In less than 30 seconds, anybody may produce a brand-new cryptocurrency, as demonstrated in a recent "speedrun" video.
A popular video demonstrates how simple it is for anybody with an internet connection to generate a new cryptocurrency from scratch, as "memecoins" have come to the attention of the larger crypto market in recent weeks.
Digital artist Johnny Shankman, also known as @whitelights.eth on Twitter, created and launched a whole new coin named "EASY_MONEY" in under 27 seconds in a "Speedrun" on May 6. The previous mark was then surpassed the next day with a time of 22.45 seconds.
Tweet by whitelights.eth
The phrase "speedrun" comes from the gaming world and refers to beating a level or game in the shortest amount of time feasible. In the now-viral video, Shankman demonstrates how anybody can easily create a new token using the Contracts Wizard programme, which was developed by the cryptocurrency cybersecurity company OpenZeppelin. With a few short mouse clicks, the Contacts Wizard tool creates code for an ERC-20 token. Users may choose from a variety of possible characteristics for their token on the programme.
In order to deploy the token's smart contract on a certain blockchain network after the code has been written, Shankman utilizes a programme called Remix. In the video, Shankman chooses to use the Ethereum testnet to distribute his EASY_MONEY (EZ) coin. He stresses that by installing EASY_MONEY on the Ethereum testnet, it is not a legitimate currency to be speculated on and adds that the video was "for educational purposes only" in the comments. Notably, Shankman's video was rebroadcast by prominent accounts on Crypto Twitter, including @Loopifyyy, who is responsible for the video receiving over 3 million views from a variety of accounts.
Shankman's tweet went viral at a time when "shitcoins' ' have experienced a sharp increase in popularity across the whole crypto sector. An "entirely useless" frog-themed currency named Pepe, whose value has increased by more than 5000% since its launch on April 14, has played a major role in the recent memecoin craze. After pointing out that someone had already made a token with the same name as his explanation, Shankman revealed that he did not make it and that he wouldn’t buy it. Less than 24 hours later, a further video from another Twitter user that saw the same process being completed in just 22.45 seconds set a new informal memecoin speedrun mark.
Tweet by diid
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