❓Aenco X-files: How to create your own cryptocurrency?

𝑬𝒊𝒈𝒉𝒕 𝒔𝒕𝒆𝒑𝒔 𝒕𝒐 𝒄𝒓𝒆𝒂𝒕𝒆 𝒚𝒐𝒖𝒓 𝒐𝒘𝒏 𝒄𝒓𝒚𝒑𝒕𝒐𝒄𝒖𝒓𝒓𝒆𝒏𝒄𝒚 𝒇𝒓𝒐𝒎 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒑𝒆𝒓𝒔𝒑𝒆𝒄𝒕𝒊𝒗𝒆….

Do you know how to create a cryptocurrency? How hard it is to make one for your own endeavors? Many individuals with no FinTech background have decided to launch their own cryptocurrency and so can you. Join us this week as we walk you through the 8 steps of creating your own crypto at Aenco X-files — How to create your own cryptocurrency?

Aenco X-files: How to create your own cryptocurrency?

Cryptocurrency has become a growing ecosystem over the last decade. Now a $200 billion industry with over 5,000 cryptocurrencies circulating in the market, cryptocurrency is one of the main component of decentralized finance. Praised for their high level of transparency and anonymized transactions, cryptocurrencies are consistently drawing attention.

Numerous existing do-it-yourself Cryptocurrency Development Platform can help you create your own cryptocurrency. However, if you wish to create it independently, here are a few simplified steps you should be aware of before you start:

𝑪𝑹𝒀𝑷𝑻𝑶𝑪𝑼𝑹𝑹𝑬𝑵𝑪𝒀 𝑪𝑹𝑬𝑨𝑻𝑰𝑶𝑵 𝑭𝑹𝑶𝑴 𝑨 𝑩𝑼𝑺𝑰𝑵𝑬𝑺𝑺 𝑷𝑬𝑹𝑺𝑷𝑬𝑪𝑻𝑰𝑽𝑬

Step 1: Define your coin

You first need to define the purpose of your cryptocurrency. You have to consider the reasons that are pushing you to create it. Do you want it to become a replacement for cash or do you want to assign it a specific utility? What problem do you want your cryptocurrency to solve?

Once defined, you have to make sure to exhaustively describe it in a white paper with other characteristics of your project for potential investors to see.

Step 2: Decide upon a consensus mechanism

Consensus mechanisms are fault-tolerant mechanisms that consider whether a particular transaction is legitimate and can be added to the block. There are various mechanism to choose from such as proof of work, proof of stake or delegated proof of stake. You must select the one which would best fit your business objectives and interests.

Step 3: Define a budget

Unless you already have the necessary expertise to create it all by yourself for free, you will need to allocate a budget toward creating and supporting your own blockchain whether it means paying to receive the necessary formation to do it or paying experts to do it for you. Some of the fields you should integrate in your budget may include:

  • Legal Counsel
  • Development
  • Whitepaper and Other Documentation
  • Marketing Promotion
  • Security Audit

Step 4*: Choose the right development team (if you do not wish to develop it all on your own)

You should consider hiring professionals who have experiences in blockchain and cryptocurrency. It might be costly but if your plan works you should see investment returns.

Step 4**: Alternative (if you want to create it yourself)

If you decide to completely create the cryptocurrency on your own, you will need to do the work that the blockchain developers would have done. You will therefore need to

  • Choose a blockchain platform
  • Design the nodes and blockchain’s internal architecture
  • Provide APIs for the tasks executed on you blockchain
  • Develop an intuitive and comprehensive Admin and User Interfaces

Once again, as we have stated earlier, if you are not an expert there are existing Cryptocurrency Development Platform, or if you have some coding experience, you could just reconfigure the code of an open-source protocol existing cryptocurrency code (Bitcoin’s for instance)

Step 5: Create rules for smart contracts

Smart contracts, like traditional contracts, are crucial. Since they operate on the blockchain, have pre-established rules, cannot be changed, and are executed automatically, they are more advantageous than traditional contracts in a cryptocurrency setting.

Step 6: Hire external auditors

To ensure the legitimacy of your project, you should consider hiring external auditors to double and triple check that your security. It should preferably be carried out by a renowned and credible company.

Step 7: Promotion

Once your cryptocurrency has been created, you need to find ways to grow your network. You can use a mix of traditional and digital marketing tools such as social media marketing, press release, or even guest blogging.

Step 8: Take care of the legal implications

You need to make sure your cryptocurrency is legal and in compliance with cryptocurrency regulations. You could consult a legal professional to ensure that everything remains in line with international cryptocurrency regulations

Once your cryptocurrency is legal, all you need to do is nurture and grow your community and think about your future prospects. How can you boost your blockchain? Consider ways in which other technologies such as AI, IoT, Cloud, Data Analytics or Machine Learning could help you.

Wrapping up

We are eager to meet like-minded crypto enthusiasts and feel free to drop us a message anytime!

Find Aenco

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All rights reserved. 2020. Aenco Limited.

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