How to create your own cryptocurrency: A complete guide
Until and unless you’ve lived under a rock in the past few months, you must have a faint idea of what cryptocurrency is. There have been crazy and epic events happening in the world of cryptocurrency and non-fungible tokens. Dogecoin, which was made as a joke in 2013 is now a very real although unpredictable […]
Until and unless you’ve lived under a rock in the past few months, you must have a faint idea of what cryptocurrency is. There have been crazy and epic events happening in the world of cryptocurrency and non-fungible tokens. Dogecoin, which was made as a joke in 2013 is now a very real although unpredictable investment. But, have you wondered if you can make up your own cryptocurrency? If you didn’t know, the answer to that question is, YES! Read to find out how.
Basics you need to know before you make cryptocurrency
But first, you need to know a few important things.
- Coins and tokens are not essentially the same things. Crypto “coins” like Bitcoin, Dogecoin, and Litecoin work on their own blockchain. On the contrary, tokens work on an existing blockchain. Ethereum is the most common one.
- Coins can be used to transfer wealth but, tokens represent contracts to physical or digital items.
- Blockchain is a record of transactions. They are made on a network and secured.
Make or fork a blockchain
There are two ways to go about the blockchain of your choice. You can either make your own or fork an existing blockchain to your preference. They both are technical and need a developer’s insight if you are new to it.
Building it from scratch needs more coding skills. You can make use of online tutorials and courses to guide you through but, you will need strong coding skills to execute it. On the contrary, you can fork an existing blockchain by using an open-source code from Github. For instance, Garlicoin was forked from Litecoin’s blockchain.
Once you are done with this step, you need to create and deliver your finished coin using a coin launch tool such as WalletBuilders or Rally. If you want to make your token without a public ICO, you can make one and just share them with your friends. After all, tokens can be an asset, have no real value or a serious purpose. Gifting your friends a fun token for memory and keepsakes sounds like a great birthday gift!
All coins and tokens are not the same, or worth alike
It is important to remember that creating cryptocurrencies is not the hardest part. You need to give your coin or token actual value, build the infrastructure needed, and maintain it. Additionally, you also need to convince other people to buy it. All in all, it is not a one-man job. You will need a team of developers behind it. The only reason dogecoin was a success is because of good promotion and development.
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