Question 1

What is Coin Factory?

Accepted Answer

Coin Factory is a web-based service designed for creating and launching your personalized ERC20 Tokens on the Ethereum and others blockchains.

Question 2

What is an ERC-20 Token?

Accepted Answer

ERC-20 tokens are blockchain-based assets that function as smart contracts within the Ethereum blockchain. This allows them to be seamlessly sent and received, much like other cryptocurrencies. The ERC-20 Standard establishes specific guidelines for the transfer, reception, and storage of these assets.

Question 3

How can I create my own ERC-20 token step by step?

Accepted Answer

Step 1. Connect your wallet (Metamask, Coinbase, TrustWallet, Rainbow or any other) to coinfactory.app.

Step 2. Choose a token template and specify features such as mintable, burnable, etc.

Step 3. Confirm token data and deploy the smart contract on the blockchain.

For a detailed guide, check out our full tutorial: “How To Create An ERC-20 Token in 3 steps”.

Question 4

How much does it cost to create ERC-20 tokens?

Accepted Answer

Creating your own ERC-20 token using token generators is usually much more cost-effective than hiring a web3 programmer. In exceptional cases where the smart contract mechanics are highly complex and customized, the involvement of programmers may be necessary. However, in 90% of cases, token generators cover all the necessary functionality for a small cost. The cost of creating your own ERC-20 contract on CoinFactory starts at 0.03 ETH. Moreover, you can test all the functionality for free on the Sepolia test network.

Question 5

Why create an ERC-20 token?

Accepted Answer

The ERC-20 standard is the most widely used standard among all. These are the tokens we use every day (USDT, WETH, etc).

They have a wide range of applications, including the following use cases:

Tokenization of assets: Tokens enable the representation of physical or digital assets, such as stocks or currency, in digital form on the blockchain.
Fundraising: Projects can attract investments and funding by issuing their tokens and offering them to investors.
Loyalty and rewards: Companies can create their tokens to incentivize customers and users.
Meme coins: Tokens associated with internet memes can be used for jokes and entertainment.
DApps: Tokens provide the necessary liquidity and functionality for decentralized ecosystems, including payment for services, stimulating user activity, and participation in voting.

Question 6

How much can I earn with my ERC-20 token?

Accepted Answer

As the creator of an ERC-20 token, you have the potential to earn from your tokens in several ways:

Token sales: You can conduct an initial token sale or an Initial DEX Offering (IDO), offering your tokens to investors in exchange for other cryptocurrencies, such as Ethereum or USDT. By selling a portion of your tokens through an IDO, you can raise funds for your project or startup.
Token holdings: As the creator and issuer of the ERC-20 token, you likely retained a portion of the total token supply for yourself. If the value of your token increases over time due to demand or market conditions, the value of the tokens you hold may grow.
Utilization and adoption: If your ERC-20 token is designed to serve a specific purpose within an ecosystem or platform, you can earn from its usage. For example, if your token is used as a utility token in a decentralized application (DApp) you developed, you can generate revenue from transaction fees or service charges associated with the DApp. The success of your project and the adoption of your token will determine the potential income from its usage.
Token staking: Some ERC-20 tokens incorporate staking mechanisms that allow token holders to lock their tokens for a specified period. By staking your tokens, you may be eligible to receive rewards in the form of additional tokens or a share of network fees.

It's important to note that the success and profitability of your ERC-20 token depend on factors such as market demand for your token, the value proposition of your project, the utility of your token, and the overall adoption of your ecosystem.

Question 7

What is a Fixed Supply Token?

Accepted Answer

A Fixed Supply Token is one where the entire token supply is generated and transferred to the Token Owner's wallet during deployment. It's important to note that the supply cannot be altered or adjusted after this initial creation.

Question 8

What is a Capped Supply Token?

Accepted Answer

Upon token creation, an initial supply of tokens will be transmitted to the owner's wallet. You have the flexibility to adjust the token supply, either increasing or decreasing it, as long as it doesn't exceed the predetermined total supply limit. Generating tokens beyond the set supply cap is not permitted.

Question 9

What is an Unlimited Supply Token?

Accepted Answer

When you create this type of token, an initial supply is sent to the owner's wallet, and the unique aspect is that you have the freedom to adjust the token supply as you see fit, whether increasing or decreasing it, without any predefined limits or constraints.

Question 10

What is a Single Owner Token?

Accepted Answer

It signifies that only the person who initiated the token creation has access to it, with no special privileges attached. However, you can still perform regular token operations such as sending and receiving without any restrictions.

Question 11

What is a Transferable Ownership Token?

Accepted Answer

In this case, your token will initially have an owner, typically the account used to deploy the token, who has the ability to mint new tokens. However, the ownership of the token is transferable to other addresses or smart contracts. Despite this, regular token transactions like sending and receiving remain unaffected.

Question 12

What is a Role Based Token?

Accepted Answer

Your token will possess two distinct roles, namely 'MINTER' and 'ADMIN.' Those assigned the 'MINTER' role will have the authority to create new tokens, while those with the 'ADMIN' role can allocate these roles to either minters or other administrators. By default, the account utilized for deploying the token will hold both the 'ADMIN' and 'MINTER' roles.

Question 13

Who possesses the authority to Mint or Burn my tokens?

Accepted Answer

The ability to mint tokens hinges on the token's access type. In Transferable Ownership tokens, the owner holds this privilege, while in Role-Based tokens, it's users with the 'MINTER' role who can mint new tokens. However, it's important to note that minting can only occur until the Supply Cap is reached, and this cap is unlimited in the case of Unlimited Tokens. As for burning tokens, anyone holding them has the ability to do so.

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