There are currently over 490 ERC20 tokens that have been developed and spread, according to the Eidoo website. From my research on this type of token, professional websites that dedicate entire 2,000-word articles on the creation of an ERC20 token aim to assure its audience that the process is easy, simple, and that everyone can do it. Are they really simple enough for everyone to create their own?
When approached on the subject of ERC20 tokens, and after I figured out what they were, I first questioned why anyone would want to create them. According to the How To Token website’s article, How to Easily Create Your Own Ethereum Tokens, there are numerous real-world purchasing opportunities for a successfully spread token. One could use general tokens to purchase goods and services, similar to how a soda machine requires coins or dollars to purchase food items. ICO tokens exist as a primary means of exchange between a user and a specific company that provides a good or service, such as computer storage space or platform services. In short, ERC20 tokens have become a viable means of exchange for many internet users and companies.
Fortunately, there are “five-minute tutorials”, but for the sake of being thorough and more informative, there are also many tutorials that require more time, but less coding knowledge than I expected. This, in large part, is due to one component that pops up on nearly every tutorial: Metamask. Metamask is a wallet for Ether, and it only requires an up-to-date web browser to download and use through the testnet and for token development through websites, such as CoinLaunch. Through both of these resources, one can create a token in less than an hour.
The nature of token creation is becoming simplified for laymen computer users. Articles and videos that can be found on sites, such as Applicature and HowToToken.com, list fewer than ten details and seven steps that are required to create an ERC20 token. The Metamask and CoinLaunch applications allow for relatively quick and painless creation. Overall, if one desires to create such a token, there is no longer the obstacle of a degree in computer science or a similar technical degree to do so. In terms of simplicity, all of the tech-oriented people and those who only use their web browser for online social media are now able to create an ERC20 token.