Currency is the lifeblood of economies around the world. In the physical world, currency refers to paper money or coins that are in circulation, but in the digital world, it is substituted by a digital currency called the “Cryptocurrency”. With the globalization of the world economy, the escalation in demand for quick execution of transactions cannot be ignored. Nobody would have perhaps imagined that a time would come when trades would be independent, secure, and transparent with technology like blockchain. So, any cryptocurrency development company can be the visionary representative of a successful economy.
If we define ‘currency’ as a unit of storage and account, which is a universally accepted way of buying or selling any goods or services in the real world, then ‘Cryptocurrency’ can be defined as a digital representation of fiat currency which is also universally accepted way of buying or selling any goods or services but over digital platform only. The traditional barter system seems to be replaced by tokens in the digital world.
In the physical world, coins and printed banknotes are first circulated in banks to regularize the means of payment, but in the digital world, the coins and tokens are used for the same purpose. ‘Coins’, being part of a single blockchain can be used anywhere while tokens operate on the existing blockchain and are limited to a specific industry or community. Coins can buy tokens, but tokens can’t buy coins.
In a real-life scenario, you may earn loyalty points for your frequent purchases. With these points, you can redeem any service or product as per the consensus mechanism. These loyalty points are nothing but representing a ‘token’ in a digital system. One can buy such loyalty points by spending money, which in turn gives you any free service or product. Here, money and the coin have analogies. Notice that one can buy loyalty points using coins, but using loyalty points cannot bring real money. Similarly, a crypto coin can buy a business’s token but the reverse is not possible.
If your business needs the help of a coin development company. the first thing you must know very clearly is that ‘business’, which is internet-oriented and whose revenue is more generated from digital payments than hard cash, is one of the most eligible candidates for the same.
The success stories of Bitcoin, Ethereum, and many more emerging digital currencies each day make one think that we are looking only at the tip of the iceberg. As crypto coins gain mainstream adoption, the need for an efficient coin development company is poised to increase. For successful and growing business in the long run, an organization should put the foundation for its cryptocurrency in the present and at the right time only.
1. By creating your own blockchain
2. By modifying an existing blockchain
3. By establishing a coin on an existing blockchain
Among the above-discussed options, building your own blockchain to support your own native currency, is generally considered as the most reliable method. Though this option usually demands extensive technical training to develop coding skills plus fundamental understanding of blockchain technology, most businesses choose this option since it provides the greatest amount of design freedom. Thus, various organizations many times prefer to contact a reliable cryptocurrency development company for perfect solutions.
If you are planning to build your crypto coin, partner with Antier Solutions. We offer business-oriented solutions to create crypto coins based on your business needs. Our deep domain knowledge, technical expertise, and design-thinking-driven approach have helped us position ourselves as the best coin development company.
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