Create Your Own Cryptocurrency: A Step-by-Step Guide

How to Cryptocurrency work?

Cryptocurrency is one of the most popular usage of blockchain technology. This distributed technology works on the algorithm of creating new blocks connected with the existing ones through Hashing. The members in the P2P network have to accept the block by participating as miners. Moreover, there are many consensus like proof-of-work, proof-of-stake, delegated proof-of-stake, and proof-of-authority.

Cryptocurrency is issued every time on creation of a new block. It is used as a reward for participants taking part in the consensus process. Besides that, the process involves allocating participant’s resources to support transparency of blockchain.

There are a lot of cryptos! Why don’t you add one to your pack? Wait!!! a little.
Before we get started we need to keep 3 things in our mind. You should:

1. Have a good idea
2. Earn people’s trust
3. Have knowledge of Coding and Crypto Security

Let’s get started, A cryptocurrency can be created in two ways:

1. Firstly, developing a coin that shall have its own blockchain.
2. Secondly, creating a token through applications such as Ethereum or NEO.

Hold Back! You might be wondering, are coins and tokens identically same? Nope, they are not the same. Coins and tokens both are cryptocurrencies. A coin has its own blockchain. However, tokens are made on top of existing blockchain.

Difference between Coin and token

Building a Coin or a Token

Ohhhh!!! You have to choose only one. Choosing between tokens and coins is a major decision. It affects many aspects of the process.
Initial Coin Offerings
Blockchain-based businesses use initial coin offerings (ICOs). ICOs are similar to IPOs except getting shares investors receive tokens. Want to raise funds higher? Adopt ICO to make a product launch successful.

Points to remember before initiating ICO

• Benefits of your blockchain project to a specific industry
• Expert team of developers to create ERC-20 
• Developers expert in creating ICO smart contracts
• High security to protect your token and smart contract
• A Document that represents your idea- Whitepapers
• Marketing campaign
• Community management team

Benefits Of your own Cryptocurrency

1. Financial Flexibility

Being digital currency cryptos are no longer controlled, monitored and tracked by any financial institution

2. Transparent Transaction

Cutting out the third party, cryptocurrency transactions follow peer-to-peer networking

3. Asset Transfer

Crypto ecosystem may facilitate you with special modes of transfer such as adding third party approval

4. Strong Security

Crypto has strong encryption techniques. It safeguards the system against fraud or account tampering

5. Removing Third Party

Blockchain eliminates the third party in various ways. You don’t have to pay extra every month.

Crypto has a glorious promising future in this world of digitization. If your plan is to make your business grow strong roots. What are you waiting for? Put the foundation of developing your own crypto today. Worry not, you can rely on us as it will require a smart technology part with good experience.

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