How to create Cryptocurrency (crypto token) like DogeCoin

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With the emerge of Ethereum thanks to Vitalik Butterin, it became available for anybody to create their own cryptocurrencies.
Now, crypto fields are hotted by the passion of thousands of cryptocurrencies.
In this article, I will explain the development steps to create your own cryptocurrency(crypto token) from my experiences.

Preface: Kinds of Cryptocurrency

Often, many people think all cryptocurrencies are the same kind.
Before main story, I will clarify cryptocurrency kinds first. We can separate cryptocurrencies into 2 kinds.
① Crypto Coin
Coins have their own native blockchain, like Bitcoin, for example. Ether (ETH) has the Ethereum blockchain. You can find more coin list here.
And here explain steps of how to create coin.
② Crypto Token
Tokens are built on pre-existing blockchains. They might have some similar roles to coins, but tokens mainly have utility in their own projects. DogeCoin(DOGE) & Shiba INU(SHIB) are examples. They are just smart contracts deployed to existing Blockchains. Shiba is deployed at Ethereum, and DogeCoin at Binance SmartChain.

In this article, I will explain the steps to create a second kind of Cryptocurrency(Crypto Token) from my experience. This article focuses on your responsibility in each step. The entire process can be split into 7 steps of Idea, Whitepaper, Team, Advisor, Token development, Marketing, and Launch.

1. Idea

You have your own creative, specific & unique idea for your cryptocurrency.
In this step, you should clarify the answers to 2 following questions:
What can users do with this token?
Which industry is this token targeting? (Ex: Entertainment, Festival, Football, …)
As everybody knows, the idea is the most important in the project.

2. Whitepaper

Here, you should complete the whitepaper for your token.
A good white paper should comprise of following parts:
- Project Outline
- The Solution
- A detailed explanation regarding the token release and marketplace consideration
- Overview of the entire team
Please have a look at this link for a detailed explanation.

To make a good whitepaper, you should do the following:
◾ Consult with experts about your idea
◾ Make a draft of whitepaper yourself or with help of others
◾ Hire a writer and complete whitepaper (optional if you can do by yourself)

3. Construct Team

Constructing a well-organized team is a key point for your success.
This step should be done concurrently with step 2. Because you explain about the entire team in the whitepaper.
◾ You should specify all members for your token including the CEO, CTO, CMO & development team.
◾ And it is preferred to make a meeting with all members.

Here, it is recommended to select chief officers who are identified by KYC verification or Doxing. Also, the histories of these members on social sites including LinkedIn, Twitter, Instagram & Facebook are important parts. Because users first want to know about team members on new token launches.

4. Find Advisor

The advisor is one of the key points for success.
Here, you should do the following:
◾ Find the best advisor for your token
Advisors should be authorities or experts in token’s targeting industry.
◾ Contact the advisor and get support

There are many examples of success by the advisors. Here, I explain one with an entertainment token. CEO of this team contacted a famous actress by calling. She agreed to support their token after catching the explanation. With only her one sentence on social sites, this token got many supporters and suceeded.

5. Create Token

This is the primary development step. You should develop all stuff including Website, Smart Contract & Logo in this step. This step should be done by developers.
Following are mandatory parts:
◾ Smart Contract
◾ Website
◾ Logo image

During the marketing step that is followed by this step, the Smart Contract should get past the audit. Generally, the audit would take about 7 ~ 10 days. And need fixes in some cases. The audit must be done before launch step, the final step. Therefore, it is preferred to request the Smart Contract audit soon after development.

6. Marketing

All steps are important but this step is more. Because success or failure depends on marketing.
In this step, you are responsible for the following:
◾ Start marketing
◾ Gather opinions about your token.
◾ Make an update if needed (Updates in this step are not recommended)

It is recommended to hire a marketing agency.
Following are mandatory marketing methods for cryptocurrency:
- Social channel
Social channels are the preferred way for general marketing. Facebook, Twitter, Youtube, Instagram, Reddit, BitTorrent, and Telegram are good places.
- Coin platforms
Coinhunt and CoinSnipper are other places for new cryptocurrencies.
- ADs
Marketing through ADs and Influencer is also recommended way.

7. Launch.

Finally, you launch the token in this step. In other words, you deploy the smart contract to existing chains such as Ethereum, Binance, or others.
The deployment can be done by developers or yourself.
In this step, it is important to select the best time for coin announcement and smart contract deployment.

One tip is to announce the token before 2 days of launch and deploy the smart contract before 30 mins of launch.
This is for preventing scammers.
If you announce several days before launch, some scammers clone your website (with a similar URL & design).
Also, any smart contract deployed on chains can be reversed into real code. This can be done in several hours. So if you deploy your smart contract too early before launch, scammers clone your smart contract.
With the cloned website & smart contract, scammers launch their token at the same time as you. Many users visit these scam sites by mistake and believe these tokens are from your marketing. Because of similar website design & same token logic. You will lose all your effort of marketing.

Conclusion

In this article, I explained simple concepts to create a crypto token. You can hear more detail whenever you want.
Creating tokens is not easy. With a good idea, you can meet a powerful team to support you anytime.
Thank you.
Alex.

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How to create Cryptocurrency (crypto token) like DogeCoin was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.