In the modern world, anyone can create their own currency, independent of any state. This method is the creation of tokens based on blockchain technology. Tokens can be a means of payment on the blockchain network, a financial instrument such as stocks or bonds, and even a means of decentralized network governance.
In order to create your tokens, you can follow any of three paths:
- Create a token technology from scratch.
- Create tokens based on the source code of one of the existing cryptocurrencies.
- Create a token on well-known cryptocurrency platforms that provide such an opportunity.
Using the first method, you can create an individual token that will meet all the requirements of its creator, will be highly unique and, accordingly, will attract a large number of investors. On the other hand, this process is quite complicated: you need not only to understand programming, but also to have your own team of programmers who are versed in the technology of creating cryptocurrencies and some initial capital to pay your team. It will take a lot of time: at least a year to create and several years to promote, but the potential profit can be measured in millions of dollars.
The second way is easier and faster. It takes a little more than a thousand dollars to buy the source code, and it takes programming skills and weeks of hard work to build. On numerous foreign sites, freelance programmers are ready to sell their developments for several hundred or thousands of dollars. In addition, the creators of some well-known cryptocurrencies share their source code for a fixed fee.
Typically, source codes are sold under the GNU Free Licenses, which allow the use and modification of the code, including for commercial purposes. To run the code, you will also need libraries that can be easily found on specialized sites and downloaded for free.
The third way is the easiest. It allows anyone to issue their tokens based on the well-known cryptocurrency for a minimal fee within a few minutes. Usually, this is done by those who are already satisfied with ready-made solutions and who need tokens for ICO or for internal payment in any project.
The best platforms for issuing their blockchain tokens are rightly considered Ethereum, Waves, NEM, EOS and KickICO.
Ethereum is famous for its gigantic audience of more than 5 million highly active users, smart contracts technology that replace legal support for transactions and good documentary support. However, there is currently a high load on the Ethereum network associated with a limited network bandwidth of 3200 transactions per second. Because of this, those wishing to buy or sell tokens are forced to line up.
Waves, unlike the above-described competitor, has a higher transaction speed - up to ten thousand transactions per second without losing data security thanks to the technology of dividing blocks of the blockchain into light and full. But there are also drawbacks here: the Waves community is rather closed, so it is very difficult to find an ICO specialist. Even getting answers to common questions often becomes difficult.
In addition, the token issued on Waves is incompatible with the ERC-20 standard, so transactions with it are carried out only on the internal Waves exchange.
NEM is a Japanese project focused on the individual reputation of each account. It is believed that the higher the reputation of the account, the more likely it is to generate a new block of the blockchain, for which the system rewards the account holder with a certain amount of cryptocurrency.
NEM withstands up to 3000 transactions per second, allows you to design client servers and business models based on it, even without knowing the basics of programming. In addition, the fees for creating and exchanging tokens are extremely low.
EOS is one of the newest blockchain platforms capable of processing multiple transactions in parallel and reaching a fantastic speed of one hundred thousand transactions per second. However, according to many experts, the high speed of the system provides opportunities for fraud.
The platform is very convenient for doing business and creating Internet applications. There are no commissions at all. However, the developers still hide all the technical documentation of the project and source codes.
The KickICO platform, as its name suggests, is focused specifically on ICOs. It contains all kinds of tools for preparing and conducting an ICO, as well as insurance systems for investors. Tokens support the ERC-20 standard and can be traded on any platform. Among the shortcomings, we can note the still low quality of the project development and difficulties with user support.
