Create your own Ethereum ERC20 token for fundraising

[Simone Liaa]

Over the past few years, the blockchain and crypto industry is developing at a faster pace. Among all other blockchains, business people used to prefer the Ethereum blockchain. Ethereum is a popular blockchain that is widely used for various purposes like developing Dapss, crypto token creation, etc.

Ethereum has many token standards for crypto token creation. Especially, ERC20 is a fungible token standard of the Ethereum blockchain. It is the most preferred token standard for crypto token creation because of its popularity in the crypto marketplace.

In this article, we shall discuss ERC20 tokens, its creation, use cases, etc. Let us begin this article with…

What is an ERC20 token?

ERC is the acronym for Ethereum Request for Comments and 20 is its proposal identifier. One can create fungible tokens easily using the ERC20 standard. The ERC20 standard has a certain set of programming where the details of the tokens should be incorporated and created using a smart contract. ERC20 tokens are widely used tokens and they are the most prevailing tokens in the crypto marketplace. A person who wishes to raise funds for their new business will mostly prefer ERC20 tokens because it is the most popular tokens in the crypto industry.

The details that should be included in the ERC20 token smart contract are

• Total supply
• Balance of
• Transfer from
• Transfer
• Token name
• Symbol
• Decimal range(maximum range 18)
• Approve
• Allowance

Steps to follow for Ethereum’s ERC20 token development

Below mentioned are the steps to be followed for creating ERC20 tokens.

1. Define the purpose of your ERC20 token
2. Develop a smart contract and include their functions. Those mandatory functions of the ERC20 smart contract includes,

• Contract owner
• Total supply
• Approve
• Allowance
• Transfer
• Add holder
• Remove holder
• Remove appointee

1. Run the code with Etherscan for fixing the bugs. Once completed, you can compile the code for checking all the functionalities of the token.
2. Validate the newly created ERC20 tokens for eliminating any errors, issues, bugs,etc.
3. The final step is deploying the ERC20 smart contract code. After that, ERC20 tokens will be ready for use.

By following the above-mentioned steps, Ethereum’s ERC20 token development can be made easy. The above-given are the steps to be followed for developing an ERC20 token on your own. But, some technical mistakes might happen if you develop it on your own. To avoid those circumstances, you can approach a renowned Ethereum ERC20 token development company in the crypto space.

Benefits of ERC20 tokens

• Transactions of ERC20 tokens is speed and effective
• ERC20 tokens are mintable
• It has high liquidity
• ERC20 has a secured smart contract and it is hard to break
• ERC20 tokens foment quick fundraising
• Simple and faster transactions take place
• Supported in all the popular exchanges
• Highly circulated crypto token
• Can be used as an alternative of fiat currency
• Also, used for crypto crowdfunding, trading, staking, making purchases, etc.

On considering these benefits, if you wish to develop an ERC20 token, you can approach a renowned Ethereum ERC20 Token development company in the crypto marketplace. They’ll help you with your ERC20 token development from the initial stage.