In the recent years, cryptocurrency drastic rise in value has stoked a large amount of public interest in virtual coins and altcoins which are constantly being created every day. Currently, there are many virtual currencies in existence and that’s mainly due to the presence of dedicated virtual currency creation services present in the market. The likes of coin creator, wallet builder, and CryptoLife assists us in carrying out the technical work unless the coin creator does not have a clear set of interest and commitment, the customer is bound to fail in this task eventually. So, if you are planning to create your own cryptocurrency, you should be wise enough to follow these steps.
Creation of a New Blockchain network
The first and foremost step is the creation of a blockchain network. Most of the modern cryptocurrencies function within a blockchain framework. This is a completely decentralized network which highlights the importance of cryptocurrencies. Creating a blockchain framework will also give complete control over the coin code. Through the blockchain system, you will be able to create your own altcoin right from the beginning allowing you to incorporate new, ingenious features of your very own cryptocurrency. The benefits of using this method are:
- You will have a number of options available for customizing your own coin to make it stand out.
- You will be able to choose the number of miners or minters based on the earnings according to proof of work/proof of stake rewards.
- Additional options such as choice of the block size, maximum coin supply and the rate of issuing new coins will always be under your control.
Crafting a crypto-coin fork
There are certain drawbacks to having control over everything. But creating a fork will help you in implementing the already existing reliable open source code for your cryptocurrency. In order to create a unique coin for this purpose, you can choose to use the code of your closest coin that has the necessary features you need and then enables the changes later to it. Advantages of following this approach are:
- Launch your own version of cryptocurrency with a secure blockchain that will protect your data from external fraudulent attacks/errors such as double spending.
- Unrestricted access to a number of features such as built-in decentralized exchanges that will allow people to trade their cryptocurrencies for digital assets.
- Since one doesn’t have to go through the long process of coding and developing, it will save a lot of time on your end.
After you figure out the above steps, here are a few more tips that will assist you in moving further.