Launching a token on Polygon network is quite easy even for the people who doesn’t have any knowledge in programming. If you are planning to create your own token on the Polygon network, then this blog will act as a guide and take you from start to end of the token creation process on Polygon network.
Polygon was formerly known as Matic network. It is a framework that is used for creating and interfacing Ethereum compatible blockchain networks. It also improves the scalability and adaptability of Ethereum that supports a multi-chain Ethereum ecosystem.
So far Ethereum is the most popularly used blockchain network globally. Due to its vast number of users, the transactions here take more time and this platform also charges a hefty price for each transaction.
In order to solve such cases, the Polygon network has been developed. This network offers a platform where the transactions are a lot quicker and cheaper than the other networks.
Polygon is a multi-level platform that has a series of sidechains. Sidechains are said to be individual blockchains that acts as an extension to the main blockchain network. It runs using its own algorithm. These sidechain helps in using the tokens and other crypto assets from one blockchain network to another blockchain in a secured way. Thus helps the main blockchain platform to function in an time and cost efficient manner.
Below mentioned are the steps that make it simple for you to know how to create a token on the Polygon network.
The first thing you have to do is to create a new smart contract for your token. For that, head to Remix, an integrated development environment that the developers use write and execute programs in Ethereum. Once reached the Remix, then Click on the “Contracts” which appears on the left side of that page and choose the option “Create new contract”. Then make sure to name your contract with something relevant to your project.
You can create a token on Polygon network in a few steps by using a template. To choose a template suitable for you, you should go to OpenZeppelin, an open-source platform. There you can find about 1000s of smart contract templates implemented in several successful crypto projects.
The next step is to select a token template in OpenZeppelin. For example, let us assume that you choose ERC20 token template on OpenZeppelin. After choosing the template, you have to import the file by selecting the option “Share” found next to the link in OpenZeppelin. Once done, then return back to Remix and paste it in the new smart contract that you have created.
Go back to OpenZeppelin. There you can see the rest of the token contract on the bottom of the page that has the ERC20 template. At first, copy the top line of the code which specifies the Solidity version. This has to be pasted above the import file of your smart contract. Then copy and paste the remaining token template from OpenZeppelin below the import line. Then on the constructor line, you have to mention the name and a ticker for your token. A ticker is nothing but a combination of letters to represent your token.
Constructor() Public ERC20 (“ERC20Token”, “ETKN”)
Here “ERC20Token” is the token name and “ETKN” is its ticker.
Next to the Constructor line of the coding is where you specify the number of token that you wish to be minted. It goes as mentioned below,
mint(msg.sender, 10000 * (20 ** unit256(decimals())))
In the above line, “msg.sender” is to represent whoever interacts with the smart contract.
The next step is to compile the smart contract and to make sure it is bug free. In order to do this, you will have to select the “Compiler” option present on the left side of the menu and click “Compile”. Once the compilation is done, then a green tick image will appear as a pop up if it doesn’t have any bug. Then choose “Deploy & Run Transaction” that lies below the compiler tab.
Here you need to make sure that “Injected Web3” selected at the environment tab present at the tab. Beneath the Account tab, is the wallet address to which the tokens will be transferred. Before selecting the option “Deploy” to send your tokens to the wallet, make sure that your MetaMask wallet is connected to the Polygon network. Once you click on the option “Deploy”, then you have to click “Confirm” in your MetaMask to complete the transaction.
Now you have successfully created your very own tokens on Polygon network.
In order to see your newly minted tokens, first you have to go to the Polygon block explorer and enter your MetaMask address there. This will call upon your most recent transaction with this address which would be the address of your tokens. Then paste your token address in the tab “Token Created Address” prompted on your MetaMask. By doing so, you will be able to see your newly created tokens in your wallet.
Hope you have understood how to create token on polygon network, through the above mentioned steps. In general, there are two ways to create a token.
Create On Your Own
Get Connected With a Token Development Services Provider
If you are a skilled developer or a techie with enough knowledge about blockchain, then Option 1 will be suitable for you. You can go through the above mentioned steps and easily create your own token on polygon network with no support.
If you are an entrepreneur who wants to launch a new Token as a brand for your crypto business, then creating a token on your own might get you to the place where you may face several challenges as follows:
Negative Return On Investment
Lack of Consultation & Technical Support
Hard To Identify The Bugs
Fixing The Smart Contract Issues.
Meeting The Deadline
Picking The Right Token Standard
Failing To Pick Up Current Market Demand
Therefore, it is better for you to choose Option 2 and get assistance from a professional token development company to create your tokens.
Having assistance from a professional token development company like Security Tokenizer will protect you from several troublesome factors as mentioned above. With some skilled developers being involved in the token creation process any technical issue can be attended at an early stage of the process and can also be fixed in no time. Hence you will be able to benefit from the expected output right on time.
Being the best token development company, we provide you effective token development services at an affordable cost. With our knowledge in the token industry, we can help you create and launch your crypto tokens on any popular standard as you desire. Our blockchain experts will offer you several innovative solutions and help you improve your business standards.