Today, cryptocurrency is increasingly becoming a frequent topic of discussion in casual conversations. Cryptocurrency provides startups with several perks and gives them a significant advantage over their competitors. Your startup can issue its own cryptocurrency. It offers ample consumer benefits and competent marketing tools. Learn to create your own cryptocurrency and make money from this easy-to-understand blog.

Getting started

There are two ways to create your own cryptocurrency.

• Create a blockchain
• Create a bitcoin fork

Creating a blockchain

State your purpose

Clearly define the objectives of your business.

Choose a verification mechanism

Determine which transactions are to be accepted and added to the block by setting parameters and protocols.

Select a blockchain platform

Choose from a wide range of blockchain platforms which is on par with your verification mechanism. The most popular blockchain platforms include but is not limited to Openchain, Chain Core, Quorum and IBM blockchain.

Set up nodes

Similar to a firewall, set up permissions for storage, verification, processing of transactions. Determine visibility (public, private or hybrid), set hardware details (memory, disk size, etc), opt in or out for cloud hosting and pick an operating system.

Regulate your blockchain’s internal architecture

This step is crucial as once the internal architecture is configured, it cannot be changed. Determine parameters like:

• Permissions - determine who can access and create new blocks
• Address formats - determine your blockchain’s address
• Key formats - decide the format of the keys that will be generating transaction signatures
• Asset issuance - configure rules for listing asset units

Build API

Some blockchain platforms provide APIs, if yours doesn’t, you can choose an API from some of these reliable blockchain API providers.

• Coinbase’s API
• Blockchain APIs
• Tierion
• Chromaway

Design the interface

A well designed interface will provide your blockchain’s participants with an easy to use experience. Front end programming languages, external databases, web, mail and FTP servers amount to the interface’s design.

Creating a bitcoin fork

Bitcoin forks allow you to copy pre-existing bitcoin program codes and customize them to your preference. There are two ways to create a bitcoin fork.

• Fork coin generator - Fork coin generator saves you from having to program codes. It generates a unique bitcoin program and allows you to change some rules and parameters.

• Programming a bitcoin fork - You can download the bitcoin code off of Github and compile it in your computer. Then, its code can be altered to your objectives. It can then be published back into Github with a whitepaper documentation.

So, here you go, impressed by the things you need to create the perfect cryptocurrency? Now, all you need is a good cryptocurrency development company; Blockchain App Factory.