The procedure of launching a new crypto token has been simplified reports by Aram Mughalyan, and Ethereum (ETH) blockchain tech developer.
A recent video published on LinkedIn by cryptocurrency developer and founder Aram Mughalyan showcases this advancement. Using the OpenZeppelin Contract Wizard, Mughalyan demonstrates how to create a new crypto token on the ethereum (ETH) blockchain tech in under one minute.
The OpenZeppelin Contract Wizard is a tool that allows users to personalize the features of their contract. Options include the crypto token name, crypto token ticker, and whether the crypto token should conform with the ERC-721, ERC-1155, or ERC-20 standard, or be a governance contract.
Other options available in the OpenZeppelin Contract Wizard include setting an ERC-20 premint amount, and deciding if the crypto token should be mintable, burnable, pausable, permissable, and whether it enables for flash minting and snapshots.
After setting all these alternatives, Mughalyan was able to sign the transaction with Metamask, deploying the contract — and consequently creating a new crypto token — in just 27 seconds.
The fine print
Although while the procedure of creating a new crypto token on the Ethereum (ETH) blockchain tech has been made significantly easier with tools like the OpenZeppelin Contract Wizard, it’s critical to note that there are potential drawbacks to this approach.
Firstly, while the tool simplifies the procedure, it still requires a basic understanding of smart contracts and the ethereum blockchain tech.
Without this knowledge, users could potentially make mistakes during the creation process that could have whole lot of consequences. If you do not understand what you are doing, you probably should not be doing it — unless it is to learn, not launch a product.
Secondly, while the tool allows for customization, it’s still limited to the options provided.
For those looking to create a crypto token with unique features not included in the tool, they may must seek out additional resources or expertise. That being stated, it should be enough for launching a simple memecoin.
Lastly, while the tool can create a crypto token in under a minute, the procedure of launching a successful crypto token involves much greater than just its creation. It requires a strong understanding of the cryptocurrency market, a solid marketing strategy, and ongoing management and development.
Furthermore, most cryptocurrency crypto tokens likewise intend to be useful, requiring programming expertise to expand on the default contract to allow for features past having a simple crypto token that can be moved around addresses.