We have discussed so many cryptocurrencies, their formation, their working? What was their history? But have you ever wondered about creating your own cryptocurrency?
If yes! Then this post is going to be a miraculous solution and guidebook to your fascination with cryptocurrencies. Cryptocurrencies are not only a new thing in the finance world, but they are the possibilities of opening a pathway for a new generation.
Lots of blogs and news are daily circulating the platform, but today we will be telling you the easiest way to create your cryptocurrency! So, what are you waiting for? Let’s dive into the process. If you are interested in bitcoin trading visit btqapp.io
What is cryptocurrency?
A cryptocurrency is a digitized form of money that is transacted using a decentralized blockchain with a publicly distributed ledger, where the transaction records are stored in a block that is mined to get the value.
Seven steps for creating your currency.
Now that you have a fairly basic idea about what a cryptocurrency is? You can further research about its benefits like it lets you regulate it by yourself, your money won’t get stolen, and you will eliminate the intervention of any third party.
So, here is the way through which you are free to create your cryptocurrency! Follow these simple steps and let’s get started with the process.
- Using New blockchain
Now as we know that cryptocurrency lives on the blockchain, so the first thing is deciding the blockchain.
In Particular, there are three ways to create a blockchain or choose a blockchain for your cryptocurrency:
- Create new blockchain
If you are planning to create the blockchain, you can simply start with coding skills because creating a blockchain requires a strong knowledge of coding.
- Fork an existing blockchain
Now, if you don’t know how to code? Or if you are finding coding a little bit difficult you can go forking the blockchain, it is very quick and less complex than coding. You simply have to use open-source coding from any platform and by altering some of the steps, you can create a new coin.
- Pick up an existing platform
This one is the easiest option for those who still don’t want to use the second one, you simply have to hire a blockchain creation service and they will provide you with a great blockchain.
- Deciding the Consensus Mechanism
Now, as we have finished with the Blockchain, we must go for the next step, that is, deciding a protocol for verifying the transaction, if you don’t know about consensus mechanisms! You can learn it by visiting our blog!
There are two very popular consensus methods used by many blockchains, one is Proof-of-work and the other is Proof-of-stake. We will suggest going for Proof-of-stake, as it is easier and requires no advance operation.
- Building the Blockchain Infrastructure
Here you can simply design the internal parameters Like:
- Permissions for validations and transaction processing.
- Transaction address format
- Public and Private Keys formats
- Issuance of your Digital asset
- Re-issuance of your asset
- Multi Signatures system
- Automatic Swapping
- Rules For the Nodal identification.
- But make sure you have analyzed the final choice of the elements because once built, it can’t be changed, like deciding the main net, like opera, etc.,
- Design the nodes
Nodes are the most important element of your cryptocurrency, as these consist of your ledger, you can make them permissionless and automated.
Final Thoughts
Creating a Cryptocurrency is as exciting as trading with cryptocurrency, this not only helps you to discover your technical liberty but also you will be exposed to many new and great things, that will create a deep interest in the crypto world.