How to Launch a CryptoCurrency
With the success of Bitcoin and many other concurrency like often termed as Alt-coin, many small to big organization and even individual have launched cryptourrency or they are planning to launch cryptocurrency.
Launching cryptocurrency involves several steps and its life cycle is complicated compared to normal software.More important is the post launch planning , how to take it to masses and how to ensure the integrity of block-chain and disallow the control of mining power into the hands of individual and or any organization.’
How to Launch a CryptoCurrency
To launch a cryptocurrency first that needs to be answered his what purpose will it serve and what existing process will be replace by it. What centralized application or system will be decentralized by the cryptocurrency.
Lets consider an example , who want to decentralized something like News Channel. Now a days few big channels and websites have the control the news that need to be circulated. Now you want to decentralized this things. You can launch the new coin which will decentralized the news being circulated and it will give control to the community instead of few big players. In short its a application where any individual can publish the news with a coin and community will approve the same and will gain the coin. Lot of detailing is involve over here to reduce the money power and give it a credibility , if you are interested you can contact us here.
Finalize the distribution of Rewards and others important technical aspects.
Block-chain is distributed and decentralized and public ledger. This definition requires you to design your coin in such a way the community is attracted to it and it’s secure , so that it can be made public.
Block-chain is highly encrypted public ledger , for encryption coins needs algorithim. There are various algo available like SHA256 , sCRYPT, X11,X16 ,CRYPTOIGHT etc. Depending upon the need you can choose the best algorithm.
Next big thing to decide is the block rewards and block reward time. This too factor plays very important role when you launch the cryptocurrency. Block Reward time will decide how early transactions will be confirmed , putting this value too small will increase the difficulty eventually cost of block generation will be very high and putting it too high will slow down the confirmation. A mid level good choice is required.
The other aspects Block Reward is required so that community will support the network for your coin.Too much off block reward will reduce the value to zero often termed as dumping of coins , to high value will increase the difficulty again a mid level block reward value is required to launch the cryptocurency.
This is the most difficult and most important task to launch and ICO and collect some funds. Effective marketing team is required to launch an ICO , which will ensure that message is spread to the community and all are interested to invest and take the coin forward. ICO funds are very important to ensure that future development happens and coin is well supported and listed on exchange.
Techaroha team a Block Chain development company based in Mumbai(India) has experience block chain development team and can help you in all phases of coin development for Coin Development to Listing.
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Founder at Techaroha Solutions Private Limited. 10 Years experience in Software Industry with a special focus on SugarCRM,Artificial Intelligence , Deep Learning , Block Chain Technology and Crypto Currencies and Decentralization of Power using Block Chain. Block Chain Trainer and HyperLedger Trainer