Ever wondered about launching your own cryptocurrency? Well, with the Waves Platform, you can. The Waves Platform makes it extremely cheap to launch your own cryptocurrency, as well as store it a secure wallet.
Here’s how you create your own cryptocurrency using Waves.
1. Install the Waves Wallet
First up, you need to download the Waves Wallet.
Head to the Waves Wallet page and scroll down to the bottom to find the Download Now dropdown box. Choose your operating system, download, unzip, and install.
Once the installation completes, you must create an account. Choose a unique avatar, add a username, and give your account a strong, single-use password. I would advise taking an account backup at this time, too.
Welcome to the Waves Wallet and Waves DEX.
2. Create Your Cryptocurrency Token
Please note that you need at least 1 Waves token in your Waves Wallet to generate your cryptocurrency. You can still fill in the details below, but you will not have access to the Generate button.
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Select the Token generation option in the from the left-hand column. You now have to enter the details of your new cryptocurrency.
- Name your asset. You have 16 bytes of data. Use them wisely.
- Description. Give your new token a description; what is it for, who will use it, why are you creating it, and so on.
- Total tokens. How many tokens do you want to issue? Furthermore, do you want to make your cryptocurrency reissuable? Reissuable means you can come back to the Waves Platform and create more tokens at a later date. You can change the reissue status at any time. However, once you change to “Not reissuable,” there is no going back.
- Decimals. The number of decimals your cryptocurrency can divide into. For instance, Bitcoin divides up to 8 decimals.
- Smart asset. You can create a script that attaches a set of conditions to each transaction. For instance, you could make every transaction on an exchange cost slightly more, but reduce the cost for others.
Now it is time to create your custom cryptocurrency! Hit Generate. You must accept the Waves cryptocurrency warnings. After Waves confirms your cryptocurrency, you are good to go!
3. Attempt to Sell Tokens
From here, you can begin attempting to sell your newly minted cryptocurrency tokens. Throughout the tutorial, you have seen the creation of the Blocks Decoded token. Of course, it is essentially worthless in its current guise. However, that all changes if someone heads to the Waves DEX and purchases some Blocks Decoded tokens.
If you want to try and sell your tokens, you can create a few listings Sale listings on the Waves DEX in an attempt to entice people. But if your token, like the Blocks Decoded token, has no attachment to a crypto project, or even to a worthwhile cause, you might find it difficult to convince people to invest in your coin.
At this point, if you were launching an ICO, you would list your token under the various currency pairings on offer on the Waves DEX. The default currency pairing is for [your token]/Waves. Head to the Waves DEX tickers and type in the full name of your token, as per the image below.
You now have the full listing of currency pairs for your token. You can list the amount you want to sell for Bitcoin, Ethereum, Monero, and other cryptocurrencies, as well as fiat currencies including USD, EUR, and GBP.
4. Send Custom Cryptocurrency Tokens to Your Friends/Family/Colleagues
Otherwise, you can send your custom cryptocurrency tokens to your friends, family, colleagues, or otherwise, for an extremely small fee. The Waves Platforms charges less than $0.01 for each transaction, so it doesn’t break the bank to send your cryptocurrency out for free.
In the Waves Wallet, head to your Portfolio. Locate your token, then select the Send icon (the upwards arrow on the row of your token).
You can only send your tokens to Waves wallet addresses. Sending it anywhere else will result in a loss.
The Waves Wallet has a nice feature that enables you to send your token to multiple addresses simultaneously, saving you a repetitive input process for individual addresses. You can specify the amount for each address, too.
Is Waves Platform Easy to Use?
The Waves custom cryptocurrency creation process is incredibly simple. In no time at all, you can create your own cryptocurrency and send it to your friends, or even attempt to sell it through the Waves DEX.
Creating a token on the Waves Platform isn’t a free ticket to the moon, mind. As mentioned, if there is no product or service behind your token, why would anyone invest?
Still, you can use your cryptocurrency in other areas. It doesn’t have to be an investment vehicle.
You could issue tokens to your office and ask them to vote on changes or upcoming events, or distribute them to your family and vote on where to go on holiday. How about as a private internal payment system for a forum that lets users unlock new areas? Politician Larry Sharpe created Sharpecoin during his gubernatorial run in New York, offering a way for campaign donators to receive a little token of appreciation.
Want to learn more about the Waves Platform? Check out the Waves crypto coin study!