Cryptocurrencies have grabbed humanity's attention, and their eminent features marked their success level in this digital era. At present, around 7500 cryptocurrencies are listed on Coinmarket Cap for circulation. Since its inception, Bitcoin stands out and tops the list in every aspect. Ethereum, Ripple, Litecoin, Bitcoin Cash are successive on the list of popular cryptocurrencies. The inception of Tether(USDT), a stable coin, took off the crypto market to heights and enhanced the crypto user base across the globe.
Now, many leading e-commerce brands have introduced coins for their loyalty programs. On the accumulation of brand coins, the consumers can redeem their brand's asset as a purchase. However, these brand coins have the downside of limited utilization within brands. Hence, launching brand crypto coins to reward and redeem for the consumers' loyalty program can bring up new digital evolution in the industries. With brand crypto coins, consumers can open up doors for trading in the crypto market space.
Let's learn more about the process of developing and launch brand crypto coins!
A step-by-step guide to developing cryptocurrencies- For your brand!
Analysis
The success of a project lies in analyzing the market trends and figuring out the requirements. The same goes for the brand cryptocurrency development too! Every cryptocurrency has its unique features and functionalities. Most of the cryptocurrencies invented are forks of the existing popular crypto coins like BTC, ETH, and others.
Developing the cryptocurrency right from scratch does not mark success. You can even fork the existing cryptocurrencies and upgrade them with unique functionalities. In the case of brand crypto coins, you need to embed the business logic too. You need to identify the target audience, the purpose of brand coins, and the volume required to distribute among consumers.
Once you're ready with the requirements and market analysis, you need to dive into the cryptocurrencies' technical architecture.
Design the technical architecture of brand cryptocurrency
Developing the top-notch, feature-packed cryptocurrency requires professional knowledge twinned with hands-on experience. Even though a decade passed since the inception of cryptocurrencies, the eminent technologists in this space are limited. Hence, you must pick the best cryptocurrency development company to design your cryptocurrency's technical architecture.
Let's take a look at the things you must take care of while designing the cryptocurrency technical architecture! You can pick on the choices!
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Developing the cryptocurrency from scratch or forking the existing coin;
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The framework that supports your cryptocurrency development;
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Deciding the consensus mechanism and approvals. You can use proof-of-work or proof-of-stake;
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Integrated wallet with multi-signature approvals;
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Automated smart contracts to reconcile or to perform repetitive tasks;
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Withdrawal methods and conversion of fiat money;
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Device compatibility;
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Ergonomic and elegant UI design;
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Public or private blockchain network to govern the crypto transactions.
Integrations and other patches
As mentioned above, an integrated wallet is a key aspect of launching cryptocurrencies. Some brands step ahead and airdrop their target audience with a limited volume of new crypto coins. Integrating third-party components like banks, exchange platforms, and multi-lingual pages enhance the brand crypto coins' success rate.
Next comes the demo of your brand crypto coin!
Build MVP
Crypto users opt for MVP before diving into its investment to understand its potential value in the market space. The appropriate MVP can grab potential investors, and you can even circulate it as IEO or ICO tokens for fundraising.
Launching the crypto coin
Launching the crypto coin in the market space is based on the type of blockchain framework built on. If the crypto coin is built on a public network, it's deployed on repositories. When the private blockchain network is the underlying crypto coin's underlying technology, it needs to be deployed on servers.
You can pick the professional cryptocurrency Exchange development company to launch the developed brand crypto coin in the market space.
Wrapping up!
Building the brand cryptocurrency requires professional crypto real experience; hence choosing the renowned cryptocurrency development Exchange Development services would be the appropriate choice. If you are striving to launch a brand crypto coin in the crypto market space, let's join hands together to enhance your business!
