You can create your own cryptocurrency token on the world’s fastest decentralized blockchain and have it listed for trading on a major cryptocurrency exchange in less than 5 minutes. No coding required. You do not need to build your own blockchain or code your own smart contract. This is all possible on the incredible Waves blockchain, which claims to be the fasted blockchain in the world and can process around 6,000 transactions per a minute. The only prerequisite to creating your own cryptocurrency token is that you own at least 1 Waves token.
Note: The sale and/or listing of your own cryptocurrency token on an exchange may be subject to laws and/or regulations in some legal jurisdictions. You should do your own research and/or consult with legal advisors on the legal issues involved.
First visit https://wavesplatform.com/ and select the online client that we use in this guide. Alternatively, you can also download the client.
You need to create a Waves account to use the Waves blockchain for your new cryptocurrency token. Choose an address avatar and enter a strong password to protect your account.
You should also immediately back up your Waves account with a backup seed phrase. This ensures that you can regain access to your Waves account if you lose or forget your password. Select Back Up Now.
Waves will display an important reminder. Never provide your backup phrase to anyone except the official Waves client. We recommend that you write the backup phrase on a piece of paper and store it in a secure location. Do not store the backup phrase unencrypted on any electronic device.
Waves will display your 15 word backup phrase. Save this backup phrase in a secure location. You will need the backup phrase to access your Waves account if you forget your password or login.
Waves wants to make sure you actually wrote down the backup phrase. Therefore, Waves will ask you to verify the backup phrase before proceeding to your Waves account.
You are almost to your Waves account. Review the important reminders from Waves and then select Confirm and Begin.
Below is the front page of the Waves client. The top bar includes pages to display your main assets, entire portfolio, transaction history, and leasing. The left sidebar switches between your front page, the Waves decentralized exchange, the token creation page, and your settings. There is also a button in the upper left titled Your Address for accessing our address on the Waves blockchain.
You need to fund your Waves account with at least 1 Waves to create your your own cryptocurrency token. There are three easy ways to do this: (1) purchase Waves with Bitcoin directly from your Waves account, (2) purchase Waves with Bitcoin or Ethereum from Binance (or another exchange) and deposit those Waves to your Waves account, or (3) some non-U.S. Residents can purchase Waves with a credit or debit card from within a Waves account.
In this guide, we will transfer Waves that we purchased on Binance into our Waves account. First select Your Address from the upper left of Waves. Then copy your Waves address.
Next, go to the withdrawal screen on your preferred cryptocurrency exchange and find your Waves wallet. Paste your Waves address into the receiving address line on your preferred cryptocurrency exchange and submit the withdrawal transaction. The below screenshot shows us withdrawing Waves from Binance. Your transaction will process very quickly because the Waves NG blockchain is purportedly the “fastest in the world.”
With your Waves account is now funded, it’s time to create your own cryptocurrency token. Click the token creation icon on the left sidebar. The Waves token creation screen is extremely simple. Enter the (1) name of your coin, (2) the token description, (3) the total number of tokens, (4) whether the token is reissueable, and (5) the number of token decimals. A reissuable token allows you to create more of the same token in the future to increase the total supply of tokens. A non-reissuable token has a fixed supply that cannot be changed in the future.
In this guide, we called our token Mountains and described it as a token that raises funds to protect the great mountain hiking trails in the world. We set the total tokens at 42 million (twice the amount of bitcoin), the token decimals at 8 (same as bitcoin), and made it not reissuable. Press Generate to proceed.
Waves will summarize your token generation transaction. Select Confirm to create your own cryptocurrency token!
The token generation takes only seconds on the incredibly fast Waves blockchain. Here, you can see that we just received 42 million Mountains!
Press view details on the prior screen to see more information about your token generation.
The token generation is almost immediately reflected in your transaction history. Here, you can see that we just generated 42 million Mountains!
Your new token is reflected in your portfolio too. Your portfolio shows the value of the token, allows you to send the token to any Waves address, and displays other details about your token. You can see that our portfolio now includes 42 million Mountains!
Your token is already available on the Waves decentralized exchange (DEX). To find it on the Waves DEX, go to your portfolio, select the options button on the far right of your new token, and then select the details tab. Copy the ID number.
Your token is not verified with the Waves community, which is a process designed to prevent fraud. That means, at least initially, your token is only tradeable by its ID. Paste the ID for your new token into the search box for Waves or Bitcoin trading. Below you can see we pasted the ID for Mountains into the search box for Bitcoin trading.
You can see here that our example token, Mountains, is now tradeable with Bitcoin on the Waves DEX. To place a sell order, choose the sell box, enter the amount of tokens you want to sell, and the price for those tokens. We placed a sell order for 1,000,000 Mountains at a price of 0.000001 Bitcoin/Mountain.
Reminder: The sale and/or listing of your own cryptocurrency token on an exchange may be subject to laws and/or regulations in some legal jurisdictions. You should do your own research and/or consult with legal advisors on the legal issues involved.
The order to sell your token is immediately reflected in the order book and your orders. For example, our order to sell 1 million Mountains at a price of .000001 Bitcoin/Mountain is now reflected in the order book and our orders.
Ready to create your own cryptocurrency token and trade it on the WAVES DEX? Head over to Waves to get started.