I have been building a smart-contract for tokens for songs such that they are specific to different songs such that one token is only valid for one specific song not other. Ive made a smart-contract which does exactly that but does not follow ERC-20 and so the tokens do not show in the mist wallet. What is the best approach, to inherit ERC-20 in my smart contract and make it have the total supply of all tokens for all songs?? If yes then I would need the initial supply to be increased dynamically, is that possible(or should even be done)?? Thanks in advance.
If you want to create tokens that are specific to different songs they are not going to be fungible and may require implementation in separate contracts. It's good practice to have fungible tokens as they may be easily traded and transferred. For a more theoretical introduction to tokens properties you ma read this tokens taxonomy.
The best approach is to extend your token from a popular and audited ERC-20 reference implementation like StandardToken.
Yes, you may increase the initial supply of tokens by a process which is often named
minting. It's a good practice to inform all of the token holders about the rules for new token creation as the process may create an inflation and depreciate the value of held tokens.