Cryptocurrency offers many benefits, such as the ability to make transactions without restrictions, high security, ease of use, and a publicly accessible ledger. While not all cryptocurrencies have widespread usage, many are designed to have unique advantages over traditional fiat currencies and banking systems.
Have you ever considered creating your own cryptocurrency? And have you ever imagined using it in a system you designed? This guide will explore the steps to building your own cryptocurrency. But first, reviewing some basic concepts and refreshing your knowledge before diving into the process is important.
Crypto coin Vs. crypto token
Coins and tokens are forms of digital cryptocurrency that share similar functionality but are often mistaken as the same thing. The key difference between the two lies in their origin.
- Coins are native to their own blockchain networks. For example, the ETH coin is based on the Ethereum blockchain network, and the BNB coin is based on the Binance smart chain network.
- Tokens are created on existing blockchain networks.
Steps to create your own crypto
Ready to create your own cryptocurrency (which is essentially a token using a blockchain network)? Hop along:
BEP-20 vs ERC-20 standard
Let’s get familiar with the fundamentals first.
- BEP 20: It is a primary token standard used for Binance smart chain.
- ERC 20: It’s a primary token standard for Ethereum blockchain
Getting started
To create a smart contract for our token, we will use Remix online IDE available at https://ethereum.org for writing code. Sample source code can be accessed on Github, including code snippets for publishing a token on the Ethereum blockchain network using the ERC20 standard and publishing a token on the Binance Smart Chain network using the BEP20 standard.
When creating a token on the blockchain, you can choose between the Ethereum blockchain or the Binance Smart Chain. Gas fees vary depending on which blockchain you select. Ethereum blockchain fees tend to be higher than Binance Smart Chain fees. Once the token is deployed, you can view details such as all the transactions and addresses associated with the token by visiting https://bscscan.com and searching for the unique blockchain contract address.
Click here to find the public ledger for a token.
