If you want to follow in the footsteps of Satoshi or Vitalik and create your cryptocurrency, technical skills shouldn’t be part of your worries. You have a few options to choose from, including:
- Creating a native cryptocurrency and blockchain
- Modifying the code of an already existing blockchain
- Establishing a new crypto on an existing blockchain
- Hiring a blockchain developer to make a crypto for you
Most of these options require technical computer skills and human and financial resources. Note that the more technical an option is, the higher degree of customization you get. Read on to learn how you can create a crypto and enjoy the benefits it offers.
How to Create Cryptocurrency
While anyone can make crypto, the procedure requires a commitment of money, time and other resources, on top of advanced technical know-how. Creating a cryptocurrency is easy. Growing and maintaining it over time is more challenging. You should then be able to list your cryptocurrency on exchange platforms, and make it as easy to get fiat currency as it is when converting ETH to USD.
Create Your Blockchain and Native Crypto
You can draft a unique code to make a new blockchain that supports a native crypto. Opting for this option requires vast technical training to have coding skills and fundamental knowledge of blockchain technology. You also need to know how to protect your cryptographic keys to ensure your digital assets are safe. This also offers you complete design freedom. If you intend to make an innovative and new cryptocurrency, then creating a blockchain to support your coins is the best option.
You have the freedom to design your native digital coin however you please. Native coins operate on their blockchain, and this makes them superior to tokens. Here is what to do when you want to build a new blockchain:
- Pick a consensus mechanism that meets your needs: The blockchain’s operating protocol is called its consensus mechanism. Proof of stake and proof of work are the commonly utilized consensus mechanisms.
- Design a blockchain architecture: Decide if you want a public or private. Your decisions will depend on why you are creating
- Auditing your new blockchain and its code: Most cryptocurrency developers outsource professional blockchain auditors’ services. The experts review the code to identify any vulnerabilities.
- Authenticate legal compliance: Paying for professional legal consultation before you mine new cryptocurrency is essential. A legal expert can confirm that your digital coin complies with set regulations and laws.
If you are ready to mine your crypto, the amount of coins you choose to issue is up to you. You can choose to mint the complete supply of digital coins in one batch or progressively increase the crypto supply over time.
Hire a Blockchain Company to Make Crypto for You
You can make a new token or coin with any level of personalization by working with a blockchain-creating company. There are many blockchain-as-a-service enterprises that can help you make and maintain a blockchain network. While some BaaS firms create customized blockchains, others use their blockchain infrastructure. Some of the prominent Baas firms include Azure Blockchain service and Cryptomat.
Any individual can make a cryptocurrency, whether for fun or as an investment. However, creating a successful token or crypto that gains value requires a commitment of money and time. You also need an advanced understanding of how blockchain works.