What does it take to make a new coin?
What does it take to make a new coin?
All of these meme coins have me interested. Blockchain technology seems logistically complicated, but with all the meme coins popping up, maybe it is not so hard as I thought. Here is what I am thinking, all one has to do is get a website, make a new meme coin, buy billions of the coin for nothing, then spread the word and get rich. Just wondering if there is anyone here that knows how complicated the process of making a new coin is, and would be willing to describe it. If not, props to those who made shit like squid game.
Hope you all are happy trading, that we all moon soon, and that this post matches the god damn character limit.
It’s incredibly easy to make your own coin. The other day I made a new coin on algo and it took 30 seconds. MyAlgoWallet has an “asset manager” feature that I used. You basically just choose the name, the abbreviation, and circulating supply. Frighteningly simple.
The most important thing is to find a cute dog for your profile photo, it seems like thats all it takes nowadays
I guess what you are looking to make is a token. Making a coin would be harder as it has its own blockchain. However, making a token is easier as it can be made on any other blockchain. Lot of popular tokens are on Ethereum or Binance block chain. Like Shiba Inu is an ERC 20 token and is on Ethereum block chain whereas Doge Coin is a coin and has its own blockchain.
You will also need to lockup some of the coins of the blockchain on which your token is made against your token in a liquidity pool.