Table of contents
Step By Step Guide To Create & Deploy Your Own Token on Tezos
Introduction:
In this tutorial, we will guide you through the process of creating and deploying your own FA 1.2 token on the Tezos blockchain. FA 1.2 is a fungible token standard for Tezos, allowing developers to manage and create fungible tokens easily. We will cover each step, from creating a new Tezos project to deploying the smart contract and testing it. Additionally, we will discuss the differences between FA 1.2 and other token standards, as well as common use cases for FA 1.2 tokens.
Prerequisites:
Before getting started, ensure that you have the following prerequisites:
Basic knowledge of blockchain technology.
Familiarity with a programming language like SmartPy or Ligo.
A development environment set up with SmartPy or Ligo.
Tezos wallet with testnet XTZ for deploying and testing the smart contract.
Step 1: Creating a New Tezos Project
Open your preferred development environment, whether it's SmartPy or Ligo.
Within your development environment, create a new project and give it a name that represents your token.
Set up the project structure according to the guidelines provided by your chosen development environment.
Step 2: Writing a Smart Contract in SmartPy or Ligo
In this step, we will write the smart contract for our FA 1.2 token. Follow the instructions based on your chosen development environment:
SmartPy:
Define a new SmartPy contract using the provided syntax or template.
Import the necessary SmartPy libraries at the beginning of your contract code.
Define the storage structure for your token contract, including the balances of different accounts and the total supply of tokens.
Implement the FA 1.2 token standard functions such as
transfer,balance_of,total_supply, etc. These functions should handle the transfer of tokens, retrieval of account balances, and tracking the total supply.Add any additional custom functionalities you require for your token, such as minting new tokens or burning existing tokens.
Save the smart contract code.
Ligo:
Define a new Ligo contract using the provided syntax or template.
Import the required Ligo modules at the beginning of your contract code.
Define the storage structure for your token contract, including the balances of different accounts and the total supply of tokens.
Implement the FA 1.2 token standard functions such as
transfer,balance_of,total_supply, etc. These functions should handle the transfer of tokens, retrieval of account balances, and tracking the total supply.Add any additional custom functionalities you require for your token, such as minting new tokens or burning existing tokens.
Save the smart contract code.
Step 3: Implementing FA 1.2 Token Standard
FA 1.2 is a predefined token standard for Tezos. To implement it, follow these steps:
Include the necessary FA 1.2 token standard libraries in your smart contract code. These libraries will provide the required functions and structures for the token standard.
Modify your token contract to comply with the FA 1.2 token standard by using the provided functions and storage structure from the token standard libraries. This ensures interoperability with other FA 1.2 tokens on the Tezos blockchain.
Ensure that your contract implements the required functions such as
transfer,balance_of,total_supply, etc., as specified by the FA 1.2 token standard.
Step 4: Compiling the Smart Contract
Once you have written the smart contract, it needs to be compiled into Michelson, the low-level language of the Tezos blockchain. Follow these steps to compile your smart contract:
Use the compilation command provided by your chosen development environment to compile your smart contract. This command will convert your high-level code into Michelson bytecode.
Verify that the compilation process completes successfully without any errors. If errors occur, review your code and fix any issues before proceeding.
Step 5: Deploying the Smart Contract to the Tezos Blockchain
To deploy your smart contract on the Tezos blockchain, follow these steps:
Ensure that you have testnet XTZ available in your Tezos wallet. Testnet XTZ can be obtained from various sources or faucets specifically designed for Tezos testnets.
Use a Tezos wallet or a command-line tool like "tezos-client" to deploy your smart contract to the desired Tezos network (testnet or mainnet). The deployment process will require the bytecode generated from the compilation step.
Verify that the deployment process completes successfully, and note down the deployed contract's address, which will be provided by the deployment tool or wallet.
Step 6: Transferring Tokens to Different Accounts
After deploying your smart contract, you can test the token transfer functionality. Follow these steps to transfer tokens between different accounts:
Create multiple Tezos accounts in your wallet for testing purposes. These accounts will represent different users or entities.
Use your deployed contract's address and the transfer function implemented in your smart contract to send tokens from one account to another. You'll need to specify the recipient's address and the amount of tokens to be transferred.
Verify that the token transfer is successful by checking the balances of the accounts involved. Confirm that the sender's balance decreases by the transferred amount, and the recipient's balance increases accordingly.
Step 7: User Interface for Interacting with the Smart Contract
To enable users to interact with your smart contract, you can create a user interface. The specific method depends on your chosen development environment and framework. Here's a general outline:
Choose a web framework like React, Vue.js, or Angular to build your user interface. These frameworks provide tools for building dynamic and interactive web applications.
Use Tezos libraries or APIs (e.g., conseiljs, taquito) to connect to the Tezos blockchain. These libraries simplify the interaction with Tezos nodes, contracts, and wallets.
Implement functions in your user interface to interact with the deployed smart contract, such as transferring tokens, checking balances, etc. These functions will utilize the Tezos libraries or APIs to send transactions and retrieve data from the blockchain.
Test the user interface by performing token transfers, checking balances, and verifying that the interface correctly reflects the state of the smart contract and the accounts involved.
Step 8: Testing the Smart Contract
Testing your smart contract is crucial to ensure its correctness and functionality. Follow these steps to test your FA 1.2 token smart contract:
Write test cases to cover different scenarios, including normal cases and edge cases. For example, test token transfers with different amounts, test balance retrieval for various accounts, and test the behavior of custom functionalities.
Use testing frameworks like Mocha, Truffle, or SmartPy's internal testing framework to write and execute your tests. These frameworks provide utilities for structuring tests and asserting expected outcomes.
Test the functionality of token transfers, balance checks, and other custom functionalities defined in your smart contract. Ensure that the contract behaves as expected in different scenarios.
Verify that all tests pass successfully, indicating that your smart contract functions as intended and meets the specified requirements.
Optional: Differences Between FA 1.2 and Other Token Standards
You can explore and highlight the differences between FA 1.2 and other token standards, such as ERC-20, by considering factors like functionality, contract structure, or features specific to each standard. This comparison can provide a deeper understanding of the advantages and disadvantages of FA 1.2.
Optional: Common Use Cases for FA 1.2 Tokens
FA 1.2 tokens can be used in various applications, such as decentralized finance (DeFi) platforms, loyalty programs, gaming, and supply chain management. Exploring these use cases can provide insights into the versatility of FA 1.2 tokens and their integration possibilities in different industries and applications.
Conclusion:
Congratulations! You have successfully learned how to create and deploy your own FA 1.2 token on the Tezos blockchain. By following the detailed steps and exploring optional sections, you have gained a comprehensive understanding of the process, from creating a new project to testing and deploying the smart contract. Keep experimenting, exploring, and building on the Tezos blockchain to unlock its full potential in decentralized applications and tokenized ecosystems.