If you are Not a Professional coder but
Have been a keen armchair observer of Bitcoin, Dogecoin, and every
other increasingly market cryptocurrency, you may be asking yourself if
it is possible to create your own.
But there are quite a
Few distinct options to consider–and caveats to keep in
mind–until you dive in.
Difference Between a Coin and a Token
First, it is important to understand
The difference between Assets and coins. Both are cryptocurrencies,
although a coin–Bitcoin, Litecoin, Dogecoin–works on its blockchain, a token lives on top of an existing blockchain
infrastructure like Ethereum. A blockchain isalso, at its simplest, a
record of transactions made on and secured by means of a network. So while
coins have their own individual transaction ledgers, tokens rely on
the underlying system’s technology to verify and secure
transactions and ownership. Generally, coins are used to transport wealth, while tokens can represent a”contract” for almost
anything, from physical objects to event tickets to loyalty points.
Tokens are often released through a
Crowdsale called an initial coin supplying (ICO) in trade for
present coins, which in turn fund jobs like gambling platforms or
digital wallets. You can still get publicly available tokens after an
ICO has finished –like buying coins–using the underlying
currency to make the buy.
Anyone can create a token and operate a
Crowdsale, however, ICOs have become increasingly murky as founders take
investors’ money and run. The SEC warns investors to do
their own research before buying tokens launched in an ICO.
At the time of writing, CoinMarketCap
Lists 895 coins and 679 tokens available on people exchanges. Not all
tokens made it to exchanges, however — Etherscan, that provides
Ethereum analytics, has more than 71,000 token contracts in its
The very concept behind cryptocurrency
Is the underlying code is available to everyone–but that
does not mean it’s easy to understand.
Build Your Own
Blockchain–Or Fork an Existing One
Both of these methods require quite a
Bit of specialized understanding –or the assistance of a savvy developer.
The former takes serious coding skills and even though
tutorials exist to help you through the procedure, they assume a
certain knowledge level, and also you also don’t end with a fully
Alternatively, you can fork an
Existing blockchain by choosing the open-source code located on
Github–Litecoin, for instance –making a few alterations, and launch a new blockchain with a brand new name (such as Garlicoin). Again, this
takes one to comprehend the code so you understand what to modify and
This option is the most viable for
The typical person–a creation service is going to do the specialized work
and send your finished token or coin back to you. For example, an
experienced team of crypto developers will actually build a
custom coin, and all you have to do is input the parameters, in the
logo to the number of coins awarded for registering a block. (That is, even when they’re open for businessas of press time, orders are
currently closed.) They have pre-built templates which just ask you to present a name and a symbol.
You can also create a token–what is
Basically a smart contractwith or without a public ICO. Because
tokens can represent any asset, by a concert ticket or voting right
to financing via a crowdsale or a physical currency, you may even
create a token with no real value or serious purpose other than to
swap among friends. This is faster, easier, and cheaper than
creating a coin because it doesn’t require time and effort to
build and maintain a new or forked blockchain and rather depends on
the technology currently in use for Bitcoin or Ethereum.
A common product is the ERC-20 token,
The standard for those built around the Ethereum blockchain. The code for
these nominal contracts and crowdsales can also be available for the very
ambitious, but you will find user-friendly platforms that will walk you
through the procedure.
Example, you’ll need to bring the browser
expansion –that links you to the Ethereum network–to your
browser and follow their walk-through video to build your token
and start your own ICO. The platform offers the option to create bonuses
and vesting programs for investors or perhaps launch a token contract
with no crowdsale. The token contract process is totally free, but
CoinLaunch takes a commission from every ICO (4-10percent depending on much
cash is raised).
If you’re crypto-curious, there’s
No penalty to experimenting with nominal contracts. Start with an
ERC-20 token –you can distribute to your friends and then cash
in to whoever purchases drinks at the pub. There is no financial value or
commitment connected, but this can help you understand the technical
aspect in addition to how tokens work.
If you want to go a step farther to
Create a coin using real value to get a wider audience to mine, purchase,
and sell, and you don’t have coding experience, you’re likely going to want the help of a couple of programmers. Even if you use an agency to
construct your money, you’ll need to keep itknow this
will not be economical or secure.
The technical creation of a
Cryptocurrency is not really the toughest part of launching a
successful crypto project. The actual work is in providing your coin or
token price, building the infrastructure, keeping it, and
convincing others to purchase in–even memecoins,
such as Garlicoin,
Dogecoin, and PepeCoin, have programmers and user-facing teams to maintain the tech secure and the community participated. Lots of
cryptocurrencies are unsuccessful, even questionable from a legal
perspective, because the ICO wasn’t established in good faith or the
coin neglected to generate lasting interest. The term”shitcoin”
is present for a reason.