Back in college, I used to Jailbreak iOS devices for fun (and may be a little side income). I also used to flash Symbian devices too just for the sake of it. And I once bricked my HTC device by flashing an unsupported custom ROM. Had to cook a story to convince the service center guys that I had nothing to do with it. The real question is not how, but, why? Because it gave me that subtle dopamine hit. When screen went blank and for a moment your device worth thousands was worthless, those chills were addictive. But as I grew older, that hit vanished from my life.
Only until a few days ago, I tried making my own cryptocurrency. That’s when I relived the sheer joy of my college days. So today, I hope I would be able to ignite that spark in you too. Let’s find out how to create your own cryptocurrency under Rs. 500. Once again, this would be a completely non technical way to do it. You don’t have to be from a coding background to make it happen. Also, from start to end it isn’t going to cost you a fortune to come up with it. Let’s take it step by step.
Step 1: Create a Metamask Wallet
If you are an active user of web3.0, you must have come across the words like Metamask or Trust Wallet. If you already don’t have a wallet created on Metamask, here’s how you can do it under 30s.
Head over to the website metamask.io and hit the download button. The wallet can be downloaded as a browser extension or mobile application. For this particular tutorial, it is recommended to use a laptop throughout the process. Once you download the browser extension, simply follow the instructions of setting up a seed phrase and logging into your wallet. Make sure that you store this seed phrase in a safe location as losing it would mean losing your crypto.
Step 2: Add BSC Network to Metamask
Since Metamask originally supported only Ethereum based tokens, it is defaulted at Ethereum network only. However, you can also add Binance Smart Chain network to it as well. You can do it by following these quick steps:
2.1
Go to your Metamask wallet and select add custom RPC as shown in the screenshot
2.2
Once you select the custom RPC, you would be required to fill a form. Copy paste the following details for the same:
A. Network Name: Binance Smart Chain
B. New RPC URL: https://bsc-dataseed.binance.org/
C. ChainID: 0x38
D. Symbol: BNB
E. Block Explorer URL: https://bscscan.com/
Hit save once you are done.
Congratulations, you just added BSC network to your Metamask.
Step 3: Transfer BNB to your Metamask Wallet:
Now go to a centralized exchange like CoinDCX or Binance and purchase BNB worth Rs. 500. That’s all you are going to need for this mini project. For this activity, I would be using Binance for purchasing BNB and adding funds to the Metamask Wallet.
Once you purchase the BNB, next step is to send it to your Metamask wallet. For that, simply head over to Metamask and copy your BNB address as shown in the screenshot below:
Once you are done, head over to Binance and find your purchased BNB in your funding wallet. Select Withdraw (underlined in the screenshot below)
On the screen that appears post that, enter the address that you just copied from Metamask in the step above. Choose the network as Binance Smart Chain (BSC) BEP20.
This will cost you a withdrawal fee of 0.0005 BNB OR ~ Rs. 20.
Once you withdraw your BNB, the remainder should reflect in your Metamask wallet within a couple of minutes.
Step 4: Creating Your Cryptocurrency
4.1 Coding:
Coding time! Don’t worry, for people like us, it is mainly going to be a copy paste thing. Now, I want you to head over to this link
This link contains the source code of a token that runs on Binance Smart Chain. All you need to do is copy paste that token source code and head over to the Token Launcher here. Follow the steps mentioned in the screenshot below:
Once you have created a new contract, a blank window should appear. Paste the code copied from the link above here. Now all you have to do is tweak a few settings highlighted in the screenshot below.
Select the total supply for your token, the name of your token and the ticker symbol you want. I personally kept the supply of my token at 100,000,000. The name I opted for was “ThePandaToken” (Duh!) and the symbol I doubled down on was “PND”.
Aaaaanddd that was it. You’re done with the “Coding” part of this activity.
4.2 Compiling:
Time to compile the code, follow the images below to quickly complete that step.
Please note that you may get a couple of warnings while trying to compile the code but that’s okay. You can still run the code.
4.3 Deploying:
This step involves money. It will cost you about 0.0044BNB to deploy your code in real time environment. This will amount to be Rs. 110 approximately. Once you approve the transaction, your code should be deployed. Refer to the image for the next steps:
Once your code is deployed, you need to claim them. Think of it like this. You have created your tokens now, but no one holds them. They are out there in the open. So how do you claim them now? Refer to the image below:
Once again this is going to cost you about 0.000167BNB which is about Rs. 7. So hit that transact button.
Step 5: Do Whatever the Heck You Want:
If you have followed all the above steps diligently, by now you must have your tokens in your wallet. Now you can send them to your friends and family by simply asking for their BNB Metamask address.
Please Note: At this point, general public won’t be able to trade with your cryptocurrency. For that you would have to provide liquidity on famous exchanges like Pancakeswap, Uniswap etc.
Do you want me to cover another tutorial on how that’s done? Let me know in the comments section below.
I have added PND to Pancakeswap and you can buy it if you’re interested using the address: 0xB7e78d2843e65851BBBd5426D4eE423ebbAf871
Conclusion:
While it will certainly quench your geek thirst, there’s a lesson to learn here as an investor too. If you and I can create a cryptocurrency at a menial cost of Rs. 300-500 within 20 odd minutes, everyone else can too. Therefore, next time you try to be a part of the Squid Games Token like noise, please DYOR and then take a call.
For now, you can buy all of the PandaTokens at a very cheap rate (JK, they don’t have any real value and I don’t intend to take it anywhere).
What crypto are you planning to make?
Got questions? Want to take it to the next level? Reach out to me using your preferred platform from the links below
Until next time..
For our beloved “non readers”, I also do quick carousels on these topics over Instagram. Come join the fun. Hit me up here.
transact to Token.transfer errored: Error encoding arguments: Error: invalid BigNumber string (argument=”value” value=”” code=INVALID_ARGUMENT version=bignumber/5.5.0)
Next to Transfer is an arrow. Click on that and get drop-down menu. In drop-down menu is your Metamask receive address and one more box which is Value. Enter a 1 followed by many 0s. For example, put 1000000. Then hit Transact. All of your tokens will be transferred. For example, I created the code with a starting coin number of 300,000,000. When I enter 1000000 for the ‘value’ it is just a made up number. My metamask shows that I received all 300,000,000 tokens that I created.