A smart contract refers to a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of computer code. The code and the agreements contained therein exist across a distributed, decentralised blockchain network. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. They render transactions traceable, transparent, and irreversible.
Step 1: Get an Ethereum Wallet
MetaMask is a free and secure browser extension that allows web applications to read and interact with the Ethereum blockchain.
To create a new wallet with MetaMask you need to install the extension first. The next step is to create an account.
- Coinbase is the cheapest and easiest way to purchase Ethereum. Once you do, send the amount purchased to your Metamask wallet.
- For testing purposes, set your Metamask wallet to the Rinkeby Network (as opposed to the Mainnet) and head over to the Rinkeby Faucet. That way you can test run your token deployment before spending ETH.
Step 2: Build your Custom Token
Head to dAPP Builder, register, and click your way to Create New dApp and choose Create Custom Token. You can create your own ERC20 token by specifying the standard parameters, such as –
- token name
- token symbol [must be all caps and short – 3 to 5 alphanumeric symbols]
- decimals number – 18 is the highest you can go.
- total supply – to qualify for Nitrodo; 100,000
- Address (Wallet Address of the initial holder of all the tokens. i.e yours)
Test of Rinkeby Network first by setting Metamask to it during the process. Once you are confident with the process, set Metamask to Mainnet and deploy your new token using the same process.