Create your own cryptocurrency on your own exchange: Open-source exchange software makes starting a coin easier, says Adrian Pollard, Co-Founder of HollaEx.
People new to crypto and even experts alike have a common gripe when it comes to starting a new coin or token. Both camps tend to dislike the nature of starting a coin. It’s not straightforward, it’s not transparent and it is difficult to manage the start-up of a coin. Rookies find it difficult to understand how to price their coin, let alone share them. Experts do too. Challenges discourage people from even trying.
Starting a new coin or token: The breakdown
For the uninitiated, when we talk about tokens and coins it is important to note that they are used interchangeably. The difference for a token though is that they generally use existing blockchains like Ethereum or even Bitcoin’s blockchain. But the vast majority are using the ERC-20 token standard, because it increases usability and the chance of adoption.
Technically the term ‘coin’ would use its own blockchain. This is what Dogecoin did by forking Bitcoin. Dogecoin is essentially a Bitcoin clone with minor change made along the way.
For the sake of this article, we will use coin and token interchangeably.
Typically coin and token creators will change the easily configurable settings. This is things like the supply or the number of coins, the name of coin and the symbol (think BTC, DOGE, etc). This is all easy stuff to set up, but one thing that isn’t easy to set up is the price. The price of a coin requires much more work.
Even if you create your own coin with the perfect purpose there still won’t be a price. This is where all new coin or token creators hit a wall.
Create your own cryptocurrency: Price
Where do prices come from? You could set a static price but that is no good for stuff that is new and unknown. Simply put, you have to put your coin into a ‘supply and demand’ scenario and let other people decide what the price is….
