The complete guide to creating your own cryptocurrency and launching it on an exchange.

The complete guide to creating your own cryptocurrency and launching it on an exchange.

By MadMaxx | Psycho Crypto | 21 Jan 2020


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At the end of this post, you'd have created your own coin/token, launched it on an exchange and made all your dreams come true, all without knowing how to write a word of code!

Interested? Let's get started!

First and foremost, you'd need to define whether you want your cryptocurrency to be a coin or a token.

A coin is a cryptocurrency that runs on it's own Blockchain. This means that you will have to design your blockchain  build a team and launch an ICO, all from scratch. Examples of coins are Bitcoin and NEO.

A token however works on an existing blockchain. Most of the tokens we receive from Publish0x are ERC-20 Compliant tokens. This means that they are built upon the Ethereum Blockchain, and run on it. Building a token doesn't require you to build your own Blockchain, or write any serious code as you'd see later.(Most people take this route)

In this post, I'd be covering how to make your own token, although I will leave a link to Bitcoin's code here. You can simply edit the variables you need to be edited to suit your own crypto that you have in mind, and voilà! You'd have launched your very own cryptocurrency, although it would be very similar to Bitcoin.

This process will involve you knowing a little(or a lot, depending on your requirements) code, so if you won't like to go down that route, keep reading.

To create your own token, you'd need to do these things first:

  • Define the reason you want to create the Cryptocurrency. What problems do you want to solve? How do you want to solve these problems? These questions would be essential for your white paper.
  • Define the number of tokens you want to be created: Do you want 1000 of your token to be created? Or do you want a billion? Remember, scarcity bearings about higher perceived value!
  • Define which blockchain you would want to build it upon. Would you go the Ethereum route, or are you more of a NEO guy?

Once you've answered all those questions, it's time to start building!

BUILDING A TOKEN ON THE ETHEREUM BLOCKCHAIN

You'd need the ETH wallet app first. Download it here for Mac and here for Windows.

Deploy the app. On the top right corner of the app, you'd see the 'contracts' option. Click that, and click on the "deploy new contract" button that pops up.

In the field that pops up, enter this code:

contract MyToken {     /* This creates an array with all balances */     mapping (address => uint256) public balanceOf; } function MyToken() {         balanceOf[msg.sender] = 21000000;     }   /* 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;     }    

This code was gotten from, and remains the exclusive property of GitHub. You can see exactly where I copied and pasted the code from here. I also drew support from here, and here.

Now you'd have to change up a few things that you like.

Your original total number of tokens will be 21 million, but you can change it to any number you wish.  

Reading through the code, you'd see what you need to change, and what you need to change it to.    

And just like that, you've created a cryptocurrency right on your computer! In fact, you can even send it to your friends, and apply for it to be traded on an exchange, which is what we're doing in the next step.  

MAKE YOUR CRYPTOCURRENCY AVAILABLE TO BE TRADED ON AN EXCHANGE T

 To do this, you'd first need a white paper. I explained everything that should be in a white paper previously, so I won't go back to that. But once you have your white paper, you must email the support of the exchange you wish to be listed on. I suggest you start with Binance, as they're more open to accepting more cryptocurrencies for ICOs.

You will be contacted by the exchange's support asking you a few questions about you and your team. You must be ready to answer these questions effortlessly and accurately.

And once that's done, you're set! 

You've just created a cryptocurrency! Feels good!

Did you go through with this? Will you go through with this?

Tell me down below!

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MadMaxx
MadMaxx

In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

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