This is a Beginners Guide: Easy way to Create Your Own Token on Binance Smart Chain. This means it’s very easy Launching a BEP20 token on Binance Smart Chain.
Arguably, one of the best ways to learn more about the inner workings of cryptocurrency is by launching your own digital token or coin. And the good news is: anyone can create their own BEP20 token on Binance Smart Chain.
Now let’s jump in and walk you through how that works.
Binance Smart Chain
Before you venture off to create your own cryptocurrency, you need to pick a blockchain platform that is appropriate for your use cases.
If you’re looking for a platform with low fees, fast transaction times, and smart contract compatibility, then look no further than Binance Smart Chain (BSC).
As a chain that runs parallel to Binance Chain, Binance Smart Chain is specifically designed to cater to smart contracts and the creation of decentralized applications (DApps).
Simply put, smart contracts are code that runs on a blockchain designed for specific apps or services.
For example, if you want to make a decentralized voting application, a smart contract would be the voting logic that needs to run on the blockchain.
The biggest smart contract blockchain thus far, Ethereum, is also cross-compatible with Binance Smart Chain. However, unlike Smart Chain, Ethereum has substantially higher transaction fees.
The BEP20 Token Standard
Creating a BSC token is surprisingly easy. These tokens conform to a standard called BEP20, which is similar to the Ethereum standard ERC20.
The token standard ensures basic functionality for the token, such as transferring, returning a balance, viewing token ownership, etc.
You can view the API for BEP20 here. Keep in mind that BSC tokens can be swapped for “regular” Binance Chain tokens that conform to their own standard, BEP2.
Also, any transaction that occurs with these tokens on-chain will require a fee paid in BNB. This fee is compensation for validators for securing the network.
Let’s explore how to create these tokens below.
Creating your own Token Using Token Create
- Go to Token Create
- Fill out all the details for your token
- Select ‘Create Token’ and approve the transaction
The link for step one can be viewed in the Trust Wallet Dapp Browser by typing in cointool.app/bnb/BSCCreateToken in the address bar. Make sure you are set to the Smart Chain network on the top right.
For step two, you’ll need to give your token a name and a symbol. You’ll also need to specify the initial supply quantity of your token, and the number of decimal places each token can be divided into.
Check Mark Settings In Token Create
There are also further checkmark settings outlined below.
- Can Burn:This check specifies whether your tokens can be burned to decrease the supply.
- Can Mint: Minting specifies the opposite, whether more tokens can be created to increase the initial supply.
- Can Pause: This check specifies whether your token and all associated operations can be halted and resumed whenever needed. This pausing operation can be used in case of a software vulnerability or a malicious attack. Be aware that enabling pausing gives authority to whoever is allowed to pause or unpause, such as the creator of the token, and this central authority may not suit certain use cases.
- Blacklist:Accounts can also be blacklisted if they act malicius. Depending on the use case, it may be better for some tokens to have this feature turned off. Similar to the pausing feature, enabling blacklists causes central authority, which may not suit certain use cases.
Once you select ‘Create Token’, the next interface will show you the fee for the creation. This fee will be in BNB.
The token will be created once you approve this transaction fee.
Adding A Custom BEP20 Token To Trust Wallet
Now that you’ve created your token, how can you get it to display inside your Trust Wallet? Simple. Follow the steps below.
- Inside the wallet, select the icon of the two sliders in the top right corner.
- Scroll all the way to the bottom of the token list and select ‘Add Custom Token’.
- Set the network to ‘Smart Chain’.
- Enter your smart contract address right below the network setting.
- Enter the Name, Symbol, and the number of Decimals that your token was divided into.
Now, if you go back to your wallet, your token will be there waiting on display!