Why Is Stellar The Most Preferred Network For Cryptocurrency Development?

Imagine hiring a well-established crypto development company that can help you create your own digital assets over any blockchain platform you desire. In current times, Stellar blockchain is becoming immensely popular because of its attractive features like lightning-fast transactions, scalability, and seamless interoperability, and stands at the forefront of this revolution. 

This blog throws light on the step-by-step guidance on cryptocurrency development to harness the remarkable power of the same developed on the Stellar network. But that’s not all, one can explore the myriad benefits that await for everyone who wishes to invest in cryptocurrency and boost their business growth. Get ready to delve deep into the future of digital finance; Stellar is your gateway.

Let’s dive right in!

Why does a Crypto development company prefer crafting digital currencies on the Stellar blockchain?

Cryptocurrency development on the Stellar blockchain is a wise choice due to its efficiency, scalability, and focus on financial inclusivity. Stellar’s fast and low-cost transactions, robust security, and built-in decentralized exchange simplify asset creation and management.

Here are some of the advantages of cryptocurrency development on the Stellar blockchain:

1. Fast and Low-Cost Transactions- Stellar’s consensus mechanism and network architecture enable fast transaction confirmation times, typically taking only a few seconds. Additionally, transaction fees on the Stellar network are minimal, making it cost-effective for users.
2. Scalability- Stellar is designed to handle a high throughput of transactions, which makes it suitable for applications that require scalability. The network can process thousands of transactions per second, ensuring that it can support a growing user base.
3. Built-in Exchange- Stellar includes a decentralized exchange (DEX) that allows for the trading of various assets issued on the network. This DEX enables liquidity for newly created cryptocurrencies and tokens, making it easier for users to buy and sell them.
4. Interoperability- Stellar blockchain is designed to work with various currencies and assets, including fiat currencies, cryptocurrencies, and other digital assets. This interoperability can simplify the integration of new cryptocurrencies into existing financial ecosystems.
5. Stellar Smart Contracts- Stellar has its own smart contract platform called Soroban. While this smart contract platform is not as versatile as some other smart contract platforms like Ethereum, it can still be used to create and execute programmable logic for various financial applications.
6. Security- Stellar’s consensus mechanism, known as the Stellar Consensus Protocol (SCP), is designed to be secure and resilient against attacks. The network has a robust track record of security and uptime.
7. Focus on Financial Inclusion- Stellar was initially created with a focus on financial inclusion and facilitating affordable cross-border payments. If your cryptocurrency project aligns with these goals, Stellar may be a suitable choice.

Stellar offers an array of advantages, however, the choice of blockchain platform should depend on the specific needs and goals of your cryptocurrency development project.

Steps for cryptocurrency development on the Stellar blockchain

Crafting cryptocurrencies like coins or tokens on the Stellar blockchain involves several steps and complexities. This necessity can only be fulfilled and processed by seeking professional guidance and assistance from the blockchain experts of a renowned and well-established crypto development company.

Follow these simple steps to create effective cryptocurrency on Stellar:

Step 1: Understanding The Stellar Basics

Before you start, familiarize yourself with Stellar’s architecture, consensus mechanism (Stellar Consensus Protocol), and core features like assets and accounts. You can find extensive documentation on the Stellar website.

Step 2: Install Development Environment

Prepare your development environment. You’ll need a code editor, a Stellar wallet for testing, and access to the Stellar testnet for experimentation.

Step 3: Create a Stellar Account

To interact with the Stellar network, you will need a Stellar account. Create one using the Stellar Laboratory, which is a web-based interface for managing accounts and transactions on the Stellar network. Alternatively, you can use Stellar SDKs in your preferred programming language to create accounts programmatically.

Step 4: Fund The Issuer Account

In order to create and manage crypto assets such as coins or tokens on the Stellar network, the account should have some XLM (Stellar Lumens) to cover transaction fees and reserve balances. 

Step 5: Create crypto assets after defining them

Using the issuer account, create your custom assets. Stellar supports two main types of assets: Stellar Lumens (XLM) and user-issued assets. Create user-issued assets and also define the properties for your custom asset- name, code total supply, and any additional metadata you want to attach.

Step 6: Distributing Crypto Asset

Determine how you will distribute your custom assets. You can send them to individual Stellar accounts or use more advanced distribution methods, such as issuing assets through an anchor (a trusted entity that backs the asset with real-world value).

Step 7: Integrate Asset in Wallets and Applications

To make your custom asset accessible to users, you need to integrate it into Stellar wallets and applications. This step may require developing a custom wallet or working with existing Stellar wallet providers to support your asset. Before launching on the live Stellar network, thoroughly test your custom asset on the Stellar testnet to ensure everything works as expected.

Step 8: Marketing and Promotion

Promote your custom asset to attract users and liquidity. Encourage adoption through partnerships, marketing, and integration with other platforms and services.

Cryptocurrency development such as coins or tokens on any popular blockchain, including Stellar, is a complex process. It necessitates a deep understanding of blockchain technology, security practices, and regulatory compliance. One must seek professional advice if necessary and consider collaborating with experienced blockchain developers for better technical expertise.

How Can Antier Help in Cryptocurrency Development?

The path to cryptocurrency development on the Stellar network is a promising journey filled with innovation and opportunity. We’ve uncovered the essential steps and explored the abundant benefits awaiting those who embrace this cutting-edge technology.

But the adventure doesn’t end here. Are you ready to turn your crypto vision into a reality, collaborate with Antier. We are a premium crypto development company, boasting a team of skilled and qualified blockchain experts who are apt to create robust, secure, and scalable cryptocurrencies like coins or tokens not only on the Stellar network but on any other popular blockchain platform. Our company offers a host of professional services spanning from white paper creation to smart contract development. Partner with us to make your cryptocurrency dreams a tangible reality.