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 shows this progress. With the help of the OpenZeppelin contract wizard, Mughalyan shows how you can make a new token on the Ethereum (ETH) blockchain in less than one minute.
The Openzeppelin contract wizard is a tool with which users can adjust the functions of their contract. Options include the token name, token Ticker and whether token must meet the ERC-721, ERC-1155 or ERC-20 stand, or are a Governance contract.
Other options that are available in the Openzeppelin contract wizard include setting an ERC-20 Preminte amount and deciding whether the token mintable, flammable, pausible, allowed, and whether it is possible for flash-minting and snapshots.
After having set all these options, Mughalyan was able to sign the transaction with Metamask, to use the contract – and therefore to make a new token – in just 27 seconds.
The fine print
Although the process of making a new token on the Ethereum -Blockchain has been made considerably easier with tools such as the Openzeppelin Contract Wizard, it is important to note that there are potential disadvantages of this approach.
First, although the tool simplifies the process, it still requires a basic knowledge of smart contracts and the Ethereum -Blockchain.
Without this knowledge, users may make mistakes during the creation process that can have significant consequences. If you do not understand what you are doing, you probably should not do it – unless it is to learn, not to start a product.
Secondly, although the tool makes adjustment possible, it is still limited to the supplied options.
For those who want to make a token with unique functions that are not included in the tool, they may have to look for extra sources or expertise. That said, it should be enough to launch a simple memecoin.
Finally, although the tool can make a token in less than a minute, the launch process of a successful token includes much more than just its creation. It requires a strong understanding of the crypto market, a solid marketing strategy and continuous management and development.
Moreover, most crypto tokens also want to be useful, where programming skills are needed to expand the standard contract to let functions in the past have a simple token that can be moved around addresses.
