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I did a lot of research about this, but still don't understand some concepts around token price and proof-of-work.

First of all, imagine I've created a token, which is ERC20 or 223 standard smart contract, what is the best initial amount can I give it, and does it determines the price? is there any formula that can help me to understand, exactly what determines price or if it's in correlation with initial supply (and it is of course but how), how can I manage to predict approximately what will cost one my token in Euros for example?

Second, is ERC20/223 automatically PoW standard? Or I need to change something?

Third, can I modify the code after deploying on mainnet?

And for the last one, if total supply goes down and there is nothing left to mine, is minting the only solution?

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  • Token price is determined by supply and demand from the market.

  • There's no such thing as an ideal supply. Every project is different.

  • ERC20/ERC223 has nothing to do with mining they are about utility token functionality. There are several proposal like EIP 919 but it is still at draft stage after two years.

  • No, you can't modify a contract bytecode once it was deployed (*). You can use a Proxy Pattern so for the user the contract address will be the same but you can change the implementation.

(*) With the CREATE2 opcode it should be possible to remove a contract a re-deploy with a different bytecode.

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  • Thanks for the clear explanation. Even tho it's at draft stage, can I still deploy it? as I saw, KIWI token is using that standard. And is there any other solution? Kiwi is itself fork of 0xBitcoin, which is bitcoin implemented in solidity – Kaneda Nov 24 '20 at 14:47
  • @Kaneda There are already deployed tokens with mining functionality so you should be fine deploying your token. For EIP 919 it seems there's not enough interest from the community to push for a final version. – Ismael Nov 24 '20 at 20:43

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