The world is inevitably moving towards a digital economy and people, like always, have different opinions and doubts. Digital currencies are here to stay, and one of the strong reason for this is the new addition to the digital currencies — Cryptocurrency.
So what is a cryptocurrency?
Well, a cryptocurrency is a medium of exchange just like fiat currencies such as USD. These digital currencies use cryptography for the security which makes it extremely difficult to imitate or hack it. Cryptocurrencies are quickly gaining the public eye in the last couple of years and for good reasons.
The underlying technology behind cryptocurrencies is the Blockchain Technology. The Blockchain technology guarantees safe digital transactions through encryption and makes sure that there is no central authority but a shared one. By offering such a robust security feature and the decentralisation, Blockchain is poised to impact nearly all the areas of our lives.
Now that you know about the cryptocurrencies, you must be wondering who can create a cryptocurrency? How easy is it to create one? Or can you develop a cryptocurrency of your own?
Well, anyone can create their own cryptocurrency. You don’t have to be an expert coder for that (Although it would help you). But you do need to keep in mind a few things before you jump in.
Coin vs Token
Although coins and tokens both are cryptocurrencies, there is a difference. A coin, like Bitcoin, Dogecoin, etc., operates on their own blockchain whereas a token operates on an existing blockchain infrastructure. Hence, the coins have their independent transaction ledger while tokens have to rely upon the underlying network of blockchain for verification of transactions and their ownership. Anyone can create tokens and release them through crowdsale AKA ICO (Initial Coin Offering) but creating your coin is a whole new task. For that, you could do either of these things.
Build your own Blockchain:
Creating your own blockchain gives you total control over the code of your coin. Through that, you can develop your altcoin with different, intriguing and inventive features which would help you customise your coin. You can choose the number of coins as well as miners and the rate of issuing your own cryptocurrency coins. This method is extremely time-consuming since it would require testing of each feature that has been developed. It is not feasible to go for this process unless you need to add features that require a change in the very foundation. Even the experts would recommend going to the procedure given below.
Fork an existing Blockchain:
This method is widely used in the industry when it comes to developing a new cryptocurrency. You can easily fork a blockchain which is currently in use from the source codes available on Github. You can make changes according to your wish and launch it with a new name. Adding features to existing code will not be a time-consuming process if you have the right developers. This method will save your time, since testing each element is not necessary, and the concern about the security of the cryptocurrency being developed will not be a huge deal because this blockchain is already existing and in use.
But in this space filled with fraud cryptocurrencies, you need to give the people a reason trust yours. This would require a clear long-term vision behind your cryptocurrency as well as community support. If your coin is offering a solution to some particular problem and match people’s needs, it would quickly gain popularity and trust, in turn, making people accepting of your coin. Getting miners on board would also become easier after sharing the intentions behind your cryptocurrency and make them your loyal customers for a long time. Here, ICO marketing could help you in reaching the audience globally.
The real potential of the cryptocurrencies lies within the communities as it would make exchanges of goods and services more secure by reducing the dependency on central authorities like a bank or the government.
We hope you found this article interesting and informative enough to push you into creating your own cryptocurrency. If you still have any queries, you can contact us or directly send a mail to [email protected] for further inquiries regarding cryptocurrency development or blockchain technology and share your ideas with us. We, at Codezeros, have been studying the field of cryptocurrencies for a long time and have developed quite a few cryptocurrencies. So let’s get together and create a better future together.