Cryptocurrency has shot up in matters of both fame and success. If you have traded crypto in recent times, you would know that the currencies have almost doubled to the amount that existed 5 years ago. Everyone from a small trader in his room to the Tesla owner himself has shed the light on cryptocurrencies and shown their interest in them. At this point you are at the right time and the right place if you are thinking of starting your own cryptocurrency. The fact is that most of the ICOs fail to reach their goal point. So launching crypto is not as easy as just getting a coin up in the market. It is about maintaining its success later.
Launching a crypto is a process that is very technical and you might need professional assistance to go through with it. There are a lot of mini steps in between the main milestones on the way to launch a cryptocurrency. Here you will fund a brief outlook on what you will encounter and how to go about it.
Determine Your Crypto
First and foremost, define what your coin or token will do. Can your coin be exchanged with actual money? Or is it a token for a utility that can be bought and used for services. Define a function and set an objective for your coin or token.
It is important to understand the difference between a coin and a token first. A coin is a currency in the crypto world. It is an e-currency that is a medium of exchange for commodities and other currencies. A token is a project on an already existing blockchain to serve a purpose.
Creating Your Coin
Your coin needs to have a house or a place to be stationed and stored. This is where you create the blockchain that you want your coin to be on. The process of determining your blockchain, includes writing its source code. This is the program of your coin and according to this is how it will interact in transactions. Source codes can be done on a template or you can hire someone to do it for you from scratch. Whereas if you want a token of your own, then you simply have to choose an existing blockchain and build over it.
Catch Investors
Investors are caught by Initial Coin Offering (ICO). This is how you will raise money to launch your new cryptocurrency. It is like a pre-launch of a product where the investors will buy it before launch and are promised of receiving the product after its launch. This coin offering can ensure the investors a stake in its profit or it can offer the utility that it was built for.
Get Your White Paper Ready
The reason a lot of ICOs fail is because the investors do not completely believe in the project. So, creating a professional and transparent white paper that basically explains every single thing about your coin is the key to earn their trust. You might need to research more into what a white paper should contain but some of the contents you must include are:
What is your project and what is its purpose, What is it looking to fulfill upon its completion, how much money is required to run it successfully, how many tokens will be owned by the creators, how can the investors buy the token/coin (whether it is digital currency, fiat currency etc.)
If the ICO does not meet its goal, the collected money has to be redistributed to the investors.
The Legalities
You need an attorney to legally validate your cryptocurrency and its project. This must be included in the whitepaper to prevent yourself from being added to the list of fraudulent ones. This is one way to earn the trust of the investors. There are regulations being imposed all around the world on crypto and it is important to see what your country has in store. Hire an attorney who specialises in cryptocurrency to help you out with it.
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