Create your own Blockchain ERC20 Token | Python, Brownie, Solidity

Intro

Welcome to the "Create Your Own Blockchain ERC20 Token" tutorial! This beginner-friendly tutorial will guide you through the process of creating your very own ERC20 token using Python, Brownie, and Solidity. By following this tutorial, you'll gain hands-on experience in token development and learn the fundamental concepts behind Ethereum-based tokens.

ERC20 is a widely adopted token standard on the Ethereum blockchain, defining a set of rules and functionalities that enable seamless interoperability between different tokens. With ERC20, you can create tokens that are compatible with a wide range of wallets, exchanges, and decentralized applications (dApps).

To create our ERC20 token, we'll leverage the power of Python, a popular and beginner-friendly programming language, along with Brownie, a powerful development framework for Ethereum smart contracts. We'll also use Solidity, a programming language specifically designed for writing smart contracts on the Ethereum platform.

Throughout this tutorial, we'll cover various essential topics, including initializing a Brownie repository, organizing our token contracts, deploying them to a local blockchain, and connecting to different networks. We'll also explore customizing our token's behavior, such as setting an initial supply, adding dependencies, and implementing additional functionalities.

By the end of this tutorial, you'll have a solid understanding of how ERC20 tokens work, how to deploy them, and how to tailor them to your specific requirements. You'll be equipped with the necessary knowledge and tools to create your own tokens and start exploring the exciting world of blockchain development.

The ERC20 Token Standard

The ERC20 token standard is a widely adopted set of rules for creating tokens on the Ethereum blockchain. In this tutorial, we will walk you through the process of creating your own ERC20 token using Python, Brownie, and Solidity.

Initialize a New Brownie Repository

Install Brownie by running the following command in your terminal:

pip install eth-brownie

Create a new directory for your project and navigate to it:

mkdir my-erc20-token && cd my-erc20-token

Initialize a new Brownie project:

brownie init

Put Our Token Contracts in the Contracts Folder

In the project directory, navigate to the contracts folder:

cd contracts

Create a new file named Token.sol and open it in your preferred code editor.

Add the following Solidity code to the Token.sol file:

// SPDX-License-Identifier: MIT
pragma solidity ^0.8.0;

contract Token {
    // Token implementation
}

Deploy It to a Local Blockchain

In the project directory, navigate to the scripts

folder:

cd scripts

Create a new file named deploy_token.py and open it in your preferred code editor.

Add the following Python code to the deploy_token.py file:

from brownie import accounts, Token

def main():
    deployer=accounts[0]
    token=Token.deploy({'from': deployer})
    print(f'Token deployed at address: {token.address}')

Save the file and exit your code editor.

Deploy the token to your local blockchain by running the following command in your terminal:

brownie run deploy_token

Install It with npm or yarn

In the project directory, initialize a new npm or yarn project:

npm init -y

Install the required dependencies:

npm install @openzeppelin/contracts

Deploy Initial Supply Token

In the contracts folder, open the Token.sol file.

Add the following code below the contract Token line:

import "@openzeppelin/contracts/token/ERC20/ERC20.sol";

contract Token is ERC20 {
    constructor(uint256 initialSupply) ERC20("MyToken", "MTK") {
        _mint(msg.sender, initialSupply);
    }
}

Give It an Initial Supply

In the scripts folder, open the deploy_token.py file.

Modify the main function as follows:

def main():
    deployer=accounts[0]
    initial_supply=1000000  # Set the initial supply as desired
    token=Token.deploy(initial_supply, {'from': deployer})
    print(f'Token deployed at address: {token.address}')

Add Some Dependencies

1. In the project directory, open the brownie-config.yaml file.
2. Modify the dependencies section to include the OpenZeppelin contracts:

dependencies:
  - OpenZeppelin/[email protected]

Create a New Script

1. In the scripts folder, create a new file named custom_tokens.py and open it in your preferred code editor.
2. Add the following Python code to the custom_tokens.py file:

from brownie import accounts, Token

def main():
    deployer=accounts[0]
    token1=Token.deploy(1000000, {'from': deployer})
    token2=Token.deploy(2000000, {'from': deployer})
    token3=Token.deploy(3000000, {'from': deployer})

    print(f'Token 1 deployed at address: {token1.address}')
    print(f'Token 2 deployed at address: {token2.address}')
    print(f'Token 3 deployed at address: {token3.address}')

Connect to a Blockchain

1. In the project directory, open the brownie-config.yaml file.
2. Modify the networks section to add a local development network:

networks:
  development:
    host: localhost
    chainid: 1337  # Choose a suitable chain ID
    gas_limit: 10000000  # Adjust the gas limit as needed
    gas_price: 20000000000  # Adjust the gas price as needed

Add Wallet Section

1. In the project directory, open the brownie-config.yaml file.
2. Modify the wallet section to specify the mnemonic phrase of your Ethereum account:

wallets:

from_key: ${YOUR_MNEMONIC_PHRASE}

Replace ${YOUR_MNEMONIC_PHRASE} with your actual mnemonic phrase.

Deploying on the Covenant Testnet

In the terminal, deploy the custom tokens to the Covenant testnet by running the following command:

brownie run custom_tokens --network covenant

Add Token Custom Tokens

1. In the contracts folder, open the Token.sol file.
2. Add additional functionality to the Token contract to customize your token according to your requirements, such as adding a minting function, implementing token burning, or adding access control mechanisms.

You have successfully created your own ERC20 token using Python, Brownie, and Solidity. You can now explore and experiment with customizing your token's behavior, deploying it to different networks, and integrating it into decentralized applications.