How to create your cryptocurrency ? You may think creating a cryptocurrency requires extended devekopment skills and is mostly reserved to experts. Obviously, it was the case not long ago, but some solutions showed-up to allow anyone, without Blockchain knowledge to create his own coin.
Create your cryptocurrency: 4 solutions reviewed
Create your own Blockchain
Fork an existing crytpo
Forking is a common and simple way to create a cryptocurrency: Many todays altcoins (alternative coins) started from a Fork of an exisiting cryptocurrency. Open-source blockchains were developped to make the process easier: you can copy and modify the original code as you want, this is what is called a Fork.
Most of the blockchains source codes are available on Github
There is two types of Fork: “Soft Fork ” when the blockchain code has few or little modifications. “Hard Fork” when many and important changes are made.
As an example, the Bitcoin is surely the most forked crypto, and you’ll find tens or more of them: Litecoin, bitcoin cash etc.
Create a Token on Ethereum or Neo and launch an ICO
Ethereum offers an easy way to create a cryptocurrency on its network.
Have you heard of the ERC20 token? ERC for “Ethereum Requests for Comments” and 20 because it was the 20th proposition retained for its creation in 2015. Please refer to the well explained article on Hackernoon to understand ERC20. But, to make it short, this token becam a standard as it countains dundamentals information in it as its:
Name: the token name
Symbol : ie: XTC for Torque
Decimals : Number of decimals to be used
TotalSupply : Maximum quantity of tokens available
BalanceOf : Balance of the token’s account
Allowance : Number of tokens available for withdrawal
For complete details of the information included as standard, refer to this EthereumWiki article.
Ethereum with ERC20 was a real success in launching new ICO. Another network, called Neo (and also called “the Chinese Ethereum”), offers similar possibilities but with some major differences. To list a few:
- Complete ecosystem to match the requirements to create a “smart economy”, such as taking into account the legal and economical present regulations
- Highest network speed rate
- Very active developpers community
- Centralized network: Far from most of projects which defend a decentralized organization to not reproduce & “new banking system”: identity controls, centralized book keeping etc.
- Uncertainties on Chinese government poisition about cryptocurrencies
Use a third-party service to create your cryptocurrency
Probably the easiest way to create your blockchain an cryptocurrency. All you have to do is enter some information such as the name of your coin, the maximum number of coins you want to make available, the symbol, the logo…
Below a list of such services (free or not). We do not have a specific recommandation on using one or the other, so please make your judgement by comparing their offers:
Make some research on cryptocurrency creation or generator on the net to find more