As so-called “memecoins” seize the eye of the broader crypto trade in current weeks, a viral video has emerged detailing simply how simple it’s for anybody with an web connection to create a model new cryptocurrency from scratch.
A Could 6 video from digital artist Johnny Shankman — who goes by @whitelights.eth on Twitter — exhibits him finishing a “speedrun” of making and deploying a completely new token, humorously dubbed “EASY_MONEY” in simply 27 seconds. The report was then overwhelmed only a day later, clocking in at 22.45 seconds.
The time period “velocity run” originates from the gaming neighborhood and is often utilized in reference to finishing a sport, or degree in a sport, as rapidly as attainable.
memecoin deploy% speedrun 27s ⏱️ pic.twitter.com/OYaXGb5ITR
— whitelights.eth ⌖ () (@iamwhitelights) May 5, 2023
Within the now-viral video, Shankman exhibits how any person can rapidly create a brand new token by using a program known as Contracts Wizard, created by the crypto cybersecurity agency OpenZeppelin. The Contacts Wizard software generates code for an ERC-20 token with a number of fast clicks of a cursor. On this system, customers can choose quite a lot of potential options for his or her token.
After the code has been created, Shankman then makes use of an software known as Remix, which compiles the token’s sensible contract and deploys it on a given blockchain community. Within the video, Shankman opts for deploying his EASY_MONEY (EZ) token on the Ethereum testnet.
He notes within the feedback part that the video was “for instructional functions solely” and clarifies that by deploying EASY_MONEY on the Ethereum testnet, it isn’t an actual token to be speculated on.
Notably, Shankman’s video was picked up by quite a lot of massive accounts on Crypto Twitter, being reposted by the likes of @Loopifyyy, which has now seen the video acquire greater than 3 million views throughout a collection of various accounts.
The viral recognition of Shankman’s publish comes at a time the place “shitcoins” have gained drastically in recognition all through the broader crypto ecosystem. The recent memecoin boom, has been led largely by an “totally ineffective” frog-themed token known as Pepe, which has seen its worth surge more than 5000% since its inception on April 14.
In a follow-up remark, Shankman identified that somebody had really created a token with the identical identify as his explainer however divulged that he “didn’t make it” and he would “not be shopping for it.”
Lower than 24 hours later, a brand new video emerged from one other account on Twitter, that confirmed the identical course of being accomplished in simply 22.45 seconds, setting a brand new unofficial report for the memecoin speedrun.
— (@0xdiid) May 6, 2023