14 January 2021
Cryptocurrency changed the face of digital currencies, the hype it created brought a revolution in the industry. But apart from being a part of the crypto-space, ever thought about creating your own cryptocurrency?
You could make your very own cryptocurrency either with the existing blockchain platforms or you could build a blockchain from the scratch. However building blockchain itself is a daunting task, more than the creating cryptocurrency. Hence, the initial thing you need to decide is whether you want to create a token or coin as a token is built and operates on an existing blockchain while the coin is built on a blockchain. You could buy tokens with coins but not vice-versa, and the usage of tokens is limited while coins are used anywhere. Some of the most popular coins are Bitcoin, Monero, Ethereum, Ripple, etc.
Creating cryptocurrency through existing blockchain platforms makes the work cost, time and energy-efficient. With the platform, you just need to give in details and gracias - you have your own cryptocurrency.
Through GitHub you could find open-source codes of the existing blockchain, your work process is made efficient and less hectic, your crypto is secure, also you can benefit from the built-in features from the platform.
However, if you want to create your own cryptocurrency from the scratch - it involves building distributed ledger, you have more control over your crypto and its related-features.
BaaS - Blockchain-as-a-service is a space that provides service that is based on blockchain such as building a blockchain, to create and maintain distributed ledgers, facilitates blockchain-oriented solutions. IBM Blockchain, Chainmakers, AWS - Amazon Web Services, Blockstream, Microsoft Azure facilitates BaaS.
The main pointers to look after while creating cryptocurrency are:
- The use-case of your cryptocurrency
- Purpose of your cryptocurrency
- The consensus mechanism
- Blockchain platform
- Node designing
- Smart Contract
- White Paper
- Blockchain’s infrastructure
- Marketing and sales of your project
- Risk Management
- Cryptocurrency legal work and implications
But just creating a cryptocurrency isn’t all, maintaining is much tedious work - such as - you need to work constantly on coding, investment in sales, marketing, team working, computer network, and so forth.