Cryptocurrency development

In this article, we will walk you through creating your own cryptocurrency token or coin. While a lot of people think that these are the same, they are in fact different. A crypto coin is a blockchain asset, similar to fiat currency but it has its own blockchain. Ethereum, for example, is the name of a platform with an independent underlying technology or blockchain that allows developers to do coin creation and deploy their digital currencies on top of Ethereum. A token is independent and serves the same function as a crypto coin, but it uses an already existing blockchain like Ethereum. In crypto development, developers sometimes write the code guiding a cryptocurrency from the scratch. Doing this gives developers more control over the blockchain. A developer or crypto development company may also decide to build a project from the scratch on an already existing blockchain. The only point that must be kept in mind is that building a blockchain from the scratch is harder and even the most experienced blockchain developers or development companies will spend significant time to build such digital currencies on the blockchain. Building your own blockchain from the scratch also has a higher learning curve. In a survey conducted on StackOverflow, only 7% of developers use Rust programming and the bitcoin protocol is mostly C++. These programming languages can present some difficulty especially when the person writing them doesn't have as much experience as is required to put low-level programming languages together. Another way around crypto development is to copy to code of an existing blockchain and adjust the code to suit the purpose and rules of the new chain. Even this requires a great level of understanding of the original code so that the development company or developer and create a fork without error. Crypto development on another chain requires an understanding of the native programming language of that blockchain. The most common smart contract development language used by cryptocurrency developers today is Solidity. Solidity was first used on Ethereum and the syntax of the language resembles javascript. Cryptocurrency developers must also understand that while knowledge of javascript can put you on the best part to learning Solidity, mastering the language and tools may take a bit of time. A cryptocurrency development company always has the advantage of having professionals who have built several projects using any required language. Litecoin, Zcash, Ethereum Classic, and Bitcoin Cash are all forked from the original Bitcoin protocol.

Cryptocurrency Development

cryptocurrency

Rejolut by Numbers

10 +
Project Completed ✅
0 1 +
Startups Got Funding​
1000 +
Entrepreneurs Consulted Worldwide​
120 k+
Lines of Code Deployed​
0 1 +
Development Centers
20 +
Global Workforce

Let's walk through a simple process of building a fork of an existing blockchain like Bitcoin or Litecoin. Even though we call this simple, it may not be a thing everyone who wants to build their own cryptocurrency would like to do. That is especially true for institutional investors who do not just have the resources but are interested in crypto development and building a blockchain that will stand the test of time.

  • To start the process, you must download and install your blockchain on a live server. Remember that before doing this, you must have selected your preferred open-source blockchain.
  • After downloading the server, you can access your server using SSH via putty as root access or administrator so that you can install the blockchain on a live server.
  • Using multichain, you can run the following command.

cd /tmp
wget https://www.multichain.com/download/multichain-1.0.4.tar.gz
tar -xvzf multichain-1.0.4.tar.gz
cd multichain-1.0.4
mv multichaind multichain-cli multichain-util /usr/local/bin

  • After that, you can create a blockchain with the following command.

multichain-util create your_chain’s_name

  • Keep in mind that to create your blockchain, you must adjust some parameters according to the new rules you want your own cryptocurrency to be guided by. As soon as you launch you complete the cryptocurrency development process, you cannot change the rules anymore. Here are the crucial parameters that need modification.
  • Use your SSH via putty as root-access to access your server and run this command.

nano ~/.multichain/ your_chain’s_name/params.dat

  • Modify the following.

chain description, chain-is-testnet, first-block-reward.

  • Change first-block-reward to your preferred number of coins when a block is mined on your new blockchain. After that, set anyone-can-connect, anyone-can-send, and anyone-can-receive to true. After doing that, you can save the params.dat file.
  • You are now underway in the cryptocurrency development process. To start your blockchain, access your server as an administrator. After that, you can run the following command.

multichain your_chain’s_name -daemon

  • The last command helps you produce your genesis block. To test the cryptocurrency you have developed, use SSH to access the server and putty as administrator.

multichain-cli your_chain’s_name

  • Running the last command will put you in interactive mode.
  • Now run get info, and you will be able to check your chain details.

Now let us look at building a custom token on an existing platform. The first step to doing that is to select a consensus algorithm that checks whether transactions are valid before adding the transactions to the block. There are several consensus algorithms used by cryptocurrencies, but the most popular ones are proof-of-work (PoW) and proof-of-stake. In this case, we will be using Ethereum, and it currently uses a PoW consensus algorithm. Deploying cryptocurrencies on Ethereum requires the ERC20 standard, used in most of the tokens issued on Ethereum. You can use an Ethereum wallet or Metamask to create a token. The ideal recommendation is that the wallet is Web3.0 compatible. On any of these wallets, you should click on the deploy new contract button to enter the source code field. On that field, you should type the following.

contract MyToken {
/* This creates an array with all balances */
mapping (address => uint256) public balanceOf;
}

Keep in mind that the code we just used is written in solidity. After the first step, you can now proceed to set up the maximum supply of your token using the next piece of code. In this example, the cap is set at 21,000,000.

function MyToken() {
balanceOf[msg.sender] = 21000000;
}

To set your token so that you can send and receive it from others, you can use this piece of code.
/* Send coins */
function transfer(address _to, uint256 _value) {
/* Add and subtract new balances */
balanceOf[msg.sender] -= _value;
balanceOf[_to] += _value;
}

function transfer(address _to, uint256 _value) {
/* Check if sender has balance and for overflows */
require(balanceOf[msg.sender] >= _value && balanceOf[_to] + _value >= balanceOf[_to]);
/* Add and subtract new balances */
balanceOf[msg.sender] -= _value;
balanceOf[_to] += _value;
}

/* Initializes contract with initial supply tokens to the creator of the contract */
function MyToken(uint256 initialSupply, string tokenName, string tokenSymbol, uint8 decimalUnits)
{
balanceOf[msg.sender] = initialSupply; // Give the creator all initial tokens
name = tokenName; // Set the name for display purposes
symbol = tokenSymbol; // Set the symbol for display purposes
decimals = decimalUnits; // Amount of decimals for display purposes
}

Then we need to add the little piece of code below to allow Ethereum wallets to interact with our smart contract.

event Transfer(address indexed from, address indexed to, uint256 value);
As well, within the “Transfer” function, add this:
/* Notify anyone listening that this transfer took place *
Transfer(msg.sender, _to, _value);As well, within the “Transfer” function, add this:
/* Notify anyone listening that this transfer took place */
Transfer(msg.sender, _to, _value);

The next logical step is to set your smart contract so that wallets can interact with it. To achieve this, you have to use the following line of code.

/* Notify anyone listening that this transfer took place *
Transfer(msg.sender, _to, _value);As well, within the “Transfer” function, add this:
/* Notify anyone listening that this transfer took place */
Transfer(msg.sender, _to, _value);

Now you are set to deploy your contract. Go to the deploy contract tab and click on the deploy contract button if you are using Metamask. You can expand the contract and get the output using the get_output function(). Always ensure that the version of your compiler is the same as the version of your solidity code.

Ask Cryptocurrency Experts

Now we understand what a fork is, and how it works practically, and we kind of know the process involved in developing a smart contract. In most cases, it is not advisable to do it yourself except you are an expert in cryptocurrency development or you have been working with blockchain technology for a long time. The truth is that blockchain technology is not a piece of cake, and what you think you know maybe the faintest idea of how it really works. Cryptocurrency development services are a great way to create every aspect of your new crypto coin. These crypto creation services specialize in coin development and all aspects of the crypto industry. If you use the best cryptocurrency development services, you will not only build a decentralized digital currency or create smart contracts. Added to that, your cryptocurrency development process using cryptocurrency development services will lead to the creation of excellent digital assets. Whether you are building a crypto platform, an exchange platform, or designing a particular platform for digital transactions, the entire process you go through from brainstorming and selecting the right blockchain platform to build a digital asset like your own token and the entire project and activities required after the launch is blockchain development. Most businesses turn their key business process into unique platforms on the blockchain. Crypto developers are a part of the crypto development service process, but the diverse range of use cases to which entrepreneurs put blockchain technology makes it hard to fork popular crypto platforms or protocols. A cryptocurrency development company offers the advantage of skill, experience, and cost in its provision of cryptocurrency development services. A cryptocurrency development company provides crypto development services and crypto coin development. They can also help with cryptocurrency wallet development. That is not to say that an individual developer cannot carry out cryptocurrency wallet development. We will get to know more about cryptocurrency development services in the next paragraph.

Cryptocurrency Development

cryptocurrency Development

What Are Cryptocurrency Development Services?

It is hard to point out the best cryptocurrency development service. By looking carefully at cryptocurrency development services, we will understand what it means, and add some information to our benchmark for determining companies that stand out in cryptocurrency creation. Cryptocurrency development services are services that help individual entrepreneurs and enterprises to create and launch a cryptocurrency. The services range from programming smart contracts, front-end development, back-end development and management, UI/UX design and development, network security auditing and blockchain architecture services, initial coin offering, smart contracts review and updates, token development, consensus mechanism research, marketing, and other consultancy services. To launch your crypto, you need the aforementioned services and more. We can extend the list to include additional software development and financial services development. After bitcoin was launched, a lot of developers and academic researchers started to explore the possibilities provided by blockchain aggressively. Their solutions led to the creation of platforms like Litecoin which promised faster transactions, and the Ethereum blockchain which added the possibility of building an application to a better transaction speed. Most of these projects were created as open-source, and development in any of the projects was decided by the community. Aside from that, the community was also active in the growth of the network. Doing these required efforts in programming, and other services mentioned earlier. For doing this, participants in the network receive the native tokens are reward for their contribution to the network. Those rewarded contributed ideas and other resources to the growth of the platform through the achievement of their set goals. The services provided by these contributors are cryptocurrency development. New projects may not have enough technical resources to build their ideas to scale. Their token development process can be aided by a cryptocurrency development company providing cryptocurrency development services. There are specialized agencies, providing cryptocurrency development services as well as generalist companies that handle just an aspect of the project. The ease of coin development is that you can always outsource your project while working with in-house engineers. You may also need a cryptocurrency development company to help you build the cryptocurrency and explain how it works so that your team can take over from there. The decision in altcoin development is still yours. So crypo development services are activities that are required in coin development. An altcoin development company is a company that builds tokens or network running on a different blockchain.

cryptocurrency Developmenmt

Blockchain Technology

The blockchain is a distributed ledger of transactions that is immutable, shared transparent, efficient, and secured by a branch of mathematics known as cryptography. Blockchains are decentralized, and the individuals running the software that connects the networks are known as nodes. It has long been used in computer science and mathematics and it serves to eliminate problems that often come from having to trust someone else to make decisions for a group. Blockchain is also fast and efficient. You must have wondered why it took so long. All they are doing is adding and subtracting numbers. With blockchain, the era of delayed transactions is over. Bitcoin is the first use of the blockchain in finance, and it was released to help people to perform financial transactions in a peer-to-peer network. Bitcoin was built to be an asset and its protocol is not turning complete, which means it does not allow for a complete range of use cases and development like we have on Ethereum.

Blockchain is immune to counterfeiting and does not rely on centralized authority. A good example of a real-life case of blockchain technology is user Alice sending a transaction to another user, Bob. Alice and Bob can send funds to each other using Bitcoin in a near-instantaneous and largely successful transfer. To do this Alice simply published to the network that her account is reduced by a certain amount and Bob's account be increased by the same amount. All nodes on the network receive Alice's transaction and start a computation to ascertain that Alice receives the amount she wants to send in other transactions. They do this without having access to Alice's private key. Bob also has to prove that he owns the public key using zero-knowledge proofs to inform the decentralized network that he owns the destination where Alice sent the funds. If there is a change in the process the change is sent back to Alice. Transactions like this are made possible by crypto coins and they do not require as much infrastructure maintenance as is needed in traditional financial transactions. Let's now talk about smart contracts development. Verifiers of transactions on the blockchain receive rewards to incentivize the verification of transactions. Some individuals and companies have turned this into their sole business.

Blockchain Technology

Scale your Cryptocurrency projects with us

Smart Contract Development

Cryptocurrency transactions may seem simple at the surface but there are underlying codes known as smart contracts behind most of these transactions. Smart contracts allow developers to build decentralized applications that function as independent blockchains on an existing blockchain. The idea was introduced by Ethereum and to this day it had been put into an array of use cases that we can't exhaust in this article. Smart contracts access external data outside the blockchain using an oracle which is a system that allows smart contracts to relay external data. Smart contract development is also token development and we can understand this better by looking at the code and instructions for creating a cryptocurrency at the beginning of this article. Coin development for an exchange platform and token creation are parts of smart contract development. By definition, smart contracts are pieces of code that are not controlled by anyone but execute the coded instructions once they are deployed on the blockchain. Most smart contracts are created to implement a solution that meets an existing business need. Such key business processes that can be coded using smart contracts can also be an entire financial idea such as the FED bonds or cash reserve system. Decentralized applications are guided by smart contracts and most of these decentralized platforms have their native cryptocurrency. A cryptocurrency on a decentralized platform also uses consensus mechanisms written in smart contracts that guide the allocation of tokens and verification of transactions on the network. Writing smart contracts is an integral part of decentralized application software development. Instructions coded into a smart contract can include transaction fees, business objectives, secured functionalities, and other security features of the network. Security features are important because there have been cases of hacking of smart contracts in the past. Token creation of crypto coins and utility tokens is therefore set in smart contracts as we saw earlier in our example where you had the choice to decide the maximum cap of the token you wanted to create. Utility tokens became popular in crypto because of smart contracts that were written to allow tokens to serve specific use cases that are unavoidably important to the token users. Non-fungible tokens which are instances of smart contracts that guide digital assets and art by offering secure storage on the blockchain have become a huge market lately. A non-fungible token is a smart contract version of a real physical asset.

Hire Cryptocurrency Developers

Now that you know what cryptocurrency development is and what smart contracts are, it is obvious you may be thinking to yourself, what is next? The truth is, from non-fungible tokens to the creation of tokens or coins you may not have the time to build your cryptocurrency from the scratch. While you are focus on your business objectives, you can hire the best cryptocurrency development company to help you develop your cryptocurrency. Today, real estate, online investment, and other business ideas are massively being deployed as smart contracts on the blockchain.

cryptocurrency Development

Nevertheless, it is often hard to hire the best cryptocurrency development company because you may not understand all the requirements and skillset needed. Even though you have a great idea of what to do now after reading this article. You may not be able to test the proficiency of the developer. For this reason, it is often a brilliant idea to work with token development companies that have a reputation for building and managing successful projects. If you are bringing these technology stacks into your business, and you want your business to be a part of the technology of tomorrow, you can work with Rejolut to build something honestly superb. We deploy cryptocurrencies that give their users complete control over how it works and meets their unique business needs. The business needs that could warrant coin development are varying. A company may decide to undertake coin development to give the product of these companies a unique market advantage. Others feel it is better than launching a token on another blockchain.

Conclusion

Cryptocurrency development is complex, but it is not impossible. As soon as you write your first line of code in the needed language, you are already on your path to building that solution you have always desired. Again, you may not have the time, but you surely need to get things done like you would have done it if you were the developer. The best way to work is to outsource your project to a cryptocurrency development company. Smart contracts are coded instructions on the blockchain that define how the blockchain functions. Most cryptocurrency projects raise funds through a security token offering or an initial coin offering. In a security token offering, the process of coin issuance is more centralized. Unique business needs can be met by using the power of smart contracts. In our view, no business should be left out of this industry 4.0 innovation.

Let's build together on Cryptocurrency

Frequently Asked Questions

If you intend to utilize an existing currency as your base, it could take a couple of weeks to build an entirely new cryptocurrency. If, however, you intend to start completely from scratch, you can expect anywhere between one to six months according to the level of difficulty.

Other Related Services From Rejolut

Hire Tezos Developer

Cardano Blockchain Development Company

Hire Cardano Developer

Hire Polkadot Developer

Hire Solana Developer

Key Benefits of the Rapid Concept Workshop

Reduce Cost

RCW™ is the number one way to reduce superficial and bloated development costs.

We’ll work with you to develop a true ‘MVP’ (Minimum Viable Product). We will “cut the fat” and design a lean product that has only the critical features.

Define Product Strategy

Designing a successful product is a science and we help implement the same Product Design frameworks used by the most successful products in the world (Facebook, Instagram, Uber etc.)

Speed

In an industry where being first to market is critical, speed is essential. RCW™ is the fastest, most effective way to take an idea to development. RCW™ is choreographed to ensure we gather an in-depth understanding of your idea in the shortest time possible.

Limit Your Risk

Appsters RCW™ helps you identify problem areas in your concept and business model. We will identify your weaknesses so you can make an informed business decision about the best path for your product.

Checklist While Cryptocurrency Developer

Our Team

Vishal Dharmawat

Blockchain Expert & Consultant

Rahul Asati

Blockchain Expert & Delivery

Devishankar Mishra

Head of Delivery

Rahul Sharma

Head of Design

Adopt Cryptocurrency in 2021

Want to explore ?

Our Clients

We as a blockchain development company take your success personally as we strongly believe in a philosophy that "Your success is our success and as you grow, we grow." We go the extra mile to deliver you the best product.

BlockApps

CoinDCX

Tata Communications

Malaysian airline

Hedera HashGraph

Houm

Xeniapp

Jazeera airline

EarthId

Hbar Price

EarthTile

MentorBox

TaskBar

Siki

The Purpose Company

Hashing Systems

TraxSmart

DispalyRide

Infilect

Verified Network

What Our Clients Say

Don't just take our words for it

I have worked with developers from many countries for over 20 years on some of the most high traffic websites and apps in the world. The team at rejolut.com are some of most professional, hard working and intelligent developers I have ever worked with rejolut.com have worked tirelessly and gone beyond the call of duty in order to have our dapps ready for Hedera Hashgraph open access. They are truly exceptional and I can’t recommend them enough.
Joel Bruce
Co-founder, hbarprice.com and earthtile.io
Rejolut is staying at the forefront of technology. From participating in, and winning, hackathons to showcase their ability to implement almost any piece of code. To contributing in open source software for anyone in the world to benefit from the increased functionality. They’ve shown they can do it all.
Pablo Peillard
Founder, Hashing Systems
Enjoyed working with the Rejolut team. Professional and with a sound understanding of smart contracts and blockchain. Easy to work with and I highly recommend the team for future projects. Kudos!
Zhang
Founder, 200eth
They have great problem-solving skills. The best part is they very well understand the business fundamentals and at the same time are apt with domain knowledge.
Suyash Katyayani
CTO, Purplle

Technology/Platforms Stack

Our technology/platform stack for blockchain development.

aave

Aave

Bitcoin

Bitcoin

BlockApps

BlockApps

Chainlink

Chainlink

eos

EOS

uniswap

Uniswap

Vechain

Vechain

Think Big, Act Now & Scale Fast

Speed up your blockchain adoption with our proven framework.

We are located at