Cryptocurrency’s success has been attracting many new traders in the recent times. The decentralised features of the platform allow anyone to get involved in the trade protecting his identity. It gains more confidence in the trade as these digital currencies cannot be counterfeited.
Introduction to Cryptocurrency
The story of Cryptocurrency development begins in 2009 when a pseudonymous person Satoshi Nakamoto created the first decentralized cryptocurrency. Since then, ecommerce has evolved to make products easier to discover and purchase through online retailers and marketplaces. As a helping hand SHAMLA TECH serves as one of the best cryptocurrency development Companies. It gives us various options in bringing the best exchange development services.
Cryptocurrency enables them to sell their goods and services at a scale that was not possible with retail trade methods. This leads to the full market cap of combined cryptocurrencies raise upto 1000% last year.
Investors are increasingly accepting Bitcoin and Altcoins as legitimate, long term investments. Cryptocurrency Exchange development service also helps the companies to bring out their own cryptocurrencies.
Presently, trading giants like Amazon, Microsoft and other leading brands have started accepting payment through Bitcoin. These have also encouraged small and medium business owners to follow their way.
This development could connect those people with the world of e-commerce. After all, they just need an internet connection to get started. As it aims to replace centralized systems or any intermediary such as banks.
The leap opened doors for Cryptocurrency development companies. These Cryptocurrency development companies are good in building a cryptocurrency and to find their ways to become the best Cryptocurrency Development Company.
But before you create make your own crypto coin; you may have to get across a lot of highly complex calculations and algorithms to develop a fully fledged coin. The code’s cryptography is based on advanced mathematical and engineering principles not so simple to be cleared by a common man. To help you to make your own cryptocurrency SHAMLA TECH provides exclusive services relevant to your business with skilled crypto consultants.
Why is it necessary to make your own crypto coin?
In usual business and trading, there are numerous middlemen who complicate direct transactions. There is a lot of manual paperwork, brokerage fees, taxes and commissions involved in the middle.
But crypto trading is a direct networking structure that totally eliminates the influence of middlemen avoiding doubts. This direct trade leads to greater clarity in establishing audit trails, less confusion on to whom the fees should be paid, greater accountability and trustworthiness between the buyer and the seller.
Nobody wants their transactions and trading to be followed by any central authority. In every use of cash and card payment systems, the bank or the centralised system can track down the entire transaction history. This gives the authority the total freedom to have a check on your account balances, transactions and funds.
Contrarily, trading with the help of cryptocurrency allows the transactions to be negotiated within the two parties itself without the interference of any governance. This holds the privacy of your financial history and restrains from any hack or theft which is prevalent in the traditional system.
Easier global trade
Cryptocurrencies possesses a unique feature that they are not curbed over different local currencies. Cryptocurrencies possesses the exclusive tendency of escaping the charges imposed for exchange, interest, transactions charges, or other any other taxation by any country.
This peer-to-peer mechanism makes helps cross-border transfers and transactions to be conducted without complexities over currency exchange fluctuations.
Cryptocurrencies hang on to top notch security as the blockchain technology makes the transactions transparent for the parties. With these digital coins, traders are able to do business even where crime and fraud rates are high. The public ledger allows no one to double spend the currencies or hack the data.
Digital exchange platforms protect the personal information of the trader to be kept away from identity theft and hidden from prying eyes. The enhanced anonymity allows Payments in crypto coins can be made and finalized without personal details being tied to the transactions.
Create my own cryptocurrency
Creating a new cryptocurrency allows easier transactions and widen up the trade. Cryptocurrency offers a way to reach out to the traders who are looking for a new method to pay for their goods or services. It offers significant benefits to help the user to avoid the risk of fraud and enjoy complete anonymity to purchase what they want without being monitored. SHAMLA TECH provides trending services to make your own crypto coin with cryptocurrency development service from expert crypto consultants. Get into the new crypto market to enhance your business.
Creating a new cryptocurrency
You have to be sure about which one you want to create- coin or a token. Both of these come under cryptocurrencies, but with major difference. Coins operate on their own blockchains like whereas tokens depend on other networks to verify transactions and store them. That is tokens need not necessarily have a new blockchain. We can learn more about developing cryptocurrency and how to make a cryptocurrency boost your business;First of all let’s see the main steps you need to take into consideration to building a cryptocurrency.
Cryptocurrencies require extensive coding and calculating knowledge to complete. Of course, it is a bit complex some understanding on modifications is still essential, but still the wide web is full of tutorials and guides. Nevertheless cryptocurrency developers will help you to achieve it skillfully.
For creating a cryptocurrency with real value, it takes some time and dedication. Tokens are offered in initial coin offering or, generally crowdfunding in order to gain response from the public.
Types of coins
Bitcoin: Bitcoin is extensively seen as a pioneer and the early developed digital currency in the cryptocurrency market. Bitcoins relatively advances in its value as more people come forward to exchange them for goods, services, and even local cash as well. It allows people to trade with their Bitcoins almost anonymously,where to fake or copy Bitcoin is troublesome. Bitcoin uses the Hashcash proof of work system to limit new miners to the chain.
Altcoins: Altcoins are alternative cryptocurrencies other than Bitcoins that are launched after the success of Bitcoins. As the name suggests, it includes all other non-Bitcoin cryptocurrencies. There are hundreds of altcoins which holds their own range of procedural variations. Though functionalities are similar, they provide unique application enhancements that differ from Bitcoins. Leading examples of altcoin include Litecoin, Ethereum, Ripple and Dogecoin. Litecoin is considered as the closest competitor of Bitcoin.
Tokens: Cryptocurrency tokens represent a fixed or a particular exchangeable and tradeable asset or a utility that works in an exchange platform. Tokens may also represent a customized unit of cryptocurrencies. Such tokens are tradeable and compatible among the other participants in the blockchain. This functionality of building your own tokens is made possible through smart contracts; the security programmable computer codes that are automated and do not require any third-parties to operate. Tokens creation is much easier as it need not have a separate Blockchain of its own.
In the new trending world of crypto trading, your opportunities can be pumped up by tokenising your assets.Unlike direct exchange of virtual currencies, token represent a particular value embedded to any other cryptocurrency or asset. Never forget that the price of token is always proportional to the basic principles of economics like the law of demand and fair value.
Types of tokens
Security: A security token is a device that the owner possesses to authorize access to a network service. This type of token can be a portable device, smart card or can be ingrained in a commonly used object. Security token promises extra level of security through two-factor authentication (2FA). It also represents assets such as participation in any real physical things, shares or interest payments. In terms of their economic function, the tokens are corresponding to contracts, bonds or derivatives.
Utility: A utility token is a non-physical form of token that is mostly used for crowdfunding purposes. Utility tokens are built to provide investors with extra utility other than a literal money exchange or trade. Having a utility token may also give access to a function or a service provided directly by the businesses that issued the token. This category also provides access to the goods and services that the project will launch or maybe in work.
Equity: An equity token represents an appropriate share in an underlying company. With any purchase, holders are literally granted to own a given percent of the total enterprise according to his investment. The buyers are allowed to represent assets and imply to ownership of the particular area that the token gains access and control over a business that issued the token.
Asset: Asset tokens stand as one of the best use cases of blockchain technology as it allows the buyer to possess any approved product by the provider. Unlike others tokens which allow direct participation in the provider company’s authority. Asset tokens also permits to handle real assets such as Gold.
If you think Bitcoin suffers from high volatility in its valuations, then stablecoin will help you kick off your worries. Stablecoin stabilizes the volatile cryptocurrency trade. As cryptocurrencies attain highs and lows without fixed value, stablecoins are formulated to retain its value by storing it into an asset or any fiat money. Stablecoins safeguard investors from crash by pegging its value to any real gold, local currency or even another cryptocurrency. This substantial guarantee in value greets many new traders everyday. Stable coin is of 3 types- Fiat backed, Gold backed and Crypto backed
Fiat backed stablecoin
A Fiat backed stablecoinretains its value in fiat currencies such as the Dollar, Euro, Rupee or any currency. Its value is pegged to a local currency and is stabilised as a fixed value. The process is done off the cryptocurrency platform. This allows high liquidity which makes other trades easier. One of the most used fiat backed stable coin is USD Tether (USDT).
Gold backed stablecoin
A Gold backed stablecoinretains its value in real gold. It allows physically buying gold with thestablecoin’s value. This physical asset pegging is the latest and the off-site trend in the exchange platform.Gold backed tokens like Digix Gold Tokens (DGX) efficiently handle non volatility giving more confidence in the trade.
Crypto backed stablecoin
The value of Crypto backedstablecoin is collateralized by a different cryptocurrency. Its value is pegged to aalternative cryptocurrencyand is retained. This pegging is regulated on-chain in the exchange platform, through smart contracts.One of the famous stablecoinDAI allows backing the value into various cryptocurrencies.
If you wish to create a stablecoin
Stablecoins are created to sustain the credit and maintain a permanent value corresponding to an underlying asset or a product. But creating a stablecoin consumes a lot of f technical procedures and in-depth research. You will have to submit your KYC and AML verifications, pursue on wiring of funds to bring out the proportional stablecoin. Never miss to get help from expert developers to create customizable stablecoin that are compatible with your desired exchanges, hassle free to support the trading.
Stablecoins are the best when it comes to liquidity in cryptocurrency exchanges.When someone wants to reclaim cash or assets with their stablecoins, the stable coin managing entity will restore the fiat or the local currency and send it to the owner’s hands. This will again start back to the same process from verifying your KYC/AML. Get professional advice to provide you user friendly options to redeem your cash hassle free.
By hiring professional developers you can significantly cut down rates by eliminating the room for errors. Therefore future-proof your solutions by working with experts who are ready to furnish innovations.
Now let us come to the topic of creating your own cryptocurrency
Many of you will definitely have a doubt running in your heads: Can I build my own cryptocurrency. It is definitely a yes but be sure to get expert ideas to avoid failure. Before getting into the process of coin creation, there are few things that you need to know
Idea: building a cryptocurrency coin or a token just for the sake of creating can lead to failure. There should always be a purpose behind creating a cryptocurrency that needs to add value to society. Know your use case for your business.
Trustworthiness: To make your cryptocurrency coin or token successful you need to have a community which accepts your cryptocurrency. Maintaining the community the follows your coin is necessary for the success of the created virtual currency so this point is very crucial.
Coding and security: Coding takes a lot of calculations to be done. If you are not an expert coder definitely you can hire a skilled developerto build a coin as per your need.
There are 2 ways to create your own cryptocurrency. One is building your blockchain that will have its own coin. Or Use an existing blockchain infrastructure by forking it by adding or deleting certain features.
Be sure to define your objectives very clearly in much advance. Though coin and token both are cryptocurrencies, there is a difference in the trading procedures between tokens and coins as told earlier. Cryptocurrency coins such as Bitcoin, Dogecoin, and Litecoinwork on its own blockchain while a token contrarily operates on top of an existing blockchain infrastructure. So first you have to be clear whether you should go for a token or for a coin. If you choose coin you have to start from the scratch. If you wish to proceed with a token, you have to choose an apt existing blockchain infrastructure.
To create a token you can use the features of Ethereum or NEO. The tokens that are built on Ethereum blockchain are named ERC-20 tokens. Ethereum is very trustworthy and is the pioneer to offer that kind of service. NEO is also very similar to Ethereum. NEO blockchain also allows individuals to create their own tokens and uses NEP-5 standard tokens. NEO is the second most popular platform after Ethereum for creating tokens.
For a smooth running of your blockchain, the participating nodes must agree on the transactions and must define on transactions that are to be considered legitimate and added to the block. Choose who are all your nodes or the participants of your blockchain. Get the appropriate nodes that give permissions to the transactions to be a best fit for your business objectives.
For the success of your coin, it is very crucial to choose the right developers. Even though the idea is the key factors, a good team of developers is equally important to make the idea come true. You need a talented and trustworthy team to bring out the best outcome. It will be much better if you hire people who have years of experience and expertise in blockchain technology. Attending and taking part in blockchain events which will help you gain more knowledge, connecting with new people the industry and building a wider community.
If you imagine a blockchain as a box, nodes are the corners of the box. In a decentralised platform like blockchain, a node is an Internet-connected device supporting a blockchain by from storing the data to verifying and processing transactions and performing various tasks. Blockchains need on nodes for efficiency, security and trade.
Smart contracts are more like traditional contracts. They are digital and can be run on the blockchain. Smart contract is executed automatically without the interferenceof a third party. They cannot be altered. It is a tamperproof written set of rules. Users trust the smart contract, if a smart contract is correct, it cannot cheat the users. Rules of the smart contract are giving by the developers so depending on how you want your ICO to work you have to decide these rules. Tread carefully as most of the parameters once created cannot be changed in the blockchain platform which is already running.
A smart contract is just code that users trust. So they have to ensure that whether it is secured or not. This is why you need a professional audit to assure the security. With the professional audit including the users you can also feel safe. The audit also brings legitimacy and credibility to your project.
A clear cut white paper is very important for your project as investors use white paper to judge your project. In the White Paper do not forget to answer and explain the qualities of your new cryptocurrency. Include
- What is your product
- How is it useful
- How you are going to use the funds in ICO
- When will you release the token
- Tell about your team
- Initial Coin Offering
Mostly the traditional process of crowd funding is done but private ICOs are getting more common. In an ICO, a particular quantity of cryptocurrency is sold in the form coins or tokens to speculators or investors, in exchange for any asset, service or other cryptocurrencies such as Bitcoin or Ethereum. The coinsor the tokens sold are advertised as future functional units of currency if or when the ICO’s funding goal is achieved and the project launches.
To make the ICO successful it is important to gain trust. Most successful ICOs usually have a strong expert team of developers and founders and a solid idea. With the roadmap, the investors can know about the future plans that the company has made and how the company will be using the funds.
Marketing the ICO
After all these tasks are completed it’s time to market your ICO now. To bring out asuccessful ICO, you need the support of a loyal and well versed community. To build the trust you should definitely need a good website and obviously social media presence. There are plenty of marketing tools that can help you to advertise your ICO. You can market your ICO with the help of a leading ICO marketing company. They help you to in brand up your ICO through Social Media, Press, Sponsored Content, Blogs and Email campaigns.
Doing all the procedures without an expert advice may lead to the failure of the cryptocurrency. So it is inevitable to get aid from a professional cryptocurrency development company to easily hike up your currency.However imagine a situation you wake up and see that all the transactions are crypto-based. It may be realized in a few years span. So be updated with the new trends and stand out in the fast moving industrialized world.
SHAMLA TECH gives anyone an easy and direct way to create a cryptocurrency. All you would have to do is just to provide the company with a list of basic parameters for the creation. Our skilled developers present you the result driven deliverables at a very less time in economical prices.
For creating your own customized cryptocurrency https://shamlatech.com/cryptocurrency-coin-development/