We know about Bitcoin, Ethereum, and another crypto coin that have taken the world by storm, but what about you? You want to get involved in some way. What would happen if you made your cryptocurrency?
It’s a new idea to make your crypto coin, and maybe that’s why crypto was the best-performing asset class in 2021. However, if you know how to make a cryptocurrency, your crazy idea can come true.
How to Create a Crypto Coin
It’s important to think about business decisions before making your crypto. If you want your project to be more than just a fun project, you’ll need to think about these things.
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Define a purpose for your cryptocurrency
If you’re going to make a Crypto Coin, there should be a reason. What’s the point?
Nano is an example of a cryptocurrency with a specific goal – fast and free digital payments.
Once you have a reason for your cryptocurrency, write about it in white paper and other parts of your project.
Consider the Legal Implications.
As the blockchain space has grown, so has the level of regulatory attention. You want to make sure that everything you’re doing is legal every step of the way by talking to a lawyer.
Define a budget
If you want to make your cryptocurrency, it’s not going to be easy, and it’s going to cost money unless you can do things like development, documentation, and marketing on your own.
The Cost Vary from Project to Project. If you want to know the cost of your dream project, then Contact me Now!!!
Hire a strong Crypto Coin developer
If you’re not making your crypto, you’ll need strong developers to help you make your idea come to life. It might be hard because there is a lot of demand for blockchain developers, but there aren’t many skilled blockchain developers. However, finding the right team is important because blockchains deal with people’s hard-earned money and need to be well-trained.
Promote your Project
Even though making your cryptocurrency might seem impossible, remember that you need to spread the word about it after you make it! If no one knows about your project, it will be hard to make progress and grow your network.
In addition to press releases and social media (especially channels popular with the crypto community), blogs and other websites are a good place to start when you’re looking for information about a new project.
Nurture and grow your community
After you’ve spread the word about your project, you need to make sure that you interact with and care for your community. Please answer the questions and let them know how you’re doing. Many projects have teams that work to build a group of people who are loyal to them. Keep your early adopters in mind because they will become your biggest fans and promoters, so don’t forget about them!
How to Create Your Cryptocurrency or crypto coin
There are many different types of crypto assets that you can buy. But there is one thing that people often make a big deal about: cryptocurrencies or coins and crypto tokens. Cryptocurrencies or crypto coins are crypto assets with their blockchain, a record of transactions. They are crypto assets that have their blockchain. Bitcoin is a good example of this.
Tokens, on the other hand, don’t use their blockchain. Instead, they use a different one. The most common example of a token would be the ERC20 token, which is a token that runs on the Ethereum (ETH) blockchain and is used to buy things.
Because some assets are tokens, but not cryptocurrencies or coins, and they don’t have a value in money. You can build on an already built-out platform rather than start from scratch. Some projects start on a platform like Ethereum before moving to their blockchain.
When a team can see how a project will work out before starting working on their blockchain, it saves time and money.
With Ethereum, NEO, and EOS, you can make crypto tokens. We’ll show you how to make one on Ethereum because it’s the most popular platform for doing so, but you can also make tokens on other networks. If you get stuck, Ethereum has the largest developer community and the best documentation, making the process easier.
Deploy a new smart contract
It’s easy to start making your token on the Ethereum platform. Download Mist, an Ethereum wallet that lets you mine or makes software for the platform, like an ERC20 token.
In Mist, go to the “WALLETS” tab, click the “CONTRACTS” tab, and click “Deploy New Contract” to add ETH to your account. When it says “Select Contract to Deploy,” click the drop-down menu and choose “MyToken,” then click “Next.”
Then, type this code into the Solidity Contract Source Code field next.
contract MyToken {
/* This creates an array with all balances */
mapping (address => uint256) public balanceOf;
}
In this case, “mapping” links balances to addresses that are in hexadecimal form (the uint256 part – e.g. 0xab7c74abC0C4d48d1bdad5DCB26153FC8780f83E). A “public” address means that anyone can see the balances of other addresses’ coins.
Decide on a token supply.
To set a limit on how many tokens you can make, add this to the code that came before it.
function MyToken() {
balanceOf[msg.sender] = 1000000;
}
A million tokens are available in the above example. It means that there are 1 million tokens available. However, you can set this to any number you want.
Enable sending of your token
Congratulations! The smart contract you made in steps 1 and 2 is now linked to a token that you can use. You can’t send the token to anyone else.
You can solve this by adding this code to the bottom of the Solidity Contract Source Code field.
/* Send coins */
function transfer(address _to, uint256 _value) {
/* Check if sender has balance and for overflows */
require(balanceOf[msg.sender] >= _value && balanceOf[_to] + _value >=
balanceOf[_to]);
/* Add and subtract new balances */
balanceOf[msg.sender] -= _value;
balanceOf[_to] += _value;
}
Using this code, you can send your token to other people, add tokens to their addresses, and take tokens away from theirs, as needed. To make sure people don’t send more tokens than they have, we’ve added a line of code that checks the sender’s balance to see if they’ve sent more than they have (in sendable amount).
Setting your token’s name, symbol, and decimal units
For some final touches, add this code:
/* Initializes contract with initial supply tokens to the creator of the contract */
function MyToken(uint256 initialSupply, string tokenName, string tokenSymbol, uint8 decimalUnits) {
balanceOf[msg.sender] = initialSupply; // Give the creator all initial tokens
name = tokenName; // Set the name for display purposes
symbol = tokenSymbol; // Set the symbol for display purposes
decimals = decimalUnits; // Amount of decimals for display purposes
}
If your token’s name is Bitcoin, its symbol is BTC, and its decimal places are 0.01, you can change them to make your token’s name, symbol, and decimal places look different. When you buy something with bitcoin, there are 8 decimal places.
Create a token transfer event
It’s time to add this code to turn on a transfer event, letting ETH wallets know when your token is moved.
event Transfer(address indexed from, address indexed to, uint256 value);
Also, add this code to the transfer function from step 3:
/* Notify anyone listening that this transfer took place */
Transfer(msg.sender, _to, _value);
Full transfer function including transfer notification code:
/* Send coins */
function transfer(address _to, uint256 _value) {
/* Check if sender has balance and for overflows */
require(balanceOf[msg.sender] >= _value && balanceOf[_to] + _value >= balanceOf[_to]);
/* Add and subtract new balances */
balanceOf[msg.sender] -= _value;
balanceOf[_to] += _value;
/* Notify anyone listening that this transfer took place */
Transfer(msg.sender, _to, _value);
}
Release your token to the world!
When you launch your token, this is the big moment you have been waiting for.
You should set a fee to send your token contract transaction. We recommend a fee in the middle of CHEAPER and FASTER unless you are in a very short time frame to launch your token. Before making your ERC20 token, click Send and enter your wallet password if you need to.
Go to the Send tab in Mist and click on the person to send your token to someone. Power to make money is cool, right?
Of course, making your token valuable and giving it more abilities is another thing, but that’s not the point. However, the steps we’ve shown you will at least show you how to start your own Ethereum token.
How to Create a New Crypto Coin
A few steps need to be taken to learn how to make a cryptocurrency coin instead of a token. It doesn’t matter, but you will need more technical skills because making your cryptocurrency with its blockchain is more difficult than making a simple Ethereum token.
If you copy the code of an existing asset like Bitcoin and add or change a variable, the process can be done in just a few minutes. Then again, even that requires some technical know-how, though. As a side note, making a small change to your cryptocurrency wouldn’t make it any better or different for other people.
Another way to make a new cryptocurrency would be to split it off from an existing one, like Bitcoin, and start over. Split from the original cryptocurrency to make something new (as opposed to changing a single variable).
You have to make your cryptocurrency with its blockchain. Using your or someone else’s technical skills is the best way.
Conclusion
While it may be easy to make your ERC20 token or even a Bitcoin fork, making something that lasts is another thing.
Hopefully, this article will help you start making your Crypto Coin. So, who knows? It could be the next big crypto one day!