Since the day when Bitcoin became a mode of transaction, numerous cryptocurrencies have been released into the market and the process is still continuing. Many entrepreneurs and individuals with the dream of owning a coin are clueless on how to own a cryptocurrency. So, let’s take a tour and learn the process of creating a crypto coin.
Before stepping into the article, let’s understand the difference between a coin and a token. Coins require their own blockchain to operate whereas tokens can work on the preexisting ones. Tokens are subjected to a specific project while coins can be used anywhere. In simple terms, coins can purchase tokens but tokens cannot purchase coins.
CREATING A BLOCKCHAIN ON YOUR OWN
- .Get to know your use-case. It may be anything, say smart contracts, smart asset management, data authentication, etc.,
- Second, select a consensus mechanism for the blockchain to agree with the participating nodes on the block.
- Then pick a preexisting blockchain platform accordingly, keeping in mind the consensus mechanism you’ve selected.
- Next, design the nodes with security features & permissions like hybrid, public, or private and select a base operating system.
- Make sure to verify the APIs two or more times and design an interface that is favorable for both admin and user.
- Finally, make the digital currency legal with proper Terms & Conditions.