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How do I create a worthwhile ERC20 token?

Etherum Reddit

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Hi! I am somewhat familiar with cryptocurrency and I've decided I want to create my own token -- primarily because I think I have an idea that will really work. The question I have is, how do I tie my real-world plan to run this coin to the coin itself -- I.E. how do I guarantee to people who buy this coin that the coin will operate and be managed how it will be? I'll give you a quick example of what I want to do (which is not exactly what I want to do, but which hopefully will illustrate my question). So I want to create some hypothetical coin called chickencoin. And the deal is, I will sell these coins, and with the money I get from these coins I will buy and raise chickens. Therefore the value of these coins will somewhat be tied to the value of the chickens which the coin holders will own. Second to this, in the real world, as eggs are produced by the chickens I will offer to repurchase said coins (in the manner of a stock buyback) in order to demonstrate and prove that they have the net worth that I advertise for the coin, or for which the coin owners may check for themselves -- perhaps by watching the video cam of the chicken coop and being able to count the chickens.

So the point is, how can I guarantee that I will operate as advertised? I don't mean how can I myself be honest or trustworthy -- that is assumed -- I mean how can I tie this to the coin so there is no question about it? Such as how can I tie some sort of legal imperative to commit to this stated purpose, to the coin? Or do coins simply not work that way?

I read, for example, about a certain coin that was based on the concept of distributed insurance. And I wondered, what would there be to stop the coin from being rugged or raided for value by the issuer, or pumped and dumped. See I have a great idea (at least in my mind) I just want to be able to provide assurance that I will follow up on my plan, I'm willing to commit to what is necessary, I am just wondering if there is anyone who can work with me to provide that or if there's a guide, or what. Maybe something like burning ETH on the creation of the contract to demonstrate the value? (But that would just erase value with no guarantee of future value?) Solutions? I honestly appreciate your help or advice on where to go to get more information. Thanks.

submitted by /u/AppledogHu
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