Simple alchemy. How to issue your cryptocurrency

Over the 10 years of the digital industry's existence, more than 2,500 new coins have appeared on the market, and their number is growing every day. Everyone can create an altcoin, make it successful and …

Over the 10 years of the digital industry's existence, more than 2,500 new coins have appeared on the market, and their number is growing every day. Everyone can create an altcoin, make it successful and liquid – very few

In May of this year, analysts at the venture capital firm Heisenberg Capital said that soon all cryptocurrencies will disappear, only bitcoin will remain, and as it approaches the $ 100,000 price mark, altcoins will gradually die out. The experts' statement caused a lot of controversy. While it is difficult for the first cryptocurrency to overcome the $ 10,000 mark, let alone hundreds of thousands.

However, the competition in the crypto market is really great, only those projects that have real working tools and products can survive in the digital industry, and even more so to break into the top 100 ranking of the largest digital coins by capitalization. Therefore, before issuing another coin, you need to understand for whom it is intended, what benefits it will bring and what advantages it will have. The method of creating a cryptocurrency also depends on the goal.

Methods for creating a digital token

Each coin is based on a program code. It contains the technical characteristics and parameters of the network. When creating a cryptocurrency, the code can be written from scratch or, taking the source code of bitcoin or other altcoin, remake it for yourself.

The first option is the most difficult, suitable for a team of experienced developers who have a large supply of funds and are ready to spend from several months to several years on issuing a cryptocurrency.

The second option is to fork a digital coin. This is, in fact, the creation of a clone of a well-known token, but with the correction of critical errors and the addition of new functionality. For example, today there are more than 50 bitcoin forks on the market, the most famous coins are: Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond.

Most often, when creating an internal token for a service or ICO, developers use special blockchain platforms such as Ethereum, NEO, NEM, Ripple or Waves. There are also special frameworks for creating cryptocurrencies.

Usually, such services contain only the structure of the blockchain and its basic modules, and the developers add all additional components on their own. The advantages of frameworks are that they allow you to use ready-made developments for free. Unlike using other platforms to create digital tokens, frameworks allow you not to overload the project with unnecessary functionality.

Popular resources for creating cryptocurrency is the largest web service for hosting and developing IT projects. On it, you can select the appropriate code and find the necessary software, for example, the Open-Transactions software package, which allows you to create digital coins.

Ethereum is the blockchain platform on which most of the tokens for ICO projects are created.

The World Exchange is a platform created by the Ripple team. The service allows you not only to replenish your wallet, buy and sell XRP coins, but also create your own tokens.

Hyperledger Fabric is a smart contract and cryptocurrency framework supported by the Linux Foundation.

Exonum is another open source framework for building blockchain-based applications.

WAVES is a Russian blockchain platform for the development of digital coins that do not meet the ERC20 standard.

How much will you have to pay to create a cryptocurrency

For an independent launch of a token using the modified program code of a well-known digital coin, for example, on the Ethereum blockchain, you will have to pay about 2 ETH (about 27 thousand rubles at the current exchange rate). The creation of a unique altcoin with specialized knowledge will cost 0.5-1 BTC (300-600 thousand rubles).

It should be borne in mind that often various programs and services for creating cryptocurrencies take an additional fee for choosing a consensus algorithm, hashing and changing the complexity of mining, test network, as well as premine, notifications about problems. There is a separate payment for creating a mining pool and faucets for distributing coins.

Today there are many companies that are ready to create a turnkey cryptocurrency. We requested price lists from some companies and found out that the average cost varies from 3 to 8 million rubles. The initial stage of designing and prototyping a cryptocurrency is paid separately, it costs approximately 600-800 thousand rubles. You can create your own team to develop cryptocurrency together. The average salary of blockchain developers in Moscow is 80-150 thousand rubles.

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