Those who created the world’s first cryptocurrency wouldn’t have imagined that Bitcoin would be hundreds or thousands of times more valuable than its original price in the years after its launch. Moreover, users can swap BTC to XVG and other coins. The opportunity to recreate the success of BTC is in every digital currency that is currently being created. You only need a professional approach, a budget, and luck.
More than 16,000 tokens and coins are on the market in the history of cryptocurrencies. And only a few of these projects have been successful. The technical part (writing code, programming the blockchain protocol) is not enough to create a cryptocurrency. You also need to find users and investors. The real job is to add value to coins and tokens and build infrastructure. With the right support and promotion, even meme coins (like Dogecoin) can get real value. So, how to create your own coin?
7 Steps to Create Your Cryptocurrency
With the blockchain that has already gained users’ trust, you can develop new coins from scratch or create your own cryptocurrency online. Then you can exchange BTC to TRX or your cryptocurrency.
- Selection of resources
It is easier to create a token-based system on a platform that is already running. Many projects are starting with the Ethereum network and switching to their own blockchain. This saves time and money and allows you to conduct a financial analysis before investing in developing a new chain.
- Download the correct codebase
Cryptocurrency creators modify publicly available computer program codes for their services. The protocol of the blockchain project can be confirmed not only in the repository but also in the developer’s resources.
Smart contracts are assigned a specific address. The features of the expanded program on the blockchain can be used for cooperation with other computer algorithms. You can develop the project step by step.
- Choose the programming language
The development of cryptocurrencies requires a pre-written set of codes. For example, the Solidity language allows you to create smart contracts (programs that automate and optimize your work) on the Ethereum network. After writing the code, you need to implement it on the blockchain.
- Name assignment
The success of altcoin also depends on its name. In your code, you need to change the token name (name, for example, Ethereum), token symbol (name-ETH), and decimal units (number of decimal places to display-1 Ether = 1,000,000,000,000,000 Wei).
- Network port selection and configuration
Since the transaction is on the Internet, it is necessary to ensure that the information is communicated. For digital currencies, you must select four ports, RPC + P2P for the core network and P2P + RPC for the test network.
RPC protocol can be used to request services from an application on another computer. A P2P (peer-to-peer) network connects multiple end hosts called nodes. You can configure the port with the dedicated software.
- Security measures
Users who create digital currencies on existing blockchains are familiar with the algorithms for protecting information on their networks. Anyone looking to develop a coin blockchain should think about ways to ensure the security of their transactions and data storage.
- Currency generation settings
The number of tokens (coins) contained in the blockchain is limited. When creating a new block, it is important to limit how many accounting units will be issued and the assets generated within 24 hours or other periods.
The last thing you need to do is change icons and images. After setting up all the code, edit the images and design elements that you can create in the graphic editor. When the design is completed, the asset is released to the market.
