Everyone is aware of the bitcoin which is the cryptocurrency trending in the world of IT. There are thousands of tokens and coins such as ripple, ethereum and much more which you can explore with cryptocurrency. More than 1300 cryptocurrencies have been used in the world and believe it or not, that is a lot. You have to try this website to find out about your protection in the IT world.
However, before you get started with knowing how to create cryptocurrencies, it is necessary to have some background knowledge about it.
When you are making a token or coin, for the sake of only making it, then it will not succeed for sure. You need to have a purpose for it to bring it into the real world of IT. So for that, you have to make a community where people follow the cryptocurrency, and you have to maintain it as well so that it pays a good amount to you. It is hard work but surely pays off and worth it once you start earning from it.
You have to be aware of the coding, and you can also hire the professionals for it for it to make it work for you.
There are two ways for you to create cryptocurrency. The first one is that you build your blockchain where you have your coins. Another one is using NEO or ethereum to build an application where you are going to have your token. So the first thing which you have to think about is whether you want to make a coin or a token. Do you want to start from the beginning or you want to make it out the already built platform which is trusted as well?
The difference between coin and token is that coin is directly related to the blockchain whereas the token is made over the blockchain which is already there. Now since you have understood the basics, let’s move on to the way of how to create the cryptocurrency of your own.
This is the main center of the project for you where you have to generate the idea which will lead to your success. What is the problem which you are addressing, is it poverty, education, etc?. You want to remove the middle person such as a broker or the bank and get direct with the payments? Make sure that the problem exists in real life, and it has a value.
Make sure to choose the right team of developers so that you do not have to face failure in the crypto world. You have to be careful that the developers do an good job. You need a good team to work with your idea so it can generate revenue for you in the future. Get the developers who are involved in the community of blockchain and have the right awareness of this work.
The smart contract is like the contract in real life but it runs digitally on the blockchain platform with automation, and there is no changing into it. There are rules in the smart contract which everyone has to follow. There is no third party involved in controlling the smart contracts as it runs automatically which means that no one trusts on you but rather the smart contracts which are known as the code. When the code is right, it can never cheat on you, so the user knows that they will be paid accordingly and on time.
Professional External Audit
The professional audit is necessary for the security of the tokens like the code for smart contracts. The investors need to feel safe which is why you need to have the legitimacy to your project through the audit. The audits referred to ICO security audits format the companies which you choose to make your history credible for the investors and add more value to your project.
The whitepaper is necessary for the token or coin to be there on the blockchain. If you do not have a good whitepaper, then there is no point of being on the platform. The whitepaper should be in PDF format with the structured layout, the page count of more than 20 pages up to 100 pages long. Good grammar, different languages and needs to have the answers to these questions in it for the investor to look:
Your main idea
Why is your idea in need and how it can add value?
What are the coins or tokens being used for?
What will be the exchange for tokens?
When is the completion of the project?
Who are the members of your team and their qualifications?
Now since you have created the coin or token, it is time to market it. Do it on different platforms like social media, press, blogs, sponsored content, email marketing, and promotions? If you can think of more ways, then spread the awareness of your cryptocurrency at all places you can.
Manage the Community
At last, you have to manage the community by staying up to date there so that you can interact with the people. The more users you have, the better and stronger your cryptocurrency gets.
Be sure to be right at the first step because if your idea is strong and valuable, then you will surely get to the right place within no time.