There is another way to launch a new cryptocurrency.
Certain blockchains are designed with the ability to host other cryptocurrencies.
Developers can thus launch new cryptocurrencies on top of these existing blockchains, with the newly created currency referred to as a “token.” A token can act as digital money and not be native to the blockchain on which it operates.
While some tokens are launched with high degrees of customization, which can take expertise and time, others come online with a few clicks. It doesn’t require technical knowledge to launch a token on top of another blockchain—merely a few minutes of their time.
There are even services online that help you launch a new token in minutes.
In August 2022, the number of cryptocurrencies listed on CoinMarketCap crossed $27,292.30 ($20,000 USD). A large portion of these will have been mere copies of existing tokens.
Ethereum-Based Cryptos
The world’s second-largest cryptocurrency by market cap has only been around since 2015.
Despite its youth, Ethereum is the most popular blockchain to launch cryptocurrencies. It has become a playground for developers, swiftly expanding to become one of the most popular blockchains for decentralized apps and tokens.
You may have even heard of some of the popular tokens launched on Ethereum like meme token Shiba Inu (SHIB), which is an alternative to Dogecoin (DOGE); DAI and the metaverse game The Sandbox (SAND).
Binance-Based Cryptos
Instead of being…
