Creating Your Own Cryptocurrency With Ethereum

Alex Van de Sande, lead designer at the Ethereum Foundation, posted on the Ethereum blog yesterday to discuss recent developments in the Ethereum ecosystem and how they could benefit potential users in creating their own crypto tokens which have a number of different applications, from use as local currencies to being used to run DAOs. The blog, entitled ‘Ethereum in practice part 1: how to build your own cryptocurrency without touching a line of code.’, gives a step-by-step process for anyone to follow to create their token.

Recommending the Ethereum Wallet as a starting point (naturally), Van de Sande explains the creation of an ethereum account and the trivial cost required to begin mining and testing. Van de Sande also gives advice on alternative tools that are available for wanting to create a ‘real’ token, rather than a test one, which simplify the process.

After obtaining a small amount of ether, Van de Sande describes how to create a token to represent the tradable item of your choice. During the process, the only required input is to navigate various pages, select the required options and to copy and paste the code required, rather than write it yourself. When the parameters have all been filled, it will be possible to create your token, requiring an amount of ether to create, following which you will find yourself in the possession of all of the shares of the token you have just created. With a few more simple steps the token will be ready for use, all without requiring any coding knowledge or experience.

Other ways to use Ethereum’s technology will also be explored and explained by Van de Sande, with an announced post coming tomorrow on how to create a DAO.

Based near Windsor, England, Matthew Warner is an enthusiast for innovative, cutting edge technologies. He is a B.Eng. graduate in engineering with honors from the University of Warwick and also holds an PGCE in education degree. Matthew is a member of Mensa.
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