How to Create your Own Cryptocurrency - Testnet Token

Cryptocurrency is a new way of exchanging value, rewarding users, and paying for what you purchased. It’s often seen as the digital version of money on the internet.

According to Wikipedia: “A cryptocurrency is a tradable digital asset or digital form of money that is built on blockchain technology and only exists online.”

This tutorial will guide you on how to create and deploy your own cryptocurrency on the Rinkeby Testnet blockchain, which is transferable to other crypto wallet addresses.

Prerequisites

Before you continue with this tutorial, you should:

Have Metamask installed.
Have a basic knowledge of the Remix IDE.
Have a basic understanding of Solidity smart contract, which you can find here.

What Are Some Reasons to Create Your Own Cryptocurrency?

Testing purpose during dApp development.
Rewarding your users.
Membership coin.
In-game currency.
Fun currency owned by you and your friends.

In this tutorial, we’ll create a fun cryptocurrency that we can share with our friends for either completing a task or winning a bet.

Step 1 – Writing the Smart Contract

The first step is to write a smart contract that will handle our cryptocurrency functionalities.

You can name your cryptocurrency whatever you want, but for this tutorial, we’ll name our cryptocurrency “UncleBigBay and Friends Token” with a symbol of “UBBFT”.

Launch the Remix IDE by clicking here:
In the contracts folder, create a new .sol file with the name of your currency, like this: UncleBigBay_and_Friends_Token.sol.
Copy and paste the following smart contract inside of your .sol file:

 pragma solidity ^0.8.13;   contract UncleBigBay_and_Friends_Token {           mapping (address = uint) public balances;           mapping (address = mapping (address = uint)) public allowance;           string public name = "UncleBigBay and Friends Token";           string public symbol = "UBBFT";           uint public decimals = 18;           uint public tokensIActuallyWant = 9000000;     uint public totalTokenSupply = tokensIActuallyWant * 10 ** decimals;            constructor(){         balances[msg.sender] = totalTokenSupply;     }           function balanceOf(address owner) public view returns (uint){         return balances[owner];     }           event Transfer(address indexed from, address indexed to, uint value);     event Approval(address indexed owner, address indexed spender, uint value);            function transfer(address to, uint value) public returns(bool){                   require (balanceOf(msg.sender) = value, 'Your balance is too low');                   balances[to] = balances[to] + value;                   balances[msg.sender] =  balances[msg.sender] - value;                   emit Transfer(msg.sender, to, value);                   return true;     }            function transferFrom(address from, address to, uint value) public returns(bool){                   require(balanceOf(from) = value, 'Your balance is too low');                   require(allowance[from][msg.sender] = value, 'You can not spend up to this amount');                   balances[to] += value;                   balances[from] -= value;                    emit Transfer(from, to, value);                   return true;     }            function approve(address spender, uint value) public returns(bool){                  allowance[msg.sender][spender] = value;                    emit Approval(msg.sender, spender, value);                   return true;     }    }

In our smart contract above,, we’re creating a total supply of 9 million UBBFT tokens with the following functions:

The transfer() function enables our token holders to transfer from their wallets to other wallet addresses.
The transferFrom() function enables approval of token transactions, using the allowance mechanism, so that the spender doesn’t spend more than their token limits. It also allows our token holders to spend tokens on our behalf, for a gas fee or transaction confirmation on the blockchain.
The…