create a cryptocurrency
229 Views

A cryptophile may decide to create a cryptocurrency for several reasons. He may want to develop a single currency system within a company, directly remunerate his service providers by freeing himself from traditional currencies or create a community corner.

Creating cryptocurrency can also be done for no particular reason, just for fun. There are also thousands of crypto currencies in the world to date.

Regardless of the reasons behind their creations, there are 4 different methods to employ. They are accessible to anyone who wants to create a cryptocurrency.

The procedure with cryptocurrency creation services

On the platforms of companies that offer their services in the creation of cryptocurrency, the procedure to follow is very simple. It is accessible even for people who have no development knowledge.

Just provide the requested information:

The name ;

Design ;

The technical preferences of the currency to be created.

It is also possible to use automatic generators to set up a cryptocurrency. This process only takes a few minutes. However, it should be noted that in this area, cases of scams are numerous and require vigilance.

Forking an existing cryptocurrency

The principle

This method creates tokens. It is the ideal choice for people who do not want to invest large sums in the manufacture of a “corner”.

It is indeed possible to create a token on an already existing blockchain. This amounts to “Forking a cryptocurrency”.

Indeed, when developers create cryptocurrencies, a third party can use them to develop an entirely new cryptocurrency. By way of illustration, Litecoin was obtained from Bitcoin, thanks to a Fork.

For more information on these topics, it is useful to follow the cryptocurrency news .

The procedure

As much to say it right away, forking an existing cryptocurrency requires having some developer skills.

Indeed, you have to be able to use the open source code of the existing cryptocurrency to create a new currency. The procedure also requires the use of a few parameters in the lines of code as well as a text editor dedicated to programming.

The principle in this regard is as follows: the more the developer makes changes to the initial blockchain, the more original the cryptocurrency created. We then speak of a “hard fork”. In the case of minor modifications, it is rather a “soft fork”. Click here to learn more.

Create a cryptocurrency by outsourcing the procedure

In the absence of in-depth knowledge of blockchain technology, it is possible to create a cryptocurrency using certain specialized platforms.

For specialized companies, it only takes a few days, or even a few hours, to set up a cryptocurrency that corresponds to the specificities defined by the client.

In compensation, the latter must pay a sum whose amount varies according to the specificities retained. These specialized players in the creation of crypto currencies are Blockchain-as-a-Service (BaaS) type companies.

Code your own blockchain

Coding experts can choose to code their own blockchain. In this case, you have to start from scratch by writing your own code, line by line. For this purpose, the coder needs several tools including:

A custom server;

Substantial storage space;

A very powerful computer.

Even with the required coding skills, coding your own blockchain is time consuming and complex. The main challenge in this regard does not lie in the creation itself, but rather in the ability to guarantee an optimal level of security.

Valuing your cryptocurrency after creation

There is no point in developing a cryptocurrency if no user is interested in it. It is for this reason that once one has succeeded in creating a cryptocurrency, the next step is to carry out an “Initial Coin Offering” (ICO). This is an Initial Coin Offering created.

This post-creation stage requires fundraising. It consists of offering investors tokens, that is to say a few units of the new encrypted currency, in exchange for compensation in known currencies such as Bitcoin or Ethereum. This article helps you learn more.

In this whole process, the hardest part is therefore not to create a cryptocurrency, but rather to manage to secure the support of a given community. It is therefore essential to succeed in this step if one aspires to create a cryptocurrency and see it prosper.

Leave a Reply

Your email address will not be published. Required fields are marked *