Create ERC20 tokens with ChatGPT

mingderwang
8 min readFeb 8, 2023

This is the first time I chat with ChatGPT. Basically it gave me a good hints and a sample solidity code for ERC20 tokes and show me how to deploy it on goerli network with hardhat.

Ming> hello

Hello! How can I help you today?

Ming> how can I build my ERC20 token

Building an ERC20 token on the Ethereum blockchain involves writing smart contract code. Here’s a general overview of the steps to create your own ERC20 token:

  1. Familiarize yourself with the Solidity programming language, which is used to write Ethereum smart contracts.
  2. Choose an Ethereum development platform, such as Remix, Truffle, or Ganache, to write, test, and deploy your smart contract.
  3. Write the smart contract code for your ERC20 token, including the token’s name, symbol, total supply, and decimal places. You can use existing ERC20 contract templates as a starting point.
  4. Test the smart contract using the chosen development platform and make any necessary changes to the code.
  5. Deploy the smart contract to the Ethereum blockchain using a tool such as Remix or Truffle. You will need to have some Ethereum (ETH) to pay for the gas fees incurred during the deployment.
  6. Verify the deployed smart contract on a blockchain explorer such as Etherscan to ensure that it has been deployed successfully.

Note that writing secure smart contracts requires a strong understanding of programming and blockchain security. If you’re not confident in your abilities, it may be best to hire a professional developer.

Ming> show me how to write Solidity for ERC20 token

Here’s an example of a basic ERC20 token contract written in Solidity:


pragma solidity ^0.8.0;

contract MyToken {
// Define the token's name
string public name = "My Token";

// Define the token's symbol
string public symbol = "MTK";

// Define the token's decimal places
uint8 public decimals = 18;

// Define the token's total supply
uint256 public totalSupply;

// Mapping from account addresses to their token balances
mapping(address => uint256) public balanceOf;

// Event to be fired when the token is transferred
event Transfer(address indexed from, address indexed to, uint256 value);

// Initialize the total supply and assign all tokens to the contract creator
constructor(uint256 initialSupply) public {
totalSupply = initialSupply;
balanceOf[msg.sender] = totalSupply;
}

// Transfer function to allow transfers of tokens between accounts
function transfer(address to, uint256 value) public returns (bool) {
require(balanceOf[msg.sender] >= value, "Insufficient balance");
balanceOf[msg.sender] -= value;
balanceOf[to] += value;
emit Transfer(msg.sender, to, value);
return true;
}
}

This contract defines a basic ERC20 token with a name, symbol, and decimal places. It also includes a mapping of account addresses to token balances, an event for token transfers, and a transfer function to allow transfers of tokens between accounts. The total supply of tokens is initialized in the constructor, and all tokens are assigned to the contract creator.

Note that this is a simplified example, and you may need to add additional functionality or security measures depending on your use case. Writing secure smart contracts requires a strong understanding of programming and blockchain security. If you’re not confident in your abilities, it may be best to hire a professional developer.

Ming> how can I deploy it

To deploy an ERC20 token contract on the Ethereum blockchain, you’ll need to perform the following steps:

  1. Choose an Ethereum development platform, such as Remix, Truffle, or Ganache.
  2. Write and test your ERC20 token smart contract code on the development platform.
  3. Connect to the Ethereum network you want to deploy the contract on, such as the main Ethereum network or a test network like Rinkeby.
  4. Deploy the smart contract to the Ethereum network by submitting the code and paying for the gas fees incurred during deployment. This can be done through the development platform you’re using, such as Remix or Truffle.

Here’s an example of deploying an ERC20 token contract using Remix:

  1. Open Remix in your web browser and navigate to the “Run” tab.
  2. In the “Environment” section, select the Ethereum network you want to deploy to.
  3. In the “Compile” tab, compile your ERC20 token contract code to ensure there are no syntax errors.
  4. Navigate back to the “Run” tab and select the contract you want to deploy.
  5. In the “Create” section, select the constructor function and enter the initial supply of tokens you want to create.
  6. Click the “Create” button to deploy the contract to the Ethereum network.
  7. Wait for the deployment to complete, and confirm that the contract has been deployed successfully by checking the transaction receipt in the “Transaction” section.
  8. Verify the deployed smart contract on a blockchain explorer such as Etherscan to ensure that it has been deployed correctly.

Note that deploying smart contracts to the Ethereum network requires Ether (ETH) to pay for gas fees. The amount of gas required will vary depending on the complexity of the contract and the network conditions.

Ming> I want to use hardhat

To deploy an ERC20 token contract using Hardhat, you’ll need to perform the following steps:

  1. Install Hardhat by following the instructions on the official website.
  2. Create a new Hardhat project by running npx hardhat init in your terminal.
  3. Write and test your ERC20 token smart contract code in the project directory.
  4. Connect to an Ethereum network by adding the following to your hardhat.config.js file:
module.exports = {
networks: {
development: {
url: "http://localhost:8545",
},
},
};

5. Deploy the smart contract to the Ethereum network by running the following command in your terminal:

npx hardhat run scripts/deploy.js

6. Verify the deployed smart contract on a blockchain explorer such as Etherscan to ensure that it has been deployed correctly.

Here’s an example of a deploy script for your ERC20 token contract using Hardhat:

const MyToken = artifacts.require("MyToken");

async function deploy(network, accounts) {
const deploymentAccount = accounts[0];
const initialSupply = 1000000000000000000000000;

console.log(`Deploying the contract from account ${deploymentAccount}`);

const myToken = await MyToken.new(initialSupply, {
from: deploymentAccount,
});

console.log(`MyToken contract deployed at address ${myToken.address}`);
}

module.exports = function (callback) {
deploy("development", callback);
};

Ming> The deploy.js script above is not correct, I make a change as follows;

const hre = require("hardhat");

async function main() {
const initialSupply = hre.ethers.BigNumber.from("1000000000000000000000000");

const MyToken = await hre.ethers.getContractFactory("MyToken");
const mytoken = await MyToken.deploy(initialSupply);

await mytoken.deployed();

console.log(
`MyToken is deployed to ${mytoken.address}`
);
}

main().catch((error) => {
console.error(error);
process.exitCode = 1;
});

Note that deploying smart contracts to the Ethereum network requires Ether (ETH) to pay for gas fees. The amount of gas required will vary depending on the complexity of the contract and the network conditions.

Ming > how can I deploy it on goerli network

To deploy an ERC20 token contract on the Goerli test network using Hardhat, you’ll need to perform the following steps:

  1. Install Hardhat by following the instructions on the official website.
  2. Create a new Hardhat project by running npx hardhat init in your terminal.
  3. Write and test your ERC20 token smart contract code in the project directory.
  4. Connect to the Goerli network by adding the following to your hardhat.config.js file:
module.exports = {
networks: {
goerli: {
url: "https://rpc.goerli.mudit.blog/",
},
},
};

5. Deploy the smart contract to the Goerli network by running the following command in your terminal:

npx hardhat run scripts/deploy.js --network goerli

6. Verify the deployed smart contract on a blockchain explorer such as Etherscan to ensure that it has been deployed correctly.

Here’s an example of a deploy script for your ERC20 token contract using Hardhat:


const MyToken = artifacts.require("MyToken");

async function deploy(network, accounts) {
const deploymentAccount = accounts[0];
const initialSupply = 1000000000000000000000000;

console.log(`Deploying the contract from account ${deploymentAccount}`);

const myToken = await MyToken.new(initialSupply, {
from: deploymentAccount,
});

console.log(`MyToken contract deployed at address ${myToken.address}`);
}

module.exports = function (callback) {
deploy("goerli", callback);
};

Note that deploying smart contracts to the Goerli test network does not require Ether (ETH) to pay for gas fees, as the network is intended for testing and development purposes only.

Ming> where can I get some ETH for goerli network

You can get Ether (ETH) for the Goerli test network from a faucet. A faucet is a service that provides free small amounts of ETH for testing purposes. Here are a few popular faucets for the Goerli test network:

  1. Goerli Faucet: https://goerli-faucet.slock.it/
  2. Görli Testnet Faucet: https://faucet.ropsten.be/
  3. Goerli Testnet Faucet: https://goerli-faucet.org/

To use these faucets, you’ll need to provide your Goerli test network address, solve a captcha, and submit the form. The ETH will be credited to your address within a few minutes.

You can also request ETH from friends or from the Ethereum community. Some people are often willing to help with small amounts of ETH for testing purposes on the Goerli test network.

Ming> I recommend to use https://goerlifaucet.com/ for now. all above 3 URLs are all broken

Ming> after I have ERC20 tokens, where can I sell them

Once you have created your ERC20 tokens, you can sell them on a cryptocurrency exchange that supports ERC20 tokens. Here are a few popular exchanges that support ERC20 tokens:

  1. Binance: https://www.binance.com/en
  2. Huobi: https://www.huobi.com/
  3. Kraken: https://www.kraken.com/
  4. Uniswap: https://app.uniswap.org/
  5. Bittrex: https://international.bittrex.com/

To sell your ERC20 tokens on these exchanges, you’ll need to follow these steps:

  1. Create an account on the exchange you have chosen.
  2. Verify your identity and pass AML/KYC checks, if required.
  3. Transfer your ERC20 tokens to the exchange’s wallet address.
  4. Place a sell order, specifying the amount of tokens you want to sell and the price at which you want to sell them.
  5. Wait for your order to be filled. Once it’s filled, the ETH or other cryptocurrency that you receive for selling your ERC20 tokens will be credited to your exchange account.
  6. Withdraw the ETH or other cryptocurrency to your personal wallet.

Note that the exchange may charge fees for each trade, and there may be a spread between the buying and selling price of the tokens. Make sure to check the exchange’s fees and policies before using it.

Ming> that is the value of my ERC20 token?

The value of an ERC20 token is determined by market demand and supply. Just like with stocks or commodities, the price of an ERC20 token can rise or fall based on a variety of factors, including news, regulatory changes, adoption, and technological advancements.

There is no set formula for determining the value of an ERC20 token, but here are a few factors that can influence its value:

  1. Utility: The token should have a clear use case and provide value to its holders.
  2. Adoption: The more people and businesses that use the token, the more valuable it becomes.
  3. Liquidity: The ability to easily buy and sell the token on cryptocurrency exchanges affects its price.
  4. Competition: The presence of similar tokens and their market performance can impact the value of your token.

It’s important to remember that the value of cryptocurrencies, including ERC20 tokens, is highly volatile and can change rapidly. It’s essential to do your own research and seek advice from financial experts before investing in any cryptocurrency.

Ming> thanks

You’re welcome! If you have any more questions, feel free to ask.

Ming> what is your ERC20 token?

As a language model created by OpenAI, I don’t have an ERC20 token. I am not capable of owning assets or participating in financial transactions. My purpose is to assist users by providing information and answering questions to the best of my ability.

Ming> Good, thanks

You’re welcome! If you have any more questions, feel free to ask.

Ming> bye

Goodbye! Have a great day!

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