rack001 Posted February 8, 2018 #1 Posted February 8, 2018 So i was getting bored because my chat isn't working so i thought I can make some ethereum tokens(on ethereum testnet) in my free time So i will be trying to explain some minor things about what ethereum tokens and smart contracts are , and make some of you peeps your own Testnet Token (Read the end of this post) So What is Ethereum ? Ethereum is just like any other cryptocurrency , its Mineable , Fast af(faster the BTC lawl) , and decentralized ,Its currently ranked no.2 on Coin cap with a Market Cap of$78B . But the different thing i like about Ethereum is that it allows creation of smart contracts and tokens (which gave rise to thy Era of ICO's) , the contracts are coded in Solidity (programming language) and are pretty ez pz to nowadays! What is Smart Contract? These can be called the working mechanism of your token. Quote A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. (Hail Wikipedia) Smart contracts allow you to choose how your tokens move , get distributed , these get executed on the EVM (ethereum virtual machines) . For example you can make a contract in which if someone sends 1 ether to the contract and they get 500 tokens and you also get 500 tokens . Or make many other complex tokens and contracts. So the Smart contracts needs to be deployed the ethereum block chain , once its done you get a contract address where you can send ether to receive tokens . This contract term can be alot complex if studied properly but here i think this is enough for a rough idea about what it is. You can say that its a distribution system for your tokens. What is Token? The tokens are the currencies that can be made in ethereum block chain using smart contracts ,These can be considered as a crypto coin itself , as they can be traded on exchanges too like anyother crypto. This easy to create nature has given rise to alot of ICO's which just use smart contracts and ethereum tokens. How to Start using Ethereum Tokens ? You can transfer them using any ethereum wallet (i use metamask) , you just need to click the "add token" button and put in the contract address . the other fields get updated from the blockchain using the contract address . Once you do this you can see the amount of tokens you have . you can refer to the screenshot below , its almost same in all the wallets . 1)click on add tokens 2) Put in the contract address and press "add" , we only need to put the contract address , rest all fields get their value from blockchain. So Thats all bout tokens ! If you want , you own Ropsten Testnet token (on the ethereum testnet)(it will have no value) you can post in the format - Token Name - The token name you want Price - Number of tokens you want to give users per ether they send to the contract address Address - Your ethereum Address ,so that you can get the ether sent to the contract address and i will post the contract address here and send you some tokens . It depends if i will be able to make one for everyone but will try (lol if it gets that many replies , if there are less replies then will make it for everyone) . Note - They Will be testnet tokens so you only need testnet ether and they dont hold any value .These are just for fun and play around with. You then will be able to send ethereum to the contract address and get tokens in return and the ether you will send will be sent to the address you post. These Token will only work in ropsten testnet. If you want to see how a token works you send some testnet ether (Faucet -http://faucet.ropsten.be:3001/). Contract address - 0x49c8880a176bee09c8527f2f026cd48c9d0b8534 Then open metamask (Be sure you are using Ropsten Testnet) and add the token with the contract address . then you can send some testnet ether to it and you would receive some tokens. This one is called rackcoin v2 and price is 1 ether for 500 tokens !
Kate Posted July 17, 2018 #2 Posted July 17, 2018 Thanks for the detailed explaination . Will help new people who have owned ether a lot
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