The main feature of cryptocurrencies is their decentralized nature. Initially, there were no specific factors in this environment that controlled their cost. On the one hand, this is good, since sharp jumps in price help make good money on it, but on the other hand, it deprives people of stability. That is why many are interested in using stablecoins – a particular type of cryptocurrency whose value is tied to a specific asset, which allows you to control the price.
Basic steps
If you decide to create a new stablecoin, you have to be patient. A rather tricky path awaits you ahead, which involves solving such problems:
- Variety selection;
- Determine the platform to use;
- Decide how to maintain liquidity;
- Site or mobile application development;
- Creation of smart contracts and work with blockchain;
- Testing;
- Launch.
Let’s take a look at each of these steps in more detail.
Variety selection
We can highlight two varieties of stablecoins – secured and unsecured. People can choose the first one, and if they are interested in short-term stability, they should give preference to secured and long-term – unsecured.
It would be best if creators also thought in advance about how they will control the coin’s value. It is usually pegged in fiat currency (in most cases choose the US dollar) or to the value of precious stones or metals, oil, or technology. You need to make sure that you have enough money in your asset to carry out conversions and ensure stability.
Platform definition
Initially, it was possible to create stablecoins only based on Ethereum. In 2018, new opportunities began to appear. Now you can use other platforms, for example, Tron, EOS, and some others.
The most popular and easy to use at the moment is EOS. Coins that come out today are designed here. It has 3 significant benefits:
- Increased compatibility;
- High scalability;
- Good transaction throughput.
It is worthwhile to study all the pros and cons of the platforms known to you and, based on the data obtained, choose the right one.
Maintaining liquidity
If you lose liquidity, then the entire project will be completely ruined. To maintain this indicator in the norm, it is worth considering the following factors:
- Estimate inflation and cost. A good solution would be to integrate automatic systems to monitor system work.
- Commission. Part of the money you will receive from transactions must go to the liquidity fund. The more it is, the better for the system.
- Protect the coin from the high supply. Make sure that people cannot oversell coins at a lower price, create an artificial scarcity, or otherwise influence the value.
Often, most investors pay attention, first of all, to how well you have worked out liquidity issues. It makes no sense to start negotiations before you create a specific program.
Site or mobile application development
A good solution would be to create a unique design for your coin. It always attracts the attention of many customers and helps create an effective advertising campaign.
In addition, you need a platform where users will interact with your stablecoin. It can be a website or a mobile app. The choice is yours. It is crucial that it is convenient to use, has a sufficient number of functions, and has a non-boring design. Try to do everything to make your users enjoy using your product.
Blockchain
After your site or application is ready, you need to develop smart contracts. They will regulate the rules by which transactions will take place. Next, you can connect nodes on the blockchain platform you use.
Testing
When your product is ready, it is worth releasing it in a trial version. It will allow you to check how it works, what mistakes were made, and how correctly it works.
You can hire an appropriate team of professionals to conduct testing or ask a few outside people to use your stablecoin. In the process of such checks, you will be able to identify errors and quickly eliminate them.
Launch
After everything is ready, you can prepare to launch the project. It is essential that a few months before that, you start an active promotion, start pages on popular social networks and tell the crypto community about your project. If this is not done, all your efforts will be in vain.
In addition, on the launch day, you can arrange pranks and give part of the stablecoins for free, for some action, for example, advertising your project on social networks.