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As of the end of September 2018, there are more than 2 thousand different cryptocurrency projects in the world. Every month their number is only increasing. For example, at the start of this summer, the CoinMarketCap website indicates that there were about 1,600 coins, that is, globally, 400 new ones were seen in 4 months. In this article we will talk about the nuances of the creation of yours cryptocurrency and discuss how much it can cost and how you can do it. So, there's a lot of information, let's start.
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- Why do you need to create your cryptocurrency?
- What should you consider carefully when creating your cryptocurrency?
- What are the main ways to create a new currency?
- Conclusion
1. Why do you need to create your cryptocurrency?
At the beginning it is necessary to determine the value that your currency will have. There is a huge number of projects that have been created and launched for fun, for example: TrumpCoin, PutinCoin, etc. These coins will do it hardly ever succeed or at least enter 100 TOP projects.
An idea that underlies your future coin creation will solve some important problems or improve the existing product. In addition, the coins that will be used as a means of settlement within a particular platform (a service, a game, etc.) are considered promising.
2. What should you consider carefully when creating your cryptocurrency?
Suppose you already have a clear idea of the purpose of your future offspring, so let's talk about the nuances that will influence the cryptocurrency creation algorithm.
1. Define, if it will be a coin or a token. The process of creating these two types of cryptocurrency assets is significantly different. The coin is launched on its own blockchain and the token can be launched using a third-party platform (Ethereum, EOS, NEM, etc.). Because of his position, the currency often serves only as a means of payment, but the token can have various applications.
2. If you decide to create a coin, you need it Make a choice between a completely new product written from scratch or a fork of one of the most popular coins. It should be admitted that writing a code from scratch is rather hard work that requires engaging a team of experienced programmers and spending a couple of years. Therefore, this type of business is quite expensive from a financial point of view.
3. Issue. When you launch your decentralized project you should consider this problem carefully. It is necessary to calculate everything correctly. If you make too many coins or tokens, their value will decrease. And if, on the contrary, a very limited problem is created, there is a risk that money will not be able to maintain sufficient commercial value. It is necessary to think about the working algorithm of the cryptocurrency, since the emission control depends directly on it.
4. Errors and success. Before launching your project, carefully examine the history of similar coins. Analyze what can be done better, which mistakes should be avoided, etc. The pioneers who were the first to arrive on the market opened the way for their right and wrong decisions. It is necessary to use this experience.
These are only the main aspects that are of the utmost importance, in fact there are many more nuances, but it is impossible to describe them all within an article, since they have a purely individual character.
3. What are the main ways to create a new currency?
There are several options for creating cryptocurrencies, let's take a closer look at them:
- Hard fork means changing the source code of the existing currency but continuing to run on the same blockchain. The creation of such a project requires a relatively short time, but you still have to deal with the code. The following aspects are subject to change: name and abbreviation, number of coins, block size, reward, logo, etc. As a rule, the codes of popular currencies are in the public domain. You can download them from the Github resource.
- Write your blockchain. As mentioned above, this option is the longest and most expensive among all the others, but with the right approach it is possible to create a completely new project that will make a revolution in the whole sector.
- Starting tokens on third-party platforms. Currently the most popular are those that have the ERC 20 format, which are created on platforms such as Ethereum, EOS, NEM, etc. It is worth remembering that tokens can be created using a ready-made model of an intelligent contract or you can write your model manually. The first method absolutely does not require any specific knowledge in programming. For a successful launch, it is sufficient to specify the name and the abbreviation, the emission and the number of symbols after the decimal point. If you have the desire and the opportunity to write your smart contract, you can potentially create a token with almost every feature. Its development can also take a sufficient amount of time and require substantial investment.
4. Conclusion
At the moment, the creation of a new cryptocurrency is not really surprising. If desired, you can start your decentralized project in several hours, even on your own, without planning investments and knowledge. But if your goal is to create a fundamental cryptocurrency that will be able to compete with market leaders, then get prepared at multi-million dollar expenses and a long development process.
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