For a long time, I believed that cryptocurrencies were the natural substitutes to the traditional currency. Following the Bitcoin craze during most part of 2018, I spent the time to understand this medium better. I was surprised to learn that most of my prior knowledge of cryptocurrencies was misplaced. This emerging digital asset is highly versatile and finds use in a multitude of fields besides finance. Today, cryptocurrency is used to pioneer research in the health sector or fund business ideas that promise a sustainable future. The applications are endless. However, the factor that caught my attention the most was the relative ease in launching a new cryptocurrency by overcoming a handful of hurdles.
When planning to create a new cryptocurrency, there are three things to keep in mind. First, make sure your cryptocurrency has a foolproof idea behind it. Just like how the currency of a country draws its value from the national economy, a cryptocurrency is powered by the thought that goes behind it. For instance, the cryptocurrency Clean Water Coin was launched as a social initiative and is focused on providing clean water in third world countries.
Second, comes the technical decision of choosing to develop your very own proprietary cryptocurrency or piggyback on existing blockchains also known as tokens. The former involves a lot of monetary investment that goes towards creating an independent blockchain infrastructure and unique code, while the latter is more straightforward but is established within a larger blockchain.
Finally, creating a cryptocurrency deals a lot with promotion and growing a sustainable audience. Believe it or not, the real value of cryptocurrencies depends on the community invested in it. While there are currently over 4,000 cryptocurrencies and tokens in use, an equal number of them have gone extinct due to stagnant communities. Hence, it is the users who make or break cryptocurrencies.
For many, the last two steps seem very daunting however that does not have to be the case. Nowadays, you can outsource the whole process and realize your cryptocurrency dream much faster. Many companies provide end to end solutions right from developing the code to blockchain and creating the community. Below is a list of reliable companies involved in this process.
- Blockchain App Factory
This company comes with a ton of experience in this sector. They have successfully developed ICOs for over 30 ventures. Besides creating independent blockchains and token-based systems, Blockchain App Factory provides a whole suite of relevant services. This includes forming smart contracts, Hyperledgers, smart wallets and more.
- ICO Development
This firm offers consultation and other varied services related to cryptocurrency and token development. They also offer help with coin and token creation along with marketing and bounty management.
As the name suggests, Tokeny offers consultation and other varied services related to tokens. This Luxembourg-based developer also has experience in generating legally compliant ICOs and STOs.
Though ICOBox provides only a limited range of services, they place a lot of emphasis on creating highly secure systems. Currently, they deal with creating tokens based on Ethereum apart from helping with setting up compliant ICO/STO contracts and marketing.
- Pharos Production
The final company on this list, Pharos Production, has knowledge in creating cryptocurrency using a variety of platforms such as Phoenix, Erlang, Hyperledger and more. Currently, they provide token creation as well as private blockchain development.