The process of launching a new token has been simplified according to Aram Mughalyan, and the Ethereum blockchain developer.
a recent video published on LinkedIn by crypto developer and founder Aram Mughalyan shows this trailer. Using the OpenZeppelin contract wizard, Mughalyan demonstrates how to create a new token on the ethereum (ETH) blockchain in less than a minute.
(embed)https://www.youtube.com/watch?v=gc7e90MHvl8(/embed)
The OpenZeppelin Contract Wizard is a tool that allows users to customize the features of their contract. Options include the name of the token, the token indicator, and whether the token must be ERC-721, ERC-1155, or ERC-20 compliant, or be a government contract.
Other options available in the OpenZeppelin contract wizard include setting an ERC-20 pre-minting amount and deciding whether the token should be mineable, burnable, pauseable, allowable, and whether to allow flash minting and snapshots.
After configuring all these options, Mughalyan was able to sign the transaction with Metamask, implement the contract, and consequently create a new token, in just 27 seconds.
the fine print
While the process of creating a new token on the Ethereum blockchain has been significantly simplified with tools like the OpenZeppelin Contract Wizard, it is important to note that there are potential drawbacks to this approach.
First of all, while the tool simplifies the process, it still requires a basic understanding of smart contracts and the ethereum blockchain.
Without this knowledge, users could make mistakes during the build process that could have significant consequences. If you don’t understand what you’re doing, you probably shouldn’t be doing it, unless it’s to learn, not to launch a product.
Second, while the tool allows for customization, you are still limited to the options provided.
For those looking to create a token with unique features not included in the tool, you may need to seek additional resources or expertise. That being said, it should be enough to launch a simple memecoin.
Lastly, while the tool can create a token in less than a minute, the process of successfully launching a token involves much more than just creating it. It requires a solid understanding of the crypto market, a solid marketing strategy, and ongoing management and development.
Additionally, most cryptographic tokens are also intended to be useful, which requires programming skills to expand the default contract and allow features beyond just having a simple token that can be moved between addresses.
