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Once you have decided to start a cryptocurrency, there are four main ways to create a digital asset. Which one you choose depends on whether you want to start with a coin or a token.
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Create a new blockchain
We might as well tackle the hardest option first: building a new blockchain. Writing your own code to create a new blockchain for your cryptocurrency is a possible option. It’s possible, but it’s far from easy.
One of the benefits of creating a new blockchain is that you have the most freedom in designing your currency.
However, this path requires some advanced technical skills and a deep understanding of how blockchain technology works.
There are online courses that can help create a new blockchain, but even these require more than just basic technical knowledge.
If you can’t explain to someone how blockchain technology works, this isn’t an option for you.
Fork an existing blockchain
If you’re interested in creating a native cryptocurrency but don’t want to go through the hassle of starting a blockchain from scratch, forking an existing blockchain is a faster and less complicated option.
This process uses the source code of an existing blockchain to create a new blockchain for your cryptocurrency.
For example, to fork an existing blockchain, you would take open-source code found on GitHub, modify it, and then release a new coin.
Blockchain forks have helped create many well-known cryptocurrencies such as Litecoin and Bitcoin Cash.
While forking an established blockchain isn’t as complicated as creating one from scratch, it still requires a thorough understanding of modifying existing code.
Use an established blockchain
If the fork process still seems like too much for you, it is easier to create your cryptocurrency on an existing blockchain platform like Ethereum.
Using an existing blockchain platform to launch a cryptocurrency means your asset will be classified as a token.
While creating a token has more limitations than a coin, launching a cryptocurrency yourself is the easiest and cheapest way.
Additionally, affiliation with a reputable and established blockchain platform can enhance the value and validity of your token.
Blockchain as a service company
If creating a coin or token is beyond your technical skills or you just don’t have the time to delve into it, a final option is to hire a blockchain-as-a-service (BaaS) company.
BaaS companies like IBM Blockchain Platform, Amazon Managed Blockchain, Kaleido and ChainZilla will build and maintain blockchain and cryptocurrency networks.
Using a BaaS company allows for a variety of customizations to your cryptocurrency, with some offering to create a blockchain from scratch and others using their blockchain platform.
Think of BaaS companies as the blockchain equivalent of web hosting providers.
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