The crypto space has grown immensely since Bitcoin went public for the first time in 2009. Nearly one and a half decades later, this space has become an inseparable part of the global economy, empowering many individuals across the world through its array of use cases. Still, we have not yet tapped into the technology’s full potential, opening up chances for business-savvy individuals to make the most of the startup frenzy. For such people, the role of a crypto development services provider will be instrumental in realizing their aspirations. Come along with us as we explore how a crypto development company like ours can play a vital part in leveling up your venture.
Table of Contents
- Cryptocurrency: Where Do We Stand Today?
- How Do Cryptocurrencies Work?
- Ecstasic Benefits of Creating Cryptocurrencies
- Choices Crypto Development Offer for Businesses
- Process Behind Launching Cryptocurrencies
- Advantages a Crypto Development Services Provider Offers
Cryptocurrency: Where Do We Stand Today?
As of writing in July 2023, the global crypto market cap lies around US$1.17 trillion, fueled by over 1.8 million cryptocurrencies. Cryptocurrencies have found usage in many applications across the virtual and real worlds – the reason behind the existence of such a huge number of cryptocurrencies.
With mainstream adoption slowly accelerating, the crypto space is expected to reach new heights in the next 2-3 years. How? Increasing acceptance from governmental regulators and financial institutions serve as the backbone of such a bold prediction. Sensing all these, businesses are steadfast, grabbing the opportunity to emerge victorious in this emerging decentralized space.
How Do Cryptocurrencies Work?
Before we talk about how a crypto development company can catapult projects to success, it is important to remind ourselves about the working of cryptocurrencies. These digital currencies are essentially immutable records on a blockchain that signify a particular amount of monetary value is transacted.
Firstly, a person initiates the crypto transaction, which is broadcasted to all nodes in the blockchain network. The nodal network validates the transaction in one of the proving protocols (like Proof-of-Work or Proof-of-Stake). Processing and validating a few transactions continually creates a new block when transaction data exceeds the prescribed memory size. As an incentive for validating transactions, individuals operating the validator nodes get crypto rewards from the blockchain.
Ecstatic Benefits of Creating Cryptocurrencies
- Brand Awareness: As a business striving to gain an identity in the real world, launching your own cryptocurrency can aid in strengthening your position as a brand in the competitive space.
- Easy Fundraising: With the startup culture further gaining momentum, crypto fundraising models like Initial Coin Offering (ICO), Initial DEX Offering (IDO), and Security Token Offering (STO) can aid a new project in building its prospective user base.
- Global Reach: Businesses utilizing crypto development services can have solutions that make global monetary transactions feasible and cheaper, enabling them to appeal to a wider market.
- Community Trust: With aspects like decentralization being the core of cryptocurrencies, businesses can have increased trust from their users and the public, as all transactions will be registered on the blockchain.
- Consumer-facing Use Cases: Leveraging cryptocurrencies for loyalty programs and rewards has opened up new avenues for businesses to attract people toward their products and services in the increasingly digitized economy.
Choices Crypto Development Offers for Businesses
Crypto coins are the native tokens of blockchain networks that people can use similarly to fiat currencies. These will comprise the rewards network node validators receive for their contributions in processing transactions. Popular examples include $BTC (Bitcoin), $ETH (Ethereum), $SOL (Solana), $MATIC (Polygon), $XRP (Ripple), and $BNB (BNB Chain).
Crypto tokens represent any other fungible token created on a blockchain apart from its native token. Businesses largely prefer these tokens as they want to work in existing blockchains to amplify their presence in the digital space. Crypto tokens are created using token standards that differ for each network. Popular token standards include ERC-20 (Ethereum), BEP-20 (BNB Chain), TRC-20 (Tron), BRC-20 (Bitcoin), and SPL (Solana).
Process Behind Launching Cryptocurrencies
- Define the idea of your cryptocurrency in consultation with a professional crypto development services provider and frame your project’s documentation and roadmap.
- Choose the consensus algorithm you want your cryptocurrency to be processed. The popular ones are Proof-of-Work (PoW), Proof-of-Stake (PoS), Proof-of-Capacity (PoC), and Proof-of-Activity (PoA).
- Based on the consensus chosen, select the blockchain network that suits your project the best. There are multiple blockchains that use the same consensus algorithm.
- Design the nodes that will process your project’s transactions. You can either purchase them or rent them from external vendors.
- Establish the internal structure of your cryptocurrency. This involves creating a smart contract that contains the rules behind the digital currency.
- Integrate the blockchain’s APIs (Application Programming Interfaces) to enable your users to interact with the blockchain via cryptocurrencies.
- Design the user interfaces (UI) of your business platform where your crypto project will be based. Ensure to offer vibrant and thematic user experience (UX) per your business needs.
- Ensure to meet the relevant legal requirements in the jurisdictions you plan to operate so your project can gain confidence among investors and regulators.
Advantages a Crypto Development Services Provider Offers
Working with a crypto development services provider like Blockchain App Factory comes with its own perks. Firstly, such a provider will have the personnel and technology necessary to create crypto coins and tokens. The crypto development company will also provide deeper insights into up-and-coming projects, enabling them to rise.
Additionally, these companies will have a seasoned team of marketers who can tap into multiple channels to promote crypto development projects and build thriving communities. Lastly, the post-launch support offered by these firms will be undisputed, as expert services can be accessed at all times.
Hence, we have seen how our crypto development services can pivot projects to success. As a successful crypto development company, Blockchain App Factory is proud to have catapulted hundreds of unique cryptocurrency projects to stardom using our comprehensive expertise. We will continue to make the crypto space relevant in daily life with our remarkable services to clients. If you are curious about kicking off a cryptocurrency project with some of the world’s best professionals, you are seconds away from initiating a conversation! Fill out the form below to talk with one of our experts today!