I Created My Own Cryptocurrency (FryeCoin)!!!
So What Inspired Me to Create a Coin?
What else do you do on a Saturday afternoon when it's 108 degrees outside? You create your own crypto currency, duh! LOL
Now first off I must point out that the FRYE coin is not on the open market. It was created on the Ropsten Testnet where anybody can create their own ERC20 contract. If I wanted to, I could launch my coin on the live network but I would need to fork up some Ethereum to do so. And that's not something I'm ready to commit to just yet.
View the FryeCoin Contract here: https://ropsten.etherscan.io/address/0x65a8046df412cd689ff8803a7b7bab7f2d5ab9fb#code
In all honesty, I really just wanted to see how easy it was to create your own ERC20 token. With all of these new coins/tokens launching each week, I wanted to know how hard it would be for a scammer to create a crap coin and make gobs of money from would-be investors. And that's when I came across this tutorial by HashNode on how to launch your own ERC20 token. They even have tutorials showing you how to launch your own ICO and raise funds for your new coin!
How Hard Was It to Create a Coin?
I was amazed at how simple it was to write up the contract and launch the coin. Anybody with some Ethereum could literally launch their own coin/ICO into the real world. This was really exciting and also a little bit worrisome at the same time. It shows how careful we need to be when investing in crypto currencies. Because within 15 minutes I (a person with no crypto-programming experience) have my very own coin launched on the testnet.
All I had to do was copy the Solidity code and input a few details like the name of the coin, the price for the coin, the supply, the symbol (FRYE), decimal places, etc. and I was ready to compile the code and run it! That was it.
If you're at all interested in crypto and learning more about it, I'd recommend you follow the same tutorial yourself. It was fun, educational, and well.. it gave me something to do on a hot day here in Arizona lol.
Code Your Own ERC20 Token Here
What to Look Out For When Investing in Crypto
As I mentioned at the beginning of this post, I originally set out to learn what it would take to create a crap coin, shill it to the world, and run off with millions of dollars. Not that I want to do this, but because it has been done over and over again, and is why the US government is making it harder and harder for ICOs (Initial Coin Offerings) now. And by taking on this experiment I learned that it's super easy to complete step one - creating your coin. So then all you need is a website to launch your ICO and some willing participants.
Here are four main things I look for before investing money into a crypto:
- The team behind the coin
- A detailed whitepaper
- The purpose or utility of the coin/blockchain
- Reviews from well-known crypto sites
And this list could be expanded upon. But the bottom line is that you should do your due diligence before investing money into anything... period. I don't care if they say their coin is the best thing since the original Bitcoin. In fact, most of them do say that. But words are cheap. If you find a project that you really like, ask a crypto blogger you know to review it for you. They'll happily take video/blog ideas and it'll give you peace of mind.
Be careful and happy trading!
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Thanks for the heads-up. Will check out the tutorial!
Hey @faraicelebr8... You're today's comment winner!! 😎🥂
Each day I pick a random comment on my post to upvote and today was your lucky day 🙌🏻 Your vote will be coming shortly.
Hooray! Thanks.
Basically just deploy the ERC20 smart contract template to contract a new ERC20 token
Yep it was super simple.
Haha ... in his free time @brandonfrye plots how he might take over the world. Fortunately, he lacks follow through on his evil machinations.
But seriously... I don't think this kind of thing is the sole property of the crypto world ... shysters have been operating this way forever on the stock-market and getting people to invest in products that are not.
For me if there isn't some serious intellectual property and some sort of track-record, I wouldn't even look at investing. What I truly like about steem and steemit is that I am involved in the building of it. Steem and steemit work on so many levels. I wish there weren't so many cryptos less well-conceived muddying up the crypto waters.
LOL, right!? I just like to know that it's possible. 😈
And you're right. When I was in college for network security my professor always reminded us that locks were made for honest people. There will always be bad actors in every space. But I think crypto has opened up a whole new world for financial crimes. But I really think John McAfee hits the nail on the head when he says we don't need more regulation, people just need to be smarter.
And definitely, Steem was such a no-brainer investment for me. I literally use the blockchain every single day so it has real functionality and utility. And the team is super transparent and always developing. And like you said, we're part of the building of it all. It's by far my favorite blockchain.. even better than FryeCoin. 😂
Haha ... I like to know people's secrets ... not so I can tell anyone but just so I know.
LOL Dude I want in!!!!
Seriously though, it is scary and exciting at the same time but you can see how many people can just set something up and 'generate' cash from a crap coin in no time.
Right, I've seen several instances of that lately. But on the other hand, I suppose it's good that it doesn't require a degree in programming to create your own currency. I might actually find a reason to one day. 🤔
Always important to do your homework when participating in an ICO but it also shows how disruptive the Ethereum Network can be to companies and projects that would typically need to ask for venture capital or investment bankers to do it for them while losing a part of their project or paying huge fees. It will become easier as the network matures. Exciting time ahead!
Absolutely, can't be stressed enough. But you're right that this is a total disruptor to our current financial systems. That I love! :)
Isn't that the intention of erc-20? You can say that the glass is half full or half empty. One can always think about the bad actors and what they can do to create havoc to the system. What about the positive results that have been achieved?
Oh no doubt. I think it should be accessible to all. I just had no idea how easy it really was. :)
How do I get some of those bad boys ?
I was thinking about making one myself and your post has reminded me of that.
LMBO, I'm selling them for 5 ETH a piece!! 🤣
I actually would like to create my own coin one day but it would have to have a real purpose. And it would have a cooler name than FRYE coin. Glad this reminded you. If you create your own please let me know!
I certainly will ... after you purchase some of my #rentcoin for 6 ETH each I will be able to afford to buy some of yours :)
No wonder the number of tokens has increased so much over the last year! It seems like the barriers to entry are pretty low.
Yeah, anybody can do it pretty easily. :)
Wow that is scary, will have a look and see what it takes to create the GUNGA coin....no wonder there are so many scam coins out there.
Thanks for the info.
Great, the post is very informative and educational. It'll help me to make decisions about investing in any cryptocurrency. Thank you, dear @brandonfrye.