The importance of cryptocurrency for business has changed in recent years because many entrepreneurs started using digital currencies. However, cryptocurrency is high-secure and possess incredible benefits, the decentralized nature of digital currency makes some people think that it’s not suitable for business and international transactions. In the previous article, we focused on choosing a cryptocurrency wallet, and in this guide, we will answer how to get started to create your cryptocurrency for small, medium, or large businesses.
Reasons for creating your own cryptocurrency
Though there are many advantages of building your own cryptocurrency, this process requires time and significant investments. Nevertheless, when Bitcoin was created, almost nobody believed in its success but it was huge and striking.
Define your business idea
You need to have a practical and effective reason for creating a cryptocurrency (e.g. fast and feeless international transactions will leave behind your competitors). Define whether you are planning to use it for internal activities of the company or a marketing campaign. It is essential to precisely describe what do you want to achieve as well as what you can offer to the target audience. Make sure people are interested in digital currency and your proposition. If you want to create a cryptocurrency, but you don’t have any knowledge of coding, you can choose a specialized company to make a cryptocurrency from scratch. The cost depends on the package of services provided and ranges from $1,000 to $4,000-$5,000. The whole process can take 6 months minimum, and you will have to choose carefully a development team. The other option is the creation of a new cryptocurrency using the already known code (for example, Ethereum). This is actually creating an improved clone of a well-known token with new functionality. In fact, you can make it yourself, or hire an agency.
Choose a blockchain platform
There are various blockchain platforms available to build your crypto. Top blockchain platforms for business’ needs: Ethereum, The World Exchange, OpenChain, EOS, Ripple, IBM blockchain, Quorum, IOTA. Usually, such services contain only the structure of the blockchain and its basic modules, and developers add all additional components themselves. Make all necessary changes in your blockchain’s internal architecture because when the platform is launched, you won’t be able to edit it. Create a good intuitive interface for users, choose the format of the keys, estimate the transaction limits, etc.
Choose a consensus algorithm
Your ultimate goal is to check out that all nodes on the network are synchronized, and all transactions are legitimate. The most common algorithms used in blockchain projects are Proof of Work (PoW), Proof of Stake (PoS), or Delegated Proof of Stake (DPoS). Integrate blockchain APIs Not all blockchain platforms provide them, so it is necessary to choose a blockchain API provider: ChromaWay, Bitcore, Neuroware, Coinbase’s API, Blockchain APIs.
Once you finished launching, you should think about a marketing campaign and promotion on social media and in the crypto community (e.g. BitcoinTalk). You can also post press releases and use media to attract more users. Cryptocurrency businesses can grow to an immense size and have huge potential.
Here are some advices on how to make a successful cryptocurrency:
- Make your digital currency useful. If you are able to attract investors, it will be a great opportunity for your business. You need to link a coin to a specific product — a product or service or use it to solve the disadvantages of similar cryptocurrencies.
- Create a detailed business plan in advance. It is necessary to understand from the beginning, how much you will invest, firstly, conduct market research, think through an advertising strategy.
- In fact, creating a cryptocurrency requires only basic coding knowledge, if you are planning to do it by yourself, make sure that your team has all the necessary skills. Alternatively, you can hire a company to create a digital currency. But you should choose it carefully and get ready to put expenses in the business plan.
Evercode Lab can provide you with a full-time development team and take your business to the next level. Our company has been on the market since 2011. During this time, we managed to implement several successful products, including
- fast food delivery service – FoodFox (now Yandex.Food)
- Atomic wallet – multi-currency cryptowallet
- CRM system for Cadfem CIS
- ESCAR system for nuclear power plants
- OnDoc – personal health monitoring system,
- TDCloud telemetry data collection system.
70% of our projects are focused on the international market. If you want to learn more about creating a cryptocurrency, please leave your contacts and get a free consultation.