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    Home»Ethereum»Ethereum Business Part 1: How to create your own cryptocurrency without touching a line of code
    Ethereum

    Ethereum Business Part 1: How to create your own cryptocurrency without touching a line of code

    msmarkBy msmarkJune 18, 2024No Comments7 Mins Read
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    A lot of things have happened in the last few weeks in the Ethereum ecosystem, so much that it can be difficult for a casual observer to understand where we are and what is available there. So I’d like to use my first post here to give you an overview of the tools we’ve created and how you can use them to create interesting things now.

    But first a short introduction: I’m Alex Van de Sande and I’m the lead designer at the Ethereum Foundation. At DevconOne I gave a lecture titled “Blockchain versus the average user” It goes into more detail about the challenges of bringing the Ethereum ecosystem to the “average user” mentioned above, one of which is the difficulty of defining what that term means. When personal computers were introduced they were advertised as “For the rest of us”but the “rest of us” audience they were targeting was actually A Very narrow audience Interested in word processing, spreadsheets and desktop publishing. Today, these would be considered among the loudest nerds, just below the types of people they still fight over Advantages of Vim vs emacs. I truly believe that one day, your Candy Crush playing grandma/grandpa will be using blockchain technology, just as today, they are using databases and https connections without even realizing it (perhaps when they convert the blue diamonds won in a game into Cows in another game (by another publisher). But right now, what I’m working on is bringing it to the next level of users, those who can download the Office suite and know how to use a spreadsheet but aren’t comfortable with command lines.

    So, if you consider yourself in this group, we welcome you and we will guide you through some basic activities that you can do in a few minutes in Ethereum: Build your own cryptocurrency, build your own democracy and create a central bank in the blockchain. We skipped the “Hello World” tutorial this time, but you’ll do just fine.

    Download Ethereum wallet


    Download the latest version of the wallet

    But enough talk, let’s get our hands dirty with Ethereum! I may be biased but I would say the best place to start is with an Ethereum Wallet, which is a cross-platform application that will enable you to send Ethereum and Ethereum based currencies, and create and execute contracts.

    The first thing you need to do is create an Ethereum account. All you need is a strong password and you’ll get it. To do anything, you’ll need to add some ether: but don’t worry, you don’t need much. Most contracts here will cost less than a tenth of a US penny. If you’re just testing it, we recommend you switch to Testnet: Go to Menu Development > Network > testnet (Morden) And then Development > Start mining. After a few minutes, you’ll probably have enough ether to test anything, so you can turn it off and save your computer resources.

    The wallet only allows basic mining on the testnet, but if you want to try your luck on the real network, you need a more advanced tool. This used to be a cumbersome process but now there are easier and better tools: And we have new tools that will make this process much easier.

    Alia single miner screenshot

    AlethOne miner It is a straightforward tool with two buttons: press one to start mining on your GPU and press the other to deposit your rewards into the wallet. Download it from Turbo Suitea set of powerful tools created by the C++ team for developing Ethereum applications.

    If you want to create smart contracts on the live network and can’t mine them, you’ll need some ether. You can send it to a friend or you can exchange it for bitcoins on a cryptocurrency exchange. If you are a fan of Bitcoin, we suggest you follow the btcrelay project, Fraud-resistant sidechain Which will be launched soon and allows fast exchanges between Ether and Bitcoin without a third party.

    Create a token

    The first contract we will create is Token. Tokens in the Ethereum ecosystem can represent any exchangeable tradable good: coins, loyalty points, gold certificates, IOUs, game items, etc. Since all tokens implement some basic features in a standard way, it also means that your token will be instantly compatible with your Ethereum wallet and any other client or contract that uses the same standards.

    Go to the Contracts page, then click “Publish New Contract.”

    Screenshot of Ethereum wallet 12-03-2015 at 3.50.36 PM 7

    Now get Token From here and paste it into the Stiffness Source Field. If the code compiles without any error, you should see the “Choose Contract” drop-down menu on the left. Get it and choose the “MyToken” contract. In the right column, you will see all the parameters you need to customize your token. You can modify them as you wish, but for the purpose of this tutorial we recommend that you choose these parameters: 10,000 as the resource, any name you want, “%” for the symbol and two decimal places. Your application should look like this:

    Screenshot of Ethereum wallet 12-03-2015 at 3.50.36 PM 10

    Scroll to the end of the page and you will see an estimate of the computational cost of this contract and you can set a fee on the amount of Ether you are willing to pay for it. Any excess Ether you did not spend will be returned to you So you can leave the default settings if you wish. Click Publish, type your account password and wait a few seconds for your transaction to be processed.

    Screenshot of Ethereum wallet 12-03-2015 at 3.50.36 PM 11

    You will be redirected to the first page where you can see your transaction awaiting confirmations. Click on the account called “Etherbase” (your main account) and after no more than a minute you will see that your account will show that you own 100% of the shares you just created. To send some to a few friends: Select “Send”, then choose the currency you want to send (Ether or your newly created stake), paste your friend’s address into the “To” field and hit “Send”.

    Screenshot 03-12-2015 at 9.48.15 AM

    If you send it to a friend, they won’t see anything in their wallet yet. This is because the wallet only keeps track of tokens that you know, and you have to add them manually. Now go to the Contracts tab and you will see a link to the newly created contract. Click on it to go to its page. Since this is a very simple contract page, there’s not much you can do here, just click ‘Copy Title’ and paste the contract title into your text editor, you’ll need it soon.

    To add a token to watch, go to the Contracts page and click “View Token.” A pop-up window will appear and you just need to paste the contract address. The token name, symbol, and decimal number should be automatically filled in, but if not, you can put anything you want (this will only affect how it displays on your wallet). Once you do this, you will automatically be shown any balance you have of that token and you will be able to send it to anyone else.

    Screenshot of Ethereum Wallet Beta 4 dated 03/12/2015 at 9.44.42 AM

    And now you have your own encryption code! Tokens in themselves can be useful Value exchange in local communitiesMethods Track working hours Or other loyalty programs. But can we make currency intrinsically valuable by making it useful? Tomorrow we will explain how tokens can be used as a voting system in order to make collective decisions about the use of funds Create something Independent Democratic Organization.

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