In less than 30 seconds, anyone may produce 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 following day with a time of 22.45 seconds.
The phrase “speed run” 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 anyone can easily create a new token using the Contracts Wizard programme, 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 characteristics for their token on the programme.
In order to deploy the token’s smart contract on a specific blockchain network after the code has been written, Shankman uses a programme called Remix. In the video, Shankman chooses to use the Ethereum testnet to deploy his EASY_MONEY (EZ) token.
He clarifies that by deploying EASY_MONEY on the Ethereum testnet, it is not a real token to be speculated on and adds that the video was “for educational purposes only” in the comments.
Notably, Shankman’s video was reposted by prominent accounts on Crypto Twitter, like Loopifyyy, who has since helped the video amass more over 3 million views across numerous accounts.
The viral success of Shankman’s tweet coincides with the sharp rise in popularity of “shitcoins” across the whole crypto industry. An “entirely useless” token with a frog theme named Pepe, whose value has increased by more than 5,000% since its launch on April 14, has played a significant role in the recent memecoin craze.
In a subsequent comment, Shankman noted that someone had in fact made a token with the same name as his explication but admitted that he “did not make it” and that he would “not be buying it.”
Less than 24 hours later, a new video from another Twitter account showed the same procedure being performed in just 22.45 seconds, breaking the previous unofficial speedrun record for memecoin.