Theย procedure of launching a new cryptoย token has been simplified reportsย by Aram Mughalyan, and Ethereumย (ETH) blockchainย 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 cryptoย token on the ethereum (ETH) blockchainย tech in under one minute.
The OpenZeppelin Contract Wizard is a tool that allows users toย personalize the features of their contract. Options include the cryptoย token name, cryptoย token ticker, and whether the cryptoย 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 cryptoย token should be mintable, burnable, pausable, permissable, and whether itย enablesย for flash minting and snapshots.
After setting all these alternatives, Mughalyan was able to sign the transaction with Metamask, deploying the contract โ and consequently creating a new cryptoย token โ in just 27 seconds.
The fine print
Althoughย while theย procedure of creating a new cryptoย token on the Ethereumย (ETH) blockchainย tech has been made significantly easier with tools like the OpenZeppelin Contract Wizard, itโs criticalย to note that there are potential drawbacks to this approach.
Firstly, while the tool simplifies theย procedure, it still requires a basic understanding of smart contracts and the ethereum blockchainย tech.
Without this knowledge, users could potentially make mistakes during the creation process that could have wholeย lotย of consequences. If you doย not understand what you are doing, you probably should not be doing it โ unless it is to learn, not launch a product.
Secondly, while the tool allows for customization, itโs still limited to the options provided.
For those looking to create a cryptoย 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 cryptoย token in under a minute, theย procedure of launching a successful cryptoย token involves much greaterย 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 cryptoย tokens likewise intendย to be useful, requiring programming expertise to expand on the default contract to allow for features past having a simple cryptoย token that can be moved around addresses.
