How to create an ERC-20 Token on the Ethereum Blockchain
Deploying an ERC20 token to the Ethereum Blockchain is easier than you might think.
One of the best ways to learn more about how cryptocurrencies work is by creating your own digital token. And the good news is, anyone can create their own ERC20 token on the Ethereum Blockchain.
Binance Smart Chain
Ethereum is an open-source blockchain-based platform that creates and shares business, financial services, and entertainment applications.
Ethereum Blockchain is specifically designed for smart contracts and the creation of decentralized applications (DApps).
The ERC20 Token Standard
Creating an Ethereum token is surprisingly simple. These tokens conform to a standard called ERC20.
The token standard ensures basic functions for the token, such as transferring funds, returning a balance, displaying token ownership, etc.
For each transaction that takes place with these tokens on the Ethereum Blockchain, a fee must be paid in ETH. This fee is a compensation for the validators for securing the network.
Let's start with the requirements to create a BEP20 Token.
Start by downloading MetaMask
Next, create a wallet
Write down the backup seed phrase somewhere secure
Without this phrase, your funds can’t be recovered if your device is damaged or lost
Finally, confirm your seed phrase by following the on-screen instructions
Create an ERC-20 Token
Connect to the Binance Smart Chain
You might notice straight away that we’re still dealing with an Ethereum wallet.
Let’s change that.
We want to access Settings to point the wallet towards Binance Smart Chain nodes.
Create a BEP-20 Token
Start by going to Mercurio. If you are using your phone, make sure you are using the browser within the MetaMask app.
Make sure you have some BNB in your MetaMask wallet. If not, you need to transfer some BNB to your MetaMask wallet address.
Choose BEP-20 to create a token on the Binance Smart Chain.
Next you need to fill in the details for your token. You must give your token a name and a symbol. You also need to specify the initial supply of your token and the number of decimal places each token can be divided into.
You can also enable the following features for your token.
Burnable: This check specifies whether your tokens can be burned to decrease the supply.
Mintable: This check specifies whether your tokens can be minted to increase the supply.
Fees/Taxes: This check specifies that a certain percentage of each transaction can be burned and a certain percentage of each transaction will be sent to an address of your choice.
Holder Redistribution: This check specifies that a certain percentage of each transaction is redistributed to the holders proportional to the tokens they hold.
The token will be created once you approve this transaction fee.
Once you select ‘Create', the next interface will show you the fee for the creation. This fee will be in BNB.
Add your Token to your MetaMask Wallet
After your token is successfully created, a MetaMask popup will appear to automatically add your token to your wallet