HOW TO MAKE YOUR OWN CRYPTOCURRENCY: THE ULTIMATE GUIDE
The rise of digital assets has been phenomenal, capturing the interest of numerous entrepreneurs, investors, P2E players, and enthusiasts, leading to an all-time high of over 300 million cryptocurrency users worldwide. This article aims to offer a comprehensive blueprint for constructing your own digital asset, encompassing the initial ideation through to product deployment. Whether you are a programmer or a business visionary, our insights, derived from over 5 years of experience developing blockchains, dApps, smart contracts, and cryptocurrencies, will serve as invaluable guidance.
5 GAINS FROM ESTABLISHING YOUR OWN DIGITAL ASSET
Before we delve into the 'how' of creating your own cryptocurrency, let's discuss the 'why'. More often than not, information related to crypto assets is tailored for retail investors, targeting a broader audience. P.S.: To jump straight to the segment on digital asset creation, scroll down to the section titled, "Strategies to Forge a Cryptocurrency". Here are some notable advantages to constructing your own digital asset:
Strengthened data protection: Blockchain technology can drastically boost the safety of user;s funds and data, reducing the risks of cyber-attacks and fraudulent activities. Lower operational expenses: Decentralized networks eliminate the necessity for costly intermediary services, thus reducing overhead costs. Swift transactions: Blockchain facilitates almost instantaneous transactions and eliminates paperwork, enhancing operational efficiency. Anonymity and transparency: Blockchain ensures anonymous transactions while maintaining complete transparency of all operations within the chain, fostering trust. Fresh user base.
UNDERSTANDING THE DISTINCTION BETWEEN CRYPTO COINS AND TOKENS
When starting your digital asset journey, understanding the difference between 'coins' and 'tokens' is essential. In simple terms, a coin is a blockchain-specific asset, distributed among miners or validators. A token, however, is a secondary concept, secured by smart contracts and has a specific utility or security function.
EVALUATING THE DEVELOPMENT OF CRYPTO COINS AND TOKENS
As you prepare to build your digital asset, several technical aspects will arise. One of the initial technical challenges is deciding whether to develop a coin or a token. Our team at Revoo is also proficient in NFT development. The critical element about crypto coins and tokens is their method of creation. Please note, we offer blockchain development services for startups. If you have any questions, feel free to ask. METHODS TO FORMULATE A CRYPTOCURRENCY The strategy you choose to create a cryptocurrency will depend on the type of asset you have chosen.
DEVELOP A NEW BLOCKCHAIN
Developing a new blockchain for your crypto coin can be challenging, expensive, and time-consuming. This process necessitates a skilled team of blockchain developers and a significant investment in technology. Furthermore, attracting an audience to a newly created blockchain may be a significant challenge.
FORK AN ESTABLISHED BLOCKCHAIN
If your business requires a coin, but resources are limited, this method might be more suitable. Rather than creating a unique blockchain, consider forking an existing one, allowing you to save time and cut costs.
USE A PRE-EXISTING CRYPTOCURRENCY CREATION PLATFORM
This is arguably the simplest and most cost-effective way to create a cryptocurrency token. Utilizing an established platform equipped with a comprehensive set of developer tools can expedite the development and deployment process.
TOP CHOICES FOR DEVELOPING YOUR OWN CRYPTO TOKENS & COINS
The easiest and most economical method is creating a token on an existing platform. Several blockchains and ecosystems facilitate the development of new tokens. Among the most stable and popular ones are EVMs and NEAR. As a token development company, we specialize in creating tokens on widely used platforms like EVMs and NEAR. ERC20 Ethereum was the pioneer in offering custom token creation. Subsequently, various EVM chains were developed on its base, enabling developers to deploy their ERC20 tokens. Programming language: Solidity. NEP20 Deploying a NEP20 token in the NEAR ecosystem is another popular choice. Despite its relative novelty compared to Ethereum, it has amassed a significant community of supporters. Programming language: Rust.
FORK BITCOIN
Forking, especially from the Bitcoin family, is one of the simplest methods to develop a crypto coin. You can fork Bitcoin itself, Dogecoin, Litecoin, Dash, and others.
SUBSTRATE CHAIN OR POLKADOT PARACHAIN
The Polkadot network offers a unique concept of parachains, application-specific chains that provide almost limitless possibilities for protocol building. This is another popular, albeit time-consuming, way to create a cryptocurrency token.
CONSIDERATIONS WHEN CONSTRUCTING YOUR OWN CRYPTOCURRENCY
While the technical aspect of creating a cryptocurrency is crucial, the business component should not be overlooked. The utility of your cryptocurrency is an essential factor to consider when initiating your project.
STEPS TO DEVELOP YOUR OWN CRYPTOCURRENCY
Developing a secure cryptocurrency that appeals to users is a complex process that involves both developmental and business decisions.
HOW REVOO CAN AID IN CRYPTOCURRENCY CREATION
Our seasoned cryptocurrency developers at Revoo can assist you in launching your own crypto, managing all associated tasks. We construct blockchain ecosystems, decentralized applications, smart contracts, developer tools, and offer additional blockchain-related services such as security audits and blockchain integrations. With 5+ years of experience, we have successfully delivered more than 70 projects for reputable companies like 1inch, Aurora, and Solana, developed over 400 smart contracts, and audited 120 more.
CONCLUDING REMARKS
Should you need assistance in constructing your crypto, don't hesitate to reach out to Revoo we're keen to help you develop a secure and enticing solution.