarTech Alliance, the metaverse market will reach $400 billion by 2025. Moreover, it is already sitting… Continue reading Metaverse Enterprise Solution: How Businesses Can Use Meta Technologies
The concept of the Metaverse is not new, but now it is being talked about because Mark Zuckerberg introduced Meta. Basically, Meta is the new name of Facebook — this is Mark’s way of signaling that his company is now changing direction and focusing on the metaverse concept. A metaverse is a virtual space that… Continue reading Top Metaverse Companies: Which Companies Will Make Our Universe Meta?
In the last few years, the term metaverse became a buzzword. Recently, it’s been just something from science fiction, a technology that seemed pretty far from our reality. But tech giants like Microsoft and Facebook already started taking the first steps to create the metaverse. They plan to revolutionize the Internet and create a virtual… Continue reading What Is Metaverse: a Lucrative Opportunity Or a Futuristic Utopia?
When you come up with an idea for an app, many development teams can offer you IT consulting services that often include business analysis for startups. This valuable tool can help a company in its early stages. For example, business analysts can bring a new fresh perspective to operational processes, create a vision and help… Continue reading What Does a Business Analyst Do in Startups? Your Ultimate Guide
There are two main operational systems for mobile app development — iOS and Android. Unfortunately for software developers, they have different native programming languages. It’s Java, Kotlin, and C# for Android, and Objective-C and Swift for iOS. For startuppers not experienced in coding it can be difficult to understand which language will help them achieve… Continue reading What Is a Swift App: How to Develop Digital Products for Apple’s Platforms
Without further ado, mobile apps are very cool. And being the owner of one, too. If you want your project to exist online — it’s worth investing money in building your mobile app. But users will not choose your application if it is not well developed. There are two ways to develop a mobile app… Continue reading Native Mobile App Development: How to Make Two Apps for iOS & Android and Make Sure That They Will Work Amazingly?
When it comes to choosing a programming language, there are a lot of factors to consider: compatibility, functionality, effectiveness, and time constraints of the project. Kotlin appeared only 11 years ago but has already generated a lot of buzzes in the startup world and earned the trust and respect of many developers. Even Google officially… Continue reading What Is Kotlin? A Brief Introduction
Smart contract development is a new and extremely innovative yet promising technology that has created a lot of buzzes around the internet. In the future, it expects to replace slow and complex traditional agreements and redefine the ways we vote, seek medical help, buy houses or stocks, and even change how do we shop online.… Continue reading Smart Contract Development: What Is It and How to Find a Blockchain Contractor
The buzz about blockchain and cryptocurrencies is basically everywhere, so most likely you heard about them. While some people still try to figure out what NFTs are, others already request decentralized application development and make money with crypto. Crypto experts say that decentralization is the future of the Internet. But do we really need to… Continue reading How to Build a Decentralized App? And Why…
What do we know about the DApp? D stands for decentralized. DApp stands for decentralized application. But what does decentralized mean? It means that the backend of the application is decentralized, that it does not exist on a single server, but in a decentralized computer system — for example, a blockchain. This technology is used… Continue reading What Is a DApp: How Do You Make an App That Nobody Owns and Brings YOU Profit?
In heaven, they are talking about nothing but the DevOps approach and how awesome it is. In two years, the demand for DevOps specialists has grown by 70%. No wonder! At a time when everyone is chasing the fast and quality release of new products, all available tools go into battle. Therefore, companies tend to… Continue reading DevOps Project Management: How Has the DevOps Approach Changed the Way We Look at Project Management?
Software can’t be developed fast, cheap, and good at the same time. When you need it done fast and well, you pay a lot. And when you want it cheap and fast, the result is gonna be of poor quality. But what if I tell you that there’s a solution that solves the triple constraint… Continue reading What Is DevOps, and Why Does Your business Need It?
Long story short, you have a mobile app idea. What do you need to develop it? — Money. To develop a quality app, you will have to invest a lot of money. — Time. Mobile app development may take several months or even a year. — Great development team. With this request you can turn… Continue reading What Is React Native: How to Make 2 Apps from 1 Code?