A cryptocurrency that no one owns or is using is worthless, which makes marketing and distribution of your coin the key to a useful and successful coin. When it comes to distribution, it’s not just about getting your coin out to as many people as possible. It’s about getting the right amount of coins to the right people. There are ways to mass-send coins to random people, but if your coin has been given away freely in large amounts, it’s not going to be worth much. But if you try to make people pay too much for a new coin no one knows about, they won’t buy it. At least not until it’s more established (which it won’t be unless they buy it).
Whether you followed my guide on how to make your own cryptocurrency, want to distribute an established coin or are just curious in general, this two-part guide is for you.
In this first part, I will show how to create a simple faucet for the distribution of your cryptocurrency. The second part will be about how to distribute crypto through automated selling contracts.
A crypto faucet is a way to distribute a small amount of crypto to anyone who claims it. A few years ago you would find them everywhere, today they are not as common. The faucet I’m showing here will be very basic and won’t be implemented on a standalone website. To claim coins, one would need to visit Bscscan (Binance SmartChain Scan). To achieve this we will write a simple smart contract.
Note: You need to have the coin you want to distribute ready and available from this point. For the purpose of this post I made CreepyCoin (CREEP) and it available at Gist.
I will not write the whole code for the faucet contract here, but you can copy it from Gist and just change the code wherever it says “CreepyFaucet” to whichever name you fancy.
Compile and deploy
Copy the code from the Faucet Gist and paste it in Remix and follow the steps from the guide on how to make your own cryptocurrency, up until after you are done compiling the contract. When you are ready to deploy the contract, a few things will be different from when you deployed the actual coin.
This time you need to copy the contract address of the coin you wish to distribute and paste it where it says “contractaddress”.
The CreepyCoin contract address can be found here, as an example: bscscan.com.
Where it says “dripamount” you put in the number of coins you wish to give each person who claims. Remember that we have 18 decimals, which means if you want to give 1 coin for each drip it will look like this: 1000000000000000000 (1 and 18 zeros). When you are done, press “transact”.
Once again you will get some info at the bottom of the screen. Copy the hash and paste it in Ethereum or Binance explorer, depending on where you deployed the contract (in this case it’s https://testnet.bscscan.com/ ).
Now we have deployed the Faucet contract, but we can still not use it. For the interface to show up, we need to verify the contract.
Verifying a simple contract
To get your contract verified you need to head over to the contract page and you will see an option to “verify and publish” the contract. My contract can be found here at Bscscan, and before it’s verified it looks like this.
After you click “Verify and Publish” you will be taken to a new screen. Fill out the correct information (contract address, compiler type, compiler version and license). When you’re done, click “continue”.
At next screen you will be asked to enter the Solidity contract code. Copy it from Remix and paste it in the text field (it has to be exactly the same!). Once that’s done, click at “Verify and Publish” as the bottom of the screen.
If you have done everything correct, you will get a message confirming that the contract is verified. We now have a live and working faucet.
Replenish the faucet
The faucet is live and working, but empty. Before anyone can get any coins from your faucet, you have to transfer the amount you wish to give away. So send the number of coins you want the faucet to give away, the receiving address is the contract itself.
I sent 1,000 CREEP out of the 100,000 created. Now the faucet is ready to give coins to whoever claims it.
Click on “Write” under option 1; drip. After confirming the transaction in MetaMask, 1 CREEP (or whatever you named your coin as) will be transferred to your address.
You can try my Faucet here: CreepyCoin Faucet
Congratulations! You now have a live and working faucet for distributing your cryptocurrency!
Note: Investing and trading with cryptocurrencies can result in significant loss