Carding 4 Carders
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If you are not an expert coder, but you have carefully observed bitcoin, dogecoin and other cryptocurrencies, then sooner or later you may come up with the question: can I create my own cryptocurrency? In short, Yes, you can. However, there are a lot of pitfalls in this business that you need to study before diving headfirst into creating your own cryptocurrency.
What is the difference between a token and a coin?
First, it is important to understand the difference between coins and tokens. Both are cryptocurrencies, but if coins (such as bitcoin, litecoin, and dogecoin) run on their own blockchain, then tokens live on top of existing infrastructure, such as ether. A blockchain is essentially a record of transactions that are protected by the network. Thus, coins have their own independent transaction registers, and tokens rely on the underlying network technology to verify and ensure the security of operations. As a result, coins are often used to transfer financial savings directly, and tokens carry much more functions - they are a contract for almost anything: from physical objects and event tickets to loyalty points.
Tokens are often issued through a crowdsale, known as an initial coin offering (ICO), in exchange for existing coins, which in turn Finance projects such as gaming platforms or digital wallets. You can get public tokens after the end of the ICO, as well as buy coins using the base currency to make a purchase. Since now anyone can create a token and launch a crowdsale, ICOS are becoming increasingly risky, because often creators take investors money and run away, leaving the project. The securities and exchange Commission (SEC) tries to control this process and seeks to use tokens as securities that, like shares, will have to be regulated. The SEC warns investors against buying tokens launched in an ICO without their own preliminary research. But, despite the fact that the crypto market is very volatile right now, experts believe that it will stabilize as soon as more people accept this idea. In General, the very idea of cryptocurrencies is generally accessible, but this does not mean that it is easy to understand. We present you the ways to create your own coins or tokens.
Create your own blockchain or fork an existing one
Both methods require quite a lot of technical knowledge or the help of an experienced developer. Since coins are based on blockchains, you will either have to build your own blockchain, or take an existing one and adapt it to a new coin.
The first method requires serious programming skills, and despite the fact that there are already many tutorials for step-by-step implementation of this task, they assume a certain level of knowledge, and even if you do everything correctly, you will not have a fully functioning coin at the end.
Alternatively, you can fork an existing blockchain by taking the open source code that can be found, for example, on github - Litecoin, make a few changes, and launch a new blockchain with a new name. Again, this requires you to clearly define your project goals and understand the code so that you know what needs to be changed and why. There are no universal technical solutions, everything is very individual.
Launch of a coin or token using the platform to create a cryptocurrency
This option is most suitable for the average person - they will do all the technical work for you and deliver your coin or token back. For example, CryptoLife actually creates a simple coin, and all you have to do is enter parameters: from the logo to the number of coins received for signing the block. They even have pre-built templates that only require you to specify the name and symbol. The base price of this service is 0.25 BTC, for which you will receive the source code of your coin in a few days.
WalletBuilders has a similar service, the price of which starts from 0.01 BTC, as well as a free test version.
You can also create a token - what is essentially a smart contract-with or without a public ICO. Since tokens can represent any asset, you can even create a token that has no real value or serious purpose other than an exchange between friends. It is faster, easier and cheaper to create a coin, because it does not require time and effort to develop and maintain a new or forked blockchain. Instead, you rely on the technology already used for bitcoin or ether.
If you want to go one step further to create a real-value coin for a wider audience that can be mined, bought, or sold, but you don't have any programming experience, you'll probably need the help of one or more developers. Even if you use the service to create your own currency, you need to support it - it won't be cheap and secure.
The technical issue is not so terrible as it is painted
However, the technical creation of a cryptocurrency is not really the most difficult part of launching a successful crypto project. The biggest challenge is presenting your coin, its symbolic value, building the infrastructure, supporting it, and convincing others to buy it. After all, even such memetic coins as Garlicoin, Dogecoin and PepeCoin have developers and user communities that support the stability of these projects. In addition, to date, many cryptocurrencies are unsuccessful, even dubious, from a legal point of view, because there was no high-quality ICO or the coin could not provide long-term interest. Not for nothing did the term shitcoin arise, and it seems that it is not going to disappear. Therefore, before you decide to take such a responsible step — launching your own cryptocurrency - you should weigh the pros and cons several times, determine the purpose of its creation, develop an action plan and conduct market analysis so that in the end your currency does not become another hit.
What is the difference between a token and a coin?
First, it is important to understand the difference between coins and tokens. Both are cryptocurrencies, but if coins (such as bitcoin, litecoin, and dogecoin) run on their own blockchain, then tokens live on top of existing infrastructure, such as ether. A blockchain is essentially a record of transactions that are protected by the network. Thus, coins have their own independent transaction registers, and tokens rely on the underlying network technology to verify and ensure the security of operations. As a result, coins are often used to transfer financial savings directly, and tokens carry much more functions - they are a contract for almost anything: from physical objects and event tickets to loyalty points.
Tokens are often issued through a crowdsale, known as an initial coin offering (ICO), in exchange for existing coins, which in turn Finance projects such as gaming platforms or digital wallets. You can get public tokens after the end of the ICO, as well as buy coins using the base currency to make a purchase. Since now anyone can create a token and launch a crowdsale, ICOS are becoming increasingly risky, because often creators take investors money and run away, leaving the project. The securities and exchange Commission (SEC) tries to control this process and seeks to use tokens as securities that, like shares, will have to be regulated. The SEC warns investors against buying tokens launched in an ICO without their own preliminary research. But, despite the fact that the crypto market is very volatile right now, experts believe that it will stabilize as soon as more people accept this idea. In General, the very idea of cryptocurrencies is generally accessible, but this does not mean that it is easy to understand. We present you the ways to create your own coins or tokens.
Create your own blockchain or fork an existing one
Both methods require quite a lot of technical knowledge or the help of an experienced developer. Since coins are based on blockchains, you will either have to build your own blockchain, or take an existing one and adapt it to a new coin.
The first method requires serious programming skills, and despite the fact that there are already many tutorials for step-by-step implementation of this task, they assume a certain level of knowledge, and even if you do everything correctly, you will not have a fully functioning coin at the end.
Alternatively, you can fork an existing blockchain by taking the open source code that can be found, for example, on github - Litecoin, make a few changes, and launch a new blockchain with a new name. Again, this requires you to clearly define your project goals and understand the code so that you know what needs to be changed and why. There are no universal technical solutions, everything is very individual.
Launch of a coin or token using the platform to create a cryptocurrency
This option is most suitable for the average person - they will do all the technical work for you and deliver your coin or token back. For example, CryptoLife actually creates a simple coin, and all you have to do is enter parameters: from the logo to the number of coins received for signing the block. They even have pre-built templates that only require you to specify the name and symbol. The base price of this service is 0.25 BTC, for which you will receive the source code of your coin in a few days.
WalletBuilders has a similar service, the price of which starts from 0.01 BTC, as well as a free test version.
You can also create a token - what is essentially a smart contract-with or without a public ICO. Since tokens can represent any asset, you can even create a token that has no real value or serious purpose other than an exchange between friends. It is faster, easier and cheaper to create a coin, because it does not require time and effort to develop and maintain a new or forked blockchain. Instead, you rely on the technology already used for bitcoin or ether.
If you want to go one step further to create a real-value coin for a wider audience that can be mined, bought, or sold, but you don't have any programming experience, you'll probably need the help of one or more developers. Even if you use the service to create your own currency, you need to support it - it won't be cheap and secure.
The technical issue is not so terrible as it is painted
However, the technical creation of a cryptocurrency is not really the most difficult part of launching a successful crypto project. The biggest challenge is presenting your coin, its symbolic value, building the infrastructure, supporting it, and convincing others to buy it. After all, even such memetic coins as Garlicoin, Dogecoin and PepeCoin have developers and user communities that support the stability of these projects. In addition, to date, many cryptocurrencies are unsuccessful, even dubious, from a legal point of view, because there was no high-quality ICO or the coin could not provide long-term interest. Not for nothing did the term shitcoin arise, and it seems that it is not going to disappear. Therefore, before you decide to take such a responsible step — launching your own cryptocurrency - you should weigh the pros and cons several times, determine the purpose of its creation, develop an action plan and conduct market analysis so that in the end your currency does not become another hit.
