Token Creation FAQ
Creating a token is a fairly simple process, which results in a large number of various tokens on the market. In contrast, to make a crypto coin, you would have to involve a team of professionals able to build a whole chain.
First and foremost you have to understand why and what for you are creating the token. Weigh in pros and cons to understand the purpose. A purposeless token is more than anything, a waste of effort. So make sure your project needs and can use it.
Like with any other aspect of your project, you have to have clear goals and the timeframe of your token achieving them. Consider the risks, the market trends, and the possible marketing strategies.
That would also be the time to choose the network and the standard for your token. For instance, for BSC you would want to create an ERC-20 token since this is the standard these tokens adhere to.
You have two options here, either outsource the creation of the token or do it yourself. If you don’t have coding knowledge, you can use a tool like CryptEx Token Constructor. It requires minimal knowledge and you can receive additional consulting via support or the community. This option is also cheaper than the others.
The other options are to create an in-house team or order a smart contract. Either way, you will stay in close communication with the coders during the whole process.
There will be several things to clarify. Max token supply, its number of decimals, yielding possibilities, a symbol, etc.
This you can either choose yourself or follow the recommendations of your coders.
With the CryptEx Token Constructor, you get a tested and audited smart contract in a matter of seconds.
Other options may take longer, especially when choosing to order the contract from a third party. Normally the process takes about a week, but you will have to have a reserved time slot. The company would code the contract and test it. CryptEx parent company HashEx offers this service.
After the contract is complete, you have to make sure that it’s audited to eliminate the possibility of an external attack or a rugpull. Of course, the latter option depends on the owner of the contract, so you mostly do it to reassure your users that your intentions are sincere.
This one speaks for itself. Your token is ready and now the difficult but fun part truly begins.