The ERC20 standard defines a list of functions that tokens must perform in order to be compatible with other platforms, contracts, and wallets. These features can be used by external users such as crypto-wallet applications to determine the account balance and transfer funds to another user who has sufficient authorization.
Let us take a deeper look at how ERC20 was created.
ERC20 was created by Ethereum developers in 2015. It was officially acknowledged in September 2017. ERC20 was the standard that smart contracts use to communicate with each other. The ERC20 token standard makes it easy to interact with tokens. ERC20 token has become a highly sought-after asset in crypto. Its ever-increasingly lucrative features have made it an increasingly popular asset. Enterprises are investing in ERC20 token creation, it should not be surprising.
How can one create an ERC20 Token by themselves? Don't worry. We've got your back. This step-by-step guide will show you how to create an ERC20 token quickly and easily.
Let’s take a look at the basic steps involved in the ERC20 token development process.
1. Decide on token attributes
2. Code your smart contract
3. Test the token
4. Verify the source code
5. Deploy it on the MainNet
6. Get it Verified on Etherscan
Let's first look at the essential functions before we move on to the development phase.
TotalSupply : A method to determine the total supply of tokens. Once achieved, the smart contract won't allow you to create any more tokens.
Balance of :This method returns the number of tokens associated with a wallet address.
Transfer: A method to allocate a certain number of tokens from the total supplies to a user.
Transfer from: A different type of transfer used to exchange tokens among users.
Approve :This method determines whether a smart contract can award tokens to a particular number of users while also taking into consideration the total supply.
Allowance : This method works in the same way as the 'approve’ method except that it verifies that one user has sufficient balance to send a certain amount of tokens to another.
Do you find the whole process confusing?
Don't worry. It is not uncommon for people to find it difficult to understand code, especially if they are new to coding. We can help if this is you. We are available to help you, no matter if you're a beginner or a professional, in your journey into crypto. We are a well-known ERC20 Token Development Company and have years of experience in creating legit ERC20 coins. For more information, please contact us.