You’ve probably noticed how much the digital world has changed in the last few years. A completely new industry of cryptocurrencies has taken the first place. The development and creation of Bitcoin involve moving away from a centralized banking community controlled by bureaucrats. Thus, cryptocurrencies, blockchain as well as launch of ICOs have played a crucial role. How to create an ICO? That’s the main question of our today’s article!
How to Create an ICO Blockchain: What Should You Know?
How to create an ICO blockchain? This is a very important question. Attempts to create a blockchain from scratch are indeed laudable. However, you need to remain sober while assessing the capabilities of your team.
Creating a blockchain from scratch is like making your own database with reliable network replication. If you search for how many of these databases have been created over the past decades, you will find a maximum of a hundred projects. Only a few companies (Oracle, MS SQL Server, MySQL, PostgreSQL) own a huge market share, and developers of the core of such systems are highly valued.
How to create an ICO blockchain? To develop a blockchain node, you will have to assemble a team of very good specialists with experience in multithreaded programming, cryptography, network protocols as well as complex internal algorithms.
Testing takes a special place for blockchains since consensus algorithms can perform well on several validators and in a completely different way when there are tens and hundreds of nodes under load.
Creating your own blockchain is a task for a group of researchers, enthusiasts who can afford to work freely, without a tight deadline and a business plan. Such a team should be able to freely investigate any issue that comes up without worrying too much about project deadlines. At the moment, work on projects such as Bitcoin and Ethereum is carried out by independent developers around the world without tight deadlines.
Steps to Create an ICO: Top 6 Steps to Know
What are the key steps to create an ICO? Once you have an idea, you are ready to take the first active steps. The creation of a platform for an ICO project takes place in several stages, divided into blocks. A specific group of specialists works on each block. Here are the important steps to create an ICO:
- development of a short-term or long-term plan for release of tokens;
- development of business logic and creation of an economic model for an ICO project;
- deep work on internal documentation of a project as well as on documentation intended for investors;
- a business plan that includes market research, development of an ICO strategy and financial model, as well as analysis of initial data.
- development of site interface prototypes;
- preparation of thematic website content.
After the preliminary work has been done, a site itself is created. This is also a fairly meticulous process. The components of an ICO project site differ significantly from those of regular sites.
Create an ICO Coin: Coin Vs Token
Having decided on the idea, technical documentation, and white paper, it’s time to create an ICO coin. A coin or a token? Which one should you choose? Let’s try to find out!
Popular Cryptocurrency Forks
In due course, many cryptocurrencies such as Litecoin and Bitcoin cash appeared in this way. Kernel customization, new packaging and you’re ready to go.
Nowadays, almost 90% of tokens in circulation are based on Etherum. To date, there are about 7 ERC standards, the most popular of which is ERC20 with customization and additional functions. Cryptokitties, Binance coin, Venezuelian Petro are examples of Ethereum tokens.
Neo, NXT, Ripple, Waves Tokens
Fortunately, other blockchains also have capabilities and functionality of smart contracts — the basis of cryptocurrencies and tokens. The pros vary depending on the type of blockchain. For example, Waves tokens have a high transaction throughput. On the other hand, there are features and functionality. It’s often more expensive, longer, and less efficient to create an ICO coin on NXT.
How to create an ICO? What other key steps do you know? Feel free to share your thoughts in the comments!