Topic: How expensive is to create your own coin/token? (Read 316 times)

Here is an article we put together that gives some suggestions on pricing https://medium.com/@BigBreak101/how-much-will-an-ico-cost-fde21fb6a6a7

If you are in the USA, the Regulation CrowdFunding (RegCF) exemption from the SEC would allow you to raise a million dollars, but the compliance costs (beforehand) would be 100k. There's also Reg A+, Regulation A plus, that allows you to raise tens of millions from accredited investors, and compliance for that runs into almost a full million dollars.

Then, there are legal fees, and sundry expenses. It might well run into several million dollars when you add the marketing costs, and the costs of running an almost year long road show at various Crypto events around the world.

To sum up, it's something that wouldn't agree well with the faint of heart.

These are the coins that get my attention. Vision. There really is a lot of great concepts out there, execution is a big part of success/failure and unfortunately there are many that execute poorly.  There's also an endless number of concepts that have yet to make it into anything tangible, some of which are great concepts and I hope to see them get it together.

Dream big. The world is changing in ways never before possible. Crypto is a huge, maybe the hugest, part of that; simply because currency is the modern day equivalent to hunting and gathering, food and shelter. Crypto is changing the world profoundly. Being part of that change is what makes me excited about life.

If you have that drive, and a spark, you can make it work. Don't focus on "getting rich", focus on bringing something of real benefit to the world. You will be rewarded for that, with money yes, but beyond that as well.

Best,
Ben

so whats the use of cryptocurrencies if the established billionaires will have their gimmicks paid to push now their own currencies, isnt this a cracy world? i think people will smell the entire shit, and will try to get rid of those propaganda coins soon, or distrust them. before cryptocurrencies we had the banking cartels that lended only to the established rich and now we have gimicks working for currencies of the established rich that were able to push market and corrupt them to attention, wow. nothing changes.

regards

Creating a token ex. etherium token would be just not as hard.
Check this one: https://medium.com/bitfwd/how-to-issue-your-own-token-on-ethereum-in-less-than-20-minutes-ac1f8f022793

As being mentioned above creating wont be that hard. Developing and marketting it out would give you pain in the ass.

It is good question, I think that question is similar to how much cost to make a company -kind of the same))) 

If you are creating ERC20 token on Etheruem Network, the cost of deploying the smart contract is between $1 to $2 but if you are talking about the cost of developing the smart contract, auditing the code for bugs, designing of the website, marketing e.t.c, then obviously the cost will vary a lot, depending on what you are doing - just like any program can cost $5 or $5 million.

creating a token is not expensive. but marketing the token is damn expensive.

You can create a token with http://wizard.oracles.org for next to nothing

jep the problem is basically because they have no risks marketing their token, and they all want others to sell them their time.

regards

At first you should find a valuable idea because there are a lot of pointless products out right now on the market.

it costs almost nothing but its not likely people will accept your token as money you have to present yourself in a way so people accept it.

Its quite expensive and time consuming..
First one need the following
- white paper
I’ve seen many White Papers that exist for the wrong reason. Many White Papers are in fact marketing papers. This is the first smell of a scam. A White Paper should describe a problem thoroughly and dedicate a large part of the paper to providing a possible workable solution. Always backup your claim why your solution would work.

- the purpose for your token
Decide on how you want to incentivize your contributors with the tokens issued to them. Do your maths and research into the soft and hard token cap number and their implications. Becareful of running uncapped ICOs as people are becoming more weary of it. Choose an easy-to-remember token symbol.

- Terms and condition
You want to do you legal background research early. Decide on your ICO terms and conditions. Decide on who can and cannot contribute. Ideally, you want a legal advisor in your team. Is the nature of your business even legal in your country? How do you intend to spend the funds raised? How is the token distributed? Does the core team intend to keep some tokens by themselves? Always keep abreast of ICO legalities in different countries.

- Build a great Team
To me, this is the hardest part. How do you get people to believe in your idea — Not just normal people, but people with credibility willing to stake their reputation with your idea. These people must have verifiable linkedin accounts. Many ICOs started off by being overly top heavy, example you have the CEO, CFO, CSO, CTO, blue chip advisors…etc but no engineers! This gives people the impression that you have no ability to execute your idea. If your idea is blockchain related, you need to get blockchain experts in your team. People who know blockchain are hard to come by. Make sure you do enough networking to know the right people.

- Decide on what token technology to use
With all the ground work laid out, its time to chose the blockchain technology powering your token. At the time of writing, Ethereum is by far the most popular and matured platform for launching ICOs. Creating Ethereum ERC-20 Tokens is easy but implementing custom crowd sale logic around the token can take a bit of thinking. For example, you might have discount structure based on the contribution date. You have to also consider refunding contributors if the ICO fails to reach its soft cap…etc. Its worth noting there are also quick token solutions such as WAVES and NXT but they are not all-in-one crowd sale solution.

- Execution plan
Decide on how how many rounds of token sale you want. For example, a private sale, presale, ICO and a general sale for each stage having different discount structure. There had been many criticism on many ICOs in the past. In general, you want to be fair and not allow a few to buy out all the tokens. So you might want to verifying the user’s identity before allowing them to participate. One easy way to do that is to create a whitelist (eg Enigma ICO whitelist). At the time of writing, the SEC(U.S. Securities and Exchange Commission) is prosecuting Token Sales without KYC procedures (Eg ICON KYC) and some cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not implement KYC. KYC is tricky and troublesome but is legally required for some countries.

- Token and crowdsale smart contract
When writing the actual smart contract and again in the context of Ethereum, Open Zeppelin libraries are helpful when writing secure Crowd Sale and Token Smart Contracts. Be weary of overusing it though as the contract could become bloated and users have to pay high gas fees when making contribution. Always do lots of testing and auditing as you are dealing with people’s money.

- Hardware setup
There are quite a few setups to do. First of all, you will need a wallet to store the the funds collected during the ICO. A multi-sig hardware wallet is a good option. You will also need contingency plan in place if your wallet ever gets compromised. Assuming you are using Ethereum, you also need to setup an Ethereum node fully synced with the test and main net to launch and test your smart contracts. There might be trial and error during this process for example you might be switching between geth and parity clients…etc. If you are hosting your website, you will also need to setup the hosting environment. In other words, you want to setup the hardware for your ICO early.

- website
You will need to have a responsive campaign frontend connected to a running node so as to track the progress of the sale. Your website should be usable and idiot proof with very clear instructions on how to contribute. Many professional ICO also has a login system for users to manage their account and upload or download any documents if required. Having a dedicated portal also improves your brand but require more work to set it up.

- market early and Market right
In addition to creating brand awareness and running standard marketing campaigns using bitcointalk forums, linkedin, facebook, twitter, slack, bounties, campaigns, ico listing websites, subscription list…etc, research into the minds of crypto traders and enthusiasts. People who invest in ICOs are people who are into crytocurrencies. Advertise in places where they visit, know who they are following in youtube and do video interviews. Video is still the best conversion platform. Go to meetups and meet people in real to gain trust. Its very hard to get Mr and Mrs smith to invest if they have trouble understanding what bitcoin is.

FINALLY
Learn from successful ICOs on how they did it. Google knows who they are.
Proof read all your documents over and over again.
Don’t underestimate the amount of legal investigation, time and preparation work required to launch an ICO.
A Smart Contract is never completed. Keep testing, auditing and refining.
Engagement and good customer service equates to sales.
Allow enough time to create the market hype before the actual ICO starts.

If you are finding it all too hard, there are companies dedicated to launching ICOs. Google knows them. The only trick is you need to to have a trusted technical person to work with them to make sure everything is on track and done correctly. Be prepared to pay premium for companies for good track record. Good luck on creating your coin/token

- Bernah Pah.

It's not always necessary to create your own token in order to offer crypto-financial services...
Certain platforms, such Baanx.com , allow you to open your own 'crypto-banking network'
And no, I'm not ashamed to plug this FASCINATING organisation on here !

If you're looking to create your own token with Ethereum, this guide is pretty good.
https://medium.com/bitfwd/how-to-issue-your-own-token-on-ethereum-in-less-than-20-minutes-ac1f8f022793

Here's another guide for creating a token with Waves:
https://www.cryptocompare.com/coins/guides/how-to-issue-a-token-on-the-waves-platform/

As people have said above, creating the token isn't hard, it's creating a good concept that's the hard part.

Whoops - I gave you 2 merit instead of the post above yours.  Enjoy! 

(I tend to merit posts that provide reference or information links above just opinions)

Creating a token is not the hardest part. What's hard is how to plan so you create a market for your coin, particularly placing emphasis on what's so different about your coin and what are the benefits its users will get by using it.

You can even find people on the marketplace that will create you an ERC-20 token for about $100, however it certainly won't vary too much from any currently existing coin, and almost certainly will offer nothing unique to make it stand out from the crowd.

That being said, there are full coin development solutions that will build you something from the ground up, just search "ERC token creation" on Google.

It depends on your idea. 99% of ICOs are plain stupid. They don't need blockchain or their own token for anything but they are still making them because its basically free. There are already published contact codes for Ethereum and only thing you will be paying is tx fee for publishing contract.

On the other hand, if you really have an idea that would need to be realized with coin (new blockchain) then its very expensive and very very hard.

You can do it in two minutes for about $18 in fees with NEM -

https://www.youtube.com/watch?v=eA5JZhwtFRg

https://www.youtube.com/watch?v=XYic0ew-NuQ

Creating something is the easy part. Getting it established, hyped and traded is where the serious work begins and to do that right might cost millions. Of course you may also be able to gouge millions out of people with a pre sale of some sort.

Its easy to create your own token, but this token will be useless!