The process of launching a new token has been simplified according to Aram Mughalyan, developer of the Ethereum blockchain.
Modern video published On LinkedIn by cryptocurrency developer and founder Aram Moghlian showing this progress. Using the OpenZeppelin Contract Wizard, Mooglian shows how to create a new token on the ethereum (ETH) blockchain in less than one minute.
(embed) https://www.youtube.com/watch?v=gc7e90MHvl8 (/embed)
The OpenZeppelin Contract Wizard is a tool that allows users to customize the features of their contract. Options include the name of the token, the ticker of the token, and whether the token should comply 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 the ERC-20 amount prematurely, specifying whether the token should be transcribeable, transcribeable, pauseable, allowed, and whether to allow flash mints and snapshots.
After setting all of these options, Mooglian was able to sign the transaction with Metamask, post the contract – and thus generate a new token – in just 27 seconds.
Good print
While the process of creating new token on the Ethereum blockchain is made much easier with tools such as the OpenZeppelin Contract Wizard, it is important to note that there are potential drawbacks to this approach.
First, while the tool simplifies the process, it still requires a basic understanding of smart contracts and the ethereum blockchain.
Without this knowledge, users can make mistakes during the build process that could have serious consequences. If you don’t understand what you’re doing, you probably shouldn’t — unless you’re learning, not launching a product.
Secondly, while the tool allows for customization, it is still limited to the options provided.
For those looking to generate a token with unique features not included in the tool, they may need to look for additional resources or expertise. However, that should be enough to launch a simple memecoin.
Finally, while the tool can generate a token in less than a minute, the process of launching a token involves much more than just creating it. It requires a solid understanding of the cryptocurrency market, a solid marketing strategy, and ongoing management and development.
Furthermore, most tokens are also intended to be useful, requiring programming skills to expand on virtual nodes to allow for features beyond having a simple token that can be moved around addresses.