If you are trained in coding, creating a token would be more feasible. You can mint both cryptocurrency coins and tokens, but making a token is much easier than a coin.
The best and most popular network to mint cryptocurrency on are Binance Smart Chain (BSC) and ethereum. The both platforms provide standards that you can use to create your own cryptocurrency. In this post, we will give you a a step-by-step guide describing how you can mint your own crypto coins.
Cryptocurrency and crypto trading has been gaining lots of attention lately and people have been looking for ways to cash in on this good opportunity.
However, the quick spike in some of this coin and token has left crypto followers thinking of how to build their own cryptocurrency coins.
Is it possible to mint your own coin?
At first, making a cryptocurrency might seem like an impossible task, but it actually might be easier than you think. You will of course need a certain level of expertise about blockchains, but it will depend on what it is that you are creating – a token or coin?
Coins and tokens may be used correspondently, but they are actually different. The major difference being that coins are built on their own blockchains while tokens are built on pre-existing blockchains.
More difference between coins and tokens
- Coins have their own blockchain platform like bitcoin and ether on the ethereum blockchain
- Coins have a particular utility over the whole network, like taking part in governance, paying for transactions, among other things.
- Tokens are built on pre-existing blockchain platforms
- Tokens have a specific utility in their projects instead of the complete network.
Is minting coins different from minting token?
Making a token is much more easier than making a coin. To create a coin, you will have to build a native blockchain from scratch, meanwhile. Even though you have the option of copying the source code of bitcoin’s blockchain, you will still need to have extensive coding knowledge to add new variables in the code. You will also need to get new users on your blockchain, which is a hurdle in itself.
For anyone who is not extensively trained in coding, making a token is much more feasible. Also, you can leverage the popularity of the blockchain you are building the token on to attract users.
The only problem with this option is that you won’t have full control and leverage over all part of the token. You will still have multiple customization options that you can harness. Many sites and tools available online allow you to mint your own tokens.
You will have to note however that both options requires dedication and technical knowledge. The most popular network you can mint your crypto is the Binance smart chain (BSC) and the Ethereum network.
Things to do before creating your crypto
- Define your crypto’s utility
- Define the tokenomics parameters
- Creating your own cryptocurrency
- Choose a blockchain platform
- Choose a consensus mechanism
- Designing nodes
- Design your blockchain’s internal architecture
- Design the interface
- Make sure your cryptocurrency abides by your country’s laws
- Mint your cryptocurrency
1. Define your crypto’s utility: Cryptocurrency has different features and roles. Before you get started, you will need to first define its features and what role it’s going to play.
2. Define the tokenomics parameters: Tokenomics are the parameters that govern cryptocurrencies, like distribution method, initial price, and total supply
3. Creating your own cryptocurrency: This will be a guide to making both tokens and coins, but some steps might be unnecessary if you create a token. So, without further ado, here is a step-by-step guide to making your own cryptocurrency.
4. Choose a blockchain platform: There are several blockchain platforms available to mint crypto, but the most popular is the Binance smart chain and the Ethereum network. If you are making a coin you will need to custom build a native blockchain.
5. Choose a consensus mechanism: This step is only valid if you are making your own blockchain, as the existing blockchain already has a consensus mechanism. A consensus mechanism defines how the transactions are verified and blocks added to the network. You will have the option of proof-of-work or proof-of-stake. Most blockchains now use proof-of-stake as they are more energy-efficient.
6. Designing nodes: This step is only applicable for coins. Designing nodes defines the functionality of your blockchain. For example, you have to decide if your blockchain will be public, private, or permissioned. If you want more control over your blockchain, you should run a private blockchain.
7. Design your blockchain’s internal architecture: In this step, you must decide on aspects like address format your blockchain will use, and other core concepts that will define your blockchain. Make your decisions carefully here, as you cannot change them after the blockchain is running.
8. Design the interface: You need to make sure that the interface you design is precise and easy to navigate for operators and miners.
9. Make sure your cryptocurrency abides by your country’s laws: If you are not sure about your country’s stance on the legality of creating cryptocurrencies, then take advice from legal experts. Check if you require permission from any authorities to distribute your crypto coin or token.
10. Mint your cryptocurrency:
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