The modern financial structure is witnessing a rapid change in the way it operates, and one of the best examples of this rolling change is the advent of cryptocurrency. You may have interacted with these in the past, and thus, here we will be taking a look at how to make a cryptocurrency.
But what are these coins? Well, for one, they aren’t the golden physical coins that the media would like us to believe. In fact, there is no physical existence of a bitcoin, or any cryptocurrency, at all. Cryptocurrencies can be described as computer programs that are placed on a blockchain.
Cryptocurrencies can either be used as a medium of exchange, or as a virtual store of value. Now, while things like futures or stocks have a physical or underlying value attached to them, the fluctuations in cryptocurrencies are mostly driven by the principle of demand and supply that exists.
How to make a cryptocurrency is a question that is frequently asked by a large number of people all over the world, and yes, it can be a simple process if the right steps and principles are followed.
Creating the blockchain.
One of the first things that one must do in order to create their own cryptocurrency would be to create a blockchain. Blockchains are a series of computers, or nodes, that are connected, and they form a secure link on which such coins operate. These blockchains store a record of the transactions and exchanges that take place in that particular network, and one of the best things about these chains is that they are extremely secure.
There is a triad of methods that one can take to sort out blockchain woes, and those are as follows.
- One can either create a brand-new blockchain, on which they can host their cryptocurrencies. To do this, one needs to possess an extensive knowledge of coding and computers, but the output that one can obtain would be best-in-class as well.
- Forking a blockchain can also be a good idea to pursue, wherein a pre-made code is sourced from a third-party website like GitHub. Once the code is sourced, the particulars can be modified and repurposed to suit specific needs. While this can yield the desired results, modifying said codes is easier said than done, as one would still need to possess extensive technical skills to do the needful. The only positive aspect would be that the time taken would be significantly reduced.
- ● An existing blockchain like Ethereum, Cardano, Polkadot, etc. can also be used as a base for the cryptocurrency to run on. The complexity involved with this method would be significantly less, but on the flip side, the flexibility would be degraded as well.
Once the blockchain network has been established, the next step of the process involves creating the actual coin. If you want to know how to create your own cryptocurrency in 15 minutes, or a token for that matter, the following are some of the steps that you must execute.
- How to make a cryptocurrency starts with the vision. Launching a new coin or token is just like creating a start-up, and one needs to have a clear goal in mind regarding the coin that one would be creating. While deciding the path for the coin, factors like hardware, components of the coin, the calculations involved, etc. must be looked into.
- Once the vision is crystal clear, the various properties of the coin need to be sought out. Let us take the example of Bitcoin, wherein the developers decided to limit the number of coins to 21 million, and the symbol of the coin was affixed as BTC. The developers decided to involve mining rewards as well. These are just some of the properties that you must watch out for while seeking how to create your own cryptocurrency in 15 minutes.
- Creating or sourcing the source code for the cryptocurrency is crucial. Fortunately, these codes are open-source and can be obtained from platforms like GitHub. In fact, source codes of significant cryptocurrencies like Bitcoin, Litecoin, etc. are public as well.
- Mineable crypto needs a genesis block to start working. These blocks can be referred to as the first block of the blockchain. While creating the genesis block, one needs to create a set of three since they would be needed for the main net, test net, and regression test net.
- Once the genesis blocks are ready, you need to get down with coding. Since most of the codes are open-source, one can modify a source code, and include the name and brand of the particular coin in question, etc.
- Once the previous step has been executed, a server needs to be set up. One can buy suitable ubuntu software from platforms like AWS, etc.
- A crypto explorer is the next logical step in the process. Since a blockchain functions on the principle of confirmation by each node of the chain, an explorer would help boost transparency.
- Mining the cryptocurrency is a critical component of any coin that is there in existence, and to that end, it is important to have a system in place that would let people mine the coins. One can either go for solo mining or a mining pool, but that depends on the requirements of the coin.
- Most cryptos are crafted on Linux environments, but as you may already be aware, most people do not use Linux setups. Having a desktop wallet would let them access their coins in a simple and intuitive format.
- API integration is the next logical step of the process. This would boost the coin’s practicality, thereby improving adoption rates as well.
- Ultimately, it is a good idea to have a mobile or web wallet in place, something that can act as a backup if the main wallets ever get hacked or corrupted in any manner whatsoever.
If you want to know how to create your own cryptocurrency in 15 minutes, the aforementioned steps can be availed.
Final take:
How to create your own cryptocurrency in 15 minutes is something that is researched by a large number of people daily. If you want to create your own cryptos, you can follow the aforementioned steps. Several online courses can help you learn how to make a cryptocurrency effectively and efficiently. A quick online search should reveal the suitable ones out there.
