Creating a Crypto Token Using a Smart Contract
FUQINTRD 697: Innovation and Cryptoventures
Creating a Crypto Token Using a Smart Contract
Campbell R. Harvey
Duke University and NBER
Developed in collaboration with Hyoung-Yoon Kim and Anibal Granada Gonzales
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Parameters for the token
? Name (e.g., FQ1) ? Symbol (e.g., FQ1, default is SYM) ? Decimal places (e.g., 2 decimal places)) ? Number of units in circulation (e.g., 100 billion)
? Note: the number of whole tokens will be 1 billion in the above example, i.e., 100 billion/100
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First off, make sure your MetaMask is on Ropsten Test Network
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Step 1. Acquire test ethereum for the gas fee
Go to and request at least 1 ethereum from the faucet
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Step 2. Write a contract
1. Go to the IDE (Integrated Development Environment) 2. Select the Solidity Environment 3. Create new file by clicking on
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Step 2. Write a contract
3. Name the file "Token.sol"
4. Copy and paste the contract code*
? Note: Be careful here because some copy and pastes might change some characters like ` or -.
? Depending on your browser, the code will be highlighted; noticed that all the code preceded by a slash (`/') takes the same color. Solidity understands text after / as comments and will not attempt to run it as code (similar to `#' in R and Python).
? Notice that functions, object names and parameters take distinctive colors.
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*File available at
Step 2. Write a contract
5. Modify the code where it says:
// CHANGE THESE VALUES FOR YOUR TOKEN
balances[msg.sender] = 1000000000000; totalSupply = 1000000000000; name = "FQ1"; //replace FQ1 elsewhere [Note I have chosen FQ1] decimals = 3; symbol = "FQ1";
Notes:
? Use ctrl + f to find "FQ1" and replace it with the name you give to your token elsewhere in the code
? Do not use thousands separator
? If you set `totalSupply' to 1000000 (1M) with 3 decimals the contract will have 1000 whole tokens in total (the decimal places are applied to the supplied amount). In the example the balances/totalSupply of 1000000000000 will generate 1 billion whole tokens.
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