How does cryptocurrency work? How to create a cryptocurrency? How do I launch crypto currency for your own? All of these questions must be running through your head. Don’t worry, we have the answers for them. Keep reading to gain more knowledge about cryptocurrency and how to benefit your business from it. Before answering the $100 billion (total value of Bitcoin) question about how to create your own cryptocurrency, there are a few things you need to learn about the future of money.
Benefits of building your Own projects
You can take many benefits when building your own project. Some of most popular that easy to see such as:
Eliminate the risk of fraud
- Transaction Anonymization
- Lower operating costs
- Instant transaction
- Reach new customer base
- Security for the fund
Essential steps to launch crypto projects for your own?
This is the way that crypto builders usually use. Take it as a model of essential steps to launch your own crypto projects
Step 1. Choose a Consensus Mechanism
Consensus mechanisms are protocols that consider a particular transaction legitimate and add it to the block.
Step 2. Pick a Blockchain Platform
The correct choice of blockchain platform for your business depends on the consensus mechanism you have chosen. (I will mention the top blockchain platforms below for you to choose from)
Step 3. Design The Nodes
You have to decide the operation and function of your blockchain and design the nodes accordingly. For example, you have to make sure about its type – private or public? Will the storage be in the cloud or on-premises, or both? What are the hardware details required to execute?
Step 4. Establish Blockchain’s Internal Architecture
Be sure about all aspects before launch as you will not be able to change some parameters of the blockchain once it is up and running. Decisions can be as simple as what address format your blockchain will follow to provide an exchange between different cryptocurrencies without the need for a third-party intermediary.
Step 5. Integrate APIs
Some platforms don’t offer pre-made APIs, so make sure your platform does. If still no need to worry, there are several 3rd party blockchain API providers such as ChromaWay, Gem, Colu, Bitcore, BlockCypher, and Tierion.
Step 6: Design The Interface
It’s no use building a world-class cryptocurrency if your interface isn’t good. You need to ensure that the web, FTP server, and external database are up to date and that front-end and back-end programming is done with future upgrades in mind.
Step 7. Make Your Cryptocurrency Legal
Ensure that your cryptocurrency is prepared and compliant with international crypto regulations that are about to become law. This way your work is preserved and there are no sudden surprises that can derail your efforts in creating a new cryptocurrency.
Take note
Top Blockchain Platforms of The World
- Ethereum (Market Leader With 82.70% Shareholding)
- Waves (WAVES)
- Hyperledger Fabric
- NEM
- IBM blockchain
- Nxt (NXT)
- Hydra Chain
- Block Starter
- BigChainDB
- EOS
- Quorum
Best Cryptocurrencies That Made It Large: Success Stories
Bitcoin
Bitcoin has become such a synonym of cryptocurrency that people use the word Bitcoin instead of cryptocurrency.
Litecoin
Litecoin is often said to be silver with Bitcoin’s gold. It is similar to Bitcoin but has faster block generation with faster transaction confirmations.
Ethereum
Ethereum prides itself on the fact that it has provided a decentralized platform for smart contracts without any downtime, 3rd party interference and fraud.
Now you have your own answer and a thorough knowledge about steps to launch your own crypto projects. Wish you success with the first time you launch crypto.
And if you want to know more about the procedure of launching a crypto currency – let’s smartOSC experts help you.
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.
