Crowd Sale Smart Contract
Now we can build a crowd sale smart contract that will allow investors to purchase tokens in an initial coin offering . Here is the complete crowd sale smart contract Solidity code:
pragma solidity ^0.4.2 import "./DappToken.sol" contract DappTokenSale function multiply internal pure returns function buyTokens public payable function endSale public }
Let’s take a look at what this smart contract does, and how it functions as a crowd sale:
- It stores an admin account for the crowd sale address admin.
- It references the ERC-20 token smart contract DappToken public tokenContract.
- It stores the token price uint256 public tokenPrice.
- It stores the number of tokens sold uint256 public tokensSold.
- It implements a sell event so that consumers can get notifications whenever a token has been sold.
- It implements a buyTokens function that allows users to purchase tokens in the crowd sale.
- It implements an endSale function that allows an admin to end the crowd sale and collect the Ether funds that was raised during the sale.
Watch me build out this smart contract step-by-step with this video.
Want to Hire an Expert?
If you’re interested in hiring an ICO expert, I can lead your project step-by-step from “zero to ICO” with my battle tested ICO solution!
Down To The Bottom Dollar
Andy Warhol famously said that, in the future, everyone would be famous for fifteen minutes. Traditionally, only governments and powerful organizations have issued currency. But in this day and age, technology empowers everyone with the ability to create his/her own private currency. You can create your own economy, even if lasts for less than fifteen minutes.
Regardless of the process used, well likely see individuals continue to add to the growing list of more than 1,500 cryptocurrencies currently in circulation. People may even do this if for no other reason than to stamp a coin with their own identity.
Ill Have What Hes Having
Alternatively, open source software provides a popular mechanism for programmers to publish their software and share their code. Projects maintained as open source release their source code to the public on repositories like GitHub. These projects permit anyone to use their software within any specified licensing agreement.
Bitcoin, for example, is an open source software that you can find on GitHub. Anyone can view the code, download it, modify it, and incorporate it into their own project. Consequently, anyone can take the Bitcoin code and use it as the basis for their own cryptocurrency project.
Implement a few modifications to the code and you now have your own new cryptocurrency. Any existing open source cryptocurrency project lends itself to this process.
Charlie Lee created Litecoin this way. He took the Bitcoin code, made minor modification to components like enlarging the block size, then released it as a new and separate project. Litecoin aspired to be a faster, cheaper version of Bitcoin that would facilitate payments and function as a currency to complement Bitcoins role as a store or value.
Litecoin also has its own GitHub.
GitHub Bitcoin Code Respository
Read Also: How To Withdraw Bitcoin From Coinbase
Tip #3 Start With Erc20 Token
ETH and ERC20 tokens are very widespread in the crypto scene. With the help of these coins, you will find not only a lot of useful information but also a number of ready-made code snippets that you can use for your own tokens. Thats why, its advisable to start with ERC20 and initially refrain from other technologies and standards, as this usually requires more experience and effort.
Are Cryptocurrency Wallets Secure
The level of security depends on the type of wallet you decide to use and how careful you are while handling the keys.
Online wallets carry a higher risk of being hacked or intruded by a third party, especially if youre using a cloud. This when hardware wallets prove to be more secure and theyre often used by people with a significant amount of funds.
However, its hard for me to imagine storing a virtual currency offline when there are hardly any moments in my life when I would do anything offline. It also adds another hurdle of having to set up a software account anyway.
You must take precautions and be very careful! If you lose your funds, any of the keys or you become a victim of a cybercrime, you wont be able to get them back!
If you decide to go for an online wallet, its important to implement the correct diligent security procedures:
Recommended Reading: What Is Crypto Exchange Platform
Determine Your Personal Happiness With The Chosen Name
A business name could tick all the boxes and still make you feel ambivalent. Make sure that youre personally happy with the branding that youve chosen. After all, the name will represent your business and it should definitely make you feel proud and excited.
Dont Forget Industry Specifics!
The above-mentioned tips give you some general guidance on starting the business naming process. There is, however, one more essential to keep in mind. Thats industry relevance.
Naming a fashion store isnt the same as naming an industrial manufacturing facility. Its niche has its target audience and terminology two factors that will play a role in business name selection.
If you need a few pointers, here are some examples to show you how industry-specific business naming works:
think about scalability, availability of essential equipment and know-how for the completion of challenging projects
Interior designthe focus should be on modernity and personalized outcomes that address the specific needs of clients
Hopefully, these examples give you a good enough idea about how industry-specific personalization works. Your name should carry the right vibe and the energy that corresponds to the needs of a target audience.
Making Sure Your Business Name Is Great for Online Branding
Distinguishing Yourself from the Competition: Easier Than You Think
Benefits Of Creating Your Own Cryptocurrency
There are several advantages you can gain if you create a cryptocurrency. Firstly, you will be able to make a profit. Secondly, making a cryptocurrency is akin to starting your own business: you will be able to develop a project that realizes your wildest dreams, and it wont require as much investment as a regular small business does.
If you already own a business, creating your own cryptocurrency to support it can provide a whole bunch of tangible benefits, such as:
- Access to new features
- Immediate, secure, and anonymous transactions
- Access to a new customer base
You May Like: How To Transfer Crypto From Coinbase To Coinbase Pro
How Hard Is It To Make Your Own Cryptocurrency And How Long Does It Take To Create A Cryptocurrency
Once again, it depends. If you choose to hire a whole team of professionals to help you, it wont be that hard to create a cryptocurrency. However, if you choose to do it yourself, you will have to do a lot of research and learning. Unless you are an expert in developing, the legal field, marketing, writing and more all at once, you will likely have to study to be able to create your own cryptocurrency.
The time it takes to create a cryptocurrency is hard to define. It can be done in anywhere from a few weeks to years it all depends on how you go about it and the difficulty of the project.
The Beginning: Initial Coin Offerings
ICO is an abbreviation for Initial Coin Offering. This is the stage where you publicize your project and also raise funds for other aspects of your project.
During an ICO, tokens are usually exchanged for already existing coins, i.e. if you want to buy tokens, then you would pay in an already existent crypto coin like BTC, Ethereum, etc.
To be successful at this stage, then you must put a lot of things in order.
Some are discussed below:
Don’t Miss: How To Sell Cryptocurrency On Coinbase
Fork An Existing Blockchain
Forking an existing blockchain might be a lot quicker and less complicated than creating one from scratch. This would involve taking the open source code found on GitHub, altering it, then launching a new coin with a different name. The developers of Litecoin, for example, created it by forking from Bitcoin. Developers have since forked several coins from Litecoin, including Garlicoin and Litecoin Cash. This process still requires the creator to understand how to modify the existing code.
Pay Extra Attention To Your Passwords
This might sound like a cliche, but we all know how easy it is to create a password that is easy to remember.
There is a reason why traditional banks provide complicated PIN codes, tokens and endless password you have to input. They know how much hackers are waiting for one mistake and being able to access all your funds.
The same goes for cryptocurrency wallets you have to protect your password and cryptographic keys. Use wallets that have a good reputation and provide extra security layers.
The best wallets out there have a two-factor authentication system and additional PIN code that you have enter every time you try to open the application.
Another additional security level is a multisig transaction its a multi-signature wallet that requires a permit from another user before a transaction can be made. For instance, Copay gives a choice between having a single or multiple signatures.
Also Check: How To Convert Bitcoin To Dollar
Creating Your New Cryptocurrency/blockchain
If youre a professional who knows cryptocurrencies inside out and has knowledge in coding as well, you should better take this way. create your cryptocurrency from scratch will allow you to have new & unique features and youll be the one to build up all its specifications as well. Heres what youll be able to complete when you take this way:
1. There are actually a few customization options available and youll be able to create something that easily stands out from the business crowd.
2. Its your choice whether you want to have miners depending on earnings as per POS or POW rewards.
3. Its you who decides the basic block size or not, maximum coin supply and the rate at which new coins will be launched.
Further Reading – Create Your Own Blockchain
Bitcoin fork – One of the easiest way to create your digital currency
Still, it sounds attractive to have control of everything If you want to know how to create your own cryptocurrency like bitcoin, this might be the best option for you.
Here youll be using a dependable open-source code that is easily available. For creating a unique crypto coin that serves your benefits and its possible to use the open-source code available for a coin that is the nearly in features to what you want your cryptocurrency to look like.
Heres why you should be taking this way.
1. When you create your cryptocurrency with Blockchain technology, it will help you keep it protected against any fraudulent attacks.
Build Your Own Blockchain Or Fork
1. Select Your Source Code.
If you want to know how to create your own cryptocurrency, a good start is that you can choose from various Open Source Blockchains. You can fork Bitcoins or Litecoins blockchain by downloading them from Github.
It is more recommended you use open-source technology to create your own blockchain, as developing a block-chain from scratch takes a great deal of time and money.
2. Download and Install your Blockchain on a Live Server.
3. Access your server using SSH via putty as administrator to install the blockchain directly on a live server.
4. Run the following commands one by one .
mv multichaind multichain-cli multichain-util /usr/local/bin
5. Now, we can go on to create a blockchain by running the following commands:
multichain-util create your_chains_name
6. Modify the Chain.
Before you learn how to create your own cryptocurrency, you will have to make some adjustments according to what you need in your chain to create your own cryptocurrency, as blockchain cannot be changed after they get started.
Below we will be featuring some of the most important parameters that should be modified.
Access your server using SSH via putty as administrator and run the command:
nano ~/.multichain/ your_chains_name/params.dat
Here are some of the parameters that you should modify:
- anyone-can-receive .
After making the alterations, save the params.dat file.
Read Also: Where To Buy Shiba Inu Crypto
Are There Any Extra Or Hidden Fees
Not in a straightforward way.
The transaction will be broadcasted to miners, who are rewarded for solving a dexterous mathematical formula. They get rewarded with digital currency for maintaining the blockchain.
For Bitcoin, the norm is $0.12 or 18,080 satoshis, but if you want your transaction to be processed quickly, you might have to pay a bit more.
The good news is that you choose whether you want to pay for a transaction, and if yes, you choose the amount.
Should I Create A Coin Or A Token For My Project
If you’re looking to push the limits of what a coin or blockchain does, creating a coin with its own blockchain would likely be better. Creating a new blockchain and coin is certainly harder than issuing a crypto token. But if done right, it can bring lots of innovation and new possibilities. Binance Smart Chain, Ethereum, Solana, and Polygon are good examples.
Still, both options will require a lot of hard work along with technical, economic, and market knowledge to succeed.
Also Check: How Do You Cash In Your Bitcoins
Is It Worth It To Create Your Own Cryptocurrency
Technical issues are the hardest part of creating your own cryptocurrency. You can easily find tutorials on how to create your own cryptocurrency in 15 minutes or how to make a cryptocurrency without coding, but in reality, creating cryptocurrency is not easy. You need to have extensive experience in blockchain programming to accomplish the goal. Only qualified specialists have the knowledge and experience to walk you through this challenging task.
How Much Does It Cost To Make Your Own Cryptocurrency Token
One thing to remember with developing a crypto token is that you are not just making a lone icon and a symbol, which is pretty simple. Youre making a decentralized application based on financial design mechanics, and the cryptotoken serves as a gas you fill your car with to get to a specific place. Just like that, the token will help your customers securely navigate your DeFi app.
The cost of developing a medium-level dApp powered by a cryptotoken is around $160,000, while an MVP is attainable starting at $40,000. As you can see, the cost varies greatly depending on the required features.
You May Like: Do You Have To Report Crypto On Taxes
Get A Team Of Experts
Upcoming coins need to clearly communicate their intended purpose to potential investors as well as the Securities and Exchange Commission, which is becoming more involved in ICOs.
“They’re going to treat it like any security. You’re going to be required to have a prospectus, you’re going to have to download that information, and people will see risks associated with it,” said Kevin O’Leary of O’Shares ETF and “Shark Tank.”
To get a coin off the ground, you need a team of advisors with experience in marketing, high-profile investors to give credibility to the project, as well as cryptocurrency industry insiders.
We turned to O’Leary as well as Andy Bromberg, CEO of CoinList, a website that runs token sales, for pointers.
“Launching an ICO is a deeply technical process, but high-level the process looks a lot like starting a start-up,” Bromberg said.
How To Create Your Own Cryptocurrency
There are close to 10,000 cryptocurrencies in existence, and more are coming up every day. But did you know that you could learn how to create your own cryptocurrency online? In this guide, we will show you step-by-step how you can create a cryptocurrency.
First of all, you need to decide on whether to create a coin or a token. While a coin has its own blockchain, a token runs on a platform upon which it is tailored to run.
Read Also: Is It Hard To Sell Bitcoin
Code Your Own Cryptocurrency On Ethereum
Today I’m going to show you how to code your own cryptocurrency on the Ethereum blockchain and sell it! I’ll show you how to create your own ERC-20 token and crowd sale step-by-step with Ethereum smart contracts, how to test the smart contracts, how to deploy the smart contracts to the Ethereum blockchain, and how to build an ICO website deployed to the web. I’ll also explain what an ERC-20 token is, how an Ethereum token works, how an initial coin offering works.
You can watch me build the ERC-20 token and crowd sale in the 8-hour tutorial video above. I’ll also guide you through the step-by-step instructions in this tutorial. You can download the full source code to this tutorial from github here. Before we start building the ERC-20 token and crowd sale, I’ll answer a few questions first.
You can also download all the video content to the full 8-hour video series here for free .
How Much Does It Cost To Create Your Own Cryptocurrency
Well, the answer is it depends. Depends on how many features you want, whether you want a coin or a token, whether you want to do initial coin offerings , include marketing, other adjacent costs, etc.
You can hire a developer or a whole team to help you, or you can research and do everything needed to create a cryptocurrency on your own. Dont forget that besides the development itself, you will also need to make a website, likely organize an initial token/coin offering, work together with existing crypto wallets or create your own to give users a place to hold your currency, list your coin on cryptocurrency exchanges, and so on. The costs can pile up quite quickly, so you should thoroughly research everything you will have to pay for in advance and be sure that you can handle it nobody wants to create a cryptocurrency that will be called a shitcoin and will become obsolete before even being issued.
Don’t Miss: How To Create Cryptocurrency Wallet App