Define the purpose and goal of your crypto coin or altcoin
Define the purpose and goal of your crypto coin or altcoin
If you want to create your own altcoin or crypto coin, it is very essential that you set a clear purpose to make investors want to invest in your coin. You should also set a clear target goal and adhere to it. Your white paper will have to comprise all the factors which would make your coin appealing to your target audience.
Legal Framework
Legalization is a very important aspect of the smooth execution and operation of your altcoin. Therefore, make sure you thoroughly analyze, and adhere to every essential legal framework, before commencing your altcoin creation. Consulting expert advice is a wise choice here to ensure a strong foundation for your business.
Defining Budget
Analyzing each and every factor and defining a clear budget is very important to avoid future surprises. You have to take into account the legal procedures, tools, and resources required for development, white paper documentation, altcoin audit and mining, marketing, listing and post-launch maintenance while computing your budget. You have to also keep in mind the future requirements of your altcoin, such as any bug issues to be able to afford and resolve quickly.
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Using an existing blockchain or creating your own
There are two different ways to implement blockchain into your altcoin. Firstly, you can convert the codebase of an existing publicly available coin into yours. It is easy, and you can quickly create your coin. But you need to ensure the code is authentic. On the other hand, you can write code from scratch. But if you go in this way, it is better to hire a team of well-experienced developers and programmers with thorough knowledge of creating error-free codes for your blockchain.
Creating a token
People often confuse the concept of a crypto coin and a crypto token. To state the difference, crypto coins function based on their own blockchain network such as Bitcoin, whereas a token can operate on top of an existing blockchain such as Ethereum. You can choose to create either according to your convenience.
Implementing standard smart contracts
To create your own altcoin on an ethereum network, you have to first download an ethereum wallet such as Mist, that will allow you to develop or mine ERC20 tokens. Once you have downloaded, you have to fund the wallet with ethereum coins and deploy a new smart contract.
Determining Token Supply
The next step is to decide on the number of tokens or coins you want to create. You can set the limit according to your individual preference and the token value will be determined accordingly. Once it’s done, you have to link your smart contracts with the tokens. You can also set other details like your coin/ token names, symbol, units, etc.
Auditing
You cannot just stop with the creation of your altcoin, but also make sure your coin undergoes proper auditing to reassure its security patches are resolved, its authenticity and ability to operate glitch-free. You have to carefully analyze and choose the right set of auditors for this to work properly.
Promote your altcoin
Once you are done with your creation part, it is time to focus on the promotion part of your coin. With the intensely growing demand and competition among potential investors, sound marketing is the key to drive them towards investing in your coin. Therefore, you need to go through extensive research, and come with a powerful marketing strategy to achieve maximum visibility, reach, awareness and user volume for your altcoin.
Effect an entry with your altcoin in the market
Once you’re done with all the above procedures, it is time to deploy your altcoin in the market. You need to ensure every glitch, bug reports are thoroughly tested and verified, and list and deploy your altcoins on the right platform to quickly attract global potential investors. Constant maintenance check is mandatory to keep up your stability in the market.
Source - Define the purpose and goal of your crypto coin or altcoin
