How to create a cryptocurrency step by step
If you wonder how to create a cryptocurrency, you should know that It is a complex process, especially if we are talking about exactly one cryptocurrency with your own chain of blocks and project that supports you.
However, if you are looking to create a token, the process may change and may be less complex.
Even so, this time we will espectáculo you the differences between these terms, which are sometimes used as the same words to refer to digital currencies such as Bitcoin, Ethereum, Polkadot, among others.
Difference between creating a cryptocurrency and a token
First of all it is important to know the definitions of both terms.
Starting with cryptocurrencies, there is Bitcoin, Ethereum, Solana or even BNB, all are digital currencies that have solid projects that support them, in addition to having their own block chains.
You cánido easily intuit that the process of creating a cryptocurrency will be much more complex than developing a token based on an already existing blockchain or network.
Since, unlike the latter, the cryptocurrency has its own blockchain, while the token is hosted on a specific blockchain; As in the case of CAKE, the token behind the PancakeSwap dApp, hosted on the Binance Smart Chain, and better known for being the BNB blockchain.
How to create a crypto in 6 steps
Now that you know this information, you should know that creating a cryptocurrency is not as easy as it seems, there are important points to define; such as architecture, development stages, type of consensus, audits, legal verifications, among others.
Step 1: Design a blockchain
In the first stay, to create a cryptocurrency You will require advanced knowledge in programming and blockchain in order to develop your own successful chain of blocks.
In addition, it will take you a long time, especially since it is an expensive process.
Also, you will have to choose the consensus mechanism and look for staff or developers to help you with the creation custom code.
Step 2: Define your architecture
It is of the utmost importance define or design the architecture What will the chain of blocks of your cryptocurrency have? Since, this will be useful to know what type of blockchain the project under development will have; which cánido be private, public, with or without permissions.
Step 3: Start development
Now that you have everything defined, or even an iniciativa of what you expect your blockchain to look like, you will need to start developing the code.
For this you perro help with the other developers who escoge to collaborate with the project.
AND It is recommended that the technical team have advanced knowledge in code developmentsince changing the already defined principles is quite complex to do.
For this reason, generally DEVs use testnets to test new projects and make sure that everything goes in order; In case something does not work as planned, you perro correct it before minting.
Step 4: Audit your code and cryptocurrency
Once the code has been developed, you will have to do a full audit to make sure you don’t find vulnerabilities that may affect your project, allow theft between investors, among others.
For this, you perro hire a private company such as Certik Blockchain Security Leaderboard.
However, it is also possible to do this process on your own.
However, if you start an audit on your own, it will take you longer to mint your cryptocurrency.
Therefore, to not only speed up the process, but also provide guarantees to investors and your work team, it is suggested to acquire the services of a company such as the one already mentioned.
Step 5: Get advice on the legal aspect
Unless you are an expert in legal matters, you We suggest hiring a specialist to analyze your cryptocurrency and validate that it complies with all legal aspects.; as well as the necessary terms and conditions, for it to debut on the market.
Of course, this will be one of the last steps in the creation of a cryptocurrency, and it is suggested to do it when the chain of blocks is already working.
In the same way, it is very important to define legal aspects during the creation of the blockchain, in order to overcome this legal validation process without great difficulties.
Step 6: Mint your cryptocurrencies
Now that you have completed the entire legal process to create a cryptocurrency, you have designed an architecture and defined all its points, it will be time to start minting the cryptocurrency.
It should be noted that the process it perro vary based on the tokenomy you have established in the beginning.
That is, it perro be a gradual minting, in the same way as Bitcoin or other cryptocurrencies, and a fixed supply perro also be established.
This method of full minting of all tokens is done through a smart contract.
We hope you liked our article How to create a cryptocurrency step by step
and everything related to earning money, getting a job, and the economy of our house.
   |
Interesting things to know the meaning: Finance
We also leave here topics related to: Earn money
