1. Define your objectives
The very first step is to decide what you want your cryptocurrency to achieve. Do you want it to be used as a payment system? A store of value?
This time think about what problem your currency will solve that other currency doesn't. This will help you to create one Unique Selling Proposition USP for your coin. For example -
Define is designed as a decentralized alternative to currencies, on the other hand, Ethereum was designed to be a platform that allows developers to build decentralized applications.
2. Design of Consensus Mechanism
The next step 1st is to design a consensus mechanism, this way your cryptocurrency will reach a consensus on the state of the blockchain.
There are two types of consensus mechanisms.
I. Proof of Work (Pow)
II. Proof of stake (Pos)
3. Choose a Blockchain Platform
Once you have decided which consensus mechanism you are going to use, you will need to choose your own blockchain platform.
If you want to use the Pow consensus mechanism then Bitcoin Blockchain is the obvious choice, however, if you want to use PoS there are a number of different platforms to choose from-
Including Ethereum, Cardano, and Speedy IOS.
4. Create the nodes
Once you have selected a platform you will need to download the software. A node is a computer that stores a copy of the blockchain and helps validate and relay transactions.
5. Generate a wallet address
Once you've set up your note, you'll need to generate a wallet address with the Best Crypto Currency Wallet option. This is where people will send funds to buy your cryptocurrency.
6. Design the interior architecture
Now the next step is to design the internal architecture of your cryptocurrency. This also includes things like transaction format, network protocol, and consensus algorithm. You also need to decide how many coins you are going to generate this is known as your coin supply.
7. Integrate the APIs
Once you have created the internal architecture of your cryptocurrency, you will need to integrate APIs. API (Application Programming Interfaces) allows different software applications to communicate with each other.
8. Make your cryptocurrency legal
Now the finalist is to legalize your cryptocurrency and have defined roles to legalize coin creation. This includes setting up a company and obtaining a license from the government.
9. Grow your new cryptocurrency
There are many technical aspects to launching a cryptocurrency, and it is also important to focus on marketing and promotion for your new currency.
