Anything is possible in the digital world! Satoshi Nakamoto’s Bitcoin merely opened the door to a new possibility of finances, currency, and entrepreneurship. If you’ve ever thought about stepping into that door yourself, you can very well create and maintain your own cryptocurrency with the right understanding of what you’re getting into and the resources to help you establish in the market.
While anyone can make their own cryptocurrency, there are two fundamental necessities in the process of actualizing the development: advanced coding skills and people to invest in you both their time and money. There is some depth to be grasped as one goes down the checklist of needs for a new cryptocurrency creation, but here are three simple options for how one can begin:
1. Start completely from scratch
This demands coding expertise that you’d write code in the crafting of a brand new blockchain system that would support your native cryptocurrency. While this is the most arduous, it’s the process of the greatest creative liberties for uniqueness. This would set you apart from any other cryptocurrency because it’d be completely your own design.
If you’re down to build your own blockchain, you’d then look to decide on a consensus mechanism (how miners would agree on verifications), architecture design (degree of freedom and publicity for blockchain users), check code security with audits (to decrease code vulnerabilities), and ensure legality (that your cryptocurrency complies with legal tender requirements).
2. Use or modify an existing blockchain
Without having to reinvent the wheel, you may borrow code from an existing blockchain and make custom modifications to it as you’d like. For example, you can take Bitcoin’s blockchain code and add some to it as your own signature. Even this option needs coding expertise, auditing, and legality checks as some modification to the code could be just fine or compromise the whole structure of it. With proper understanding, it’d be a viable option that could have you minting sooner than starting from scratch.
3. Hire someone else to create one for you
This option would be the most expensive, but the only way one can create a cryptocurrency without wielding coding expertise oneself. There is just as much creative freedom here as the planner and advisor of the development process, and companies are known as blockchain-as-a-service (BaaS) exist for this kind of business.
If you’re seriously considering stepping into the market to see value and legitimacy in your cryptocurrency, count the cost of the long-term maintenance and commitment as the creation is only the beginning milestone. What are your reasons or vision for making a cryptocurrency? Develop a unique answer that will attract people to want your coins in their digital wallet.