If you are enthusiastic enough to develop your own cryptocurrency, here are some qualitative aspects that you must always remember before putting your feet into this unchartered territory.
Features of Cryptocurrencies
The main aspect of any cryptocurrency is to have an existence of a solid use case. It is essential that cryptocurrency developed is cushioned by a core idea.
A new cryptocurrency can have these features
- A fixed Supply or a burning feature
- Deflationary or not (when taxed tokens are burnt)
- Other features and taxes
- Giving other tokens as rewards
- Liquidity accumulation is automatic
- Same token reflections
- Strategies for launch
- Fair launch
- Stealth launch
- Whitelist pre-sale
- Private sale
The newly developed cryptocurrency can have any number of features. The development of cryptocurrency is initiated by identifying the objective of the cryptocurrency. After this, smart code is written and is deployed on the blockchain.
Developing a cryptocurrency is only one aspect; the success of the project is completely dependent on proficiency, availability of optimal resources, and teamwork.
Coding Platforms and Blockchain Selection
The selection of blockchain is very essential for the successful deployment of cryptocurrency. Blockchains are selected based on the level of privacy needed. In a centralized blockchain, the whole network is controlled by a single authority and in a decentralized blockchain, all the information is shared on the network. For hosting sensitive information, a private network is recommended and for transparent trustlessness, a decentralized network is recommended.
Cryptocurrency development also requires good investments to be made at the launch and development level.
Branding and Packaging
- Total Supply
- Transfer and balance
- Approval of accounts
Addressing the need for scalability is also important when selecting the Blockchain technology platform. When selecting a Blockchain the following factors should be considered.
- Multiple functionalities
- Support for the community
Smart Contracts (SC)
They are blockchain stored programs that get executed after the fulfillment of predetermined conditions of the transaction. The terms and conditions defining the functioning of the developed cryptocurrency are specified through features stated in smart contracts. It helps in building trust among the parties involved. SCs are self-executing in nature, but only execute after the conditions of the contract are fulfilled. Blockchain platforms such as Cardano, Tezos, and EOS.io support smart contracts.
NFTs are digital token and are unique. They can be metaverses, where users can buy space for marketing of their products. NFTs are permanently available on the Blockchain, but their ownership can be transferred from one user to another. To integrate NFTs into a new cryptocurrency, a cryptocurrency needs to have unique artwork: video, text, or any media format. NFTs can also be utilized to generate revenue and engage fans. NFTs can be integrated via
- Identification of its use case
- Selection of correct Blockchain
- Mint NFTs
- Setting up a system for storage and access of NFTs
- Determine sustainable storage plan
- Distribution of NFTs across marketplace
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
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