Is your business internet dependent or do online payments do all your transactions? If yes then your business needs to integrate a cryptocurrency. Let’s have a broader view of cryptocurrency, it is the digital currency and works in a peer-to-peer model without sticking to a centralized authority like banks or government. Similarly, It helps to perform secure, valid, and immutable transactions.
Coin and Tokens in Crypto
In cryptocurrency two main terms are used: coin and token. Most people get confused between coin and token, the coin has its blockchain but on the other hand, the token relies on the existing blockchain.
By now, the difference is clear but why are we going to make a crypto coin rather than a token, well the big reason behind it has money utility, similarly token works as a side project that brings funds into the project.
How to Make a Crypto Coin
Why crypto is beneficial for your business, as we know it performs efficient, secure, transparent, and immutable transactions. So, without taking more time let’s have a look at how to implement your own crypto.
If you are looking for secure, transparent, and immutable transactions then this article is specifically for you, here I am going to guide you on how to develop your crypto. There are a few steps that will guide you step by step:
Step 1: Choose a Consensus Algorithm
It is an agreement on how transactions will be done within the network, it works on a consensus protocol and It contains a set of rules, policies, and procedures that decide which block should be added to the blockchain and which should be discarded. It has various types like proof of work, proof of stake, proof of authority, and many other types. Different crypto uses different consensus according to their behavior, Bitcoin (BTC) uses proof of work, and Ethereum (ETH) uses proof of stake.
Step 2: Pick a Blockchain Platform
Always pick a blockchain platform that meets your company goals and is able to define your comfort zone, as well as you have to select a platform that is compatible with your consensus algorithm. For instance, if you choose proof of stake consensus then you have to go for Ethereum. There are various types of blockchains like IBM Blockchain, Ripple, Ethereum, and Hyperledger blockchain.
Step 3: Build a Blockchains’ Internal Architecture
As I described, blockchain performs immutable transactions, we cannot revert even a single task on the blockchain. So that's why you have to be very sure about the architecture before you launch it, check practically whether each node is working perfectly or not.
Step 4: Integrating APIs
Most of the platform doesn’t provide the pre-defined APIs so you have to make sure and does it by your own, but if you are not able to do it there are so many other APIs provided by the other platform you can go with that, some of them are listed here; ChromaWay, Gem, Colu, Bitcore, BlockCypher, and Tierion.
Step 5: Interface Designing
One thing you should keep in mind is that if the interface is not good, services become useless, as people experienced your services through an interface. Make sure FTP servers, web, and external databases are upgraded as well as the front end and back end are done with the upgrade.
Step 6: Make it Legal
Before launching your currency, go through the law and regulations, this way you can securely perform, and no sudden surprises can ruin your efforts. If we see 2017 and 18, was the time when it was not completely allowed, it was a kind of legal gray area, however it is still not allowed in some countries.
Create your own crypto coin using the hyper ledger or existing code, modify the existing code and establish a new coin. To create your own coin like bitcoin you need professional and experienced blockchain developers, several steps I discussed in this article that help you in your whole journey to make a crypto coin.