How To Create Your Own Cryptocurrency?
As of the end of September 2018, there are more than 2 thousand different cryptocurrency projects in the world. Each month their number is only increasing. For example, at the beginning of this summer, the CoinMarketCap website indicates that there were about 1,600 coins, i.e, globally speaking 400 new ones appeared in 4 months. In this article we will talk about the nuances of creation of your own cryptocurrency and discuss about how much it may cost and how you can do it. So, there is a lot of information, let's get started. Content: (please, click the topic to scroll down to it)
- Why do you need to create your own cryptocurrency?
- What shall you thoroughly consider while creation of your own cryptocurrency?
- What are the main ways to create a new coin?
- Hard fork means changing the source code of the already existing coin but continuing to run on the same blockchain. Creation of such a project takes a relatively little time, but you still have to deal with the code. The following aspects are subject to a change: name and abbreviation, number of coins, block size, reward, logo, etc. As a rule, the codes of popular coins are in the public domain. You can download them from the Github resource.
- Writing your own blockchain. As it was mentioned above this option is the most time-consuming and expensive among all others, but with the right approach you can create a completely new project that will make a revolution in the entire industry.
- Launching tokens on the third-party platforms. Currently the most popular tokes are the those who have the ERC 20 format, which are created on the platforms such as Ethereum, EOS, NEM, etc.. It is worth mentioning that tokens can be created either by using a ready-made template of a smart contract, or you can write your template manually. The first method absolutely does not require any specific knowledge in programming. For a successful launch, you only need to specify the name and abbreviation, emission and number of symbols after comma. If you have a desire and an opportunity to write your own smart contract, then you can potentially create a token with almost any function. Its development can also take a sufficient amount of time and require substantial investments.