How to Make Your Own Cryptocurrency: The Ultimate Guide
Cryptocurrencies have become increasingly popular in recent years, with many investors and businesses looking to create their own digital currencies. With all the traders, P2E players, investors, and convinced holders, there are currently over 300 million crypto users worldwide. This is the biggest number of crypto owners the world has ever seen.
In this article, we provide a comprehensive guide on how to create a cryptocurrency, covering everything from the initial concept to the deployment of the finished product. Whether you are a developer or an entrepreneur, this guide will provide valuable insights into the process of creating your own cryptocurrency.
As a company that’s been developing blockchains, dApps, smart contracts, and cryptocurrencies for over 5 years, we can share tips and hints our engineers use on a daily basis. This way, you’ll be able to facilitate the development process and create an efficient solution faster. And if you need any help along the way, feel free to contact us to get a consultation or hire outsourced blockchain developers for your project.
5 Benefits of Launching Your Own Cryptocurrency
Before talking about how to make my own cryptocurrency, let’s deal with all the why’s.
When it comes to crypto assets, most companies and bloggers share the information for retail investors, trying to attract a wider audience. However, almost no one talks about the companies creating a cryptocurrency and the benefits they get.
So what is it about developing a cryptocurrency for your business or brand? What are the advantages of this decision, and what to expect overall?
P.S.: If you’d like to skip to the part on how to create a cryptocurrency, scroll through a few chapters until you see the Ways to Create a Cryptocurrency.
There are plenty of benefits to making your own crypto. Here are just a few of them:
- Enhanced data security. With the help of blockchain technology, you can significantly improve the security of user’s funds and data, allowing them to enjoy safe trading and mitigating the risk of hacker attacks and fraud.
- Low operational costs. With decentralized networks, there is no need for pricey third-party services or middlemen, which means that you’ll be able to cut costs.
- High-speed transactions. Blockchain enables near-instant transactions and zero amount of paperwork, helping you perform operations in just a few moments.
- Anonymity, yet transparency. If you strive for anonymous transactions, crypto is your number-one choice. And yet, all the operations performed on the chain can be tracked due to its decentralized nature, allowing for great transparency and trustless service.
- New audience. Creating your own cryptocurrency will grant you access to the whole community of blockchain enthusiasts, thus, enlarging your target audience pool and bringing in new customers.
As you see, deploying your own crypto is highly beneficial on many levels. But the critical part is to do it correctly to ensure high security and top up with proper marketing so that your project achieves the ultimate goal.
What Is The Difference Between Crypto Coins And Tokens?
If you are just starting your journey in the crypto industry and want to figure out how to create your own digital currency, there are quite a few questions you might be asking. But one of the basic things to cover first is the difference between two notions: coins and tokens.
Simply put, a coin is a native blockchain-specific asset that is distributed among miners or validators. A token, on the other hand, is a secondary notion that is secured by smart contracts and has a specific utility or security function.
We have discussed this difference in more detail and provided some examples in one of our previous articles, so make sure to check it out to learn more.
Comparing the Development of Crypto Coins and Tokens
When you decide to build your own cryptocurrency, all the technical details start coming to the foreground. And one of the first tech dilemmas you’ll have to face will be whether you should develop a coin or a token. By the way, the Blaze team also specializes in NFT development.
Since you already know the basic difference between the two, let’s dive into the details. (What? Don’t you know the difference? Then get back to the previous chapter and stop skipping essential parts ;))
The important thing about crypto coins and tokens is the way they are made. While tokens are created on the foundation of an existing blockchain, coins require developing a new one. Of course, this takes much more time and human resources, so make sure you’ve weighed all pros and cons before making this decision.
Read Also: How to Develop an NFT Platform
To make your cryptocurrency development a bit easier and speed up the decision-making process, we’ve come up with this comparative table:
|Requires a dedicated blockchain network||Can be built on existing blockchains with smart contracts|
|Requires a certain consensus – emission rules that are established in the blockchain||The emission is determined by the creator|
|Needs economic balance for emission and distribution||Requires well-balanced tokenomics|
|Required additional expenses in case of bridging on other chains||Can be bridged on the existing solutions|
|Has to be developed impeccably since it will be powering the whole ecosystem||Lives within the protocol, which means it has to bring some value and utility to the protocol|
|Needs an experienced team with in-depth blockchain knowledge||Requires the team with previous experience in developing smart contracts|
|Due to the necessary blockchain development, takes more time and requires better funding||Is much easier, faster, and relatively cheap, which is a key factor for many startup teams|
By the way, we provide blockchain development for startups, so if you have additional questions, please ask.
Ways to Create a Cryptocurrency
Depending on the type of asset you’ve set your mind on in the previous step, there might be different ways to create a cryptocurrency. All of them have their pros and cons, which we’ll describe below.
Create a New Blockchain
As we have mentioned before, developing a new blockchain to create your own crypto coin is one of the most difficult, expensive, and time-consuming solutions. This will require you to hire an experienced team of blockchain developers with specific industry knowledge and spend a lot on the tech stack.
Another issue with this method is the necessity to attract an audience to a newly created blockchain, which might be a major challenge in the current market.
And yet, new blockchain creation comes with certain benefits that experienced developers can appreciate. For instance, you can implement new principles or a whole new ecosystem on the chain.
Fork an Existing Blockchain
If you are sure that your business needs a coin, but you have a limited budget and don’t want to hire too many specialists, this is a solution for you.
Instead of creating your own blockchain, consider forking an existing one. This way, you will be able to cut costs and save time since all that your team will have to do is alter the source code of an existing network and launch your new coin.
However, be aware that forking an existing blockchain may lead to potential security issues or increased market volatility as traders adjust to the creation of the new cryptocurrency.
Use an Existing Cryptocurrency Creation Platform
This is by far the easiest way to create a cryptocurrency token and the most cost-efficient one. Using an existing platform with a ready-made set of developer tools will allow your team to develop and launch a token fast and with no extra headache. And still, you would need to hire knowledgeable developers with experience in working with smart contracts to build a secure solution.
Best Solutions for Creating Your Own Crypto Tokens & Coins
Since creating a token on the existing platform is one of the easiest and most cost-efficient solutions, let’s talk about it in detail.
Currently, there are a few blockchains and ecosystems that allow for developing new tokens and even provide suitable tools for that. The most popular and stable ones are EVMs and NEAR.
As a token development company, our team has expertise in creating tokens on popular platforms like EVMs and NEAR. We can guide you through the entire process and provide the necessary tools for a seamless token creation experience.
Ethereum was the first chain to offer custom token creation. Later, many EVM chains were developed on its basis, which also allowed developers to deploy their own ERC20 tokens. Such chains include Binance Smart Chain, Avalanche, Tron, Fantom, and many more.
ERC20 tokens are the most popular in the current market and bring a few benefits:
- Easy and fast development
- Easy usage and adoption by a wider audience
- Quick fundraising
Programming language: Solidity.
Another popular option is deploying a NEP20 token in the NEAR ecosystem. Even though this chain is not as old as Ethereum, it has gained an impressive reputation over the years and attracted a huge community of supporters.
Programming language: Rust.
On top of the token creation through different platforms, you can create your own coin in a few ways that are a bit easier than others.
3. Fork Bitcoin
One of the easiest ways to develop a crypto coin is by forking. You can fork any chain from the Bitcoin family, including Bitcoin itself, Dogecoin, Litecoin, Dash, and so on. However, as we have mentioned before, it would still require you a lot more time and funding than making a cryptocurrency on existing platforms.
4. Substrate chain or Polkadot parachain
One more popular but rather long way to create a cryptocurrency token is in the Polkadot network. The ecosystem offers a unique concept of parachains, application-specific chains that enable building whatever protocol you want with almost no limitations.
What to Consider When Building Your Own Cryptocurrency
When working on the project, many teams focus on how to create a cryptocurrency in terms of the technical solution. However, you should never forget about the business component of launching your own token or coin.
That is why we are sure that one of the most crucial things to consider when you start a project is the utility of your cryptocurrency.
The utility is the first thing that any potential investor will pay attention to when opening your website or a Whitepaper, so make sure to take it seriously. To begin with, answer the questions, “What’s the purpose of our crypto? What services does it give access to?”
How to Make Your Own Cryptocurrency in 7 Steps
So how to make a cryptocurrency that will remain secure and attract new users? It is a complex process that includes not just the development part but also many business decisions.
We have compiled an overall step-by-step guide on how to start your own cryptocurrency. Hope you will find it useful.
1. Define your business idea
As we have stated before, defining your business concept and key ideas must be the first step of any project.
Make sure to think through your business case and decide whether you need a token at all. You’ll be surprised to find out how many companies have launched their own crypto even though there were much easier options to cover their business goals.
2. Define token utility
Next, to create your own cryptocurrency, you need to know who will use it and how they will apply it. So your task is to decide on what kind of token you need to make – a security or a utility one – and what exact application of the token you can offer.
3. Plan your future listings
Make sure to plan (or at least draft) your future listings early in the project, even before the development stage. This will help you understand all the possible requirements and regulations that your future cryptocurrency has to comply with.
4. Choose a blockchain platform
Finally, it’s time to choose the platform where you will make a new cryptocurrency launch, whether it’s gonna be yours or an already existing one. Again, you should take it pretty seriously since it will influence token adoption, community growth, and many other factors. In the future, when starting your own cryptocurrency, this will affect its success.
This one is self-explanatory, right? It’s time to get head over heels in code and work on that crypto. Make sure to gather an expert team with extensive experience in blockchain development to achieve the best results.
If you’d like to save time engaging separate experts, consider hiring an outsourced blockchain development team.
Blaize developers have over 5 years of experience working with leading blockchain products in the market. We’ve successfully completed 70+ projects and deployed over 400 smart contracts for your clients. Contact our team to get a custom solution according to your requirements or read our guide on how to build a DeFi project for better understanding.
6. Audits & legal check
An essential part of post-development teamwork is conducting audits and double-checking all legal aspects.
We recommend you hire a couple of reputable smart contract auditing firm to ensure the high security of your protocol and eliminate any possible vulnerabilities of smart contracts. Without this, making your own cryptocurrency becomes more complicated by several dozen times.
Discover the benefits of smart contacts and find out how it affects different business sectors.
7. Start the emission
Finally, it’s time to create a new cryptocurrency for your business by minting it in the chosen ecosystem.
If you have reached this point, congrats, you did a great job! Yet, don’t think that your journey is over – there’s still a lot of marketing and community work ahead.
Besides, you’ll need to keep all the promises you made in the Whitepaper during your promo campaign. But this is a whole different story.
How Blaze Can Help You Create Cryptocurrency
Experienced cryptocurrency developers from the Blaize team can help you launch your own crypto and cover all the associated tasks. We build blockchain ecosystems, decentralized applications, smart contracts, developer tools, and more. On top of software development, we provide other blockchain-related services like security audits and blockchain integrations.
Over the course of 5+ years, we have successfully completed more than 70 projects for world-known companies like 1inch, Aurora, and Solana. Besides, we’ve developed 400+ smart contracts and audited 120+ more.
Our main goal is to focus on your business objectives and develop the most efficient solution within your budget. For this reason, our team consists not only of developers but also project managers and analysts who optimize the work process and come up with the best solution.
With Blaize, you can hire just a few experts to complete your in-house team or get a whole outsourced team working on your project.
If you’d like to find out the cost of cryptocurrency development, make sure to contact our team and provide a few details about your project so that we can calculate the price for you.
As they say, the best time to act was yesterday; the second-best time is now. So if you have set your mind on building your own cryptocurrency, go for it!
We are sure that the crypto market will soon recover from this prolonged winter, and new coins and tokens will emerge. Who knows, maybe yours will be one of them?
And if you need any help with building your crypto, don’t hesitate to contact Blaize – we’ll be happy to help you develop a highly secure and appealing solution. Text us today to find out all the details and discuss possible cooperation.
Frequently asked questions
Can I make my own cryptocurrency like Bitcoin?
Yes, you can create a new blockchain, fork an existing one, or use other chains and protocols for launching your own cryptocurrency.
How do I benefit from creating a cryptocurrency?
By launching your own crypto tokens or coins, you get enhanced data security, low operational costs, high-speed transactions, anonymity, transparency, and a new audience.
How do you make your own crypto coins?
You can hire an experienced team of blockchain developers to help you build your own blockchain or fork an existing chain. This way, you’ll be able to create a new coin.
How to choose developers to create a cryptocurrency?
You can choose experienced cryptocurrency developers by reviewing their case studies and reading customer reviews.
If you are looking for a knowledgeable team with 5+ years in the blockchain industry, choose Blaize. Our team has worked with many market leaders and has successfully launched over 70 projects. Send us a text or book a call to find a custom solution for your project.
What are the main steps in developing a cryptocurrency?
To make your own cryptocurrency, follow these steps:
- Define your business idea.
- Define token utility.
- Plan your future listings.
- Choose a blockchain platform.
- Audits and legal checks.
- Start the emission.
If you’d like to learn more about creating your own cryptocurrency, read the full article or contact our team to get a custom solution for your project.