Everything you should be aware of before unleashing your own cryptocurrency

Cryptocurrencies have gained huge traction as a result of the ongoing coronavirus pandemic. The technologies such as blockchain-based services and app development, crypto-trading platforms have altered the way businesses operated till now.

As the cryptocurrency market takes an upward trajectory many who want to venture into this arena will not find a right time. Presently estimated at USD 1.03 billion, the market for cryptocurrencies is poised to swell to 1.40 billion by 2024. This is basically due to the rise of emerging markets in an increased manner. Countries such as India and China are taking baby steps towards the concept, while developed countries such as the US and Germany have already taken to it like a duck to water.

Unleashing your own cryptocurrency can be accomplished in two ways: Beginning to develop a new currency from ground up, or forking a blockchain and creating a fresh currency from an old one. Let us look into some choices.

Starting From Scratch

Making something from scratch can be extremely bad and the same holds true for cryptocurrency as well. It requires a lot of strategizing, work, and finance to carve out a new legal tender. It is likely to take a big toll on you. In fact, the majority of them fail due to lack of before and after launch public engagement. Let us see how you can achieve from ground up:

Get a good grip on market and competition

An effective idea takes a lot of time. To develop such an idea, people should be aware of the market, existing products, and should have clarity over imminent need. An in depth knowledge about competitors is also very essential.

Legalities

Several countries have embraced cryptocurrencies, but there are others who have not shown enough enthusiasm. In the absence of a good legal framework to control cyber money trade, countries have been reluctant towards it, as they fear misuse. For this reason alone legal research for the target country becomes essential.

White Paper is of paramount significance

A white paper is a vital document that makes everything crystal clear. From the creation of the currency to market assessment, legal options, etc., a white paper bares everything. It is in the best interest of everyone to come out with one soon after the creation of the currency as not only investors go through them even people belonging to the cyber community, like programmers, can refer this and identify potential errors.

Public involvement cannot be ignored

Innovative PR is critical, not just to draw the attention of investors but also to involve customers. Putting money in an organized, informative official website helps a lot.

Foolproof Distribution Plan

An Initial Coin Offering (ICO) needs a flawless, efficient distribution strategy. Pre-sale, general sale, private sale are few of the distribution plans employed on a large basis. The makers need to take a call on the planning aspect in line with their strategy.

Forking An Existing Currency

Forking the active currency is like taking away cryptocurrency from the protocol it is based on, resulting in the birth of a new currency having a fresh protocol. Forking is not easy and can be an excruciating process, but several developers have reportedly used this technique. Bitcoin Cash and Ethereum Classic are few of the shining examples.

Soft Forks

Soft forks are something that gel very well with older variants of the currency also, and computers or nodes which hardly get updated perceive them as valid.

Hard Forks

If a protocol update separates a currency from its previous protocol, a hard fork is accomplished. It triggers an entire new currency having its own protocol.

Reaching Consensus

Hard fork protocol updates require the general agreement of the majority of the community. A good number of members will have to download the update; there are several ways of reaching the consensus, for instance, Proof-of-Work, or Proof-of-Stake.

Hard Forks can be a bit harsh

Post hard forks, one currency used to dominate the other, like that of Ethereum and Ethereum Classic. Further, differences might crop up in the community which can become a bit toxic.

Not being regulated can be a blessing, at times

Whales happen to be traders having a filthy amount of the currency to influence market prices. If Whales come to know about a fork in advance, they will purchase more currency, as there’s a 1:1 distribution ratio after the fork. For obvious reasons, this can be termed insider trading, but due to cryptocurrencies not regulated thus far, this will be permitted.

Concluding thoughts

Despite being a baby in diapers there is immense scope for cryptocurrencies to make a splash in the market in the long run. With liquidity amiss in the market, companies and hedge-funds are increasingly considering this unique option as a safe bet. Currently, it is not properly regulated but seems extremely viable and competitive at the same time. The ideal way to create sensation in the market is by offering a solution-oriented currency that rectifies the defects of other currencies. Therefore, a cryptocurrency creation is very intriguing, however it can be time consuming as well which can benefit you immensely.

Blockchain Is Reshaping Supply Chain Industry

Blockchain Is Reshaping Supply Chain Industry

Supply chain is always known to be one of the most complicated industry and thereby integrating blockchain has been acting as a problem solver for supply chain industry . Various other new technologies may also be considered viable , but let’s focus on implementing blockchain and exploring its benefits .

As per the experts , blockchain has superpower of boosting profitability and effectiveness in several business and so is the case with supply chain industry . While supply chain industry is dealing with many kind of difficulties , integrating tech solution is what it needs . Integrating blockchain can help supply chain industry in managing complexity with ease and thereby creating links between various distribution channels .

In this article , let’s look forward to how blockchain technology can help improve overall process and can up bring transformation in this industry .

Blockchain – A Gleaming Twilight In Supply Chain 

If you ever had a change to experience supply chain industry cumbersome process , then you may have found that how hard it is to trace products and parts , and there is always a chances of mistake . Inspite of numerous of positive steps has been taken , this industry is full of headache irrespective of whether it is electronic , food , consumer goods or anything else .
Another major aspect is product has to go back and forth several time , which creates a challenge .
All the above problems can be solved by use of blockchain technology . In continuation to it , cryptocurrency transfer can also solve many transaction related issues . Blockchain has capability to manage exchange of currency , tracking of process as well as take care of agreements while helps supply chain industry in various aspects . Blockchain mobile app development is also trending now a days thereby giving various types of benefits .
Let’s take a glimpse of ways in which this technology can help enhance supply chain .

Blockchain Impact On Supply Chain 

Automotive Payments 

Blockchain is surprisingly amazing technology which aids in carry on and tracking of transactions in more secured and transparent way .
Blockchain has ledger system which facilitate payee and payer to directly exchange funds from anywhere in the world without any intervention of any authority to validate the transactions . In addition to it , it also gives advance security and rapid transaction in comparison with other types of payment .

Traceability 

Another great feature of this technology is easy tracking of items . It facilitates companies to work with various kinds of distributed channel that can record various products status during various stages . Blockchain records in a system which is immutable and permanent . Tracking of even  individual product from original source is very easy . For instance , Walmart is using blockchain technology to track down all sales in China .
Blockchain facilitates companies to track even a single piece of item right from creation stage to process and thereon storage . It also helps tracking by applying various kinds of filter like date , selling date and various other aspects .

Electric Power Micro Grids

This system helps management of supply . After arrival of smart contract in Blockchain , another ray of possibility has emerged . Smart contracts facilities buying and selling of tangible as well as intangible products less hectic .

How Blockchain Will Impact Supply Chain ?

While some leaders in the world are already using this technology , experts suggest that blockchain will become universal ” supply chain operating system ” . There are various ways in which they can help improve supply chain task , let’s look at some of them :

  • Recording of quantity and transfer of valuable goods can be done with ease at each node of supply chain .
  • Tracking of purchase order , receipts , orders changes , shipment notifications and other related things has become easier .
  • Checking validity and certification of products has become easier .
  • Linking of physical goods to demographic entities such as bar code , serial number like RFID etc .
  • Exchanging information related to manufacturing , delivery , assembly as well as maintenance of products between vendors and suppliers .

How Blockchain Integration Will Be Beneficial 

  • Improved Transparency : This technology helps tracking of product right from production stage till its final delivery and thereby eliminating bias data if any .This also facilitates supply chain industry to get transparent and enables manufacturer to reduce number of data recalls .
  • Scalability : The reason why it is scalable is it facilitates access of data of supply chain node to be from anywhere   
  • Improve Security : While blockchain is known to be regularised distributed ledger system with predefined coding rules , it reduces need for audit that generate internal system .

If you are also looking for blockchain technology exploration , you can hire expert consult for your next big blockchain application development .