In less than 30 seconds, anyone can generate a brand-new cryptocurrency, as demonstrated in a recent “speedrun” video.
A viral video has emerged explaining how simple it is for anyone with an internet connection to create a brand new cryptocurrency from scratch. Memecoins have recently attracted the attention of the larger cryptocurrency industry.
Digital artist Johnny Shankman, also known as whitelights.eth on Twitter, created and deployed an entirely new token, jokingly called “EASY_MONEY,” in just 27 seconds in a “speedrun” on May 6. The record was then surpassed the next day with a time of 22.45 seconds.
Related: Mastering Meme Coins: Your Ticket to Crypto Wealth or a Risky Gamble?
In the now-viral video, Shankman demonstrates how anyone can easily create a new token using the Contracts Wizard application, which was developed by the cryptocurrency cybersecurity company OpenZeppelin. With a few short cursor clicks, the Contacts Wizard tool generates code for an ERC-20 token. Users can choose from a variety of possible attributes for their token on the software.
In order to deploy the token’s smart contract on a certain blockchain network after the code has been written, Shankman uses a program called Remix. In the video, Shankman chooses to use the Ethereum testnet to distribute his EASY_MONEY (EZ) coin.