Posted By : Vishal
This article gives you a step-by-step guide to transferring an Ethereum token using NodeJS.
Ethereum is the second-largest blockchain-powered cryptocurrency after bitcoin. It enables developers to program over its blockchain platform to create new types of dApps and smart contract solutions.
Ethereum is a decentralized platform that means any government, private organization, or centralized authority cannot control it. People can use applications built with the Ethereum blockchain from any part of the world with an internet connection.
Check Out: An Introductory Guide to Ethereum 2.0 | A Major Upgrade
Smart contracts define how things get done in the Ethereum system. A smart contract is a set of governance rules used to achieve any business goal. Solidity language is used to write smart contracts.
You can create a token over the Ethereum network using a smart contract. Network users can utilize these tokens as digital currencies. One of the most popular types of tokens on Ethereum is an ERC20 token.
The smart contract can be used for various business purposes. It can be used to support other contracts in a similar way software libraries work.
Read More about Ethereum ERC Token Standard
To connect tokens to any network, you can use an infra API key, set up a local node, and sync it with Mainent or another testnet.
Step 1: Install the required dependencies for Ethereum
Step 2: Create a connection to testnet
const Web3 = require("web3");
const Tx = require('ethereumjs-tx');
// Create connection with test net
var web3=new Web3("Infura API endpoint);
var contractAbi = ABI //ABI in JSON format
var contractAddress = Contract_Address
var sender = Sender_Address
var private = Sender_privatekey
var receiver = Reciever_Address
var amountInDecimal = 1 //Amount of token
Step 3: Create a signed transaction and send tokens
const myContract = new web3.eth.Contract(contractAbi, contractAddress);
var privateKey = new Buffer(private, 'hex')
var txObject = {};
txObject.nonce = web3.utils.toHex(result);
txObject.gasLimit = web3.utils.toHex(90000);
txObject.gasPrice = web3.utils.toHex(10);
txObject.to = contractAddress;
txObject.from = sender;
txObject.value = '0x';
// Calling transfer function of contract and encode it in AB format
txObject.data = myContract.methods.transfer( receiver, web3.utils.toHex(
web3.utils.toWei(amountInDecimal.toString(), "ether"))).encodeABI();
//Sign transaction before sending
var tx = new Tx(txObject);
tx.sign(privateKey);
var serializedTx = tx.serialize();
web3.eth.sendSignedTransaction('0x' + serializedTx.toString('hex'))
.on('transactionHash', ((data) => {
console.log(data);
}));
}).catch(err => {
console.log(err);
})
Also, Read: ERC-20 Token Standard | A Compact Guide to Development
By following the above steps you can create your code to send tokens from one account to another account. You don't need to rely on any third-party software to interact with the Ethereum network. You can simply send tokens with very few lines of code.
September 8, 2024 at 02:19 am
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