El Bitcoin, world's first cryptocurrency, was created in August de 2008. In January 2009, it went live and had its first official transaction at a price of $0,00076. During the year 2010 , had important milestones, such as its first commercial operation known as the "Bitcoin Pizza Day". Also, the founding of the first bitcoin exchange, known as "Mt. Gox», and his "first vulnerability" detected and resolved. While for February 2011, reaches the parity with the dollar.
Of those days there are today, thousands of other cryptocurrencies (altcoins, stablecoins and tokens). Both by infinities of people, groups, communities, As in organizations public (governments) and private (companies). And this, thanks to the technology in the field Blockchain and DeFi, has become popular and popularized very well. Making it possible for many to be relatively easy to create their own. As we will see later, in this guide to know “how to create a cryptocurrency”.
And before entering fully into this new topic Blockchain and DeFi about “how to create a cryptocurrency”, we recommend that at the end of this publication, explore other of our helpful guides, tutorials and related posts with similar themes. Therefore, we will leave immediately below, the following links to some of them. So that they can easily explore them whenever they want:
“Non-Fungible Tokens (NFTs) are digital tokens (tokens) within a blockchain (Blockchain) that are usually used as digital certificates of non-duplicatable properties of any specific digital asset.". How to make your own NFT in less than 10 minutes
How to create a cryptocurrency?: Guide for newbies
How to create a cryptocurrency from scratch?
Generating your own cryptocurrency, whether for a person, a group, a community, a company or a country, can turn out to be an excellent economic and financial plan or project. Since, as seen with Bitcoin, it has become worth from $ 1 (February, 2011) up to $ 66.000 (October, 2021). While, currently (March, 2022) it is around the $40.000.
In addition, it is noteworthy that, in just over a decade, thousands of altcoins and tokens about different Blockchain platforms. Many of which have had a magnificent life cycle, full of many profits for their creators. While others no longer exist, but have left many winners and losers, as in any business and productive project.
For this reason, as in all kinds of projects, to create a cryptocurrency it can also be divided into 2 parts, that is:
- The operating steps: Which can be defined as those administrative actions and activities aimed at sustaining the project and guiding it to a successful conclusion.
- technological steps: Which can be defined as those merely technical actions and activities aimed at creating the technological platform and the cryptocurrency itself, on some blockchain.
Operational steps to follow
Within operating steps we can mention the following:
1. – Form a Team within a Community
Whether it was an individual or group idea, any solid and reliable cryptocurrency project should start from real need of a community. Such as an entity or social, public or private organization. Thus, form a multidisciplinary team, mostly made up of the same users of a Community. That, in addition, look for a real solution to a specific problem, through a Blockchain and DeFi project, is always the ideal.
Not a very good idea, it will always be to think that, producing a Cryptocurrency is only to earn money. A successful project of this type must be associated with solving a real need for something or someone, so that it really lasts over time.
2.- Build a commercial network and a market for the project
Once a Good work team around one great community, and built the technological platform and the cryptocurrency itself, on some blockchain, following the technological steps that we will explain later, it is possible to advance to the next step. And this next logical step is, forge a commercial network, made up of merchants and businesses. who must be willing to trade (buy and sell) their products, goods and services, with the created cryptocurrency.
In general, at the beginning this happens with the same members of the Community that revolves around the project. That is to say, some tend initially to dedicate themselves to generate (mine) o acquire (buy) the cryptocurrency produced, while others are dedicated to receive it as compensation to something.
3.- Build trust in third parties to achieve expansion
Consolidated and surpassed the previous point, that is, to show that there is a real initial space where some trade (buy/sell) with cryptocurrency. And others accept it as payment method for the exchange of various products, goods and services; the next and last logical step is expansion.
That is to say, look for new members to join the Community. Both as members (miners) of the platform or network, as investors (buyers / sellers of the cryptocurrency). And also, as users (people, companies and businesses) within it. In addition, these would not necessarily have to be aligned with the fundamental objectives of the Community, that is, the need that gave rise to the creation of the cryptocurrency, but with the fundamental objective of actually making money entering the implemented DeFi ecosystem.
Technological steps to follow
1.- Creation of the Whitepaper of the project
Un first technical step logical within a serious cryptocurrency project, will always be the realization and publication of the Project whitepaper. Because a Whitepaper is the foundational technical document that explains how the cryptocurrency will work, its platform, and what benefits and solutions it brings and will seek to bring to its Community, in different periods of time in the future.
La importance of white papers lies in the fact that these should be published prior to the development and launch of the cryptoactive, or at least, when it is in the process of consolidation, since it facilitates and allows possible investors have one clear idea of the project in general, and the specific cryptocurrency, in order to decide whether to invest or not.
In the case of users and clients, see if it is attractive to be part of the new community, based on the benefits and solutions provided. And for him development team, set a clear roadmap, of what and how everything should be done, to avoid deviating from the initial proposed path.
2.- Creation of the cryptocurrency
Un second technical step It would be reasonable, after obtaining the funds for it, to start the materialization of the blockchain platform and the cryptocurrency that will be used within it. To do this, various routes can be chosen, some more complex and difficult than others. And these can be the following:
- Right from the start: To do this, obviously part of the team should be made up of developers from the Blockchain and DeFi field, so that they can start from scratch with the coding of it. Or failing that, they should have external help (advice or development) to carry out the supervision and development of it.
- Starting from pre-existing code: As the title expresses, this path can facilitate, in certain aspects, the time and quality of development and consolidation of the project. In addition, it is never a bad idea to look at and rely, to a certain extent, on what is known and done in similar projects, both successful and unsuccessful. And since most cryptocurrency codes are free and open, this is a plus point that should always be taken advantage of.
- Forking another cryptocurrency: This option can be a very fast and easy way to implement, since it is perfectly viable and legal, in many cases, to take all or almost all of the free and open source code from other cryptocurrencies, successful or not, such as Bitcoin. Then, add changes and innovations that allow creating a new and different cryptocurrency.
- Using blockchain platforms specialized in the generation of crypto assets: One of the most used options to create a new cryptocurrency or token is usually the latter. Since, for example, platforms such as those of Ethereum provide third parties with all the tools and facilities for this purpose.
3.- Management and commercialization of the cryptoactive
Un third and last technical step consequently, since it is clear that it would be to start up the blockchain and the generated cryptocurrency, complying with the guidelines in its Whitepaper. In order to be able to offer and comply with the declared benefits and solutions.
At this point, it is clear that it is necessary to ensure that, progressively, the exchange houses, national and international, recognize and enable cryptocurrency trading on their platforms. Because, this will be of great help for the reputation, consolidation, massification and success of the project.
And in addition, it is also important to achieve or ensure that the cryptocurrency is prepared and complies with the national laws and international regulations, for this new FinTech and DeFi field. In such a way that all the work will remain shielded and there will be no legal or legal surprises that could ruin all the work done.
Known platforms to create a cryptocurrency or token
To finish this step guide on “how to create a cryptocurrency” We will leave some useful links to existing platforms to create cryptocurrencies or tokens, in order to quickly facilitate the continuation and deepening of what is exposed here:
- BitClone
- CryptoNoteStarter
- CryptoCoinCreator
- Mint Club
- MintMe
- Wallet Builders
- Ethereum
- Binance SmartChain
- Neo Smart Economy
- Waves
Summary
In summary, we hope that this publication on “how to create a cryptocurrency”, be very useful. Both for newbies Blockchain & DeFi field, as well as for those who are still immersed in this area and are unaware of the appropriate steps to carry out these types of projects. In such a way that some may not only be simple users of crypto assets (cryptocurrencies and tokens), but that they can become DeFi Entrepreneurs. And so, make the most of this innovative, passionate, fun and productive space for technology and digital finance.
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