Yes, let me tell you that it is not as difficult as it seems; you also don’t need to be a coding genius to win part of the vast market share of the cryptocurrency market.
Have you wondered why over 2K coins compete for the market share of cryptocurrencies worldwide? With more being added now and then, you can decide to integrate with the existing market and win part of the market?
What are Cryptocurrencies?
Cryptocurrency is not regulated or tracked by any centralised authority, government, or bank. Therefore, its essential feature is Anonymity, decentralisation, and security.
These blocks chronologically store information about transactions and adhere to a protocol. The data recorded in blocks cannot be altered without the alteration of all Previous blocks in which it was created. However, it makes cryptocurrency more secure than the traditional finance platforms.
Bitcoin is the first known and successful cryptocurrency holding the leading position in the cryptocurrency market. Today, more than 1,600 types of cryptocurrencies, including the most popular ones like Bitcoin, Ripple, and Ethereum, are available, and the number is still growing, so you can win a fair market share of it all.
Various Categories of Cryptocurrency That you Should know.
Before diving into the host topic on how you can start hacking your way into winning a fair market share of the crypto market, you should understand that cryptocurrencies are of various use cases.
Examples of tokens are Tether as a second-layer token on multiple blockchains, Uniswaps “UNI” token, and Chainlinks “LINK” token using the Ethereum blockchain. Building tokens on top of Ethereum is super popular; most are so-called ERC20 tokens.
It can be used to store value and exchange between two parties doing business. An example of a coin with its blockchains are
1. Ether – Ethereum Blockchain
3. Sol -Solana Blockchain.
4. Ada – Cardano Blockchain
Coins do so well because their blockchains call for more use and adoption.
Suppose you are seeking to start investing in cryptocurrency. In that case, I recommend you buy a coin that has its blockchain for a start, this does not work most of the time, but I recommend you do so because there are chances that the blockchain backed by the coin will be collapsing anytime soon.
Tokens are assets foreign to the blockchain they live on. A token does not have its Blockchain, making it depend on other Blockchain for survival. They are also created on top of existing blockchains, such as Ethereum, and do not exist as stand-alone systems.
There are many tokens now, and they are built on top of existing blockchains such as Ethereum, Solana, NEO and Binance Chain.
Tokens built on Ethereum are called ERC-20 tokens, SPL tokens are for the Solana and many more.
There is no difference between a token and a coin; they can all be offered for monetary values; the only difference is their state of independence, and that one has more use cases than the other.
When developers create their tokens, they can decide how many units they want to make and where these new tokens will be sent when they are created. They will pay some of the native cryptocurrency on the blockchain they are creating the ticket on at this point.
Cryptocurrencies such as bitcoin and ether offer several benefits. One of the most fundamental is not requiring trust in an intermediary institution to send payments, which opens up their use to anyone around the globe.
But one key disadvantage is that cryptocurrencies’ prices are inconstant and are bent to fluctuate; this has caused the government to fight against the development.
As time went by, the crypto-community became more sophisticated than ever; this at this moment caused various governments and non-governmental organisations to take a second look at how fiat currencies can transition into cryptocurrencies, but this time, with stability in mind.
Stablecoins try to tackle price fluctuations by tying the value of cryptocurrencies to other more stable assets – usually fiat currencies.
Fiat is the government-issued currency we’re all used to using daily, such as dollars or euros.
Example of stable coins includes;
1. USDT – This coin is pegged at the same price as the American Dollar.
2. E – Naira – Is also a stablecoin pegged at the same price as the Nigerian Naira.
3. USD Coin – The USD Coin is pegged to U.S. dollars with almost $26 billion circulating supply. By 2023, Circle stated in a recent investor presentation it assumes the supply to touch $190 billion.
Why should you create Your cryptocurrency?
Read on to learn more about why cryptocurrencies are popular and why you should use cryptocurrency in your business operations. Here are some of the few reasons why you should create your cryptocurrency.
2. Fast and unlimited transactions.
Have you ever tried to move Fiat money from your country to other parts of the world? Then, you wonder how this process can be frustrating; most times, Your business will end up waiting days to receive money; at the end of the day, you even get a considerable amount deducted from you, all in bank charges or transaction fees.
With cryptocurrency, you can create an unlimited number of transactions and send them almost immediately to anyone with a crypto wallet, anywhere in the world, without any limit; all you need is a mobile phone, an active internet connection and a cryptocurrency Wallet.
3. Low transaction fees.
Banks and other financial institutions levy substantial transaction fees, especially if the transactions are taken from the country of origin to another country.
This doesn’t mean that you don’t need to pay a fee for cryptocurrency transactions; however, the amount you need to pay is relatively small compared to traditional banks. However, in cryptocurrencies, these charges are called gas fees.
4. Accepted internationally.
Not all currencies are accepted internationally, and this is more reason why we have to move around every part of the world with US dollars while travelling far away from our country of birth.
You can save money on currency conversion and the fees accompanying international funds transactions.
5. Transparency and anonymity.
The distributed nature of blockchains makes every transaction recorded and immune to changes, making it difficult to hack because of the nature of the blockchain design.
At the same time, if a crypto address is not publicly confirmed, no one will know who made a transaction and who received the cryptocurrency.
All of the above should make companies think more seriously about how to make a cryptocurrency. However, there are some drawbacks you should also consider.
6. Crowdfunding for a project.
Massive projects like Akon city, which is being constructed in Africa, were fundraised by cryptocurrencies and many others.
Whether you need small initial funding to give shape to your business ideas or you want to run a crowdfunding campaign to support a profit or non-profit project — there’s nothing better than having your cryptocurrency for raising funds. Typically, it requires a lot of paperwork, clearances etc., to raise funds for a business venture.
7. The currency of the future.
We leveraged trade during the agricultural age using the Trade-by-barter system; it became the gold standard that was not compelling enough before being transferred to the Dollar and Fiat currency standard. The world is moving again, digitally into what we now call cryptocurrencies.
With the pace at which blockchain technology is evolving, there’s no doubt that soon, cryptocurrencies will become mainstream. The advantage one has with cryptocurrencies is already making it a preferred choice.
While fiat currencies are tracked and monitored by the government, more investors and customers are interested in projects that allow them to participate in business activities that are not controlled by any authority. The anonymity offered by cryptocurrencies is also what makes it lucrative for many.
How to Make Your Cryptocurrency.
Now is the time to get deeper and learn how getting started with your cryptocurrency works. As I said, anyone can create your cryptocurrency at any time, and it does not come as stressful as many people think; in most cases, you don’t have to be technical to do so.
Are you going to start from scratch? Or build a token on technology that is already trusted and available?
1. Building your blockchain.
Blockchain is designed to record information that makes it difficult or impossible to change, hack, or cheat the system.
The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Building a blockchain requires coding and technical skills on every level, making it a vast and challenging project.
To begin building a blockchain, there are various things that you need to set in place before work begins up to completion.
1. Identify a Suitable Use-case.
2. Choose the Most Suitable Consensus Mechanism.
The original blockchain, which powers the bitcoin crypto-currency, used proof of work as a consensus mechanism. But today, multiple distributed ledger systems offer a host of consensus mechanisms such as
1. Proof of stake.
2. Byzantine fault-tolerant.
3. Deposit based consensus.
4. Federated Byzantine Agreement.
5. Proof of Elapsed Time.
6. Derived PBFT.
7. Redundant Byzantine Fault Tolerance.
8. Simplified Byzantine Fault Tolerance.
9. Federated consensus.
10. Round Robin.
11. Delegated Proof of Stake.
Just study these use cases well and choose the most suitable one that aligns with your business model.
3. Identify the Most Suitable Blockchain Platform.
A blockchain platform is a cloud-based software upon which a blockchain platform is facilitated. Like you need a web host to host your website files, you need a blockchain platform to help make your platform accessible globally.
The most crucial factor that needs to be considered is the choice of a Blockchain platform to be used in development and production.
There are many blockchain platforms today, and most of them are free and open source. Depending upon the consensus mechanism you choose, a few of them includes.
MultiChain is an open-source blockchain platform that allows anyone to build and deploy private blockchain applications within or between organisations.
The MultiChain platform provides a simple API and command-line interface suitable for financial transactions.
MultiChain is built with comprehensive features, including permissions management, native assets, data streams, and a simple per-chain configuration.
These high-end features ease enterprise applications in terms of scalability, confidentiality, integration and compliance.
On the network, native tokens referred to as assets can be built and transferred between stakeholders.
TRY IT NOW – Multichain.com
2. IBM Blockchain.
IBM Blockchain is another excellent public cloud service that customers can use to build secure blockchain networks. IBM was introduced in 2016 with the main idea of facilitating Blockchain transactions.
This fits in with IBM’s bigger strategy to offer a wide range of cloud services to its customers than what it’s presently doing.
The IBM Blockchain was designed based on the Hyperledger Fabric project they initially co-created. It has added security services to make it more palatable for enterprise customers. In addition, offering it as a cloud service helps simplify complex technologies, making it more accessible than trying to do this alone in a private data centre.
TRY IT NOW – Blockchain.com
3. Hyperledger Fabric.
Hyperledger Fabric is an open-source, permissioned blockchain framework created in 2015 by The Linux Foundation, IMB and others.
Hyperledger is a modular, general-purpose framework that offers unique identity management and access control features, which make it suitable for various industrial applications such as track-and-trace of supply chains, trade finance, loyalty and rewards, and clearing and settlement of financial assets.
It comes with unique features such as ;
1. Being Open Source
3. Governance and Access Control
Hyperledger Fabric is designed to support enterprise-grade use cases and can support quick transaction throughput from its consensus mechanism.
Because Fabric is a permissioned blockchain framework, it does not need to solve Byzantine Fault Tolerance which can cause slower performance when validating transactions on the network.
Members of the fabric network can use the web to work together on this platform. In addition, Hyperledger Fabric provides users with a secure and scalable platform to support their confidential contracts and private transactions.
4. Designing the Nodes.
One essential feature makes up a Blockchain, and they are called Nodes. Therefore, nodes and controller nodes have recently been discussed in the blockchain. And appropriately so, because nodes are a critical component of a blockchain’s infrastructure.
Nodes can be any device (mostly computers, laptops or even bigger servers). Nodes build the infrastructure of a blockchain. All nodes on a blockchain are connected, and they regularly exchange the latest blockchain data with each other, so all nodes stay up to date.
They store, spread and preserve the blockchain data, so theoretically, a blockchain exists on nodes. A full node is a device (like a computer) that contains a full copy of the blockchain’s transaction history.
In addition, blockchain solutions can be private (e.g. a contract management system implemented in a pharmaceutical company), public (e.g. an asset-backed cryptocurrency) or hybrid (e.g. a group of banks running a shared KYC platform).
5. Building the APIs.
API stands for Application Programming Interface; APIs allow your blockchain to connect to third-party software application
Most blockchain platforms come with pre-made APIs, while some don’t. The major categories of APIs that you would need are for:
1. Generating key pairs and addresses
2. Performing audit-related functions
3. Data authentication through digital signatures and hashes
4. Data storage and retrieval
5. Smart-asset lifecycle management –issuance, payment, exchange, escrow and retirement
6. Smart contracts.
2. Build on Top of an existing Blockchain.
This is the easiest way, to begin with; trust me, going the route of building your blockchain is tedious because you need to manage infrastructure, have a whole team on the ground and spend money.
Building on top of an existing blockchain does not make it a coin; it is called a Token.
So, the first thing you need to decide when figuring out how to create a cryptocurrency is whether you’re building a “token” or a “coin”.
Coins and tokens are both cryptocurrencies. A coin belongs to its blockchain, whereas a token is built on an existing blockchain. So, there can be thousands of tokens built onto a blockchain, whereas there can only be one coin.
The tokens developed on Ethereum are called ERC-20 tokens. The Ethereum blockchain is a vast playing field for people trying to learn how to create a cryptocurrency because the Ethereum blockchain was the first to offer this service and is well trusted.
NEO is another great Blockchain platform that allows people to use the NEO blockchain to create applications and tokens. It is the second most popular platform. Token built on the NEO platform is called NEP-5 tokens.
Solana is a blockchain created by Anatoly Yakovenko, who previously worked at Qualcomm and Dropbox, where he specialised in designing distributed systems and compression algorithms.
Solana uses proof-of-stake (PoS) and proof of history (PoH) consensus mechanisms to improve throughput and scalability. Consequently, the network claims to support 50,000 transactions per second (TPS), making it the fastest blockchain globally. Tokens built on the Solana platform are called SPL-token.
3. Create a Website.
Building a website for your crypto project does not mean you need something other than a domain name and a web hosting platform. All you need is the two.
I wrote a comprehensive guide on creating your website; this guide contains free and paid tools; click the link below to get started.
You should also remember that your websites need to be designed to be appealing and informative to investors.
Since you need to give investors vital information about your website, you need to have specific web pages in place, such as.
1. Landing Page.
The landing page should contain a brief introduction about your crypto project and what you hope to achieve at a specific timeline. In addition, the landing page of your crypto project should make an appealing impression so that it convinces an investor to contribute to your project.
2. A Buy Page.
Most crypto projects drop off links for people to download their wallets, while the rest links to a crypto exchange platform to sell on their behalf.
You can choose any of the two instances to effectively make your project accessible to investors.
3. A News/Blog Page.
Lastly is the news or blog page, where people get to determine the status of your crypto project; if you need to convince investors about investing in your project, you need to make provisions for an appropriate News/Blogging section to begin with.
In the long run, you don’t have to design all from scratch if you know nothing about web development; there are free WordPress Themes to help you achieve this.
4. Create a WhitePaper.
Whitepapers explain the purpose and technology behind a crypto project. A white paper is a document that includes an outline of a problem that the project is looking to solve, the solution to that problem, and a detailed description of the product, its architecture and its interaction with users.
They present statistics, diagrams and facts to convince interested investors to buy the cryptocurrency.
Producing a whitepaper is required for a crypto startup to be considered legitimate, as it helps investors realise how a business is different from rivals in the space.
Every single Initial Coin Offering (ICO) in the market requires a white paper if it is to become a prosperous campaign.
The contents of any white paper should include the following talking points but shouldn’t be limited to them:
3. Table of contents
3. Description of the market and the problem
4. Description of the product and how it’s going to solve said problem
5. Tokens: how many, why, how, when, and so on
6. How the raised funds are going to be used
7. The team
8. The roadmap
5. Get Your Coin or Token Listed on a Crypto exchange platform.
After adequate preparation to launch your coin and following the due processes stated above, it is time to get your cash to the outside world and make it eligible for purchase.
One of the many ways to make sure that your coin can be bought at a monetary value is to get it out to cryptocurrency exchange platforms to become a purchasable asset.
Choosing the proper crypto exchange for a coin or token project can be daunting. There are more than 500 crypto exchanges currently existing. Yet, the ramifications of the decision of where to get listed should not be taken with levity.
Another factor to consider when deciding on the crypto exchange platform is the significant price tag that it comes with; over seven-digit figures, US-Dollar has been reported to be paid for listings on the worldwide most liquid crypto exchanges, whereas other businesses may merely charge a five-digit number.
I recommend you check out this article to help you understand the processes involved in listing your cryptocurrency on an exchange.
6. Promote Your project.
Last but not least is to promote your cryptocurrency project to your community. Mind you that cryptocurrency is the money powered by your community, and the success depends so much on how you can convert your community into loyal customers. Therefore, promotion is vital for every business and should not be taken with levity.
The technical know-how and the team’s experience are the backbones of every crypto project that intends to succeed.
But you should not expect your whitepaper, roadmap or even the finished product to sell itself to unknown investors.
Even if you have spent so much time creating your cryptocurrency, drafted a whitepaper and listed it on one of the most fantastic cryptocurrency exchange platforms. If you lose out on the course to promote, it is okay to say that your project failed on arrival.
In this section, I will highlight various ways to help you promote your cryptocurrency project.
1. Email Marketing.
Email marketing is sending a commercial message, typically to a group of people, using email.
Every email sent to a potential, or current customer could be considered email marketing in its broadest sense.
It involves email sending advertisements, requesting business, or soliciting sales or donations.
Despite the rise of social media and unwanted spam email (which is never a good marketing strategy), email remains the most effective way to nurture leads and boost customer loyalty.
Those in your email list have known you and built trust and confidence in you for a more extended period to turn you down.
I recommend you always include email marketing as a priority when spelling out your digital marketing strategy.
If you are new to email marketing, I wrote a comprehensive guide to help you get started; click the link below.
2. Social Media Advertising.
There are many ways to use social media to promote your cryptocurrency project; mind you, not all social media allows cryptocurrency projects afloat on their platform, the likes as Facebook, Google, and many others.
Various other social media permit cryptocurrency ads such as Telegram and many others. To make sure that things don’t go wrong, you should comply as much as possible with the rules and policy of the platform you intend to use.
You obviously will lose out on Facebook, Instagram and Google when you attempt to run cryptocurrency base ads on these platforms; I don’t know, maybe recently, there might have been some change, but I doubt if they have permitted cryptocurrency-based ads to run on their platform.
While on these platforms, one of the best ways to promote your crypto project to attract more investors is to play around with groups and concentrate more on leveraging organic visitors, and this can only be achieved by posting and engaging the community regularly; that way the social media algorithm gets to recommend your community to a few more eyes who are interested in investing in your cryptocurrency.
- How To Grow Your Business On Facebook
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- 20+ Best Social Media Marketing Tools You Should Know
- How To Grow Your Business On TikTok
3. Search Engine Optimization (SEO).
Search Engine Optimization is the act of placing your web page to be indexed on search engines such as Google, Yahoo, DuckDuck Go and many others.
The search engine is not a quick result method for promoting your cryptocurrency project, but be sure to expect lasting results in the long term.
A search engine optimisation campaign can take up to 6 months to a year with appropriate professionals before you begin to see results. Search engine optimisation takes much time to start seeing results but remains one of the effective ways to get information to the right people.
I wrote a comprehensive guide on how to start hacking your way around search engine optimisation, and I recommend you click the link below to get started.
4. Influence Marketing.
One factor that convinces people to purchase a product is that such a product was recommended by someone they know.
Gone are the days when anyone would just randomly buy things on the internet just because they like it or feel it somewhat valuable to them; now, you need more than just a fancy social media page, website or a heavy paid social media advertising campaign to convert high paying customers, you need a voice that is trustworthy to speak for you, and this is where influence marketing comes into play.
There are so many products and services online that are also hunting for the attention of prospective customers; just like your business is, the quickest way to get the attention of these future customers is to make use of an internet influencer.
This approach remains one of the best because your cryptocurrency project will be mentioned by someone trusted and with a vast community.
For example, suppose you seek an internet influencer for your cryptocurrency project. In that case, you need to be able to find someone who is a cryptocurrency expert with huge followership to do that for you.
5. Use Telegram.
I decided to take this point separately because I think Telegram has become an essential tool for promoting cryptocurrency brands and companies.
Telegram is a multi-platform messaging service founded by Russian entrepreneur Pavel Durov. It first rolled out on iOS and Android in late 2013 and now has 550 million monthly users. Telegram’s user base tends to increase whenever a privacy scandal hits one of its larger competitors.
What makes Telegram unique is its focus on privacy, encryption, and an open-source API. There are countless unofficial clients with the official Telegram apps and web interface. It also allows multiple devices to use the same account (verified by SMS) and various reports on the same machine.
Telegram’s core functionality is the same as most other messaging apps: You can message other Telegram users, create group conversations, call contacts, make video calls, and send files and stickers. However, a few specific features make it work differently from other chat apps.
Telegram has become a multi-functional platform carrying the responsibility of more than just a chat app; it has been designed to reach out to more people than the standard social media platform such as Facebook, Twitter and many others.
Another feature I love about Telegram is that it allows you to create groups with an unlimited number of users, which Whatsapp does not qualify. Telegram also allows you to add friends you don’t know by searching them by their username; you can add them and begin a conversation with them.
The technical creation of a cryptocurrency isn’t the most challenging part of launching a successful crypto project; you can create your token in just a few lines of code.
The real work is in giving your coin or token value, building the infrastructure, maintaining it, and convincing others to buy in is the part that you should think of the most. There are so many tokens worldwide, and more are being created every minute. The difference is the value proposition that your project carries.
Many cryptocurrencies are unsuccessful or even questionable from a legal standpoint, whether because the ICO wasn’t created in good faith or the coin failed to generate lasting interest.