I first tried creating my own cryptocurrency using the Ethereum Wallet. I hit an road block because I need to buy ETH coins to create my token (cryptocurrency) to cover the transaction fees, gas, and other fees managing my cryptocurrency. I think I need at least 3 ETH currently trading at $311 plus the fees for transactions (gas). I stopped here, wahhhh Crypto Forever !!!
Anyway, this is the second try and this time around it is successful. I will cover how I accomplished it, step-by-step so other will follow and create their cryptocurrency using Ethereum Decentralized Platform.
You can use your own Ethereum token to any of this purpose:
- To create an Initial Coins Offering (ICO)
- Add your token (coin) to an exchange. So other investors will be able to participate.
- Trade them among friends, just to see whose the richest nerd.
- For Private Use
- and other ideas applicable to you.
So what’s the ingredients needed to cook this project?
- You need to have your own Ethereum Wallet using MyEtherWallet. This is where you going to transaction your cryptocurrency, Minereum (MNE) and Ethereum (ETH).
- As of writing this article. The current token creation service is 1 MNE. Yes, one, uno, isa.
- You need to buy MNE through Livecoin.net website. I deposited some ETH (not BTC to expensive to buy and nothing to offer except being the pioneer in cryptocurrency) to my Livecoin.net account so I can use it to buy MNE. In Livecoin dashboard, click on Balance, scroll down till you see the Ethereum Deposit/Withdraw button. Or use search for ETH.
- Click on Deposit, to get your ETH address. You should see something your address.
- In MyEtherWallet account. Click on Send Ether & Token. Enter the address you get from the previous step and the amount to send. Click Generate Transaction to proceed your transfer.
- Go back to Livecoin and check your deposit. You should be able to see your transfer balance.
- Now let’s buy MNE coin. In Livecoin dashboard, click the BUY / SELL, select Trading. Use the Search field to find “MNE”. Select MNE/ETH.
- You should be able to see BUY MNE FOR ETH. Enter the amount of MNE you want to buy. When ready, click BUY MNE. You will be able to see the transaction in progress.
- Now click on BALANCE, search MNE to verify your coins.
- Click the Withdraw button so you can transfer this to you MyEtherWallet. Enter the amount of MNE and Enter your Ethereum Wallet Address.
- Click Send a Payment, your MNEs will be in your wallet shortly.
- Verification. Check your email for verification code and enter your PIN-code.
- If a payment (transfer) is successful. You will see something like this.
- Go check your MyEtherWallet. You should received your MNE coin in your wallet.
- If you don’t see MNE token in your MyEtherWallet. You need to add MNE it, click the Add Custom Token. In Address field enter MNE addree.Now we can Generate our own Token.
- Send 1 MNE to the address 0x41fAfB65B1514Ce1177287A567002f8978d98205. Click Generate Transaction and confirm to send payment of 1 MNE.
- To verify your transaction, go to https://tokenservice.minereum.com website. Within seconds the status goes to Done. The version 1.1 made it faster to complete. Your Smart Contract Address is ready for you.
- Next steps are: Adding your Token to your MyEtherWallet to interact with it. Click the Contracts (https://www.myetherwallet.com/#contracts). In the Contract Address field, insert your Contract Address and the Interface/ABI information (can be found here: https://bitcointalk.org/index.php?topic=1975550)
- Click on Access. Call the function SetupToken and set your Token Name, Token Symbol and Supply. My supply is 800,000,000 fixed. Click on WRITE
- Click on Generate Transaction. Click “Yes, I am sure! Make transaction.“
- View your MyEtherWallet, add the Custom Token using the following.
- Token Address: [YourTokenAddress] (from http://tokenservice.minereum.com/)
- Token Symbol: [YourTokenSymbol] (The one used in the setup)
- Token Decimals: 18
It should look like this. Click Save.
The Source Code Verification is completed: https://etherscan.io/address/0xba2990421c16efe5ed8cdd24e3d512afe4c3d15b
The Etherscan.io Token Verification: Verified.
Contract Name: Token
6. On the field “Constructor Arguments ABI-encoded” Insert the following:
6.1 Take note of the “From” address that you used to initiate the transaction, for this example we will use the address 0xe64286a1d33c57dc5173297146edd713211eed85.
6.2 Remove the 0x from the address (we now have e64286a1d33c57dc5173297146edd713211eed85)
6.3 add 24 Zeros before the value from 6.2 (we now have 000000000000000000000000e64286a1d33c57dc5173297146edd713211eed85)
6.4 Paste this value on the Constructor Arguments ABI-encoded
Click on Verify and Publish to proceed.
I have to submit a service ticket at Etherscan.io website, click on Contact Us, Subject to to make it Verified. Pending …
It’s done! I now have my own cryptocurrency QUE using Ethereum Decentralized Platform.
Who want some QUE coin? If you’re interested to have a QUE coin, please post your Ethereum Wallet and I will send you a free 100 QUE coins. Someday we can go to the moon and only cryptocurrency is allowed to trade 🙂 Or send email to EM @QUE.com with your wallet to receive a free 100 QUE coins. Offer valid up to July 10, 2017.
What Ethereum Wallet to use? Visit MyEtherWallet.com to create your own wallet. Please follow the recommended steps to protect your wallet. Please keep in mind, in crypto world if you loss your private key and forget your personal password. You’re coins are gone forever.
How to add QUE coins to your MyEtherWallet? Login to your MyEtherWallet, by default you will see your ETH coin balance. Below that, click the add the Custom Token using the following. After that, you will be able to use QUE coins to exchange. Enjoy
- Token Address: 0xba2990421c16efe5ed8cdd24e3d512afe4c3d15b
- Token Symbol: QUE
- Token Decimals: 18
Please bookmark this page as I continue to add new frequently asked questions. You may also use comment below to post your questions.
If you created your own cryptocurrency and want to send a test coins. Send it to my Ethereum Wallet Address 0xeB6F0Af12930d30252Df3F159Bbff9504c78D866. You can also use this address to send ETH tip.
- https://minereum.com – The First Self-Mining Smart Contract
- http://blockmedia.com – Block Media Reporting
- MyEtherWallet.com – create your free Ethereum Wallet
- Ethereum.org – Credit to the image I used here.
- QUE.com – Official Tutorial. Keep checking for update.