Have you decided to jump on to the cryptocurrency bandwagon? However,
as you look around the market place, you’re not enamoured by any of the
existing coins. Don’t worry. Create your own cryptocurrency or alt coins
(alternate coins)!
Now, once that’s decided, the next logical question is: How? How do you want to go about the creation of your own coin? Are you tech self-sufficient? Do you want to code it by yourself? You can choose to do so. Limiting the coin supply, size of the blocks and rate at which the coins are to be issued will always be in your control. Or, get a tech-savvy partner to do the heavy lifting for coding and development.
Again, you’re faced with a choice: Do you want to build from scratch? Or, do you want to create a fork coin? Fork coins are created by reusing existing open source code and adding your own features to them. The main advantage, in this, is reducing the chances of attacks since you’re using a secure blockchain.
If you’ve come this far, don’t forget these:
Define what’s special about your currency: How is your currency better? Why would any user choose this over other existing and well- established coins? The answers to these questions are crucial to determining the success and sustainability of your coins.
Foster community involvement: Your currency can’t exist in isolation. It should serve some need of the community of users. You can’t devise a solution before you identify the problem. Work together. It increases the public’s trust in your coin and together you can build up protection against potential attacks.
Fix the method of creation: Fork coins or built-from-scratch currency? Decide. Be clear about the programming language that you’ll use. And, code for the long. Keep in mind that your currency should deliver what it promises that it will. It’s not about instant gratification and short-term gains.
Build a working model: Rather than trying to convince users to adopt your currency, demonstrate how it works. Not only is this easier for the user to understand but it’s more credible too!
Now, once that’s decided, the next logical question is: How? How do you want to go about the creation of your own coin? Are you tech self-sufficient? Do you want to code it by yourself? You can choose to do so. Limiting the coin supply, size of the blocks and rate at which the coins are to be issued will always be in your control. Or, get a tech-savvy partner to do the heavy lifting for coding and development.
Again, you’re faced with a choice: Do you want to build from scratch? Or, do you want to create a fork coin? Fork coins are created by reusing existing open source code and adding your own features to them. The main advantage, in this, is reducing the chances of attacks since you’re using a secure blockchain.
If you’ve come this far, don’t forget these:
Define what’s special about your currency: How is your currency better? Why would any user choose this over other existing and well- established coins? The answers to these questions are crucial to determining the success and sustainability of your coins.
Foster community involvement: Your currency can’t exist in isolation. It should serve some need of the community of users. You can’t devise a solution before you identify the problem. Work together. It increases the public’s trust in your coin and together you can build up protection against potential attacks.
Fix the method of creation: Fork coins or built-from-scratch currency? Decide. Be clear about the programming language that you’ll use. And, code for the long. Keep in mind that your currency should deliver what it promises that it will. It’s not about instant gratification and short-term gains.
Build a working model: Rather than trying to convince users to adopt your currency, demonstrate how it works. Not only is this easier for the user to understand but it’s more credible too!
Plug the loopholes: Have you addressed all vulnerabilities? Is your
currency really secure? Is there a chink in the armour? Re-iterate and
refine.
Miners for marketing: Don’t hard sell. Build trust. Clearly express your vision. You need miners to work on your currency. They will reach your message to the end users and inspire confidence in your currency. Get them on board.
Market to Merchants: Encourage your target users to discover the benefits of your currency. Talk to them. Remember that every merchant is here to make money and save money. Explain how your currency helps them do that. Create an environment conducive to your currency’s sustenance — a place to spend the coins just like you would spend money.
Creation is the easy part. Staying the course is what matters. So, in your journey of creating your own cryptocurrency, once in a while, whip out this cheat sheet and see how you’re doing.
Miners for marketing: Don’t hard sell. Build trust. Clearly express your vision. You need miners to work on your currency. They will reach your message to the end users and inspire confidence in your currency. Get them on board.
Market to Merchants: Encourage your target users to discover the benefits of your currency. Talk to them. Remember that every merchant is here to make money and save money. Explain how your currency helps them do that. Create an environment conducive to your currency’s sustenance — a place to spend the coins just like you would spend money.
Creation is the easy part. Staying the course is what matters. So, in your journey of creating your own cryptocurrency, once in a while, whip out this cheat sheet and see how you’re doing.
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