Cryptocurrency development - outsourcing company Boosty Labs

Cryptocurrency development

The key difference between the development of cryptocurrency coins and all other types of cryptocurrencies is in the existence of a cryptocurrency’s own native blockchain. A native blockchain implies fine-tuning of the key elements of the network. The native blockchain network can be created by cryptocurrency development services based on the goals set.

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Key parameters your cryptocurrency and its blockchain may have

Consensus algorithm

Currently, more than 20 consensus algorithms have been successfully implemented and used. We can emphasize the proof of stake (PoS) algorithm as it is the most functional, stable and secure in terms of vulnerability to hacking.

Hashing algorithm

The hashing algorithm incorporates the concept of hash function, used for encrypting information in the blockchain. The task of miners and/or stackers is to decrypt data by going through numerous combinations. There are many hashing algorithms. The best algorithms you can use to create your own cryptocurrency include PoS, DPoS, SHA256 (used in Bitcoin’s blockchain) and Crypto Nigth (used in Monero’s blockchain).

Block size

Each block generated by a blockchain contains information. The block size determines the amount of information it can contain. It correlates with the remuneration of miners/stackers.

Frequency of block generation

This parameter affects the blockchain speed and the amount of information transferred within a certain period of time. It correlates with the remuneration of miners/stackers.

Block mining rewards and halving

The initial value of the reward is usually set in coins for each block mined by blockchain miners/stackers. The reward amount can vary according to a preset algorithm. In the classic mining/stacking model, the halving function of the reward in the blockchain is widely used after each set number of the mined blocks.

Initial and maximum issue value

The initial issue value, also known as the premine, is the amount of coins that will be mined when the blockchain is launched. The maximum issue value is the number of blockchain coins that will ever be mined. For example, Bitcoin had an initial issue value of 0 coins, while the maximum issue value was 21 million coins.

Name and ticker

The name of your coin can be officially registered as a trademark, just like the name of any product, but it is important to consider many aspects. A coin ticker is a short designation of a coin that can be displayed on trading exchanges, within your blockchain an in other information application systems and resources.

Branding ecosystem products

A blockchain can include many subproducts that will form an ecosystem. Such subproducts may include cryptocurrency wallets (Desktop: Windows, Linux, MacOS; Web Wallets; Mobile Wallets); blockchain viewers; mining pools; plugins; IDE and other tools to simplify your blockchain operations. Branding ensures proper positioning of the ecosystem product.

Crypto

Crypto friendly

We accept your project's native crypto as a payment method for our services (if your project is in CMC 300 rating), which allows you to save more cash on your bank account to drive other business needs.

Basic goals you may set when you decide to create a new cryptocurrency

Monetization of your own projects. Virtual currency is an excellent means of mutual settlement between  two parties.

Fundraising for your own startup. If you have a brilliant idea, but do not have enough money to implement it, developing a cryptocurrency is a great way to raise the necessary funds.

Generating digital money to earn a profit on the exchange.

Popular solutions for cryptocurrency development

A range of cryptocurrencies provide platforms for token creation. Ethereum, NEO and EOS are the most popular tools and are relatively easy to use.

Ethereum

Ethereum was the first blockchain to offer token creation. The platform provides an exceptional level of credibility thanks to its maturity and strong position in the cryptocurrency market. Tokens built on Ethereum use the ERC-20 standard. Well-written and organized documentation facilitates the development process. Creating a token is only possible using the Solidity programming language.

NEO

The NEO blockchain aims at the smart economy and uses the NEP-5 standard. Unlike Ethereum, the developer can use almost any programming language, including C #, Java, Python and Kotlin. HTTP API is available for interaction with the blockchain.

EOS

EOS tokens use the EOSIO.Token standard and can be created with C ++ or any other language that is compiled into WebAssembly. The blockchain offers excellent scalability, processing a huge number of transactions per second, and cost efficiency.