If I use the light version of geth sync, can I make a token & deploy contracts using that? The light client "gets only the current state", from that point onwards or everytime I query the blockchain?

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The light version only has the current state meaning headers and other necessary information, but it needs a full node to operate in most cases.

You can deploy contracts and make tokens, but be aware the light client is in beta version, and for example I have experience that, although you can deploy the contract, it does not notify when the contract has been mined. It does get mined nevertheless.

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