Create your own cryptocurrency on Hive

By Bala | Bala | 9 Jun 2023

Everyone in the crypto world has their dream to create their own project or create their own cryptocurrency. It isn't very hard to create our own cryptocurrency with the tokenomics we define. Hive has a second layer called Hive Engine which is also a blockchain based on the transactions happening on Hive. With the help of custom json transactions happening on Hive, a second-layer exchange platform was created with the facility to create tokens and launch our own product. People can either create their own token on Hive Engine or create their second layer side chain with the same idea.

Not all chains have the facility to create a second layer sidechain with a facility to create and manage our own token. This is one of the biggest innovations on Hive and the ecosystem has so many use cases with the second layer tokens. There is also a facility to create non-fungible tokens as well apart from the fungible token creation facility.


Use Hive Engine to create your own cryptocurrency

The cost to create a token on Hive Engine is 100 BEE which is very small compared to hiring a developer to build you a solution for creating a new token on any blockchain. With less than 50 dollar investment, we can create our own token on Hive Engine inside the Hive ecosystem. The project idea can usually be anything. For some people, it can be an interesting niche-based blogging idea and for some people, it can be a game idea. Whatever the case tokens can be created for a very cheap cost and they can be minted on Hive Engine.

Hive Engine is a second layer inside the Hive ecosystem. I would say it is comfortable to create cryptocurrency on Hive Engine because the provision is very great compared to the other options. There are also other second-layer facilities available to create tokens or someone can create their own second layer. But everyone sees Hive Engine as the most comfortable way to create their own token on Hive.

Tokenomics is the key

Defining tokenomics is the key to the success of any project. As I said, it is very easy to create a new project on Hive or any blockchain that has a feature for the same. But creating tokenomics and making it efficient is what matters the most. The success and failure of a project is based on that. Some projects might continuously keep creating new tokens now and then and would still be successful. The reason can be because they have very clear and well-defined tokenomics.

Most of the tokens created on Hive Engine have this problem. Many people invested a lot of money in new tokens on Hive Engine and they even lost their money. Some projects are ponzi and some have gradually lost their value even though their concept is excellent. Sometimes I even used to think that we might need substantial funding happening from the outside world instead of being dependent on the growth inside the ecosystem.

If you like what I'm doing on Hive, you can vote me as a witness with the links below.

Vote @balaz as a Hive Witness


Vote @kanibot as a Hive Engine Witness


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