ERC20 Token Standard has become the most effective standard for Developing Ethereum Tokens. Most of the Ethereum Smart Contracts available today are ERC20-compliant. If you are thinking of launching your tokens, then in this article we will guide you on how to create and deploy your ERC20 token. ERC-20 also makes it extremely simple to create new tokens, which is why Ethereum has become the most popular platform for ICOs. Whatever you are going to do basics are its foundation. Before getting into Ethereum Token Development let us start with the basics of an ERC20 Token.
Erc20 Token Standard – Explained
ERC stands for Ethereum Request for Comment and 20 is the proposal identifier number that is assigned to this request, hence the suffix. ERC20 Standard is the set of functions that are implemented by all the ERC20 Tokens which allows us to easily integrate with other smart contracts, marketplaces, wallets, etc. ERC20 Standard contains a set of rules that all tokens based on Ethereum should follow.
ERC-20 provides a set of rules that must be followed by all fungible Ethereum Tokens. As a result, this token standard allows all developers to predict how new tokens will operate within the Ethereum system with pinpoint accuracy. Developers’ responsibilities are reduced and made easier because they may keep working knowing that each new project will not have to be redone every time a new token is released, as long as the token follows the rules.
Here are the other popular token standard for developing Tokens on the Ethereum blockchain
ERC20 – ERC20 Token Standard is a standard interface for developing fungible tokens that can be interchangeable like staking tokens, voting tokens, or virtual currencies. ERC20 Token Development has been popular since its existence.
ERC721 – This Ethereum Token Standard is specifically designed for developing Non-Fungible Tokens(NFTs) for artworks, music, video, etc.
ERC777 – ERC777 standard enables to the building of extra functionality on top of the tokens such as a mixer contract which improves transaction privacy and an emergency recovery function to bail out when private keys are lost
ERC1155 – With ERC1155 Token Standard, Both utility Tokens (unique to its ecosystem) and Non-Fungible Tokens(NFTs).
These are the Ethereum development standards that focus mainly on token interfaces. Create Ethereum Tokens on the above standards.
What Makes Erc20 Tokens Powerful And Successful?
- ERC20 Tokens are simple, easy to create and deploy.
- Ethereum Standard was the first one to offer Ethereum Token Standardization.
- ERC20 tokens like other Ethereum standards are implemented as contracts and operated on the Ethereum Virtual Machine(EVM) in a decentralized way.
Solidity – Programming Language For Ethereum
Solidity a contact-oriented programming language is currently used for developing smart contracts on Ethereum. It was inspired by Javascript, Python, and C++.
- It’s used to establish smart contracts in the blockchain system that apply business logic and generate a chain of transaction records.
- It’s used to write machine-level code and compile it on the Ethereum Virtual Machine (EVM).
- It is comparable to C and C++ in many ways and is relatively easy to learn and understand. A “main” in C, for example, is identical to a “contract” in Solidity.
How To Create An Erc-20 Token On The Ethereum Network?
Before Creating an ERC20 Token, There are a few things that we need to prepare in advance before creating our ERC20 token. We need to create a wallet and an account on the network we want to use to produce and deploy our token now that we know which network we want to utilize. The next step is to consider the Token we want to build and the qualities it will possess. Before we get started, you’ll need the following Token information as Token Symbol, Token Name, Total Supply.
Now let’s see the Overview of the ERC20 Token Development Process,
Code The Contract
With Solidity, Functions of Token have been implemented on ERC20 Compatible smart contracts. Once the smart contracts are created, now it is ready for deployment on the Testnet to undergo testing.
Testing It On Testnet
Now the Contract is deployed to the Testnet for testing to check whether it works fully or fails.
Deploying Into The Mainnet
Once it is verified then the Ethereum developers deploy into the Mainnet using deployment tools such as Truffle.
Final Thoughts
The above process of developing the ERC20 Token is just an overview of how we develop at Maticz. Interested in Ethereum Token Development? We Maticz Technologies leading Crypto Exchange Development Company have a team of Ethereum developers and smart contract developers who can provide the exact solution for your Ethereum Token Development needs.
Our developers have expertise in all Ethereum standards ranging from ERC20, ERC721, ERC777 to ERC1155 allowing you to choose the standard based on your business needs. Design the token from the ground up, create it, and release it after extensive testing to guarantee that no flaws are introduced into the functionality. Connect with our experts through phone or text to learn more.
