Create Your Own Crypto Currency

Yes, you can create your own crypto currency. And that too without understanding coding! Sounds interesting? Would you like to try?

I did a project of creating my own crypto currency, which is based on Ethereum BlockChain. Well, don’t get confused, I’m not that smart, I just read a lot. Came across a blog by Mr. Onyebuchi Ahiwe, which helped me create my own crypto currency. I named it PARIKRAMA, which means path of circulation/rotation in Sanskrit. Coin’s short form is PAR. Its a fairly simple process and even if you don’t know coding, you can create your own crypto in under an hour. Before going ahead, I’d again like to mention that this article is based on Mr Onyebuchi’s blog. Also, the crypto currency that you will create will be a test project, which will use Ethereum’s testing network and NOT the Mainnet!

In this article, I’ve given detailed description and step-wise instructions to follow and create your crypto currency. This will be an Ethereum BlockChain based currency. You’ll get readymade code, which you’ll have to tweak a little. You also won’t need any special instrument and a regular laptop/desktop and moderated internet speed which is experienced in Tier 2/3 cities in India is enough. Go ahead, try..

Here’s what I’ll cover in this article,

1. Contract Code
2. Ethereum Wallet
3. Getting Ropsten Ethereum
4. Customize Contract Code & Deployment
5. Publish and Verify your Contract
6. Get them in your Wallet

Above points will be explained in detail as we proceed with this article. I’ve written this article focused on people, who do not have any BlockChain knowledge and do not know coding, so please don’t mind if already understand terms and technology. Lets begin,

1. Contract Code

You can download contract code from here. Please note that this code is made for “ PARIKRAMA “ and you will need to tweak/customize it a little. Ill explain that in the Customization Contract Code section.

For the beginners, you will also need a source code editor. I use Sublime Text, which is fairly simple. You can download it from here. You can also use Atom, Notepad++ or any other editor you like.

2. Ethereum Wallet

For those who are new to this, a wallet is like a vault. It holds your crypto currency. Generally wallets are free to use. Although they might charge GAS fees for the transactions. [GAS fees are nothing but payments/fees charged by platforms/wallets to compensate the computation they need to execute your desired order].

I’ll recommend MetaMask wallet (it is a browser extension, shown in the picture below). Its free, secure and most widely used wallet. You can use any wallet you would like, just make sure it supports Ethereum BlockChain.

3. Getting Ropsten Ethereum

Ropsten Ethereum or Ethereum Testnet are actually test tokens. You will need a few of these tokens to perform a test transaction. It is like practice lap performed in F1. They use the same protocol as ethereum and they are only for testing purposes. These tokens have no transactional value and can only be traded in Ropsten Test Network.

Once inside the wallet, make sure you are at the Ropsten network and not in the main Ethereum network. This, for MetaMask, you can do by just clicking the dropdown at the top, where all the networks are listed (next to the logo) and selecting “ Ropsten Test Netwrok “.

Where to get Ropsten Test Ethers?

You can get Ropsten Ethereum from https://faucet.ropsten.be/ or, alternatively, just Google “ get Ropsten ethereum “ and you will find a few more sources. You will need to give your MetaMask wallet address and hit “ Send me test ethers “ button. The transaction may take from 20 seconds to up to a few minutes. Once successful, you will get 1 Ethereum in your wallet. For your wallet address, hover at the upper-middle portion of the wallet where it says “Account 1”. Keep this address handy, as you will need it again while customizing.

4. Customize Contract Code & Deployment

Part 1: Customize Contract Code

I believe that you have already downloaded PARIKRAMA’s contract code and installed code editor as well. So lets start step wise customizing your code. I’ll give steps using Sublime Text editor. You may only make changes in the points mentioned below and rest you can keep unchanged. Lets begin,

1. Open the contract code in your editor. For this, open Submile, then navigate to File > Open > (navigate to) PARIKRAMA_Experimental > Open
2. Change Lines 4, 8, 102 and 117 with the title/name of your crypto token, replacing “ PARIKRAMA “ with your desired name
3. Change Lines 6, 120 and 121. Currently, these lines have my wallet address “ 0xaF54757c1df999eE536849eF7F75Fb6F5D605C9D “. You need to replace this with your own wallet address, its the same as the one which you have generated while getting Ropsten Ethreum
4. Change Lines 7 and 116. It contains symbol of your token. Currently it has “ PAR “
5. This will create a crypto with Total Supply of 100000000 units and dividable in 18 decimal points, i.e. its least unit possible will be 0.000000001

This is all you need to do with Contract editing. For the next part, lets move to deployment.

Part 2: Deployment of Contract Code

For this part, you will need to visit REMIX IDE. Remix is an open source platform for Ethereum BlockChain, where you can develop, deploy and administer smart contracts.

Visit the platform and perform following steps:

• On the left, find contracts, click on it, and find “ New File “ under File tab. Name your file, an empty editor will open.

• Copy the edited source code and paste it on Line 1
• Now find and click Solidity compiler button (2nd from top in the left most column, below Remix logo)

• Compiler: select it to be same as one mentioned in the 1st line of code, which is 0.6.6; Language: Solidity; EVM version: compiler default; compiler configuration: keep all 3 fields unchecked. Hit Compile after these steps.
• Once compilation is successful, Solidity compilation button will show green checkmark
• Find & click Deploy & Run transaction button (below Solidity button)

• Environment : JavaScript VM; Account: will be auto selected; GAS Limit: will be auto selected; Value: keep unchanged; Contract : Select an option with your contracts name; hit Deploy. Note that if you hit an error, please go ahead and change Environment to Inject Web3.
• Once deployment succeeds, your MetaMask wallet will open with details of GAS fees charged for this transaction and you will have to confirm this transaction.

Once this is done, please go back to MetaMask and check the latest transaction in Ropsten Test Network. The transaction will take up-to 40 seconds to confirm. You can check this transaction in live on Etherscan. Etherscan is a BlockChain Explorer, Search and Analytics platform. Open the transaction in Etherscan. For this click on Activity tab on your MetaMask, click on the transaction which is reflecting at the top (most recent). Then find the button at the top right where it says View on Etherscan. Once the transaction is complete, it will be visible like this:

Note and copy the [To] address mentioned here, this is your Contract address.

With this you’re almost done with your crypto, now all you need to do is publish and verify and then get your crypto in your wallet.

5. Publish and Verify your Contract

Please click on the [To] address on Etherscan. Find Contract tab. Here, you will find Verify And Publish hyperlink. Press on the same and you will land on verification page. Please fill following details carefully:

Contract Address: will be auto filled; Compiler Type: Solidity (Single Typ); Compiler Version: 0.6.6; Open Source License Type: GNU GPLv2 (you may select any other license type as well depending on your research).

Once you hit Continue, you will land on “ Verify & Publish Contract Source Code “ page. Here, find “ Solidity Contract Code “ section. In it, paste the source code we have developed earlier (you may copy the entire code from Remix or Sublime Text). Once done, click on Verify and Publish button.

If successful, it will generate ByteCode and ABI for Contract Address, which looks like following,

Remember that this is an open source system. Anyone can visit the Contract Address and read the source code.

For your reference, here is PARIKRAMA’s Contract: ByteCode and ABI for Contract Address

6. Get them in your Wallet

Now that the token is verified, you will need to transfer them in your wallet. You should receive all the initial tokens minted (in this case, 100000000). I did go wrong somewhere and received only 0.0000000001 PAR at the end. But, trying once more, for the 2nd time, using the same code I did succeed. I named the 2nd coin as PARIKRAMAA, with shortform PRK, and I received 100% of the 1000000000 minted coins.

Now, copy the contract address (the [To] address) and open MetaMask. Under the Assets section, click Add Token > paste Token Contract Address > Next

Voila! All the tokens created are credited in your wallet.

Hope this article helps you in your project. Please do write to me if you mint your own currency. Before I sign off, let me once again remind you that this contract is deployed on Ropsten Test Network and not on Ethereum Mainnet. In other words, the tokens created have no value in real world (**unless you find someone who is willing to pay). I am working on Ethereum based crypto project called “ Chikya Tokens “ (might change the name, if successful and while publishing), to be deployed on the Mainnet. I’ll publish my findings in my next article. Stay tuned }:-)

Don’t forget to send me some tokens when you create your customized crypto. Here’s my address: 0xaF54757c1df999eE536849eF7F75Fb6F5D605C9D

Please write to me at tejaspatilofficial@yandex.com. Comments and suggestions are always welcome. Thank you for your time.