Ethereum in action Part 1: How to build your own cryptocurrency without touching a single line of code

A lot has happened in the Ethereum ecosystem over the past few weeks. There are so many that it can be difficult for the casual observer to understand where we are and what is available there. So I’d like to do my first post here to give you an overview of the tools we’ve built and how you can use them to build interesting things. right now.

First, let me give you a brief introduction. My name is Alex Van de Sande and I am the lead designer at the Ethereum Foundation. At DevconOne I gave a talk titled: “Blockchain vs. ordinary users” Here, we detailed the challenges of bringing the Ethereum ecosystem to the aforementioned “general user.” One of them is that it is difficult to define what the term means. When personal computers were introduced, they were advertised as: “For the rest of us”But the “rest of us” public they were targeting actually very narrow audience I am interested in word processing, spreadsheets, and desktop publishing. Today they are still considered the highest level of nerds, just below those who fight over issues. Advantages of Vim and emacs. I truly believe that one day, Grandma/Grandpa who plays Candy Crush will be using blockchain like they are today. He/she uses the https connection with the database without realizing it (perhaps when converting the blue diamonds earned in one game into cows in another game from a different publisher). But what I’m working on right now is getting this product into the hands of the next tier of users who can download an Office suite and figure out how to use spreadsheets, but aren’t comfortable using the command line.

So, if you think you belong to that group, let me walk you through some basic activities you can do on Ethereum in minutes. Build your own cryptocurrency, create your own democracy, and create a central bank on the blockchain.. I skipped the “Hello World” tutorial this time, but you should be fine.

Download Ethereum Wallet

Download the latest version of Wallet.

Now, enough talking, let’s get our hands dirty with Ethereum! I may be biased, but the best place to start is with an Ethereum wallet. Ethereum Wallet is a multi-platform app that allows you to send Ethereum and Ethereum-based currencies, create and execute contracts.

The first thing you need to do is create an Ethereum account. All you need for this is a strong password and you can get it. To do something, you need to put some ether in it. But don’t worry, you won’t need much. Most contracts here cost less than one-tenth of a U.S. penny. If you are just testing, consider switching to testnet. Go to the menu. Development > Network > Testnet (morden) Then the Development > Start mining. After a few minutes you will have enough ether to test anything, so you can turn it off and save computer resources.

The wallet only allows basic mining on the testnet, but if you want to try your luck on the real network, you’ll need more advanced tools. This used to be a cumbersome process, but now there are better and easier tools. And we have a new tool that will make that process much easier.

AlethOne Miner It’s a simple tool with two buttons. Press one to start mining on your GPU, and press another button to deposit the rewards into your wallet. Download from Turbo SuiteA powerful set of tools created by the C++ team for developing Ethereum applications.

If you want to create a smart contract on a live network but can’t mine it, you’ll need some ether. You can send it to a friend or exchange it for Bitcoin on a cryptocurrency exchange. If you are a Bitcoin fan, please stay tuned to the btcrelay project. Anti-Fraud Sidechain It is scheduled to launch soon and will enable fast exchanges between Ethereum and Bitcoin without a third party.

Create Token

The first contract we will create is token. Tokens in the Ethereum ecosystem can represent any fungible tradable instrument, including coins, loyalty points, gold certificates, IOUs, and game items. Since all tokens implement some basic functionality in a standard way, this also means that the tokens are compatible out of the box. With other clients or contracts that use the same standards as your Ethereum wallet.

Go to the Agreements page and click “Deploy New Agreement.”

now token code Paste it into the “Solidity source field” here. If the code compiles without errors, you will see a “Select Contract” dropdown on the left. Get it and select the “MyToken” contract. The right column displays all the parameters required to personalize your token. You can adjust it to your liking, but for the purposes of this tutorial we recommend choosing the following parameters: Supply quantity is 10,000, desired name, symbol is “%”, and 2 decimal places. Your app should:

If you scroll to the end of the page, you will see an estimate of the computational cost for that contract and can select the fee for the amount of ETH you would like to pay for that contract. Any excess, unused Ether will be returned to you. You can leave the default settings if you wish. Tap “Deploy,” enter your account password, and wait a few seconds for the transaction to complete.

You will be redirected to the first page where you will see your transaction awaiting confirmation. Click on the account called “Etherbase” (your default account) and within a minute you will see the share you just created 100% visible in your account. To send some to a few friends, select “Send,” then select the currency you want to send to (Ether or a newly created share), paste your friends’ addresses in the “To” field, and hit “Send.”

If you send it to a friend, you won’t see anything in their wallet yet. This is because the wallet only tracks tokens it knows about, so you have to add them manually. Now go to the “Agreements” tab and you will see a link to your newly created agreement. Click to go to that page. This is a very simple contract page, so there isn’t much to do here. Just click “Copy Address” and paste the contract address into your text editor, you’ll need it soon.

To add watch tokens, go to the contract page and click “Watch Token”. A pop-up window will appear, just paste the contract address. The token name, symbol and decimal number should be filled in automatically, but if not you can enter whatever you want (it will only affect how it appears in your wallet). This will automatically show you the balance of those tokens and allow you to send them to others.

Now you have your own cryptocurrency token! The token itself can be useful in the following ways: Community value exchangemethod track work hours or other loyalty programs. But can we make money useful so that it has intrinsic value? Tomorrow we will show how tokens can be used as a voting system to make collective decisions about the use of funds. to make democratic self-governing organization.