Crypto project are making it possible to reinvent the wheel in our age.
The use of blockchain technology and cryptocurrencies has witnessed a dramatic increase in recent years.
Many project developers are taking more conscious review and perspective on human-centered needs for the use of blockchain technology and by extension cryptocurrencies.
This is evident in the high number of crypto projects in development and real use as of today.
What are crypto projects?
Crypto projects can be deployed for the benefits of daily transactions in the various sectors of human endeavor which include but are not limited to finance, governance, health, entertainment, education, and lifestyles.
It is possible for anyone to create one in recent times but this would require a lot from such a developer – this could be in the form of money, expertise, time, and effective source codes where necessary.
However, we are presently living in a world of open source technologies where most times there is no need to reinvent the wheel for codes that have been created in the repository for new and existing users.
How are crypto projects made?
There are intrinsically many ways to develop your own crypto project but for the purposes of this article, I will focus on the 3 basic options for creating crypto projects.
1. Developing your own blockchain
This is literally the most difficult and expensive of the various ways of creating your own crypto project.
It entails the entire coding of the blockchain from scratch defining how the algorithm would work and how the entire project would interface with the intended users.
Such a project is usually expensive and time-consuming as it would require a team of coders who would be responsible for drafting the codes, and ensuring that it runs smoothly without bugs during execution.
Then after ensuring that the codes work efficiently, a crypto token or coin can be created for the purpose of utility for its users as a means of payment for goods and services where necessary.
A typical example would be the Bitcoin blockchain, the Ethereum blockchain, the Litecoin blockchain, and the DigiByte blockchain.
Modifying the code of an existing blockchain
This method seems a bit easier but would require the expertise of a blockchain developer to analyze the codes and eventually tweak the source code to enable the crypto project to simulate the expected behavior that is expected of the crypto project.
Such a method is also time-consuming but not as much as developing the entire blockchain from scratch.
At this point, the blockchain developer would take an existing code, tweak (Fork) the existing code, and add whatever parameters the project team wants to be exhibited in the crypto project.
This can also be called a Forked version of the particular blockchain.
This was experienced in the creation of the Binance blockchain which was a fork of the Ethereum blockchain and has produced several thousands of crypto projects due to its ease of deployment for crypto developers.
The same can be said for the Polygon blockchain which eventually migrated to its own blockchain (mainnet) as a result has given rise to several crypto projects in recent times.
Establishing a new cryptocurrency from an existing blockchain
This seems to be one of the easiest ways of creating a crypto project.
Most crypto projects now use an existing blockchain to deploy their project the blockchain by means of using existing tools on the blockchain which have been created for the deployment of smart contracts which can serve as a crypto project.
These could be in the form of a Decentralized Finance (DeFi) project, or in the of GameFi projects, which can be deployed using the existing blockchain.
Some of the blockchains which can be built upon include Ethereum, Binance, Polygon, and most recently KleverChain.
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