How we created cryptocurrency named “Black_Coin” on Ethereum Network using Solidity IDE.

5 min readNov 25, 2019

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What Is Cryptocurrency?

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.

Benefits Of Having Own Cryptocurrency

When we decide to start a cryptocurrency we get the whole set of powerful marketing tools and consumer benefits which will help you differentiate yourself from the competition. Here is the list of most significant advantages :-
1. Cutting down operating costs — cryptocurrency is free from the exchange or interest rates, as well as the transaction charges.
2. Offering immediate transactions — state holidays, business hours or geographic location of the parties don’t affect cryptocurrency.
3. Ensuring an immediate pool of potential customers — now you can make business with those without an access to traditional exchange resources. No more trade restrictions in any markets.
4. Providing security for their funds — since cryptocurrency is a decentralized system, there is no Big Brother figure like banks or government institution that can seize or freeze your assets.

What is Black_Coin?

Black_Coin is the simple coded cryptocurrency using Solidity programming language on Ethereum network. It is created only for the educational purpose not for trading. Just now we have created 1000 Black_Coin on Ethereum network which can be use for transferring the coins from one address to another address. It is built using hash function keccak256 for maintaining transactions confidentiality and integrity. Black_Coin can be easily be generated only by me in any amount and i can transfer it to anybody in any amount from own Metamask address to anyone’s Metamask account address and I can check the balance of my coins of the receiver’s account.Like other cryptocurrency Bitcoin have symbol “BTC” and Ethereum have symbol “ETH” my coin having the symbol “BLC”.

How to create the Token or Cryptocurrency?

Prerequisites

1. Good knowledge of Cryptography
2. Intermediate knowledge of working on Blockchain Network.
3. Intermediate knowledge working of Ethereum Network.
4. Web3
5. Smart Contract
6. Dapps/Decentralized Applications
7. Basic knowledge of JavaScript.
8. Advance knowledge in Solidity Programming.
9. Crypto knowledge.
10. Knowledge of HTML,CSS,Bootstrap.(not compulsory)

Tools Or Software Needed

1. Metamask
2. Ganache
3. Solidity IDE
4. Etherscan

Steps to Create Cryptocurrency or token

Download and Add Metamask extension in your browser (Firefox/Chrome)

2. After creating the account on Metamask a fox float will appear on top right corner of the browser.

3. Then see the tutorials on YouTube how to get test Ethereum in your account.

4. Then open you google and search for Solidity IDE or click on it to redirect on that website.

5. Now start coding on it.

6. This is the sample token code on solidity.

This sample code of TokenBase Currency. Ref, https://etherscan.io/address/0xbce262f8acce24ab02e10bf666398214994feaa1#code

7. Deploy the code on the Ethereum network after injecting web3 extension.

8. After deploying the code it ask for gas fee for executing the transaction.(As show in above pic).

9. After the completion of contract deployment it will generate certain details of success that show transaction block hash, hash of mined block,part of the code executed and some logs.

10. After these all execution left-down side will generate a dialogue box with coin create block,transfer block, balance checking block and creator address block.

11. Then we create the coin in any amount.Here I am generating 1000 BLC.Then I will transfer 200 BLC to another account using another account public address,and we will check the balance.