How to Launch Your Own Crypto

By: COMMANDER ENTERPRISE
from THC Zine #3

A cryptocurrency can raise its value over time and perform well in the crypto trade markets. It is a way for companies to create a form of digital currency to participate in the industry and also to invest. Done right, it can perform well in the market and become both useful crypto and a great investment.

Here are the basic guides to starting your cryptocurrency, and the main steps involved in the complex process.

The Purpose of Your Crypto

Creating a cryptocurrency for your company becomes an opportunity when the company adapts blockchain to power its services. It may also be the company’s way to enter the industry as an investment and as a form of digital currency representing the company in the trading market. Others have the sole goal of creating a new cryptocurrency for trading and investment purposes only, and a chance to use the processes of blockchain.

The process of creating a cryptocurrency is longer and complex than we may actually think. It operates on a complex and tight system called blockchain and must carry the proper financial properties in an encrypted form of digital currency.

But creating your crypto and getting involved in blockchain technology is already a great investment in itself. The future of different industries is poised to connect with blockchain.

With crypto gradually becoming more incorporated into financial services, and bitcoin tech becoming more prevalent in modern systems, you become one of the early adapter pioneers. You have already seen its initial benefits in the global finance industry.

Adapt a Blockchain Platform

You will need to define all its aspects and what type of features you want in designing your own crypto. Once your crypto features are laid out, you need to develop your blockchain tech to help start your crypto. You start by creating your consensus mechanism, or your system of algorithmic processes based on the agreed functions of the nodes in your network. There are a few main types of CMs based on main blockchain functions and processes.

You now need to choose a blockchain platform to use for your crypto. Often, the platform that fits your type of crypto depends on the included consensus mechanisms in your blockchain processes, and if you are choosing a centralised or decentralised system.

Among the many effective and popular platforms are Ethereum, IBM blockchain, Hypoerledger Fabric, and WAVES, among many others. You have to look at each of their features and if their functions are suitable for the type of crypto you made and any of the included functions.

You will need to confirm if you need an API or application programming interface or if this is included in the blockchain platform of your choice. APIs are connections for relaying and communication for software to software and between computers or nodes in your network.

Building Your Nodes

A node is a computer in the blockchain network that is part of the processing of crypto transactions. Together, these nodes that build and comprise your blockchain network run the system of tasks in processing your crypto and exchange.

You’ll need help in sorting your node specifications, such as the level of permissions, the use of cloud servers, and the OS it would run in. You also need to establish the blockchain systems you will use for your network. This includes the level of permissions, key settings, multi signatures, or levels of key security in validating transactions, parameters, and more specific functions. These settings will become set and final. After carefully reviewing, they become the running processes on your blockchain.

The User Interface

An easy-to-use interface allows users and admins a control panel that has everything to operate on the least amount of screens. The menus and functions of each must be tested with no dead links. You will need to choose a suitable front-end programming language that can carry your functions to go in these control panels, such as HTML5, CSS, PHP, Javascript, and a few others. It will also use specific web servers and external databases once it’s up and running.

Your Next Steps

You can choose to grow your cryptocurrency by following many legalities for operating crypto. After establishing all your operational terms and testing your systems, you also need to launch different marketing campaigns to promote your crypto. This may involve even offering crypto coins as an ICO or Initial Coin Offering, or other public offerings for the company directly as a new cryptocurrency.

Creating a new cryptocurrency involves many legal and financial hurdles along the process. But the potential advantages and gains in investment are tremendous. Your crypto stands to become one of the top-performing cryptocurrencies in the market. It can raise the profile of your company as well if your crypto was created specifically for it.