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A Guide: Creating Your Own Cryptocurrency

Whether you’re an expert coder or not, you have every opportunity to create your own cryptocurrency. Of course, a background in this very niche design industry is always going to be useful, but it’s not the be-all-and-end-all. Regardless of whether you’re an expert or a novice, you can do it.

If you want to make your mark on the world of cryptocurrency by creating your own, you’re going to need to put the following advice into practice

Coin or token? Set your stall out right away

You may not know this, but there is a difference between coins and tokens in the world of cryptocurrency. True, they’re both cryptocurrencies in principle, but the way each operates is completely different from the other. It’s important, then, that you set your stall out right away with regards to what kind of currency you wish to create. This is because, quite simply, it’s going to be impossible for you to make changes should you, for whatever reason, feel that you’ve gone down the wrong designing path at some point in your venture.

When it comes to choosing between coin and token, it’s important to know how each differs from the other:

Coins

Work off of their own independent blockchain

Have their own transaction ledgers

Used commonly for the process of wealth transferring

Tokens

Feed off of an existing blockchain

Rely on other networks to verify transactions

Operate commonly as ‘contracts’

If you’re relatively inexperienced in this field, it is probably best to opt to create tokens rather than coins. This is because you won’t have to go through the trouble of creating your own independent blockchain or designing your own transaction ledgers, meaning you will be able to get to work right away in creating your cryptocurrency. As you become more confident and experienced in this field, by all means, give coins a go as well.

Build a blockchain

Should you opt to create a coin and, subsequently, need to build your own blockchain, it’s important that everything you do its perfect. One wrong move and you could ruin the whole venture.

The most important aspects of building a blockchain are as follows:

  • Build your own circuit board using a 3D design rigid-flex PCB editor
  • Optimize your workflow for integration
  • Decide whether you wish to be public or private depending on the scope you wish to have when it comes to the act of publishing your data

Launch your currency

There are a host of cryptocurrency creation platforms out there on which you can launch your currency — as an inexperienced designer, at first, it’s best to choose a platform that does all of the launching work for you. This will leave you time and space to be able to get on with creating the parameters of your coin or token, designing its logo, and marketing it.

Whether you choose to do so on a personal or a professional level, designing your own cryptocurrency will no doubt prove to be a worthwhile experience. Be sure, then, to put the above advice into practice, and get started on your design.

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