Cryptocurrency Development: How to Create Your Own Crypto Coin

Currently, the global cryptocurrency market size is at $1.49 billion in 2020. Moreover, the analysis data predicts that it will reach $4.94 billion by 2030.

While the crypto market continues to rapidly grow, businesses are lurking to enter the sector. You can dive into the crypto market by launching your own cryptocurrency.

But where do we start?

We have come up with a comprehensive guide to help you create a new cryptocurrency.

Keep reading to find out how you can create your own crypto coin.

How To Create Cryptocurrency?

When it comes to creating a new cryptocurrency, you have the following options:

• You can create a new coin
• You can create a new token

A crypto coin is built on its own blockchain network. You can use the coins for transactions, payments, staking or voting purposes.

A token is built on any existing blockchain network. It can have the same functionality as that of a coin. But tokens have major utility in their own projects.

Whether you want to create a coin or token depends on the utilities you want.

Here is a brief difference between a crypto coin and a token.

Coin

• Runs on its own blockchain network
• Requires advanced blockchain knowledge and coding skills
• Blockchain development is more costly and takes time

Token

• Can be built on existing blockchains with an established user base
• Fairly simple to create with pre-existing tools and open-source code
• Token development is faster, simpler, and relatively cheap

Step By Step Process To Create Your Cryptocurrency

You have three options if you are looking to create a cryptocurrency. All the alternatives offer a simple cryptocurrency development process.

But in all three cases, you will have to hire a crypto coin development company. They have a team of expert developers with in-depth knowledge of blockchain who will help you create crypto coins as per your needs.

• Create your own blockchain and native cryptocurrency
• Modify the code of an existing blockchain network
• Create a new cryptocurrency on the existing blockchain

Let us have a look at each one.

Create Your Own Blockchain & Cryptocurrency

Here you will be creating a completely new blockchain and cryptocurrency.

Have a look at the development process.

• Choose a consensus mechanism – Decide if you will use PoW or PoS consensus operating protocol for your blockchain.
• Design your blockchain architecture – In this step, you will have to decide whether you want your blockchain to be private or public, permission or permission less. It also depends on your purpose for creating the cryptocurrency.
• Audit your new blockchain and its code
• Verify its legal compliance

Modify the Code Of An Existing Blockchain

Your altcoin development company will use the source code of an existing blockchain. They will use the open-source blockchain network to fork a new blockchain and its native cryptocurrency.

You can select the open-source blockchain for code or your crypto coin development company will help you with it.

Establish a New Cryptocurrency on an Existing Blockchain

You can create a new token on an existing blockchain. Creating a new token requires core technical expertise. That is why you should hire a competent cryptocurrency development company to help you in your development process.

Here are the basic steps to create a token.

• Choose the blockchain platform to host your tokens.
• Design and build your token based on your customizations, utility, and requirements.
• Mint your new cryptocurrency – once your blockchain platform is ready, you can start minting new tokens.

Conclusion

Tokens are less customized and offer less utility than coins. However, the decision of creating a coin or token depends on the purpose of your cryptocurrency development.

Irrespective of your development purpose and process you should hire a professional crypto coin development company. Before finalising any company, you should do in-depth research about its team, past projects and service cost.