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Three Approaches to Create Your Own Cryptocurrency

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

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. There are three primary approaches to create a new cryptocurrency: creating a new coin, creating a token and using a third party cryptocurrency development service.

 

 

Creating a new Coin

To create your own cryptocurrency as a Coin requires an entirely new blockchain. A new coin and a new blockchain provide complete control over the coding and mechanisms behind the mechanism. Such blockchain has 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 requires intensive knowledge of coding.

 

Read: The Risks in ICO Investments

Creating a Token

A token is created using an existing blockchain. 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 coin is accomplished by launching an ICO, which is a company to raise 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 Exchange to launch a new Currency

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 third option to hire a third party developer firm or company that can build either a new blockchain or a token. Such services even evaluate the best option to follow 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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