There is no doubt digital currencies and Blockchain have recently been having the most impactful development. Investors have made quite a ton of money investing in digital currencies and the Blockchain industry has grown tremendously as a result.
Bitcoin’s success has been the defining moment for the new digital revolution. More and more people now want to create better cryptocurrencies that promise to reverse Bitcoin flaws. Some indeed have, others are still in the making.
Now, some of you are brilliant crypto enthusiasts with incredible crypto concepts. This piece intends to outline the steps you have to go through in realizing your dream- founding a cryptocurrency. It starts with understanding the basis of cryptocurrencies then how to create one by yourself. But first, you need to understand the basics.
Cryptocurrency Meaning And Original Concept
A cryptocurrency is a currency dependent on encryption as a technique in regulation and creation of blocks to confirm transactions.
They operate independently of a bank and provide a wealth that is restriction less and that which cannot be confiscated.
The original concept of virtual currency was shared online by Satoshi Nakamoto in 2008. He envisioned a cashless and independent currency, free from banks or any such institution that would exercise authority on the currency’s access and supply. Although his concept majored on the inherent Blockchain technology, it’s cryptocurrencies as a use case that has experienced widespread publicity and growth.
Now, when creating a cryptocurrency, ask yourself: what problems am I solving? And how do I intend to solve them?
These questions will direct you to the right path in regards to your crypto idea. It also opens your mind to decentralized applications that have been in use in medical, finance, energy and insurance industries and how they can be applicable to your project.
Hire The Right People
The right development partners are significant to the success of your token or currency. You have no option but to choose the right developer and team for the job.
An idea can be great but useless with no good team. The right talent is the difference in bringing out the best result from your project. And experience is vital when it comes to such projects.
Create A Good Whitepaper
A good whitepaper for the general public should also be a priority. It should be published in a way that is accessible to all without inconveniences. A whitepaper should preferably be in PDF format. The format is accessible to various browsers and systems.
Needless to say, the whitepaper should also be perfect in terms of grammar, how you spell out your ideas and answering the fundamental questions like; the idea behind your token, the problem it solves and the structure of your team.
Community And Token Security
Now, believing that your crypto would be readily welcomed in the community is a lie. Focus rather on the issues your crypto solves in the market and how you intend to survive the harsh and competitive market.
You also have to understand that it won’t be perfect. Seek to find the loopholes and vulnerabilities in the virtual currency you just created and work to fix them.
Looking For Miners
Last but not least, you need to find miners for your new currency. Showing the right, truthful intentions and building trust is essential in winning them over. This way you can both agree and have a better understanding of your coin and goals.