It all begins with preparation for creating the right code. Whether you want to create your own cryptocurrency online on an existing currency or a unique crypto coin, initially you must have to develop an ICO (initial coin offering) website to raise funds before launching your personalized crypto coins.
An ICO startup will help you sell a fixed profit percentage for your future crypto coins usually in exchange for real money or popular coins. However, keep this offer limited to the first few investors to avoid any misfortune; may be the volatile net-worth. Well, you can also trade your coins in the exchange market once they get recognition. Cryptocurrencies aren’t going to fade away any time sooner; they are meant to stay here like forever.
However, remember, the stakes in the crypto-related businesses are quite high compared to any other industry; say retail or hospitality, etc. You cannot be just a plain lucky winner. You need to plan and execute everything timely and efficiently to circumvent the likelihoods of all odds you may face during the whole process of launching and trading your custom cryptocurrency.
Make your own Cryptocurrency with unique techniques:
Cryptocurrency defines a new way to strengthen your financial condition. You can make money by creating your own cryptocurrency just like bitcoin, ripple, and Litecoin, etc. If you have a digital idea, you can go with building and introducing your own cryptocurrency to go with it. Here’s how you can develop your custom crypto-assets in the form of unique coins based on blockchain technology.
First of all, differentiate between coin and token. Most people, even professional investors, think they are the same. Apparently, they represent the same thing – cryptocurrency. But, in reality, they are two different types of cryptocurrencies.
A coin is a type of digital currency that operates on its own blockchain system. For example, bitcoin and Litecoin, etc. They have their self-established network of digital transactions because of their decentralized ledgers – blockchain system. For this reason, these crypto coins are considered ideal for digital transactions of financial assets.
A token, on the contrary, functions on an existing blockchain; for example, Ethereum. As tokens use underlaying blockchain technology for the verification of digital transactions, they are primarily meant for building smart contracts – usually for physical items and reward points to name a few. Moreover, they are normally traded for the popular coins that are typically purchased/sold in the exchange market.
Now, with this all, it becomes evident that you need a blockchain system for building your own coin.
Oh, you get a bifurcation ahead.
Well, you can either opt for blockchain development from scratch or can modify an existing one for your new crypto coin. Whatever choice you make, you must have strong coding skills backed by all essential technical knowledge.
All you need is to take an open-source code knowing which blockchain system you want to modify and why (available on Github) and make the desired changes and launch your blockchain-based crypto coin with a new name. For example, Garlicoin was a new coin emerged from Litecoin blockchain. Alternatively, you can seek help from a savvy blockchain and cryptocurrency developer.
The original blockchain will provide more support, value, and excellence for your coin development process but may cost you more. While, tailor-made blockchain will be the right option at its best of quality and value for money. Make a well-informed decision depending on your coin development needs and financial capital you can consume.
Let’s Build a Blockchain for your New Crypto Coin:
Follow the steps below in due course of building your blockchain system.
Identification of the accurate subject matter. It means to determine what you want from your blockchain system to do – data collection and accreditation, and smart asset management.
Find out a consensus-based methodology that will make a perfect sense to meet all your requirements related to your idea of crypto coin development.
Choose the right platform for blockchain development. A variety of options are available such as Etheruem, Quorum, Corda, and BigChainDB, etc.
Determine the node features you want in your blockchain and configure the system for essential elements such as block signatures, asset issuance, key management and various other parameters as per your need.
Create APIs (optional) for data storage and access, smart contracts, address generation and key pairing, etc.
Design the admin panel and user interface using a web server, an external database, and frontend programming language.
You can also implement other leading technologies such as cloud computing, data analytics, artificial intelligence, and machine learning, etc., to enhance the power of your developed blockchain.
In the end, you need to write a sophisticated, flawless code for creating your own cryptocurrency by choosing a reliable cryptocurrency exchange development platform. It’s far easier than creating physical money of your own. You can do it with the necessary coding skills and if not, then hire a cryptocurrency developer to develop and get your crypto coins off the ground.