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How to Launch Your Cryptocurrency

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Crypto Business World Follow

INDIA

Oct, 27 2020

Oct, 27 2020

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Suppose you have this brilliant new business idea of building your private security tokens offering cryptocurrency and adopting the modern world's endless possibilities. In that case, you have to do your research about this field and its basics. Once you have sufficient knowledge, then start figuring out what all you want to offerDecide whether your project needs to have its blockchain or you wish to use the existing blockchain of other STO cryptocurrencies. There is a difference between coins and tokens; you have to choose which one you want to offer. Crypto coins have their blockchain, while tokens utilize the blockchain resources of other cryptocurrencies. The most-used and famous blockchain where many companies have launched their tokens is the Ethereum Blockchain. 


If you develop your token on Ethereum, it becomes tremendously easy and saves costs. Put, if you wish to build your blockchain, it requires huge costs, need for experts, and a lot of time. Comparatively, starting your tokens is easy. At present, it much better to choose Ethereum as the blockchain for development than other available platforms as Ethereum has the largest developer network and documented processes that can facilitate smoother development. 


Step 1Download Mist and deploy new contract 

First of all, to start your tokens, download Mist, an Ethereum wallet that also allows you to mine and develops the Ethereum software. After you download Mist, fund it with ETH coins, and there you can adopt a new smart contract. The process is Wallet> Contracts > Deploy new Contract > Mytoken. It is advised that you take help from experts or developers at this stage and make necessary alterations in the code field. 


Step 2Follow your business plan to set supply and enable transaction 

Next, you have to figure out how much you will limit your token's supply element. You can set the limit as per your business expectations and strategic plans. After these initial steps and a touch of special codes according to your business needs, you are all set with a new smart contract connected to your crypto token. But, at this point, you cannot send the token anyplace. For that, you have to enable the token using specific code. Here we suggest you take the help of your team of developers. You have to ensure through the code that users cannot possibly send more tokens than they possess and that there is no overflow. The code should enable both sending and receiving options. 


Step 3Naming your token and transfer event 

Further, you have to identify your token with a specific preferred name, token symbol, and decimal units. For instance, the STO Bitcoin's symbol is BTC, and it has eight decimal places. Turn on the transfer event to let users of ETH wallets when your token is getting transferred. Use specific set of codes by taking the help of your development team. 


Step 4Launch your token 

You will have to set a separate fee for the token contract transaction and make it go live. The power of crypto is in your hands; you can earn well if you increase more functionality and value.  


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Crypto Business World

CBW - External Analyst

INDIA

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