The process of launching a new token has been simplified according to Aram Mughalyan, and Ethereum blockchain developer.
A recent video published on LinkedIn by crypto developer and founder Aram Mughalyan showcases this advancement. Using the OpenZeppelin Contract Wizard, Mughalyan demonstrates how to create a new token on the ethereum (ETH) blockchain in under one minute.
The OpenZeppelin Contract Wizard is a tool that allows users to customize the features of their contract. Options include the token name, token ticker, and whether the token should conform with the ERC-721, ERC-1155, or ERC-20 standard, or be a governance contract.
Other options available in the OpenZeppelin Contract Wizard include setting an ERC-20 premint amount, and deciding if the token should be mintable, burnable, pausable, permissable, and whether it allows for flash minting and snapshots.
After setting all these options, Mughalyan was able to sign the transaction with Metamask, deploying the contract — and consequently creating a new token — in just 27 seconds.
You might also like: Introduction to smart contracts: the self-executing contract
The fine print
While the process of creating a new token on the Ethereum blockchain has been made significantly easier with tools like the OpenZeppelin Contract Wizard, it’s important to note that there are potential drawbacks to this approach.
Firstly, while the tool simplifies the process, it still requires a basic understanding of smart contracts and the ethereum blockchain.
Without this knowledge, users could potentially make mistakes during the creation process that could have significant consequences. If you do not understand what you are doing, you probably should not be doing it — unless it is to learn, not launch a product.
Secondly, while the tool allows for customization, it’s still limited to the options provided.
For those looking to create a token with unique features not included in the tool, they may need to seek out additional resources or expertise. That being said, it should be enough for launching a simple memecoin.
Lastly, while the tool can create a token in under a minute, the process of launching a successful token involves much more than just its creation. It requires a strong understanding of the crypto market, a solid marketing strategy, and ongoing management and development.
Furthermore, most crypto tokens also aim to be useful, requiring programming skills to expand on the default contract to allow for features past having a simple token that can be moved around addresses.
Read more: Jimmy Song Reveals his Thoughts about Ethereum Smart Contracts