How to develop your own cryptocurrency?

Nowadays, the use of cryptocurrencies is much more widespread, learn how to develop your own cryptocurrency

The number of cryptocurrencies or tokens continues to grow, and you can also develop your own cryptocurrency with a small investment.

How can you do it? There are two main ways. One, which is the most common, is by means of tokens that work on top of existing blockchains. Another is to develop a cryptocurrency that has its own blockchain. We can create your token and white paper for only 12.900 USD

Features of a cryptocurrency and a token created by you

To create a cryptocurrency, you will need to develop a blockchain. Having advanced knowledge of programming and working with blockchains is key. The development cost is high, and the process also takes a long time. One option is to copy a previous blockchain and use it as the basis for your own cryptocurrency. This was the case with Bitcoin Cash. Attracting users to your blockchain will not be easy.

Meanwhile, a token is built on existing blockchains, which already have established user bases. In order to create the token, you can rely on developed and open source tools. Token development is significantly cheaper and faster.

A token is often a valid alternative for those who are looking to develop DeFi applications or games-to-win or launch tokens and then launch them as cryptocurrencies. Among the most popular solutions for developing tokens are Ethereum, Solana and BSC blockchains. These allow tokens to be created on standards such as BEP-20 and ERC-20. Both are compatible with most digital wallets.

How to develop your own cryptocurrency or token in 5 steps

1—When creating a cryptocurrency, the first step is to design a blockchain. We have already established that this can be complicated, so it is highly recommended to hire specialized personnel. If you are going to launch a token, it is essential that you select the blockchain on which it will operate.

2—You will need to select the consensus mechanism. Consensus mechanisms establish, within a blockchain, the way in which members confirm and validate transactions.

Blockchains generally use the so-called “Proof of Stake”, because it is not necessary to have such powerful hardware for its operation. Meanwhile, the “Proof of Work”, which is used in the Bitcoin blockchain, is more secure but difficult to maintain, since it requires highly powerful hardware and consumes a significant amount of electrical energy.

3—Create a team of developers, both to launch a token and to create a cryptocurrency. Keep in mind that, once the blockchain is running, you will not be able to transform its rules or concepts.

4—Review the legal aspects. Whether for a token or to present your cryptocurrency, it is necessary to get legal advice. A legal expert will verify that all the documentation is correct and will request the necessary permits to ensure a successful launch.

5—The final step is to mint the token or cryptocurrency. The method will depend on your objectives. For example, tokens that are fixed supply are launched all at once using a smart contract. By contrast, in cryptocurrencies such as Bitcoin, new coins are only minted incrementally. This happens when miners validate other blocks of transactions.

We can propose a package or turnkey project for only 12.900 USD. Request a consultation now to discuss your idea and guide you through the process.