How To Create Blockchain-based Tokens for Your Company, Mission or Cause With Togen.io
Are you considering creating a cryptocurrency for your brand, company or cause? This is a quick guide for using the new Togen.io tool to quickly get your cryptocurrency deployed on the Ethereum blockchain as an ERC-20 token, as well as how to manage your crypto after deployment. After finishing this quick tutorial, we also have a guide on how to promote your cryptocurrency.
Let’s get started.
First, simply start by adding basic information about your token, like the name, description, total supply, etc. Your “supply”matched with your “decimals” parameter is how many tokens you are starting with. When people send crypto (ETH) to your token smart contract later, tokens will be created and their deposited funds transferred to you. If you want the token supply to stay finite or simply don’t want to do a crowdsale, you can simply “End Crowdsale” after your tokens are generated. More on that in a bit.
After you have filled out the basic information, click “Generate This Token Now”
This will create the Solidity code that reflects the parameters you set for your cryptocurrency.
The code uses SafeMath and the ERC-20 token standardd to ensure your token smart contract is pretty much bullet-proof.
Before you deploy to the Ethereum blockchain, you will need to make sure you have MetaMask installed as an extension in your browser (works for Firefox and Chrome). If you have no idea what MetaMask is, here’s a quick tutorial. Basically, MetaMask allows you to securely store Ethereum on your computer without having to trust third-parties like Coinbase (or Togen for that matter).
In order to deploy your cryptocurrency, you will need the cryptocurrency Ether. In addition to a small fee that goes to Togen, there is another transaction fee paid to miners on the Ethereum blockchain to process your transaction. This is simply how most blockchains work. Lucky for you, if you’re just testing, you can get Test Ether, which is free: here. If you use the test Ether, you will need to switch your MetaMask network from the default MainNet to the Rinkeby TestNet., like so:
When you are new to Ethereum, it’s best to start with testnet tokens. Then, when you’re comfortable with that, actually go get some real ETH here and switch back to the Main Ethereum Network.
Make sure to copy your smart contract code that’s generated by Togen. You will need that for future steps.
Okay, now it’s time to deploy your tokens to the blockchain. Simply click “Deploy”.
Once you do that, you will see a notification asking you to confirm everything. If everything looks right, proceed.
This will open up your MetaMask to fund transaction which will launch your coin.
Click “Confirm” inside MetaMask. Oops, you just made a cryptocurrency. It will take a few seconds to a minute to confirm on the blockchain. Once it does, you’re set.
Now, it’s time to manage your coin, after you get this notification:
Once your crypto smart contract is deployed to the blockchain, wait a few seconds, and then head over to your Token Manager.
You will see a list of your token smart contracts on the right. Click on the top one to get more information on your token. You will see the total supply, your balance and many commands:
Let’s start with the Web Wallet command. Using this button, you can see your generated Web-Wallet specifically for your token. You can send this link to people you plan to send tokens to which will allow them to manage your tokens easily. Here’s an example of the web wallet for the token we just generated:
Your users can use this page to send tokens and check their balances. They will need to be connected to MetaMask, as well, as that is the most popular authentication system apps on the Ethereum blockchain (no login and password required here!)
Next, you have the “Send Tokens” button in your manager. This opens a modal where you can send tokens to any Ethereum address:
Once you confirm the transaction on MetaMask,
Your tokens are sent!
If you want to host a crowdsale, whereby users can send ETH to your smart contract in exchange for tokens, instead of buying them from you, one is built in. Users can use MetaMask or MyEtherWallet to send funds to your smart contract address.
Usually, token purchasers use MyEtherWallet (which can be connected to MetaMask), so we’ll use this example.
Once a potential purchaser goes to MyEtherWallet, they can select “Send Ether” at the top of the page.
Then, they can select how they would like to connect to their wallet, either with MetaMask or their private key. Then, they will see a screen like this where they can set how much Ether they would like to send to the contract that you generated.
They will need to manually enter a gas limit of at least 250,000. This gas limit provides enough fuel to process their transaction and is pretty standard in token sales.
Once the user clicks Generate Transaction, they will see a screen for submitting the transaction.
Once submitted and after 1 block confirmation, their funds are sent to the creator of the contract (you). Additionally, tokens are created. By default, if you have a 100,000 supply with 2 decimals (1,000 tokens), then for every .1 that is sent 10 tokens will be received by the purchaser. If you have 4 decimals, then .1 tokens will be sent.
You can adjust this rate using a whole number at any time in your token manager by clicking the “Change Sale Rate” button.
The default rate for contracts when generated by Togen is 1. This allows you to adjust the price of tokens from presale to public sale (if you’re hosting crowdsale events) or peg your token to a dollar value (hourly, daily, or whatever is your manual preference).
If you don’t want to host a crowdsale or want end your sale, you can click the “End Crowdsale” button (and then confirm the transaction on MetaMask. Only the creator of the contract (you) are able to do this. Additionally, if you want to burn tokens that you hold at the beginning or end of a crowdsale, you can click the “burn tokens” button. Only the creator (you), can do this, as well.
Next, if you are issuing an asset-backed or security token, you probably need to issue regular dividends to your token holders. You can do this by clicking the “Issue Dividend” button in your Token Manager.
Here, you can input the amount you would like to distribute across all of your token holders. You must have at least two token holders to do this. Next, click “Calculate Dividend” and Togen will display all of your token holder addresses and balances.
You can then click the “Pay All” button to beginning processing all of the dividends, or you can pay the dividends individually.
If you run into any problems when managing your tokens, you can easily reach out to the Proof Suite support team, which manages Togen, by clicking the Support button at the top of the page.
Additionally, you can search for your tokens and others by using the search bar. Notice: there is no monopoly on token names, so make sure the contract address and the name match when sending funds. The search feature is more of a fun way to see ideas or tokens others have come up with. All tokens that are verified by Proof will have a green checkmark next to them in the search. If you are interested in getting verified, please e-mail email@example.com.
Togen makes it easy to list your tokens on Exchanges. Simply click the List button in your Token Manager:
More decentralized exchanges where you can list seamlessly will be added.
If you want others to verify how your smart contract works (recommended), here is a quick guide to verifying a contract on Etherscan. You will need the solidity compiler version you used (at the time of this writing that is: v0.4.26+commit.4563c3fc) and the smart contract code that was generated earlier.
That’s it! You have now joined the tokenized economy!