There are a lot of things that you need to know about cryptocurrency or say digital currency. Let’s start with its meaning, unlike the physical currency, it does not have banknotes but it does have coins.It is like an online currency that we can use in executing a business transaction. There is not an authority that has any control over this currency.
Having a cryptocurrency for your business can have many advantages such as financial flexibility, an increase in the value of the brand; you can easily raise crowdfunds for your projects, etc. If you want to have all these benefits then you can start your own cryptocurrency.
After understanding the meaning and use of a cryptocurrency, you need to know, whether you should have a cryptocurrency of your business or not? The following questions can help you in knowing whether you need a cryptocurrency for your business or not:
- Will you be engaged in online business transactions?
- Are you looking to expand your business on the online platform?
- Do you see your business as a going concern entity?
If your answer to all these questions is yes. Then you should make a cryptocurrency for your business.
Now the thing is how can you create a cryptocurrency for your business? There is a series of steps that you can follow to create a cryptocurrency. The following are the steps to follow for this purpose:
- Select a census mechanism: census mechanism works as a protocol and it helps in identifying whether a particular transaction is legitimate and if yes it can be added to the block.
- Select a blockchain platform: the second step in this series is to select a blockchain platform. Based on the census mechanism that you have selected in the first step, you can select a blockchain platform. It will help you in deciding whether the selected blockchain platform is right or not.
- Designing of nodes: after the selection of the blockchain platform, you need to design the nodes. You need to make decisions like whether the permission will be private or public; you want to host it on the cloud or on-premise, or both? What are the execution hardware details?
- Establish the internal architecture of blockchain: before you launch your currency and make it functional, you need to be sure about all these parameters. Because once the currency is launched, you can not make any changes. You need to decide the format of the blockchain that will help in its execution without any interference from the third party.
- Integrated APIs: the selected platform may or may not have an inbuilt API. But there is no need to take tension if the platform does not have an API. There are many third-parties blockchain APIs that can help you.
- Designing of interface: you need to have a better interface, otherwise, the idea of having cryptocurrency won’t work well. You need to make sure that you are using the latest version of FTP server, web, and front-end and back-end programming.
After doing all the steps mentioned above, you can make your cryptocurrency legal. This explains very well that how to start your own cryptocurrency?