To create, push and sell a shitcoin in 5 easy steps. [Step 1 - Building the token]

„I guess they wouldn’t mind if I start a new coin and call it RaiBlocks?“

-Reddit user u/breebors

Introduction

So, reddit user u/breebors had a great idea after RaiBlocks changed their name last week (now known as NANO) and I think it would be a both entertaining and educational journey to follow through with it. So, over the course of the next weeks, I am going to create a standardized ERC-20 token, call it RaiBlocks Classic (XRBC) and try to get it listed on as many exchanges as possible.

I have no idea if that is even remotely realistic or possible, but if Monero Gold can do it, RaiBlocks Classic can do it, too.

The most important thing at the start – this token is complete and utter shit. It has no value whatsoever. Additionally, after the token has been created, 100% of the supply will be given away to anyone who wants that crap clogging their wallet.

To anyone saying I am doing this for profit – If I was, I would probably not post this plan to a public blog, wouldn’t I? I simply want to show how easy (or hard?) it is to create, push and establish a token that has no value whatsoever.

I mostly hope this article sensitizes people how easy it is to create a token and getting it listed and why doing proper research is useful before investing your own, hard earned money into some scamcoin.

The Token

First things first, we need to create the token. I could invest a lot of time, sweat and money to build my own transacation system - or I could just use someone elses work.

If you want to build your own token, check out this tutorial on Steemit - that's where I learned how to do it.

My coin is going to be a standardized ERC-20 Token. These tokens are basically smart contracts, running on the ethereum blockchain. I have discussed the advantages and disadvantages of these tokens in my article about Monero Gold, but for now we only need to know two things: These tokens are extremely easy to create and the process is dirt cheap.

Basically, we need a name, a ticker symbol and the desired amount of coins.

Name: RaiBlocks Classic

Ticker: XRBC

Amount: 1.000.000

The amount of coins is not chosen at random. Let’s assume I am a scammer and try to get as many gullible people as possible to invest in this currency. I’ll think about two things – evaluation and circulation.

I am trying to lure people into buying this coin, so the two best arguments I can use are a low initial price and the possibility of rapid growth. People see Bitcoin and immediately compare the current price per coin to any other currency. I have witnessed conversations where potential “investors” discussed when Ripple (Ripple…) would reach 20.000$. They never even considered that there are 4700 as many XRP, then there are Bitcoin. I wish I was joking, but that’s how a shocking number of people is thinking. They see a familiar name, see a low unit price and that paired with two weeks of Youtube gives them the confidence to assume that they are the only ones smart enough to see the bargain. I mean, RaiBlocks Classic could be easily worth 21-times as much as Bitcoin and they are at only 1ct/piece right now – WHAT A DEAL!

I am using this premade script by token factory (https://github.com/ConsenSys/Token-Factory) for the contract. If I was a scammer, I would definitely include a hidden integer overflow exploit (if you want to learn more about this, have you heard of Monero Gold?) but for the sake of keeping this article somewhat compact, I won’t.

This is the script:

pragma solidity ^0.4.4;

 

contract Token {

 

    /// @return total amount of tokens

    function totalSupply() constant returns (uint256 supply) {}

 

    /// @param _owner The address from which the balance will be retrieved

    /// @return The balance

    function balanceOf(address _owner) constant returns (uint256 balance) {}

 

    /// @notice send `_value` token to `_to` from `msg.sender`

    /// @param _to The address of the recipient

    /// @param _value The amount of token to be transferred

    /// @return Whether the transfer was successful or not

    function transfer(address _to, uint256 _value) returns (bool success) {}

 

    /// @notice send `_value` token to `_to` from `_from` on the condition it is approved by `_from`

    /// @param _from The address of the sender

    /// @param _to The address of the recipient

    /// @param _value The amount of token to be transferred

    /// @return Whether the transfer was successful or not

    function transferFrom(address _from, address _to, uint256 _value) returns (bool success) {}

 

    /// @notice `msg.sender` approves `_addr` to spend `_value` tokens

    /// @param _spender The address of the account able to transfer the tokens

    /// @param _value The amount of wei to be approved for transfer

    /// @return Whether the approval was successful or not

    function approve(address _spender, uint256 _value) returns (bool success) {}

 

    /// @param _owner The address of the account owning tokens

    /// @param _spender The address of the account able to transfer the tokens

    /// @return Amount of remaining tokens allowed to spent

    function allowance(address _owner, address _spender) constant returns (uint256 remaining) {}

 

    event Transfer(address indexed _from, address indexed _to, uint256 _value);

    event Approval(address indexed _owner, address indexed _spender, uint256 _value);

   

}

 

 

 

contract StandardToken is Token {

 

    function transfer(address _to, uint256 _value) returns (bool success) {

        //Default assumes totalSupply can't be over max (2^256 - 1).

        //If your token leaves out totalSupply and can issue more tokens as time goes on, you need to check if it doesn't wrap.

        //Replace the if with this one instead.

        //if (balances[msg.sender] >= _value && balances[_to] + _value > balances[_to]) {

        if (balances[msg.sender] >= _value && _value > 0) {

            balances[msg.sender] -= _value;

            balances[_to] += _value;

            Transfer(msg.sender, _to, _value);

            return true;

        } else { return false; }

    }

 

    function transferFrom(address _from, address _to, uint256 _value) returns (bool success) {

        //same as above. Replace this line with the following if you want to protect against wrapping uints.

        //if (balances[_from] >= _value && allowed[_from][msg.sender] >= _value && balances[_to] + _value > balances[_to]) {

        if (balances[_from] >= _value && allowed[_from][msg.sender] >= _value && _value > 0) {

            balances[_to] += _value;

            balances[_from] -= _value;

            allowed[_from][msg.sender] -= _value;

            Transfer(_from, _to, _value);

            return true;

        } else { return false; }

    }

 

    function balanceOf(address _owner) constant returns (uint256 balance) {

        return balances[_owner];

    }

 

    function approve(address _spender, uint256 _value) returns (bool success) {

        allowed[msg.sender][_spender] = _value;

        Approval(msg.sender, _spender, _value);

        return true;

    }

 

    function allowance(address _owner, address _spender) constant returns (uint256 remaining) {

      return allowed[_owner][_spender];

    }

 

    mapping (address => uint256) balances;

    mapping (address => mapping (address => uint256)) allowed;

    uint256 public totalSupply;

}

 

 

//name this contract whatever you'd like

contract ERC20Token is StandardToken {

 

    function () {

        //if ether is sent to this address, send it back.

        throw;

    }

 

    /* Public variables of the token */

 

    /*

    NOTE:

    The following variables are OPTIONAL vanities. One does not have to include them.

    They allow one to customise the token contract & in no way influences the core functionality.

    Some wallets/interfaces might not even bother to look at this information.

    */

    string public name;                   //fancy name: eg Simon Bucks

    uint8 public decimals;                //How many decimals to show. ie. There could 1000 base units with 3 decimals. Meaning 0.980 SBX = 980 base units. It's like comparing 1 wei to 1 ether.

    string public symbol;                 //An identifier: eg SBX

    string public version = 'H1.0';       //human 0.1 standard. Just an arbitrary versioning scheme.

 

//

// CHANGE THESE VALUES FOR YOUR TOKEN

//

 

//make sure this function name matches the contract name above. So if you're token is called TutorialToken, make sure the //contract name above is also TutorialToken instead of ERC20Token

 

    function ERC20Token(

        ) {

        balances[msg.sender] = NUMBER_OF_TOKENS_HERE;               // Give the creator all initial tokens (100000 for example)

        totalSupply = NUMBER_OF_TOKENS_HERE;                        // Update total supply (100000 for example)

        name = "NAME OF YOUR TOKEN HERE";                                   // Set the name for display purposes

        decimals = 0;                            // Amount of decimals for display purposes

        symbol = "SYM";                               // Set the symbol for display purposes

    }

 

    /* Approves and then calls the receiving contract */

    function approveAndCall(address _spender, uint256 _value, bytes _extraData) returns (bool success) {

        allowed[msg.sender][_spender] = _value;

        Approval(msg.sender, _spender, _value);

 

        //call the receiveApproval function on the contract you want to be notified. This crafts the function signature manually so one doesn't have to include a contract in here just for this.

        //receiveApproval(address _from, uint256 _value, address _tokenContract, bytes _extraData)

        //it is assumed that when does this that the call *should* succeed, otherwise one would use vanilla approve instead.

        if(!_spender.call(bytes4(bytes32(sha3("receiveApproval(address,uint256,address,bytes)"))), msg.sender, _value, this, _extraData)) { throw; }

        return true;

    }

}

I am simply going to change the relevant values, mainly:

function ERC20Token(
        ) {
       balances[msg.sender] = 1000000000;               
       totalSupply = 1000000000;     
       name = "RaiBlocks Classic";                                 
       decimals = 3;                            
       symbol = "XRBC";     

I put 1 billion instead of 1 million, as I have three decimals and the whole supply has to be therefore divided by three.

Deploying It

Now I only have to rename one function and my "smart" contract is ready to go. Now to deploy it to the main net with the Solidity Remix Compiler – watch the birth of RaiBlocks Classic on etherscan.

https://etherscan.io/address/0xf9907392b00ac8d8838ab63f36034bb54bbe7c86

And here it is – RaiBlocks Classic. It took me less then 30 minutes to make, cost 3.88$ in Gas to deploy, has nothing to do with RaiBlocks and any idiot could create a similar coin. (RaiBlocks Diamond anyone?)

That is it for today, the token has been created and deployed to the main net. The next step is the ICO, where we are going to push this coin onto gullible investors for outrageous amounts of money.*

Sign up for the ICO-Mailinglist for RaiBlocks Classic now, to not miss out on this once-in-a-lifetime investment opportunity! 1000% return/day!**

*Obviously, I am not doing anything like that. The total supply will equally be divided among everybody who wants some, for free.

**1000% regret and loathing