You Should Know About Create Your Own Cryptocurrency For Free
The digitization around us is progressing at a tremendous pace. Cryptocurrencies are mushrooming everywhere these days. The simple reason for this growth in cryptocurrencies is the demand associated with them. Almost all big businesses are launching their cryptocurrencies. The obvious question is, what compels them to do so? So, before I tell you about how to create your cryptocurrency for free, let us understand why on earth you need it in the first place. On the other hand, if you having time you look at these articles to create a graph in excel and to make a website free on google.
Why Crypto Currency – why is it so crucial for a business?
So, all the hype around cryptocurrency is because of the underlying technology, which is blockchain. The invention of blockchain technology was in the 1990s, but it found its first usage in the form of Bitcoin in 2009. Blockchain technology does not use any third party for regulation, and instead, a lot of computer systems manage the transactions involved in it. The technology design makes it an almost hack-proof and very secure mode of operation. Hence, cryptocurrency allows the businesses to not waste much effort on the security of their transactions. They can easily focus on the various other aspects of their businesses.
Why would you need your cryptocurrency- what is the logic behind it?
It is now clear that a cryptocurrency brings along a lot of benefits for its owner. Next, let us understand what may be the reasons for someone or a business to create a new cryptocurrency. A company may want to create a new cryptocurrency to have more control over it. When you have your cryptocurrency, you can include more details specific to your business and get to choose the underlying technology. You get a lot of freedom and control when compared to using existing cryptocurrencies.
Out of the two different ways to create your own cryptocurrency, which one do you want?
Yes, there are two different ways to create your first cryptocurrency, which you can use based on your needs.
Starting from scratch – for those who need to have more control and power
The first one is to start from scratch by designing your blockchain technology and then building a currency on top of it. While it seems to be an excellent thing, it requires a lot of effort, technology, and infrastructure, even to plan it out. This means that you need to devote a lot of money to this activity. You can go for this if you have a well-established business and want to incorporate your technology. Another advantage is that you will have 100% control over the technology and hence can create the currency the way you want.
Using the existing technology and APIs – for those who want to start quickly
If you are like me, you do not wish to wait for the complete wheel to be re-invented. Instead, you will buy a wheel, furnish and decorate it with your choices, and then start using it almost immediately. To start with cryptocurrency, you need to follow the following steps –
1) Choose the right consensus and thus the right blockchain platform
Based on your business, you need to identify which transactions should be legitimate and should qualify for adding to the blockchain. Once you finalize this, choose a blockchain platform accordingly from the available platforms. You can select any platform such as Ethereum, Waves, NEM, IBM Blockchain, IOTA, MultiChain, HydraChain, and OpenChain among various available options. Ethereum is the first choice for many beginners, as it has the highest market share.
2) Get done with the nodes – the building blocks of blockchain
Once the blockchain platform is final, the next building block is the nodes for the blockchain. The nodes are internet-connected devices that perform various tasks for a blockchain, including efficiency, support, and security.
3) Set up the parameters – once you finalize them, they become constant
Once the nodes are final, next comes the settings such as permissions, address formats, key formats, asset issuance, asset re-issuance, key management, multi signatures, atomic swaps, natural assets, block signatures, and hand-shaking.
Permissions tell who can access the data and who can perform what operations. Addresses are simple and decide how the address of your blockchain will appear to be. Hand-shaking determines the mechanism the nodes will use to connect amongst themselves. All these parameters play an important role in structuring your blockchain.
4) Choose the right APIs to proceed – knowing the API providers
Usually, all the major blockchain platforms provide inbuilt APIs to use with them. But, in case you choose a platform that does not provide inbuilt APIs, then you can choose any of the available APIs. Some of these APIs are Bitcore, Chromaway, Coinbase’s API, Blockchain APIs, and Blockcipher, etc.
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5) Design it all well – the user interface for your users
Designing a UI is a crucial step as this defines how easily your users will interact with your currency system. You need to ensure that the UI is smooth and that it has the latest and the most scalable technologies.
6) Work on the legalities – there shall be no surprises
Finally, you need to ensure that you incorporate all the legalities in your blockchain cryptocurrency. This is as important a part as creating the currency itself. Different countries have different legalities, and you need to ensure your currency follows them correctly. Otherwise, your currency may face a ban or may get you in a legal tussle.
Cryptocurrencies are the currencies of the future, and you should plan to own one. Based on your business profile, you can choose to create your currency from scratch or can use an existing platform. You need to ensure that you set all the parameters upfront and design them based on your business needs. Once the settings are final, you cannot change them. Your own cryptocurrencies will bring a lot of benefits to your business. They will give your users a secure, digital, and new-age way of transaction. However, you need to ensure that your users get a top-class experience with your currencies interfaces.