Last updated on Dec 28, 2023
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What are smart contracts?
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How to create an ERC-20 token?
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How to deploy an ERC-20 token?
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How to verify an ERC-20 token?
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How to monitor an ERC-20 token?
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How to analyze an ERC-20 token?
ERC-20 tokens are a standard for creating and managing digital assets on the Ethereum blockchain. They are widely used for various purposes, such as crowdfunding, governance, rewards, and utility. In this article, you will learn how to create your own ERC-20 token in the context of smart contracts, and how to monitor and analyze its performance and usage.
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- NOSAKHARE JESUOROBO Solidity Smartcontracts Auditor|| Blockchain security || Business Analyst.
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- Kamil Polak, Ph.D. Senior Risk Manager at Nordea | Blockchain Specialist | BFC VIP
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- Paul Kuryłowicz ⛓️Smart Contract Security Auditor @Composable Security, Co-author of SCSVS
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1 What are smart contracts?
Smart contracts are self-executing programs that run on the Ethereum network. They can encode the rules and logic of any agreement or transaction, and enforce them automatically and transparently. Smart contracts can interact with other smart contracts, users, and external data sources. They can also emit events, which are notifications that something has happened on the blockchain.
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- NOSAKHARE JESUOROBO Solidity Smartcontracts Auditor|| Blockchain security || Business Analyst.
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A smart contract is a digital agreement that is written in code, stored on a blockchain, and executed automatically when certain conditions are met. Smart contracts can be used to automate various processes, transactions, and agreements without the need for intermediaries or external enforcement. Smart contracts benefit from the security and transparency of blockchain technology, which ensures that the contract terms are followed and the outcomes are verifiable.
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- Kamil Polak, Ph.D. Senior Risk Manager at Nordea | Blockchain Specialist | BFC VIP
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A smart contract is a self-executing contract written in code, and deployed on a blockchain. It enforces agreed-upon rules without intermediaries. It's transparent, immutable, and can handle various transactions. Smart contracts automate actions based on predefined conditions, reducing costs and increasing security. Thorough testing and auditing are essential.
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2 How to create an ERC-20 token?
To create an ERC-20 token, you need to write a smart contract that implements the ERC-20 interface. The interface defines a set of functions and events that every ERC-20 token must have, such as name, symbol, decimals, total supply, balanceOf, transfer, approve, allowance, and transferFrom. You can use Solidity, the most popular programming language for smart contracts, and a framework like OpenZeppelin, which provides reusable and secure code for common functionalities. You can also use online tools like Remix, which is an integrated development environment (IDE) for smart contracts.
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- Paul Kuryłowicz ⛓️Smart Contract Security Auditor @Composable Security, Co-author of SCSVS
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Use the Openzeppelin wizard web application. Very easy to use, secure and cover some basic use cases with already prepared extensions.
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3 How to deploy an ERC-20 token?
To deploy an ERC-20 token, you need to compile your smart contract code into bytecode, which is the format that the Ethereum virtual machine (EVM) can execute. You also need to generate an application binary interface (ABI), which is a JSON file that describes how to interact with your smart contract. You can use Remix or other tools to do this. Then, you need to choose a network where you want to deploy your token, such as the mainnet, which is the live Ethereum network, or a testnet, which is a simulated network for testing purposes. You also need to have some Ether (ETH), the native cryptocurrency of Ethereum, to pay for the gas fees, which are the costs of executing transactions on the network. You can use a wallet like Metamask, which is a browser extension that allows you to connect to the Ethereum network and manage your accounts and funds. You can use Remix or other tools to connect your wallet and deploy your smart contract.
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- Kamil Polak, Ph.D. Senior Risk Manager at Nordea | Blockchain Specialist | BFC VIP
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Here's a simplified step-by-step guide to deploying an ERC-20 token:1. Install a development environment (e.g., Node.js, Solidity compiler).2. Create a new Solidity file and define the ERC-20 token contract.3. Import the necessary libraries and define the contract's variables and events.4. Implement the ERC-20 token functions (e.g., transfer, balanceOf).5. Compile the Solidity contract using the Solidity compiler.6. Deploy the contract to a blockchain network (you need to have some ETH to pay for gas).Please note that this is a simplified overview, and each step may require additional considerations. The Ethereum network provides detailed, step-by-step documentation on how to create ERC-20 token.
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4 How to verify an ERC-20 token?
To verify an ERC-20 token, you need to prove that the code of your smart contract matches the bytecode that is deployed on the network. This is important for transparency and security reasons, as it allows anyone to inspect your code and verify its functionality and legitimacy. You can use a service like Etherscan, which is a blockchain explorer that provides information and analytics about the Ethereum network and its transactions. You can use Etherscan to find your smart contract address, which is a unique identifier that is generated when you deploy your smart contract. Then, you can use Etherscan to verify your smart contract by providing your source code, compiler version, optimization settings, and constructor arguments. If everything matches, your smart contract will be verified and marked as such on Etherscan.
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5 How to monitor an ERC-20 token?
To monitor an ERC-20 token, you need to track its transactions and events on the network. You can use Etherscan or other tools to do this. You can use Etherscan to view your token balance, transfers, holders, and approvals. You can also use Etherscan to subscribe to email alerts for any transactions or events related to your token. You can also use web3.js, which is a JavaScript library that allows you to interact with the Ethereum network and its smart contracts. You can use web3.js to listen to events emitted by your smart contract, such as Transfer or Approval, and perform actions based on them. For example, you can update your user interface or send notifications.
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6 How to analyze an ERC-20 token?
To analyze an ERC-20 token, you need to measure its performance and usage on the network. You can use various metrics and indicators to do this, such as price, volume, liquidity, market capitalization, supply and demand, distribution, and social sentiment. You can use platforms like CoinMarketCap or CoinGecko, which provide data and charts for thousands of cryptocurrencies and tokens. You can use these platforms to compare your token with other tokens in terms of market value, trading activity, and popularity. You can also use platforms like DappRadar or State of the Dapps, which provide data and rankings for decentralized applications (dapps) that run on the Ethereum network and use ERC-20 tokens. You can use these platforms to evaluate your token's utility and adoption in various dapps and sectors.
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- Kamil Polak, Ph.D. Senior Risk Manager at Nordea | Blockchain Specialist | BFC VIP
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To analyze ERC-20 tokens you can use tools such as blockchain explorers (Etherscan, BscScan), and market data platforms (CoinMarketCap, CoinGecko). You can consider the following metrics:- Token Price- Trading Volume to gauge its liquidity and market activity.- Market Capitalization- Token Holders to understand the token's distribution and community engagement. - Transactions - this metric indicates the token's usage and network activity. - Wallet Balances - analyze the distribution of token balances across different wallets to identify large holders or potential market influencers
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