With the growth of blockchain technology, many people are interested in learning about how to make their own Cryptocurrency. There are a few major ways to accomplish this.
What is Cryptocurrency, and how does it work?
Cryptocurrency is a relatively new phenomenon in our world, and even though it has been around for more than 11 years, it is still widely misunderstood. While some think it’s a new form of money, others are still trying to figure out how it can benefit their lives.
Before delving into more advanced concepts and outlining how to create your own Cryptocurrency, it’s essential to understand cryptocurrency in the first place.
Cryptocurrency is digital money that can be used to buy and trade goods and services. Businesses have developed their own currencies, termed tokens, that can be swapped for goods or services.
Given below are some of the benefits of cryptocurrencies:
• Decentralization
The underlying technology of cryptocurrencies, blockchain, benefits cryptocurrencies in a way that these currencies are independent of any authority, and no one can impose laws on cryptocurrency inventors and owners.
• Unlimited Transactions at a Quick pace
The processing and settlement of fiat money transactions take a long time – which can be a few days. Since cryptocurrencies eliminate middlemen, they reduce the transaction settlement time significantly and enable accelerated transactions.
• Low transaction cost
Transaction costs are high at banks and other financial institutions. This isn’t to say that you won’t have to pay a fee for crypto transactions; it only means that the price is very low.
• Internationally recognition
Even if the sender and recipient of cash are located in separate parts of the world, they can still exchange cryptocurrency.
• Transparency and anonymity
Every trade is recorded, and the records are impervious to modifications, thanks to the distributed nature of blockchains. At the same time, no one will know who made a transaction or who received the bitcoin if a crypto address is not publicly confirmed.
All of these benefits have escalated the demand for cryptocurrency development.
How can you develop Your own Cryptocurrency?
Technically, you can choose between the two options to create your own cryptocurrency:
• Developing a coin
A crypto coin is a currency that is created on its own blockchain. For example, Bitcoin (BTC) and Ethereum (ETH). BTC was created on the Bitcoin blockchain and ETH was created on the Ethereum blockchain.
• Developing a token
A crypto token is a currency that is created on an existing blockchain. For example, the currencies that are built on Ethereum blockchain (ERC-20 token standard), or Binance Smart Chain (BEP-20 token standard).
Key Processes involved in Creating Your Cryptocurrency
It would be beneficial if you review the entire process before getting started with cryptocurrency development. In seven simple steps, we’ll walk you through the process of creating a cryptocurrency:
• Define your concept
While developing a cryptocurrency is exciting, in real-world business, you must have a strategic plan. You need to define how to create a cryptocurrency, what problem you want your cryptocurrency to address, and who it will benefit from. A professional cryptocurrency development company can help in this crucial step. Perhaps you want to eliminate the need for a bank or other middleman in transactions, or you want to develop a game-changing healthcare solution.
• Deploying the Best Crypto Development Team
While you can figure out the ideal technique to create a cryptocurrency, entrusting an expert development company is more effective.
As we’ve already discussed, you must select the right team by using the proper Blockchain developer selection criteria to bring your vision to life. Consider recruiting seasoned experts who are familiar with the blockchain and cryptocurrency worlds.
• Deciding on smart contract rules
Your project will be significantly dependent on a smart contract. Smart contracts are identical to traditional contracts, with the exception that they are digital; they run on the blockchain and have pre-determined rules that cannot be changed and the smart contracts are executed automatically when per-defined conditions are fulfilled. You can build your regulations that symbolize the ICO/fundamental STO’s principle.
Because some initial coin offers have turned out to be frauds, trust in ICO/STOs has dwindled. Investors are careful about the ventures in which they put their money. The legitimacy of your project will be ensured if you use an external auditing firm.
• ICO marketing
When you’ve finished all of the preceding steps, it’s time to move on to ICO/STO marketing. Begin by utilizing social media, newspaper coverage, guest blogging, email marketing, and general promotion. You can use any traditional marketing strategy, but you must choose them wisely because you must clearly explain what provides Cryptocurrency value.
• Create and support a great community
Do you know what Bitcoin, Ethereum, Ripple, and NEO have in common? There is a thriving and active community on each of these blockchains. You must adopt effective techniques for engaging with members of the community, addressing all of their questions, and keeping them informed about the project’s development. You’ll need a dedicated team to manage your community around the clock, seven days a week.
Conclusion
Follow the above-mentioned steps to ensure that you not only know how to create your own cryptocurrency but also that it will be trusted and supported in the cryptocurrency market. The best course of action is to employ a Blockchain development company that can guide you through the development process.
At Antier Solutions, we have a team of seasoned blockchain engineers and domain experts who offer world-class cryptocurrency development services to help businesses launch their cryptocurrencies and take the lead.
Schedule a free demo of one of our cryptocurrency development projects or connect with our subject matter experts to share your business needs.
