Owning digital coins is slowly becoming the dreams of individuals. The benefit they offer to bypass a central authority and transact directly is its key value.
You may be puzzled by the number of cryptocurrencies in the market today. They range in the thousands, yet leaving space to make a cryptocurrency.
This is a relaxed yet an insider’s discussion on how to create your own cryptocurrency. While too many details would be out of scope, these guidelines are a push in the right direction.
Ways to start your own cryptocurrency like a guru:
1.Read white papers widely including the original
You have to keep abreast of all latest white papers which have created waves regarding cryptocurrencies. Right from the inception, all of these salient documents carry much impact.
When you read white papers you not only discover what could be lacking in your offering but also uncover potential show stoppers.
2.Analyze market conditions and decide on a supply cap
In a bid to make your own cryptocurrency, you should realize that this form of money is comparable to digital gold. The supply is limited and when mined they could reach their limit.
It may happen that based on your capacity of funding there can be a supply cap. You should never attempt to scale this to unreasonable limits. You should have a clear idea of the ongoing market conditions and the niche position of your cryptocurrency in that space.
3.Plan ahead for bounty programs
Bounty programs are a great way to attract merchants and prospective customers. A bounty program may consist of:
- Providing tokens for highlighting potential bugs
- Appreciating a user’s effort for digital marketing
- Recognizing a customer’s initiative to refer more consumers
You may have to factor funds required for this campaign. You should also be generous in this area considering the outreach it can generate.
4.Consider supplements like wallet support
There are many supplements to create cryptocurrency but the most important aspect is that of extending wallet support. The most basic of wallets is a paper wallet to store salient keys but be informed that the world has moved away from this to more digital options.
Your cryptocurrency must allow users to have a wide range of options to store and transact. Initial phases of wallet development must be brainstormed. You may consider to do this in-house or through vendors.
The other important supplements worth mentioning are:
- Live blockchain integration
- Advanced security options like secret phrase and two-factor authentication
- Options for decentralized applications
- A full fledged Initial Coin Offering(ICO) campaign
- Support for virtual machines
5.Be a differentiator rather than following the trend
Your cryptocurrency must go above and beyond the traditional offerings. It must almost sound like there is a secret recipe in your digital coin that sets it apart from the crowd. You can build such a distinction with your own initiative.
Will your cryptocurrency be easy to transact, will it provide secure wallet functionalities, does it show hopes to appreciate over the period, will it raise enough funds during ICO favouring research and development are some basic and crucial items on the agenda.
Last but not the least, consider these checklist items:
- Can I design a pre-launch website that can help me propagate my cryptocurrency in advanced?
- Am I fully aware of all the legal implications and have I considered securing the services of a financial professional?
- Am I fully equipped to start a digital marketing effort myself or should I hire third party services?
- Hope I am not violating any copyright clauses for any of the content or media I am using. All graphic media I use must be fully compliant and legal.
- Am I aware of key performance indicators that kick in when I make a cryptocurrency?
Also Read: Will ICOs Prevail? Give Them Five Years
The ideas shared are no doubt thought provoking and would prove to be handy. However, note that cryptocurrency creation and its mass appeal is a tough process that takes time. Make sure your ideas are weighty before launching a drive to promote a digital coin.
We would be thrilled to know your thoughts and your general feedback! If you have stepped in the same track, no doubt you would have great experiences. Write back.