Crypto coin development

Observing current trends in the global economy, many come to the conclusion that cryptocurrency is the future of money. In part, this conclusion is confirmed by the fact that many large technology giants willingly accept popular cryptocurrencies as payment for their goods and services. This new form of money eliminates the need for intermediaries such as banks and enables safer and faster transactions. This has led to a great demand for cryptocurrencies in almost all areas, which further fuels the need for the services of blockchain developers.

Cryptocurrencies can be divided into two large subcategories – coins and tokens. The key difference between cryptocoins and cryptotokens is that the former has its own native blockchain. Native blockchain involves customizing the key elements of the network. A native blockchain network can be created by cryptocurrency development services based on goals.

If you are thinking about how to create your own crypto coin, you need to know what benefits it will bring to your business. Here are some points that are attracting more and more people to the world of crypto:

• True decentralization

The main reason for the boom of digital currencies is the underlying technology – blockchain. This technology makes cryptocurrencies independent. No one can dictate the rules for developers and owners of cryptocurrencies.

• Fast and unlimited transactions

Typically, fiat currency transactions take a long time to process and settle. But with cryptocurrency, you can create an infinite number of transactions and send them almost instantly to the addressee, regardless of location.

• Zero to low transaction fees

When dealing with fiat currencies, banks and other financial institutions charge a significant commission. The costs of maintaining a blockchain network are much less, and sometimes even zero.

This option is not suitable if you are looking for an easy and fast way to create your own cryptocurrency for free. You must be an experienced decentralized technology specialist or have someone willing to take on the role of a technology expert.

The coin creation process can take as little as 5 minutes. You can simply copy the Bitcoin code, add a new variable, or even change the value of something, and that’s it – you have your own blockchain and coin.

However, you need to understand the code and how to modify it, which requires extensive coding skills.

The other issue is maintaining, supporting and promoting the coin as you need to create all the blockchain logic to run your coin. Hiring a team of professionals to complete this task will save you time, but you will have to pay for custom software development services. If you can afford to allocate a budget to create and maintain your own blockchain, then feel free to start realizing this goal.

Before diving into development, it is necessary to determine the parameters of the future blockchain network, namely:

• Consensus Algorithm

Currently, more than 20 consensus algorithms have been successfully implemented and used. We can single out the Proof of Stake (PoS) algorithm as it is the most functional, stable and secure in terms of network vulnerability to hacking. By the way, the Ethereum team, the second largest crypto coin by capitalization, is preparing to switch its network from PoW (proof of work) to PoS (proof of stake), which is proof of this advantage.

• Hashing algorithm

The hash or hash function is one of the main components of modern cryptography and blockchain algorithms. Hashing is the transformation of any array of information into a unique set of characters. The task of the miners is to decrypt this data. Numerous hashing algorithms include PoS, DPoS, SHA256 (used on the Bitcoin blockchain) and Crypto Night (used on the Monero blockchain).

• Block size

Each block created by the blockchain contains information. The block size determines the amount of information it can contain. This correlates with the reward of miners.

• Block Generation Frequency

This parameter affects the speed of the blockchain and the amount of information transmitted over a certain period of time. This affects the reward of miners.

• Block mining reward

The initial value of the reward is usually set in coins for each block mined by the miners. The amount of remuneration may vary in accordance with the given algorithm.

• Initial and maximum offer

The initial supply, also known as the premine, is the amount of coins that will be mined when the blockchain is launched. The maximum supply is the number of blockchain coins that will ever be mined. For example, Bitcoin had an initial supply of 0 coins and a maximum supply of 21,000,000.

• Name and ticker

The name of your coin can be officially registered as a trademark, just like the name of any product, but it is important to consider many aspects. A coin ticker is a short symbol for a coin that can be displayed on trading exchanges, within your blockchain, and in other information application systems and resources.

• Ecosystem products and branding

A blockchain can include many products that form an ecosystem. Such products may include cryptocurrency wallets, blockchain explorers; mining pools and other tools to simplify blockchain operations. Branding ensures the correct positioning of the ecosystem product.

Technical issues are the most difficult part of creating your own cryptocurrency. You can easily find a tutorial on how to create your own cryptocoin in 15 minutes or how to make a cryptocurrency without coding, but actually creating a cryptocurrency is not easy. To achieve the goal, you need to have a lot of programming experience. Only qualified specialists with knowledge and experience can solve this difficult task. The AVADA MEDIA development team has everything you need for this.

So, if you need the services of a dedicated development team, feel free to contact us.

In addition, you must have a solid goal and the necessary resources, since there are more than 18,000 cryptocurrencies in existence today, and only about a hundred of them are popular and widely used. Therefore, it will take a lot of time and resources not only for development, but also for marketing.