As of today, there are more than 17 thousand crypto assets listed on the CoinMarketCap site. This number is likely to continue to rise given the number of parties looking to release their own crypto.
Well, if you are interested in making crypto coins and releasing them on the official market, you should first see how to make your own crypto coins, which ApkVenue will discuss in full in this article!
Know What is Cryptocurrency
Cryptocurrency is a decentralized digital currency created with blockchain technology. This currency is commonly used to conduct virtual transactions on the internet network.
Etymologically, cryptocurrency comes from a combination of two words, namely cryptography which means secret code, and currency which means currency.
This means that cryptocurrencies are protected by various passwords that are complex to crack which serve to protect and safeguard this digital currency.
Difference between Coins and Crypto Tokens
The simplest difference between a coin and a crypto token is the blockchain. Coins have their own blockchain, whereas tokens don’t have a blockchain because they ‘hit a ride’ on an existing blockchain.
Because it is made on a blockchain belonging to a certain digital currency, you need to pay fees such as gas fees every time you make a transaction using a token, not just when you create a token for the first time.
Moreover, coins are only created for payments and investments. Meanwhile, crypto tokens function not only as a means of payment, but also for certain features created by DApps creators.
Well, for those of you who are still confused about the difference between coins and crypto tokens, you should see an explanation of the differences between coins and tokens in the crypto world, which you can see in the article below.
How to Create Your Own Crypto Coin
Can’t wait to find out how to create your own cryptocurrency? If you want to make crypto, just follow the steps that ApkVenue will explain below!
1. Create Smart Ideas
When you plan to create your own crypto coin, the most important thing to do is create an idea and strategic plan about the coin you will make.
The idea starts from determining the target market to understanding the problem to be solved to create a vision and mission so that your coin has a useful value.
2. Know Use Case
In addition to generating ideas, you also need to determine the purpose of making crypto coins or tokens. Set your goals clearly from the start of creating crypto assets to facilitate future planning.
How to create your own currency in the crypto world also requires you to know your business interests lie in creating smart contracts, authenticating and verifying data, or in smart asset management.
3. Determine the Consensus Mechanism
A consensus mechanism is a protocol that determines whether the network will consider a particular transaction or not. All nodes must confirm the transaction in order to pass.
The first consensus mechanism is Proof-of-Work Bitcoin. While Proof-of-Stake is another popular consensus mechanism. Of course, there are many other consensus mechanisms that can be chosen according to need.
4. Create Blockchain for Crypto Coins
The coins or tokens you create require a blockchain to reside in. You also need to consider what kind of blockchain will support the development of your crypto asset.
You also have to make the design of the nodes used. Nodes are a major part of Distributed Ledger Technology (DLT), including blockchain. As the creator of the cryptocurrency, you must determine how your node will function.
5. Choose Software Development Team
To develop crypto coins, you must also understand blockchain coding. If you do not have the expertise, this can be circumvented by choosing an effective and efficient software development company.
Choosing the right partner is very important to realize the ideas that have been created previously. The results will certainly be more accurate if your team is experienced in the field of blockchain and crypto.
6. Create Smart Contract
You must be familiar with this crypto term. Smart contracts contain all the virtual currency information and have a huge impact on asset development.
Like traditional contracts, smart contracts have predefined and immutable rules so that blockchain operations can be executed automatically.
7. Create Whitepaper
The first impression of a cryptocurrency asset is very important and will be an assessment for potential investors. Therefore, make a good whitepaper to bridge the gap between project owners and investors.
8. Do ICO Promotion and Marketing
After doing all the steps to create your own crypto token, it’s time to promote the Initial Coin Offering (ICO). Clearly define the value of the crypto currency you have created.