Newbie question. On every contract I made, I have ability to create token, which will become 'the money' exchange in my smart contract. What I don't understand is, how to specify exchange rate of my token to Ether? When people want to buy my token, how to specify the amount of ether or money?
Two main options.
- A standing offer in your contract. The simplest policy is a peg: "we buy and sell these tokens for one ETH each". It can literally be any policy you can define since it will be enforced by the token contract.
- Get the token listed on an exchange. Token value is discovered in a bid/ask marketplace. If that sounds interesting, investigate ERC20 standard interface. This is appropriate if the token represents some sort of bearer instrument with "backing" that convincingly gives the holder a claim. Any form of asset, privilege or revenue steam you can code is a candidate for the property that gives the token value. The market will discover the value of a token.
Hope it helps.