Technology advancements and methodologies have made it quite easy for us to create altcoins or blockchains. Firstly, let’s go through some information that is required to create your own cryptocurrency.
- Creating your own blockchain will require extensive programming knowledge. If you are not a technical person then you may need to take help from a technical person who can help you with the coding part.
- Next you have to decide whether you want to create a cryptocurrency from scratch or create a bitcoin fork.
Once you’ve decided what to do, the following points will help you get closer to your decision.
Creating a new blockchain– By creating your own cryptocurrency from scratch you will be able to add new and unique features. You will also be able to set new parameters for your very own cryptocurrency. Some advantages of using this method are-
- You can customize your own coin and make it stand out from the rest of the crowd.
- Based on the earnings, you can decide whether to go with miners or minters.
- You are free to choose the block size, supply limit for max coins and the rate at which new coins will be issued will be your choice.
Creating a bitcoin fork- Having everything made from scratch will certainly give you more control but building a bitcoin fork will be more reliable as it is already out there and people will be able to relate to what you are offering. It allows you to use the existing open source code for your cryptocurrency.
If you have some feature you want, you can choose the code that has the features you need and make changes to it later. Advantages of using this method:
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- Creating and launching your own cryptocurrency with a secure blockchain will prevent it from exposing to any fraudulent attacks such as double spending attacks.
- You will have access to all the existing features like built-in decentralized exchanges that gives people access to trade cryptocurrencies for digital assets.
Now that you have decided how to proceed with, here are tips that will help you further:
Ensure that you have a specific benefit for the end user because if you are not providing anything of use to the end user. You should think about creating more value for the customers such as greater security and more options for them.
Think about developing your own code or take help from a team or outsourced developer who understands about different programming languages and how to fit with the existing cryptocurrency environment.
Carefully weigh the options of creating your own cryptocurrency or using the existing open source code. If you want have more control over the code, you should go for your own cryptocurrency and build your own blockchain to further differentiate you from the crowd.
Define what features you want to have including size limit for reissue, block reward for miners and the supply of coins you want to have.
Define the services you will provide your customers like allowing them to check their transactions, wallet balance.
Most important decision you will have to make it to have a secure blockchain to avoid any attacks. This is critical that you have it as secure as possible before putting your name on it and offering it to your audience.
With increase in the overall cryptocurrency environment stability, the option of branding your own coin is an exciting opportunity to stand out and serve your audience with new options.