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The right approach to Create Your Own Cryptocurrency

Create your own cryptocurrency to participate in the new world of Digital Economy.

Cryptocurrency is the new form of money built exclusively to facilitate the digital economy. This form of currency, rather than extracting their value from tangible materials, extract the value from information on the digital ecosystem. Cryptocurrency is understood as a medium of exchange for information. With the primary characteristics of being fraud-proof, easily accessible and no involvement of a third party, Cryptocurrency is emerging as an appropriate medium of transactions on the internet.

Profitability and innovative business solutions are the prime reasons to create your own cryptocurrency. It is a lucrative idea because a new currency has unlimited possibilities if they are viable enough in the market.

Creating a new Coin

For creating your own cryptocurrency or altcoin to enter the crypto world, regardless of the purpose, you require an entirely new blockchain based crypto development. A new altcoin based on the blockchain technology provides complete control over the coding and underlying mechanisms. Such blockchain based cryptocurrencies have their own unique features and it is possible to provide them with any characteristic.

The creator may set the size of a block, limit the supply of the coin and set rates for issuing new coins. Users can either mint the coin following an algorithm or mint them on the basis of their earnings. Creating a new blockchain based cryptocurrency requires intensive knowledge of coding.

Creating a Token

A token is created using an existing blockchain based cryptocurrency. A blockchain is forked by customizing a block with a new set of protocols and starting a new line of blockchain with unique properties. It is comparable to modifying an existing coin and customizing it with new features. This clearly requires the primary coin. The process to acquire the primary coin to alter them into the new coins is accomplished by launching an ICO, which is a company raising public funds, similar to IPO. ICO stands for Initial Coin Offering. If Tokens are not created with intensive care, they might exhibit serious flaws.

There are many top tokens in the cryptocurrency market such as:

  • Tether
  • Binance Coin
  • Maker
  • OmiseGo
  • Ox
  • TrueUSD

Most of these are based on Ethereum blockchain.

Read: Launching an ICO as a profitable Business.

Using Cryptocurrency Development Services to launch your new Cryptocurrency

Building a new blockchain or launching an ICO involves loads of strategies, planning apart from time as well as money. They need an in-depth analysis of the technology and excellent coding to implement the unique idea. Still, there are risks involved both from business and technology perspectives. There is this is an option to hire an outsourcing cryptocurrency development firm that can help you create your own cryptocurrency. Such services even evaluate the best option to follow as per the business objective or the idea. Even Smart Contracts could act like tokens, not only for currencies but also for tangible objects.

Oodles Blockchain as the one-stop Solution

Oodles Blockchain has been providing cryptocurrency development services as a top forte. We provide effective consultation to start with the development of a new cryptocurrency. As security, scalability, and transparency are the prime features of a coin, we follow strict methodologies to attain the objective of an ICO or a new Blockchain.

Consult a Cryptocurrency expert now.

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