How To Launch My Own Cryptocurrency

TL;DR

When creating a new cryptocurrency, you can choose to brand a money or token. A coin has its ain blockchain, while a token is built on a pre-existing network. Cryptocurrencies rely on blockchains for their security and decentralized nature.

Creating a token requires less expertise and effort than making a crypto coin. A coin volition normally need a squad of developers and experts to make it. A token all the same needs technical cognition, merely information technology’due south possible to create them in minutes through the use of other blockchains, such as Ethereum, BNB Smart Chain (BSC), Solana, and Polygon.

Your selection of a token or coin volition change depending on the customizability and utility you desire. Overall, the costs involved depend on the work needed, like external developers and fourth dimension.

Ethereum and BNB Smart Chain are popular blockchains for creating digital currencies. You can either utilise established code to create tokens yourself or pay to use a money creation service. Sidechains are another popular choice as they provide more customization with the main blockchain’south benefits.

Earlier creating your own crypto, you’ll need to consider its utility, tokenomics, and legal status. After this, your choice of blockchain, consensus mechanism, and architecture are all needed for the evolution stage. Next, you lot could consider an audit of your project and a final legal check. While pretty much anyone can create a cryptocurrency, developing a solid project requires serious piece of work and dedication.

Introduction

The idea of creating your ain cryptocurrency, use cases, and audience is an exciting ane for many crypto fans. But where is the best identify to start? In that location are actually many ways to create coins and tokens. The costs and knowledge also vary based on the complexity of your project. If you’re thinking about creating your own cryptocurrency, our article lays out the very basics for yous to get started.

What is a cryptocurrency?

A
cryptocurrency, also known as crypto, is a blazon of digital asset with multiple apply cases. It’s primarily a fashion to transfer value between people digitally, including monetary value, ownership rights, or even voting privileges. Crypto differs from other digital payment systems because of its roots in
blockchain technology. This basis gives cryptocurrencies more freedom from cardinal entities like governments or banks.

Bitcoin
is the most famous instance of a cryptocurrency. It has a uncomplicated employ example of transferring monetary value to anyone beyond the earth without the demand for intermediaries. Its blockchain records all transactions and ensures security and network stability.

Divergence between crypto coins and tokens

Cryptocurrencies can roughly exist split into two categories: coins and tokens. The difference between them is simple. Coins have their own native blockchain, like Bitcoin, for example. Ether (ETH) has the
Ethereum blockchain. Coins typically accept a specific utility over the whole network, like paying for
transaction fees,
staking, or taking office in
governance.

Tokens are built on pre-existing blockchains. They might have some similar roles to coins, but tokens mainly have utility in their own projects. One example is
PancakeSwap’s
Cake on BNB Smart Chain. You can also use information technology to pay for certain transactions in the PancakeSwap ecosystem, similar minting
Non-Fungible Tokens
or playing their lottery. However, CAKE doesn’t have its ain blockchain, so it cant exist used in every application beyond BSC. The same is true for the thousands of
ERC-twenty
tokens issued on the Ethereum blockchain. Each token is function of a specific project with unlike use cases.

Creating crypto coins vs. tokens

As mentioned, creating a token is much simpler than creating a money. A coin requires you to develop and successfully maintain a blockchain. Y’all could
fork
(create a copy) another existing chain, just this doesn’t solve the problem of finding users and validators to help your network survive. Nevertheless, the potential for success with a new money can be college than but making a token. Here’s a basic overview of the 2 options:

Creating a coin

Creating a new coin can take a lot of time if you develop your ain blockchain. However, forking a previous blockchain can exist done speedily and used equally a base for your new coin.
Bitcoin Greenbacks (BCH)
is i example of a forked project. To practise this, y’all however demand a high level of blockchain technical and coding knowledge. The success of your project will also rely on getting new users to your blockchain network, which is a claiming.

Creating a token

Creating a token on an existing blockchain tin can leverage its reputation and security. While you won’t accept complete control over all aspects of your token, there is notwithstanding a lot of customization bachelor. There are a variety of websites and tools available to create your ain token, particularly on BSC and Ethereum.

Should I create a coin or a token for my project?

A token will unremarkably be enough for
Decentralized Finance (DeFi)
applications or
play-to-earn games. Both BSC and Ethereum have a massive amount of flexibility and liberty for developers to work with.

If you’re looking to push the limits of what a coin or blockchain does, creating a coin with its own blockchain would likely exist better. Creating a new blockchain and money is certainly harder than issuing a crypto token. Just if done correct, it can bring lots of innovation and new possibilities. BNB Smart Concatenation, Ethereum, Solana, and Polygon are skillful examples.

Even so, both options will require a lot of difficult work along with technical, economical, and market knowledge to succeed.

Top solutions for cryptocurrency creation

Some of the well-nigh popular solutions for creating cryptocurrencies are BSC, Ethereum, and Solana. Both these networks provide means to make a diverseness of tokens based on pre-existing standards.
BEP-xx
and
ERC-20
token standards are leading examples that almost any
crypto wallet
provider tin support.

ERC-xx belongs to the Ethereum blockchain, while BEP-xx is part of the BNB Smart Chain (BSC). Both networks permit for the creation and customization of smart contracts that enable you to create your own tokens and
decentralized applications (DApps). With DApps, you can create an ecosystem that provides more use cases and functionality to your token.

You could also look at
sidechains
that use the security of a larger chain like Ethereum or
Polkadot
but also provide some customization.
The Polygon Network
is attached to Ethereum and provides a similar experience merely is cheaper and faster to use.

After picking a blockchain, you’ll need a method for creating your token. With BSC and other blockchains that are based on the Ethereum
Virtual Machine, the process is relatively simple. You lot can too detect ready-to-employ tools that create tokens based on the parameters and rules you lot provide. These are usually paid, but they are a more practical option for users not familiar with
smart contracts.

If you lot want to make your own blockchain and coin, you will likely need a team of blockchain developers and industry experts. Even if y’all look at forking a blockchain like Ethereum or Bitcoin, there is still a huge corporeality of work required to setup your network. This would include encouraging users to human action as validators and run
nodes
to keep the blockchain running.

Things to consider when designing your crypto

Apart from the obvious choices like your blockchain or creating a coin or token, there are a few other cardinal areas to consider:

Define your cryptocurrency’s utility

Cryptocurrencies can play many roles. Some act like keys to access services. Others fifty-fifty
represent stocks or other financial assets. To sympathize and map out the process of creating your crypto, you’ll need to define its features from the beginning.

Design your tokenomics

Tokenomics are the economics that govern your crypto, similar total supply, distribution method, and initial pricing. A skilful idea can fail if the tokenomics aren’t right and users aren’t incentivized to purchase the cryptocurrency. For example, if you lot’re creating a
stablecoin
but cannot peg it correctly, no one volition want to buy or hold information technology.

Bank check its legal compliance

Countries around the earth have their own laws and rules regarding cryptocurrencies. Some jurisdictions may fifty-fifty ban the use of cryptocurrencies. Consider fully your legal obligations and whatever compliance issues you lot might face.

Create your ain cryptocurrency in seven steps

If you’re only creating a token, not every step in the tutorial beneath volition apply. What’s more than of import would exist the three design steps above. Virtually of our instructions will cover the basics of creating a blockchain first earlier finally minting your money.

1. Choose a suitable blockchain platform

For a token, y’all’ll demand to selection the blockchain to mint your crypto on. BSC and Etheruem are popular options, only sidechains can also be a proficient thought. To create your own coin, you’ll demand to think near designing or hiring someone to create a custom blockchain.

two. Pick a consensus machinery

If yous’re creating your own blockchain or aren’t sure which i to option for your token, call up nigh theconsensus machinery
you want. These mechanisms make up one’s mind how participants confirm and validate transactions on the network. Most blockchains useProof of Stake
as it has low hardware requirements and many dissimilar variations.Proof of Work, as used in Bitcoin, is considered by some as more than secure only information technology’due south often expensive to maintain and not as environmentally friendly.

three. Pattern your blockchain compages

This step is only needed if you’re creating a coin. Not every blockchain allows the public to validate transactions or run nodes. The conclusion between having aprivate, public, permissioned, or permissionless blockchain
is important. Your blockchain architecture will depend on what your money and project are attempting to exercise. For example, a company or state creating a coin might run a private blockchain for more control.

iv. Begin blockchain evolution

Unless you have expert development knowledge, you lot’ll need external help to build your ideas. One time the blockchain runs in a live environment, it’south extremely difficult to change its core concepts and rules. Make apply of a testnet to ensure that everything works as planned and ideally cooperate with a whole evolution squad to build your blockchain.

v. Audit your crypto and its lawmaking

Auditing companies similar Certik tin can check the lawmaking of your blockchain and its cryptocurrency to look for any vulnerabilities. Yous can and then publish the audit publicly and also deed on its findings. This process provides some prophylactic assurance for you equally the creator and for any potential users or investors.

6. Double-check legal aspects

At present that you take your blockchain running and are ready to mint your cryptocurrency, it’southward best to inquire for expert legal advice to cheque whether you will need to utilise for permission. Over again, this step is difficult to achieve alone and requires outside help.

7. Mint your cryptocurrency

Whether you’re creating a token or coin, you will need to mint the cryptocurrency at some point. The verbal method will differ based on your tokenomics. For example, fixed supply tokens are unremarkably minted all in one go via a smart contract. Coins like Bitcoin are minted gradually, as miners validate new blocks of transactions.

How to create a BEP-twenty token

To create a simple BEP-20 token, you’ll demand some basic coding skills to deploy a smart contract to BNB Smart Chain. You’ll also demand to have MetaMask installed and some BNB in your wallet to pay gas fees.

1.


Make sure you accept the BSC mainnet added to MetaMask. You tin find detailed instructions in our
Connecting MetaMask to BNB Smart Concatenation
guide.

2.


Head to
Remix, an online awarding for developing and deploying smart contracts on blockchains that are uniform with the Ethereum Virtual Auto. Right-click the [contracts] folder and click [New File].

three.


Name the file “BEP20.sol”.

4.


Brand sure you lot have the programming language set up as [Solidity], or your smart contract won’t office. You can do this past clicking the icon outlined below on the right.

5.


Re-create the
BEP-20 smart contract code
into your file. Yous can find out more information on the code’s parameters and functions on
GitHub.

6.


Modify the name, symbol, decimals, and totalSupply for your coin. Here we’ve chosen Binance Academy Coin (BAC) as an example, with xviii decimal places and a total supply of 100,000,000. Don’t forget to add enough 0s to cover the 18 decimal places.

7.


Next, you’ll demand to compile the smart contract. Click the icon shown below on the left side of the screen, bank check [Motorcar compile] and [Enable optimization], then click the [Compile] button.

8.


Click the [ABI] button to copy the contract’s ABI.

ix.

Click the icon highlighted below on the left-hand side of the screen. Select [Injected Web3] as your environment and and then allow MetaMask to connect to Remix. Finally, make certain yous’ve selected your BEP20 contract before clicking [Deploy].

10.


You’ll now need to pay a transaction fee via MetaMask to deploy the contract to the blockchain. Once the smart contract is live, you lot need to verify and publish your contract source lawmaking.

Copy in the contract’s address to BscScan, select [Solidity (Unmarried)] as the compiler blazon, and friction match the compiler version used in step 7.

11.


Side by side, right click BEP20.sol in Remix and press [Flatten]. You’ll so need to requite Remix permission to flatten the code.

12.


Copy the code from your BEP20_flat.sol into the field, and ensure [Optimization] is set to Yes. Now click [Verify and Publish] at the lesser of the folio.

13.


You lot’ll at present see a successful splash screen. With the verified code, you can mint your token through BscScan by using the _mint telephone call implemented in the contract. Become to the contract address on BscScan and click [Write Contract], then click [Connect to Web3] to connect your MetaMask account.

14.


Head down the page to the Mint department, and input the number of tokens you want to mint. We’re going to mint 100,000,000 BAC. Don’t forget to add the decimals too, in this case 18. Click [Write] and pay the fee on MetaMask.

15.


You lot should now run across that the tokens have been minted and sent to the wallet that created the smart contract.

How to go your cryptocurrency listed

Getting your coin or token listed on a cryptocurrency commutation like Binance can introduce it to a broader audience in a safety and regulated manner. If you manage to create and develop a solid cryptocurrency project, you can fill up in Binance’s online application forms for either a direct listing and/or distribution onLaunchpad/Launchpool.

Every cryptocurrency goes through a rigorous due diligence process, and you’ll need to update Binance regularly of your progress during the application. Y’all’ll also need to acceptBNB
andBUSD
in your cryptocurrency’southward ecosystem, such as providing them asliquidity
or accepting them during yourinitial coin offering (ICO)
or token sale.

Cost of creating your own cryptocurrency

The costs involved are linked to the methods and setup you choose. If you’re creating a coin and blockchain y’all’ll likely have to pay a whole team over multiple months. A code audit from a reliable team can also price around $15,000 (USD). At its cheapest, a simple token on BSC tin be done for $fifty. When nosotros average this out, to create a cryptocurrency with some chance of success, you’ll likely need to spend thousands of dollars on its creation, marketing, and community building.

Closing thoughts

If you decide to make your own cryptocurrency, make sure to utilise our information simply as a starting point. Information technology’s a deep topic that takes a long time to sympathise fully. Beyond creating the token or coin, you besides need to think well-nigh making it a success mail service-launch. Studying other projects and their launches to see what worked well and what didn’t can assist with creating your own cryptocurrency.