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 — reveals him finishing a “speedrun” of making and deploying a completely new token, humorously dubbed “EASY_MONEY” in simply 27 seconds. The document was then crushed only a day later, clocking in at 22.45 seconds.
The time period “pace run” originates from the gaming neighborhood and is usually utilized in reference to finishing a recreation, or degree in a recreation, as shortly as doable.
memecoin deploy% speedrun 27s ⏱️ pic.twitter.com/OYaXGb5ITR
— whitelights.eth ⌖ () (@iamwhitelights) Could 5, 2023
Within the now-viral video, Shankman reveals how any person can shortly create a brand new token by using a program referred to as Contracts Wizard, created by the crypto cybersecurity agency OpenZeppelin. The Contacts Wizard software generates code for an ERC-20 token with just a few fast clicks of a cursor. On this system, customers can choose various potential options for his or her token.
After the code has been created, Shankman then makes use of an software referred to 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 academic functions solely” and clarifies that by deploying EASY_MONEY on the Ethereum testnet, it’s not an actual token to be speculated on.
Notably, Shankman’s video was picked up by various giant accounts on Crypto Twitter, being reposted by the likes of @Loopifyyy, which has now seen the video achieve 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 current memecoin growth, has been led largely by an “solely ineffective” frog-themed token referred to as Pepe, which has seen its worth surge greater than 5000% since its inception on April 14.
In a follow-up remark, Shankman identified that somebody had truly 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 document for the memecoin speedrun.
memecoin deploy% speedrun (rug skip, autocomplete skip) 22.45s (WR)⏱️ @iamwhitelights pic.twitter.com/LDOsfbYNV4
— (@0xdiid) Could 6, 2023
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