Cryptocurrency and Blockchain Development

Cryptocurrency Development

With the value of bitcoin worth more than 1000x a dollar, you must have been thinking of how is it possible to create something like that. Imagining the feeling of being the new Satoshi of your new coin ― you know the name to call it. Maybe NewCoin or whatever. This article will take you through the steps to start your cryptocurrency development even if you have little or no knowledge of programming,
What exactly is Cryptocurrency?
To avoid jargons, cryptocurrency is a digital version of our normal legal tender (money) which instead of running through different bank branches, it’s executed via blockchains which are encrypted using cryptography such not nobody could be able to read the identity of the two parties involved in the transaction.
Do not confuse cryptocurrency for a token
Although they are both run on the same platform called Blockchain, cryptocurrency an tokens are different. A simple real-life analogy is comparing your country’s local currency with the share’s you have in a particular business or company. Even though, you will need money to buy the shares and will also get money from either the dividend or selling the shares, it does not make them the same.
We believe that explains the difference between cryptocurrency and token.
How to Build Your Personal Cryptocurrency
There are generally two methods of cryptocurrency development:
Building from scratch
Building using an existing system or code.
Building from Scratch
It is very possible to create your own personal cryptocurrency by building from scratch. You will decide the code to use and how you want it to function. The only downside is that is costs a lot to execute and takes much time to complete. With the aid of Initial Coin Offerings (ICOs) today, if you are bent on executing such project and have all it takes, it is possible. You don’t need to move from one bank to another for loan or pitch to almost all angel investors in your city. If your project looks and sound appealing, people will surely invest.
Building using an existing system or code.
This is the easiest and fastest means of creating your own cryptocurrency. Presently, there are two major ways you can do this: either by creating on platforms like NEM and Ethereum or by forking.
Cryptocurrency Development Using NEM Blockchain
NEM is one of the most popular blockchain platforms to develop a cryptocurrency. It has its own cryptocurrency too called XEM which is ranked 16th largest in crypto market cap.
Steps
Visit the NEM website to download the NEM Nano Wallet
Click on create a “simple new wallet”
Buy some XEM, you will need about 120 XEM to launch your cryptocurrency on this platform.
Move the XEM to your newly created Nano Wallet public address.
Proceed to select “services”.
Click “create new namespace”
Enter the name of your cryptocurrency to create a namespace
Enter your wallet password or passphrase
Select “Register”
A new page will be displayed to create mosaic
Click on “create mosaic”
Enter the details for your cryptocurrency
Enter your password
Click send
Wait for some minutes for the cryptocurrency to be created
Voila! You have successfully created your cryptocurrency. You can start sending it to anybody.
Cryptocurrency Development Using Waves Platform
This is very simple and super-fast to use.
Steps
Download the Waves wallet
Select “Token Creation”
Name your cryptocurrency
Enter the details you will like for it
Click on “Submit”
Super easy, you now have a cryptocurrency for you use.
Cryptocurrency Development Using an Existing Code
Most cryptocurrency available today were built by modification of some already existing cryptocurrency codes called through a process called fork. There are open source code of cryptocurrency like Litecoin available on Github for example and make some few changes to the code to suit your new purpose. This method will however require you to have some programming knowledge to know which part of the code to change or manipulate to suit you purpose.

How to Plan a Successful Cryptocurrency Development
Be sure there is a community
Do not just start planning on how to develop your personal cryptocurrency, first take a survey to see what your cryptocurrency could offer to beat competitors. The failure to consider this might make your new project also end up like most cryptocurrency we never heard of.
Save Time Coding
It is a nice and wise idea to start coding your own cryptocurrency from scratch. But why waste the time when you can easily fork already existing cryptocurrencies like Litecoin’s code. This will significantly reduce your start up cost and time before you launch. In fact, it will reduce the amount of debugging you will need to do. To take advantage of most open source cryptocurrency codes, you only need the knowledge of programming. And if you don’t have. Consider hiring one.
Spread the Word
People need to hear about something before they can start talking about it. After launching your cryptocurrency, get the press release and related articles to be published on as many reputable websites as possible. Also, try to entice miners to work on your cryptocurrency blockchain too as this will significantly help with the popularity.
Create a Market for Your Coin
Your cryptocurrency is useless if it can’t be spent. Even though you may have great teams and minders willing to work on your cryptocurrency blockchain, convincing some merchants and online platforms to accept it as a means of payment will in no small way boost your cryptocurrency credibility and also increases its use.
Capitalize on a Region
Getting your cryptocurrency accepted worldwide may be a herculean task and concentrating on making it a valid means of exchange by partnering with organizations for instance can help you capture such specific area. Or you can decide to pursue making it the major cryptocurrency in your country or locality using your network to entice people. At least, your great personality should be able to convince them to take a look at your cryptocurrency.
Conclusion
Creating your own cryptocurrency is easy but making the cryptocurrency relevant is the real work. There are more than 896 cryptocurrency coins available today. But we usually get to hear only few of them ― you decide if you want a credible coin or a shit coin. ..