How to create your own cryptocurrency coin

If you are not an experienced programmer but have been a keen observer of the armchair of Bitcoin, Dogecoin, and any other niche increasingly cryptocurrency, ask if it is possible to create your own.

In short: Yes. But there are quite a few different ways to consider - and keep in mind restrictions - before you immerse yourself.

Know the difference between a coin and a token

First, it is important to understand the difference between coins and tokens. Both are cryptocurrencies, but while a coin - Bitcoin, Litecoin, Dogecoin - works on its own blockchain, a token lives on an existing blockchain infrastructure like Astraleums. A blockchain is the easiest, a record of transactions on and secured through a network. So while coins have their own self-contained Ledger business, tokens to check the underlying network technology and leave secure transactions and ownership. In general, coins are used to transfer wealth, while tokens can be a "contract" for almost everything, from physical objects to event tickets to loyalty points.

Tokens are often published through a crowdsale that offers first coin deals (ICO) in exchange for the existing coins, which in turn finance projects such as gaming platforms or digital wallets. You can still purchase publicly available tokens upon completion of an ICO - similar to buying coins - with the underlying currency.

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A blockchain is at its simplest, a record of transactions made on and secured by a network.

Anyone can create a token and run a crowdsale, but ICOs as creators will take money from investors and run ever dim. The Securities and Exchange Commission is cracking down on ICOs and moving to tokens to treat as securities that, like stocks, must be settled. The SEC warns investors to do their research before establishing an ICO token.

At the time of writing, CoinMarketCap lists 895 coins and 679 chips on public exchange. Not all tokens made it to exchange, but - Etherscan, which offers Astraleums Analytics, has more than 71,000 token contracts in its archive. While the crypto market is volatile, experts believe it will continue to ripen as more people embrace the idea.

The idea behind cryptocurrency is that the underlying code is accessible to everyone - but that does not mean it's easy to understand. Here are the paths to creating your very own coins and tokens.

Build your own block chain - or an existing fork

Both methods require a lot of technical knowledge - or the help of an accomplished developer. Because coins are on their own blockchains, you have to build a blockchain or an existing one and change it for your new coin. The former takes serious coding skills and even though tutorials are in place, you go through the process, they take some knowledge, and you do not finish with a fully functional coin.

Alternatively, you can fork an existing blockchain by looking at the open-source code found on Github-Litecoin, for example-a few changes, and start a new blockchain under a new name (like Garlicoin). Again, this requires that you understand the code so you know what to change and why.

Start a coin or a token with the help of a cryptocurrency creation platform
This option is the most feasible for the average person - a Creation service will deliver the technical work and your finished coin or token back to you. For example, CryptoLife will actually build your own coin, and all you have to do is enter the parameters from the logo on the number of coins that are excellent for signing a block. (That is, when they are open - from the time of going to print, orders are currently closed.) You even have pre-made templates that require just a name and a symbol to enter. The base price for this service is 0.25 BTC ($ 2002.00 as of this writing) and you will receive your coin source code in a few days. WalletBuilders has a similar service starting at 0.01 BTC as well as a free trial.

You can also create a token - which is essentially an intelligent contract - with or without a public ICO. Since tokens can represent an asset, a concert ticket, or votes to finance over a crowdsale or physical currency, you can even create a token with no real value or serious purpose other than sharing with friends. This is faster, easier, and cheaper to create than a coin, as it does not require the time and effort to build and maintain a new or bifurcated blockchain and relies on the technology already in use for Bitcoin or Astraleums.

A common product is an ERC-20 token, the standard for those built on the Ethereum blockchain. The code for these token and crowdsales contracts is also available for the very ambitious, but there are user-friendly platforms that will guide you through the process.

With CoinLaunch's CoinCreator, for example, you'll need to add the MetaMask extension - which connects you to the Ethereum network - to your browser and follow their step-by-step video to build your token and launch your ICO. The platform offers the opportunity to create bonuses and devolution plans for investors or even launch a symbolic contract without a crowdsale. The token contract process is free, but CoinLaunch takes a commission from each ICO (4 to 10% depending on how much money is triggered).

If you are curious about crypto, there is no penalty for experimenting with token contracts. Start with an ERC-20 token - using CoinLaunch, for example - that you can distribute to your friends and then cash in to anyone buying drinks at the bar. There is no monetary value or commitment attached, but it will help you understand the technicalities as well as how tokens work. The ICO will probably not be appropriate for the casual observer because of the increase in settlement and penalties for misrepresentation.

If you want to go a step further to create a coin with real value for a wider audience to mine, buy and sell and you do not have coding experience, you will probably want to use a or several developers. Even if you use a service to build your currency, you will need to maintain it - know it will be cheap or risk free. Sites like CodementorX and subreddit r / coindev will connect you with the cryptographic developers for your project.

The technical creation of a cryptocurrency is not really the most difficult part of starting a successful crypto project. The real work is in giving your coin or token value, building infrastructure, maintaining and convincing others to buy - even memecoins, like Garlicoin, Dogecoin and PepeCoin, have developers and users facing teams for maintain the stability of the technology and the committed Community. Many cryptocurrencies are unsuccessful, even questionable from a legal point of view, because the ICO was not created in good faith or the coin could not generate lasting interest. The term "shitcoin" exists for a reason.