How to Create Your Own Cryptocurrency
With a recent spurt in Cryptocurrencies, you might be wondering how to have my own Cryptocurrency in the market. To make your Cryptocurrency coding it is not the only step, but a proper understanding of market base, the features required by the society etc should also be taken into consideration. Before diving into the procedure let us understand the difference between a Coin and a Token which are both
DIfference between a Coin and Token:
- Coins are currencies that can be used to buy and sell things.
- The major difference being we can buy a token with a coin, but not vice versa.
- Coins are just a method of payment while tokens perform multiple functions like a company’s share, give access to a service or product etc.
- Coins function independently, while token has a specific use in a project’s ecosystem.
Understanding the Market for your New Cryptocurrency:
When determined to start your Cryptocurrency, diving into coding it not the right first step. UNderstanding the user community is the first step to properly nurture the currency. Chris Ellis, a London based entrepreneur said “The first step is to find a community and build a currency around them rather than building a currency and expecting everyone to show up. It has to be sensitive to their needs and to be relevant to their cultural heritage and background”.
There are two paths through which we can proceed – Completely build your Own Blockchain or Fork an existing one. Both of these require a bit of technical knowledge to add the appropriate features. Following are few of the resources:
- Open Source Code of Bitcoin | Github
- Open Source Code of Litecoin | Github
- Learn Blockchain by Building One
- Fork an existing blockchain
By forking an existing blockchain making some modification according to the requirements of the user community we can launch a new blockchain with a unique name for example Garlicoin.
Launching a Coin using a Cryptocurrency Creating Platform:
This method is the most suitable for an average person. A Coin Creation service will do the technical work required to launch a fully functional coin with your customized coin. For example:
- CryptoLife : This even has pre-built templates that only require you to provide a name and a symbol. The base price is $2048.48(at the time of writing) or 0.25 BTC.
- WalletBuilders : Similar service with a base price of 0.01 BTC.
Other reference Links:
There is another type of Cryptocurrency, Tokens, which is essentially a smart contract which may have public ICO. Tokens represent any asset, from a land agreement document or a physical currency or simple concert ticket. Tokens can be created by normal people as a medium of exchange without any real value or serious purpose.
The most used product is the ERC-20 token. It is standard for those built on the Ethereum Blockchain. There are multiple platforms which guide to build a token. After the CoinLaunch’s CoinCreator we need Meta Mask plugin to connect to the Ethereum Network. Follow this walk through video to build and launch a Token.