After going on a one-week cryptocurrency binge I decided to make my own coin. I had a couple of ways to try and make one and opted to go the easy route. The harder routes consisted of using the Ethereum platform or coding the blockchain myself. So naturally, with little time on my hands, I chose the waves platform.
One of the marketing points that drew me into making my own coin with this platform was when they said
“Token creation is faster, simpler and costs less than on other platforms, with tokens immediately tradable on the built-in decentralised exchange. In the coming weeks we will be making further improvements to the interface and adding even more functionality.”
The first thing you must note is that in order to make your own coin you must purchase a waves coin and download their wallet. The cool thing about their wallet is that they have a google chrome extension. Personally, I’m not too happy about having the wallet connected to google chrome especially if one day you happen to get hacked, I’m not sure exactly how safe that is and how it would work out but on the other hand it makes life much easier. On a side note, it seems like Google is shutting this service down and you will have to download their desktop application.
FYI, this is not a how to do your own coin post but simply my personal experience creating one.
Once I downloaded the wallet I bought a wave coin which was pretty expensive ($14, currently $6.50) compared to many other coins out there but cheap enough to pay for the “making your own cryptocurrency experience”. When I opened the wallet it was a piece of cake to simply create your own token. There was a button that said “create token”, which I pressed, and made 7 million tokens called “Chiefcoin”.
Boy was I excited, except that now I had no clue on what to do next. How do I distribute? where are my tokens? how do I make it popular with a hot ICO and all the other ways people are using to get funding? Before I went too far ahead of myself I realized that there were no instructions on the next step. I looked at some youtubes only to find myself in the same place.
Overall the process was very easy but I’m still stuck on my 7 million coins that are yet to be made or maybe they are, and they are sitting in the waves platform servers, I don’t know. So I conclude with this: Don’t make cryptocurrency if you don’t have a plan.