Making your cryptocurrency is within reach of anyone who can code and is willing to invest some time and energy. Creating your own coin allows you to put it in the cryptocurrency markets for others to invest in. Although creating your own cryptocurrency may sound daunting, there are plenty of tools out there that take the pain out of the process. It’s also risky because it means building everything on your own and might make you prone to attacks.
Here’s how to get started.
Create your own blockchain
If you want to make your own blockchain, you need to understand how blockchain works and how it can be used to make a currency. You’ll have to also create an app that sends blockchain transaction requests.
This approach will likely require the most technical acumen and programming skills. You’ll need to code every feature from scratch, including its security features, which you’ll need to test thoroughly before launch.
There are two main ways to create your own blockchain: using a programming framework or building it from the ground up in C++, Go or Rust. The first option is more beginner-friendly, but if you have experience with coding, the second option will allow you to customize the code according to your needs.
Modify an existing blockchain’s code
It is possible to use Bitcoin’s blockchain as a template for creating new tokens, which has been the strategy for many new digital currencies. This approach benefits from being compatible with other Bitcoin systems and applications. Still, it is also a more limited approach – you will be tied to the limitations of Bitcoin’s blockchain.
If you want to get more creative with your token, you need to tweak existing code or write your own blockchain application from scratch. This is not recommended for beginners!
Create a fork of an existing blockchain.
The easiest way to create your cryptocurrency is to borrow code from an existing coin. This is the simplest and fastest method since it will cost you less than $20 and take no more than a couple of hours. You don’t need any programming or technical knowledge to do this, plus it’s free!
All you have to do is follow some simple step-by-step guide on the internet on how to clone Bitcoin or Litecoin (i.e. create a new cryptocurrency based on their code) using the CryptoNote protocol. Also, you can do this yourself if you have a programming background and know-how to use Git, a version control system that software developers use to track changes in their projects.
Hire a blockchain developer
If you want to create your cryptocurrency and you don’t want to make it yourself, many companies out there offer turnkey solutions for coin creation. This means that you need to pay them some money, and they will give you your token ready to be used on different blockchains (Ethereum or Bitcoin). One can always build your token if you don’t want to spend any money.
You don’t need to understand blockchain technology to create your cryptocurrency. However, it helps to have some basic knowledge of how blockchains work. A blockchain is a public ledger of transactions maintained by a network of computers that uses cryptography to control its creation and management.