Sunday, 30 June 2019

How to Create & Launch Ethereum Tokens on Exchanges?

     
        Smart Contracts are living on Ethereum network and it executes automatically. It means no one has to press the button to execute that are very deterministic which means given millions of computers in the network that all of them will run exactly the same way for the same input. Additionally, it is highly tampering resistant. It means a piece of code deployed on the network is not allowed to be changed unless the origin of code explicitly allows for that to happen. We can trust the smart contract the same way as it behaves has always been regardless of who is deploying the contract. This brings us the token contract.
     The token contract is some sort of database where it stores your address as the key and the value of that key within the amount of token that you hope and anyone can interact with the token contract. The token contract allows other people to transfer tokens as well.  For ex, someone could ask or tell this contract to transfer the tokens to another recipient and then the token can transfer or if the transfer does not have enough balance in his account, the token contract can throw an exception or an error. In the ERC-20 standard tokens, there are 6 of the functions are clearly defined to execute the transactions to transfer the x amount of tokens like,
    1. Total Supply - It returns the total need for tokens that is available
    2. BalanceOf(address) - You can input an address and tell you the number of tokens that address has
    3. Transfer(to, value) - You can able to execute the transfer functions to any other account given that you are the owner of the address.
   4. TransferFrom(from, to, value) - we can also allow other people who have been previously given permission to transfer to execute this function. They can transfer from the account they do not own, but to the account, they owned or specifying the value in it. This transferfrom is entirely unbounded.
   5. Approve(Sender, Value) - The transaction has to be approved by the person who is allowing to transfer takes place. It is simply to call or prove to the party to spend up to certain value.
  6. Allow(Owner, Spender) - Allowance function to check how many of the tokens you can be allowed to transfer and get.


And, there are two of the events that meet when the functions are called. When the transfer takes place, the transfer events are emitted and approval takes place, the approval events are emitted. So, What does this standard allow us to do? ERC-20 token allows us to come up with a common ABI interface that all applications interface token contracts can use to interact with token contracts. The other standards in token transactions are,
   * ERC223 - It allows Safe Transfer of tokens and prevents token to be sent to smart contracts that do not accept those tokens.
   * ERC721 - It allows for Non-Fungible Token to be minted. It is used to create applications that like to keep. Essentially, it allows token of different value to be minted. The fungible token is the token that has the same value. It means one ether is same as any other one ether and all the ethers are the same as a base token. However, nonfungible tokens can be used to represent different things. It means every crypto tokens is different from each other and they are being valued differently. You can not swap one crypto token to another crypto token that the owner agreed on the value.

      Standard token implemented on ERC-20 standard and it has the following 6 functions like totalsupply, balanceof(address), transfer(to, value), transferfrom(from, to, value), approve(sender, value) and allow(owner, spender). There are 3 different variations in common token contracts. Those are,
   1. Pausable Token: It allows only the owner to use the function to pause and unpause. When the contract is being paused, the token transfer is being paused that means no one able to send a token from an account to another. There is a publicly accessible variable called paused.
   2. Mintable Token: It allows the owner to use the function mint. Essentially, it gives more tokens to the total supply of the token contract. Also, it sends all the new tokens to the new address. Remember, only the owner can be able to execute this function. Once the owner finished minting the number of tokens that he wants to mint, then he calls the function called finished minting. There is publicly accessible variable of minting finished. It tells if the total supply will then be constant or not. This allows the people who participate in the ICOs to know more of these token that would be in the market.
 3. Burnable Tokens: The owner of an account can choose to burn an X amount of his token and the functions execute after burning the tokens. Those functions within to be sent back to the owner. For ex, if you burn x amount of tokens, then you can get back y amount of ethers. This burnable tokens reduces the total supply of the token and making the token more valuable in the future.


 Token Launching: The most important thing about ICO or token sale is the product. So, make sure that you have the solid product packing that token whether to sell the existing product or a fundraising event or the utility tokens represent the physical products. Also, a solid team reputation helps the product more successful.
      We can create the tokens with out writing the code by just entering the details through the tool of wielded.  Open Wielded and click on standard CrowdSale and Token.  Before deploying the token, you must remember, who are the ones owns this contract and who are the buyers of this contract so that to remember who is going to pay and who is going to have the tokens in the wallet. The steps are the same as Ropsten deployment of tokens and main network. So, Enter the relevant details in token creation and click on deploy contract. The metamask will ask you to confirm. If you have funded your metamask account, click on confirm. This will bring you to token confirmation and transaction confirmation. Once the transaction has been confirmed, you will see the token contract as well as the etherscan contract address. If the transaction is successful, you should notice that there will be transaction receipt status that says as success and that the contract has been invoked. Make a copy of the token settings in your text editor.
     Also, You can verify the contract code on etherscan. It allows you to publish your source code of smart contract into etherscan. The benefit is that everyone can verify that all contract does exactly what you say and there is no bug and malicious code in it. Simply click on code section on the etherscan and click on verify and publish the smart contract. As you can see the contract was created by the contract code at this address. Once you clicked verify, do note all the parameters for this token like token name, symbol, decimals and initial supply. In the attached file(standardtoken.txt). It shows the contract code that was on behalf for you on ethereum network. You may have several hundreds of lines of code and this tool makes easy to deploy this code. You can publish this code that everyone wants to see by copy paste the code to the solidity contract code and update the contract name, the compiler and turn off the optimization. When you scroll down, you can see the ABI converter. You need to update the ABI parameters(parameter type, parameter value)  in accordance with your code. That will initialize our smart contract and generate the ABI. Now, copy this ABI and paste it to the constructor arguments. Finally, verify and publish. Once the source code of the solidity compiled, you can see successfully generated byte code and ABI. Now, if you visit this contract in etherscan, you will be able to see the code that are displayed to the public. There is an additional test of read the contract that allows you to execute the balanceof and see the token parameters. This is how you can verify the contract code.
        There are some cases during the deployment the transaction was not mined. In the result, simply click on the transaction hash and wait for the transaction to be completed. Once the transaction is completed, click on the event log, check the addresses with your wallet address, the token contract address, and the address to send the ethereum. And, it is important to check the deployment token.

Updating the Token Details on Etherscan: It is time to look at the difference between your token and most common token EOS. You can see the pages that are significantly different with your token link of the resources such as website, email, facebook, twitter, github, telegram, wechat, whitepaper that must be updated in our token link. Additionally, you can see the general information of this token that needs to be updated. So, just click the update request form and update with name, email address, crowdsale address, official site, logo, description, and summary of the token ICO etc.,


Listing the Token on Exchanges: In CoinMarketCap, You can see some of the top exchanges and notice several hundreds of exchanges around the world. This exchange allow you to exchange bitcoin or ether to your token if you get listed them there. In order to submit the token, just visit their exchange website and fill up the details of your tokens. Then, they will contact you. These exchanges require you to submit the tokens with some bitcoin or ethereum to publish your token on their website. They require a token to be highly visible before to leave the token on the website. So, be prepared to spend some bitcoins or ethers to publish your token on their website.

 


No comments:

Post a Comment