Today’s post is based on how to Make your own Cryptocurrency.
This year will be known as the actual origin of the cryptocurrency. There are various reasons behind this. The milestone performance of Bitcoin. In addition to that, the evolution of Various Altcoins and their exchange platforms.
You can see tremendous growth in bitcoin price chart from last 2,3 year.
The popularity of Cryptocurrencies is increasing with the day. Moreover, the number of investors are also increasing with this. Today every individual wants to invest and trade in the cryptocurrency. Further to that, we cannot deny that the cryptocurrencies have given the unexpected profit and services since last two years.
Talking about investors I am also seeing another interest in the cryptocurrency market that is how can an individual create his own Cryptocurrency. Yes, from past couple of months I am receiving such questions like this.
So today in the post we will see the steps to Make your own Cryptocurrency.
Set up and protect your cryptocurrency around a community
Establishing your coin should be your first goal. In the initial stage work for locating a community and then create your cryptocurrency around it. You cannot simply say that I will Make your own Cryptocurrency or Altcoins and show it to the world. In addition to that, you also can’t expect them to invest in your cryptocurrency. So this has to be the main goal of a Developer or creator.
The involvement of a group makes it very easy and more appropriate to locate a community. Moreover, it also helps to recognize the future security threats and the possibility of being attacked.
Providing this kind of protection, and constantly working towards the development of your digital currency can significantly increase its conformity to the law or to rules. and help you build trust among the public.
Working in codes for a Long-term investment
Coding a cryptocurrency is the smallest part of the procedure. In addition, it will take less than one day if you have some backup team.
Most of the cryptocurrency is based on the Bitcoin’s or Litecoin’s open source method. You can get the free access to this on GitHub. If you have some knowledge about C++ and experience in coding than definitely you can customize your unique features while building your cryptocurrency.
The main part will come into the steps of Complexity you want in your Cryptocurrency’s Blockchain. Some cryptocurrencies copy paste their algorithm. Moreover, some Developers create their own fresh Algorithm. If you will do the whole code parameter than it will consume your time or you can just pick up the code from GitHub and do the modifications of features according to your needs.
Start Building & Make your own Cryptocurrency
We will take the example of Ethereum Blockchain.
- Download the Ethereum wallet. It is a multi-platform app that will enable you to send ether and ethereum based currencies, create and execute contracts. so create your Ethereum account. In order to that, you need a strong password.
After that, you need some Etheres for any further operations. Most of the contracts here will cost less than a tenth of a US penny. If you are just testing it, we recommend you switch to the testnet: go to the menu develop > network > testnet (morden) and then on develop > start mining.
After doing this possibly you will have enough Ether to start the mining. So you can turn it off and save to your computer resources.
If you want detailed information on Best Miners you can read our post on Best Ethereum Miners.
- In the first step, we will create a “token”. All tokens implement some basic features in a standard way, this also means that your token will be instantly compatible with the ethereum wallet.
Go to the contracts page and then click “deploy new contract”.
Now copy the Token code and paste it into “Solidity source field”. If your code is correct you will see a “Pick a contract” option on the left down side of the page.
Get your contract and select “My Token” contract option. On the right-hand side of the page, you will see some criteria’s. using these option you can customize your token.
Scroll down and you’ll see an estimate of the computation cost of your selected contract. you can select a fee on how much ether you are willing to pay for it. Extra Ethers will be returned to you so that you can leave the default settings according to your need. Press “deploy”, type your account password.
After that wait for some time for picking up your transaction. Further to that, You’ll be redirected to the front page where you can see your transaction waiting for confirmations. Click on the “Etherbase” which is your main account and then you will see that you have 100% of the shares you just created.
To send some to a few friends: select “send”, and then choose which currency you want to send (ether) or your newly created share), paste your friend’s address on the “to” field and press “send”.
Remember your friends will not see anything in their wallet. This happens because the wallet only tracks tokens it knows about, and you have to add these manually. For Doing so go to the “Contracts” tab. Here you will see a link to your newly created contract. Click on it to go to that page.
As it is a simple contract so you don’t have to do anything much there. Just click on the “Copy address” option. Now go to the contract page then click on “Watch Token”. You will see a popup, just paste the address which you copies just now in that popup. Fill your Token name, symbol, and decimal according to your preference. Once you do this you will automatically show your balance and after that, you can send it to anyone else.
That’s all you have Make your own Cryptocurrency or token/altcoin.
Gain Trust of Miners
Step 4 is only about gaining the trust of Miners. Once you have your created your Cryptocurrency you will have to advertise it for your Business purpose. The moment people knows about your cryptocurrency and started mining it your half job is done now.
This is the point where the developers must take off their coding cap and start thinking like marketers. Think innovative ideas for how you can Build trust between traders and investors.
Clear your thinkings, invention, and intention. Represent this idea in front of customers transparently. A good number of coins fail to deliver because the makers believe that they can throw technology at any problem, and make it disappear. Try to make these types of trust in the market.
Signing up Merchants
The last and important step is signing up Merchants. Once you have created your coin, made a team, established your coin in the market. People are Mining your coins. Then you have to think about the market so that people who are mining your currency can buy things with it.
As per experts opinion, the over global dominance should be your last goal. It takes years and years to complete. It is also possible that it will never happen. Now, this not only about you and your currency. The overall currency growth depends upon your strategies, teamwork, ideas, features, invention, and presentation with the competitive belief.
That’s all about how you can Make your own Cryptocurrency. If you have any doubts let me know in the comment section.
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