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What I want to achieve when someone sends ether to my token address then automatically equivalent amount of token (I am also setting token price manually) must be sent back. The problem is I am not able to send ether to the token address. I am learning the code from ethereum.org . I copied the code from there , some little changes made .

Here's what I tried

    pragma solidity ^0.4.16;

contract owned {
    address public owner;

    function owned() public {
        owner = msg.sender;
    }

    modifier onlyOwner {
        require(msg.sender == owner);
        _;
    }

    function transferOwnership(address newOwner) onlyOwner public {
        owner = newOwner;
    }
}
/**
 * @title SafeMath
 * @dev Math operations with safety checks that throw on error
 */
library SafeMath {
  function mul(uint256 a, uint256 b) internal pure returns (uint256) {
    if (a == 0) {
      return 0;
    }
    uint256 c = a * b;
    assert(c / a == b);
    return c;
  }

  function div(uint256 a, uint256 b) internal pure returns (uint256) {
    // assert(b > 0); // Solidity automatically throws when dividing by 0
    uint256 c = a / b;
    // assert(a == b * c + a % b); // There is no case in which this doesn't hold
    return c;
  }

  function sub(uint256 a, uint256 b) internal pure returns (uint256) {
    assert(b <= a);
    return a - b;
  }

  function add(uint256 a, uint256 b) internal pure returns (uint256) {
    uint256 c = a + b;
    assert(c >= a);
    return c;
  }
}
interface tokenRecipient { function receiveApproval(address _from, uint256 _value, address _token, bytes _extraData) public; }

contract TokenERC20 {
    // Public variables of the token
    string public name;
    string public symbol;
    uint8 public decimals;
    // 18 decimals is the strongly suggested default, avoid changing it
    uint256 public totalSupply;

    // This creates an array with all balances
    mapping (address => uint256) public balanceOf;
    mapping (address => mapping (address => uint256)) public allowance;

    // This generates a public event on the blockchain that will notify clients
    event Transfer(address indexed from, address indexed to, uint256 value);

    // This notifies clients about the amount burnt
    event Burn(address indexed from, uint256 value);

    /**
     * Constructor function
     *
     * Initializes contract with initial supply tokens to the creator of the contract
     */
    function TokenERC20(
        uint256 initialSupply,
        string tokenName,
        string tokenSymbol,
        uint8 dividetoken
    ) public {

        balanceOf[msg.sender] = totalSupply;                // Give the creator all initial tokens
        name = tokenName;                                   // Set the name for display purposes
        symbol = tokenSymbol;                               // Set the symbol for display purposes
        decimals = dividetoken;
        totalSupply = initialSupply * 10 ** uint256(decimals);  // Update total supply with the decimal amount
    }

    /**
     * Internal transfer, only can be called by this contract
     */
    function _transfer(address _from, address _to, uint _value) internal {
        // Prevent transfer to 0x0 address. Use burn() instead
        require(_to != 0x0);
        // Check if the sender has enough
        require(balanceOf[_from] >= _value);
        // Check for overflows
        require(balanceOf[_to] + _value > balanceOf[_to]);
        // Save this for an assertion in the future
        uint previousBalances = balanceOf[_from] + balanceOf[_to];
        // Subtract from the sender
        balanceOf[_from] -= _value;
        // Add the same to the recipient
        balanceOf[_to] += _value;
        Transfer(_from, _to, _value);
        // Asserts are used to use static analysis to find bugs in your code. They should never fail
        assert(balanceOf[_from] + balanceOf[_to] == previousBalances);
    }

    /**
     * Transfer tokens
     *
     * Send `_value` tokens to `_to` from your account
     *
     * @param _to The address of the recipient
     * @param _value the amount to send
     */
    function transfer(address _to, uint256 _value) public {
        _transfer(msg.sender, _to, _value);
    }

    /**
     * Transfer tokens from other address
     *
     * Send `_value` tokens to `_to` in behalf of `_from`
     *
     * @param _from The address of the sender
     * @param _to The address of the recipient
     * @param _value the amount to send
     */
    function transferFrom(address _from, address _to, uint256 _value) public returns (bool success) {
        require(_value <= allowance[_from][msg.sender]);     // Check allowance
        allowance[_from][msg.sender] -= _value;
        _transfer(_from, _to, _value);
        return true;
    }

    /**
     * Set allowance for other address
     *
     * Allows `_spender` to spend no more than `_value` tokens in your behalf
     *
     * @param _spender The address authorized to spend
     * @param _value the max amount they can spend
     */
    function approve(address _spender, uint256 _value) public
        returns (bool success) {
        allowance[msg.sender][_spender] = _value;
        return true;
    }

    /**
     * Set allowance for other address and notify
     *
     * Allows `_spender` to spend no more than `_value` tokens in your behalf, and then ping the contract about it
     *
     * @param _spender The address authorized to spend
     * @param _value the max amount they can spend
     * @param _extraData some extra information to send to the approved contract
     */
    function approveAndCall(address _spender, uint256 _value, bytes _extraData)
        public
        returns (bool success) {
        tokenRecipient spender = tokenRecipient(_spender);
        if (approve(_spender, _value)) {
            spender.receiveApproval(msg.sender, _value, this, _extraData);
            return true;
        }
    }

    /**
     * Destroy tokens
     *
     * Remove `_value` tokens from the system irreversibly
     *
     * @param _value the amount of money to burn
     */
    function burn(uint256 _value) public returns (bool success) {
        require(balanceOf[msg.sender] >= _value);   // Check if the sender has enough
        balanceOf[msg.sender] -= _value;            // Subtract from the sender
        totalSupply -= _value;                      // Updates totalSupply
        Burn(msg.sender, _value);
        return true;
    }

    /**
     * Destroy tokens from other account
     *
     * Remove `_value` tokens from the system irreversibly on behalf of `_from`.
     *
     * @param _from the address of the sender
     * @param _value the amount of money to burn
     */
    function burnFrom(address _from, uint256 _value) public returns (bool success) {
        require(balanceOf[_from] >= _value);                // Check if the targeted balance is enough
        require(_value <= allowance[_from][msg.sender]);    // Check allowance
        balanceOf[_from] -= _value;                         // Subtract from the targeted balance
        allowance[_from][msg.sender] -= _value;             // Subtract from the sender's allowance
        totalSupply -= _value;                              // Update totalSupply
        Burn(_from, _value);
        return true;
    }
}

/******************************************/
/*       ADVANCED TOKEN STARTS HERE       */
/******************************************/

contract mintableToken is owned, TokenERC20 {
using SafeMath for uint256;
    uint256 public sellPrice;
    uint256 public buyPrice;
    uint256 public cap;  //Hard Cap Amount
    string public version ;       //Version standard. Just an arbitrary versioning scheme.
    mapping (address => bool) public frozenAccount;
    /* This generates a public event on the blockchain that will notify clients */
    event FrozenFunds(address target, bool frozen);

    /* Initializes contract with initial supply tokens to the creator of the contract */
    function mintableToken(
        uint256 initialSupply,
        string tokenName,
        string tokenSymbol,
        uint8 decimals,
        uint256 _cap,
        string _version
    ) TokenERC20(initialSupply, tokenName, tokenSymbol,decimals) public {
    require(_cap > 0);
    cap = _cap;
    version=_version;
    }

    /* Internal transfer, only can be called by this contract */
    function _transfer(address _from, address _to, uint _value) internal {
        require (_to != 0x0);                               // Prevent transfer to 0x0 address. Use burn() instead
        require (balanceOf[_from] >= _value);               // Check if the sender has enough
        require (balanceOf[_to] + _value > balanceOf[_to]); // Check for overflows
        require(!frozenAccount[_from]);                     // Check if sender is frozen
        require(!frozenAccount[_to]);                       // Check if recipient is frozen
        balanceOf[_from] -= _value;                         // Subtract from the sender
        balanceOf[_to] += _value;                           // Add the same to the recipient
        Transfer(_from, _to, _value);
    }

    /// @notice Create `mintedAmount` tokens and send it to `target`
    /// @param target Address to receive the tokens
    /// @param mintedAmount the amount of tokens it will receive
    function mintToken(address target, uint256 mintedAmount) onlyOwner public {
        require(totalSupply.add(mintedAmount) <= cap);
        balanceOf[target] += mintedAmount;
        totalSupply += mintedAmount;
        Transfer(0, this, mintedAmount);
        Transfer(this, target, mintedAmount);
    }

    /// @notice `freeze? Prevent | Allow` `target` from sending & receiving tokens
    /// @param target Address to be frozen
    /// @param freeze either to freeze it or not
    function freezeAccount(address target, bool freeze) onlyOwner public {
        frozenAccount[target] = freeze;
        FrozenFunds(target, freeze);
    }

    /// @notice Allow users to buy tokens for `newBuyPrice` eth and sell tokens for `newSellPrice` eth
    /// @param newSellPrice Price the users can sell to the contract
    /// @param newBuyPrice Price users can buy from the contract
    function setPrices(uint256 newSellPrice, uint256 newBuyPrice) onlyOwner public {
        sellPrice = newSellPrice;
        buyPrice = newBuyPrice;
    }

    /// @notice Buy tokens from contract by sending ether
    function buy() payable public {
        uint amount = msg.value / buyPrice;               // calculates the amount
        _transfer(this, msg.sender, amount);              // makes the transfers
    }

    /// @notice Sell `amount` tokens to contract
    /// @param amount amount of tokens to be sold
    function sell(uint256 amount) public {
        require(this.balance >= amount * sellPrice);      // checks if the contract has enough ether to buy
        _transfer(msg.sender, this, amount);              // makes the transfers
        msg.sender.transfer(amount * sellPrice);          // sends ether to the seller. It's important to do this last to avoid recursion attacks
    }
}

// TestCoin
contract TestCoin is mintableToken(0,"TestCoin","TEC",4,100000000,"Ver-2.0"){

    function () payable public{
         mintableToken.buy();
    }
}

What to do next, or if some problem is there in the code . I am totally stucked for 3 days. Please if someone can contribute his valuable time to see into the code, it will be a great help.

Thanks in advance

Edit

When I am trying to send ether to the Token address the following error is showing

(error_22) Could not estimate gas. There are not enough funds in the account, or the receiving contract address would throw an error. Feel free to manually set the gas and proceed.

EDIT 1.2 Here is a screenshot of above error enter image description here

So the main problem above was that the tokenContract address is unable to receive ether . Can someone tell the reason for the above ? and also please check the below edit where though one is able to send ether (fixed supply token) but not getting token back as reward.

EDIT -2

One Part of the problem above is solved i.e. I am able to send ether to the token contract now , but second part is not solved i.e. not getting back the token reward yet. Below is the fully changed code (I will upgrade it to implement more conditional statements, I only want now that the equivalent amount of token should be reward back to the ether spender), This time it is not mintable token , it is fixed supply token

pragma solidity ^0.4.4;
contract owned {
    address public owner;

    function owned() public {
        owner = msg.sender;
    }

    modifier onlyOwner {
        require(msg.sender == owner);
        _;
    }

    function transferOwnership(address newOwner) onlyOwner public {
        owner = newOwner;
    }
}
contract Token {

    /// @return total amount of tokens
    function totalSupply() constant public returns (uint256 supply) {}

    /// @param _owner The address from which the balance will be retrieved
    /// @return The balance
    function balanceOf(address _owner) constant public returns (uint256 balance) {}

    /// @notice send `_value` token to `_to` from `msg.sender`
    /// @param _to The address of the recipient
    /// @param _value The amount of token to be transferred
    /// @return Whether the transfer was successful or not
    function transfer(address _to, uint256 _value) public returns (bool success) {}

    /// @notice send `_value` token to `_to` from `_from` on the condition it is approved by `_from`
    /// @param _from The address of the sender
    /// @param _to The address of the recipient
    /// @param _value The amount of token to be transferred
    /// @return Whether the transfer was successful or not
    function transferFrom(address _from, address _to, uint256 _value) public returns (bool success) {}

    /// @notice `msg.sender` approves `_addr` to spend `_value` tokens
    /// @param _spender The address of the account able to transfer the tokens
    /// @param _value The amount of wei to be approved for transfer
    /// @return Whether the approval was successful or not
    function approve(address _spender, uint256 _value) public returns (bool success) {}

    /// @param _owner The address of the account owning tokens
    /// @param _spender The address of the account able to transfer the tokens
    /// @return Amount of remaining tokens allowed to spent
    function allowance(address _owner, address _spender) constant public returns (uint256 remaining) {}

    event Transfer(address indexed _from, address indexed _to, uint256 _value);
    event Approval(address indexed _owner, address indexed _spender, uint256 _value);

}



contract StandardToken is Token {

    function transfer(address _to, uint256 _value) public returns (bool success) {
        //Default assumes totalSupply can't be over max (2^256 - 1).
        //If your token leaves out totalSupply and can issue more tokens as time goes on, you need to check if it doesn't wrap.
        //Replace the if with this one instead.
        //if (balances[msg.sender] >= _value && balances[_to] + _value > balances[_to]) {
        if (balances[msg.sender] >= _value && _value > 0) {
            balances[msg.sender] -= _value;
            balances[_to] += _value;
            Transfer(msg.sender, _to, _value);
            return true;
        } else { return false; }
    }

    function transferFrom(address _from, address _to, uint256 _value) public returns (bool success) {
        //same as above. Replace this line with the following if you want to protect against wrapping uints.
        //if (balances[_from] >= _value && allowed[_from][msg.sender] >= _value && balances[_to] + _value > balances[_to]) {
        if (balances[_from] >= _value && allowed[_from][msg.sender] >= _value && _value > 0) {
            balances[_to] += _value;
            balances[_from] -= _value;
            allowed[_from][msg.sender] -= _value;
            Transfer(_from, _to, _value);
            return true;
        } else { return false; }
    }

    function balanceOf(address _owner) constant public returns (uint256 balance) {
        return balances[_owner];
    }

    function approve(address _spender, uint256 _value) public returns (bool success) {
        allowed[msg.sender][_spender] = _value;
        Approval(msg.sender, _spender, _value);
        return true;
    }

    function allowance(address _owner, address _spender) constant public returns (uint256 remaining) {
      return allowed[_owner][_spender];
    }

    mapping (address => uint256) balances;
    mapping (address => mapping (address => uint256)) allowed;
    uint256 public totalSupply;
}


//name this contract whatever you'd like
contract SreeTestToken is StandardToken, owned {

     function() public payable{
         if(msg.sender!=owner)
       giveReward(msg.sender,msg.value);


    }

    /* Public variables of the token */

    /*
    NOTE:
    The following variables are OPTIONAL vanities. One does not have to include them.
    They allow one to customise the token contract & in no way influences the core functionality.
    Some wallets/interfaces might not even bother to look at this information.
    */
    string public name;                   //fancy name: eg Simon Bucks
    uint8 public decimals;                //How many decimals to show. ie. There could 1000 base units with 3 decimals. Meaning 0.980 SBX = 980 base units. It's like comparing 1 wei to 1 ether.
    string public symbol;                 //An identifier: eg SBX
    string public version = 'H1.0';       //human 0.1 standard. Just an arbitrary versioning scheme.
    uint256 public sellPrice; //in wei
    uint256 public buyPrice;  //in wei

//
// CHANGE THESE VALUES FOR YOUR TOKEN
//

//make sure this function name matches the contract name above. So if you're token is called TutorialToken, make sure the //contract name above is also TutorialToken instead of ERC20Token

    function SreeTestToken(
        ) public{
        balances[msg.sender] = 1000000000000;               // Give the creator all initial tokens (100000 for example)
        totalSupply = 1000000000000;                        // Update total supply (100000 for example)
        name = "SreeTestToken";                                   // Set the name for display purposes
        decimals = 4;                            // Amount of decimals for display purposes
        symbol = "SRT";                               // Set the symbol for display purposes
        sellPrice = 60000000000000;
        buyPrice =  60000000000000;
    }

    /* Approves and then calls the receiving contract */
    function approveAndCall(address _spender, uint256 _value, bytes _extraData) public returns (bool success) {
        allowed[msg.sender][_spender] = _value;
        Approval(msg.sender, _spender, _value);

        //call the receiveApproval function on the contract you want to be notified. This crafts the function signature manually so one doesn't have to include a contract in here just for this.
        //receiveApproval(address _from, uint256 _value, address _tokenContract, bytes _extraData)
        //it is assumed that when does this that the call *should* succeed, otherwise one would use vanilla approve instead.
        if(!_spender.call(bytes4(bytes32(sha3("receiveApproval(address,uint256,address,bytes)"))), msg.sender, _value, this, _extraData)) { throw; }
        return true;
    }
    function giveReward(address _payer,uint _payment) public payable returns (bool _success){
        uint tokenamount = _payment / buyPrice;
        return transfer(_payer,tokenamount);
    }

}
1

mintableToken already has a buy function that probably does what you want. If you want people to be able to transfer ether directly (without calling buy), you could just rename that. Change this:

function buy() payable public {

to this:

function() payable public {

That said, I generally recommend using the fallback function when you can use a more explicit function instead, so I would recommend sticking with buy. See https://programtheblockchain.com/posts/2017/12/16/why-we-recommend-against-using-the-solidity-fallback-function/ for why I don't like the fallback function.

UPDATE

Based on the comment thread below, I'm guessing that the remaining issue is that you haven't minted any tokens. The below code (using web3.py) worked for me after deploying your contract. Note the mintToken transaction:

assert web3.eth.getBalance(contract.address) == 0

contract.transact().setPrices(700000000000000, 600000000000000)
contract.transact().mintToken(contract.address, 1)

web3.eth.sendTransaction({
    'to': contract.address,
    'value': web3.toWei(0.0006, 'ether'),
})

assert web3.eth.getBalance(contract.address) == web3.toWei(0.0006, 'ether')
assert contract.call().balanceOf(web3.eth.defaultAccount) == 1
  • I tried , but everytime transaction failed, the contract is unable to receive ether. what could be the possible reason ? – Parnasree Chowdhury Dec 25 '17 at 20:22
  • You tried what, exactly? – smarx Dec 25 '17 at 20:24
  • I have edited the code above in the question in contract testcoin added code of buy function in fallback function – Parnasree Chowdhury Dec 25 '17 at 20:32
  • The edit you made is syntactically incorrect. There's an extra curly brace. – smarx Dec 25 '17 at 20:35
  • Thats a mistake here, but in original code it was ok, other than the above edit I also attempted calling mintableToken.buy() in fallback function – Parnasree Chowdhury Dec 25 '17 at 20:37

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