How to create your own crypto currency?

Theoretically, creating your own crypt, having good money, is not very difficult.

So, the service CryptoLife Development promises to fully automate the process, offering something like a designer. On CryptoLife Development, you can not only create your own crypto currency, but also a purse application for a new koin (for Windows OS, Mac OS, and Ubuntu), collect a pool for mining and much more. Practically everything that is only required to proudly say: "And I have my own crypt!".

For this pleasure it will be necessary to pay at least 4.37 BTC, which at the current rate is about 40 thousand dollars.

True, there are some difficulties. You need not only money, but at least a minimum of knowledge to understand what "Coin Type" is - CryptoLife Development, which offers the choice of PoW or PoS; it is necessary to imagine at least in general terms the essence and meaning of hashing algorithms (at once we say that the choice is not rich: developers are ready to create a crypto currency using only four algorithms - SHA 256, Scrypt, X11 and X13; (and where is the CryptoNight gaining popularity, and indeed not only him, we ask), to choose the right minimum block size and much, much more.

If there is knowledge, the process of the order itself will take no more than ten to fifteen minutes, in the absence of knowledge, it is better not to try.

Similar offers today on the web - do not count. But we are not about that, right? The first thing you need to create your own coin from scratch is good theoretical knowledge about blockchain technology in general and cryptocurrency - in particular, and more - at least basic English and, of course, at least the basics of programming.

Although this is not the main thing. There are two basic questions that a potential creator of his own crypt should ask himself.

"Why do we need another crypto currency?" And "How will it differ from other coins?"

There is only one particular case, when the answer to the first question is clear right away, and the second one is not very necessary. Suppose you are a game developer. The presence of own currency for the calculations between the players will not be superfluous.

And further. It is doubtful that you can create crypto currency from scratch on your own. It will take a whole team consisting of programmers, designers and marketing specialists - after all, the new crypt will have to be developed exactly by them. We also need a smart man who knows how to bring the already prepared crypto currency to the stock exchange - say, EXMO or Poloniex.

So. The answers to the two main questions you found for yourself.

The team - preferably its own, rather than a dozen third-party developers and designers, who promise to do anything for their sane money, is.

What's next?

First, you need to determine which cryptographic algorithm the future coin will use. Today, much is said about CryptoNight (it is used by such well-known altcoys as Monero, for example). If you need a crypto currency, which ensures maximum anonymity of transactions - think about this algorithm. Moreover, CryptoNight does not allow the use of ASIC, which means that the koin is mined on an industrial scale, which allows concentrating the main volumes of coins in the largest miners, which does not have the best effect on the decentralization of the network. Asiki for crypting using the X11 algorithm (in particular, DASH) exist, but the developers promise that the next DASH fork will not allow this. However, each cryptographic algorithm has its advantages and disadvantages. And you will have to choose the proper hashing algorithm carefully.

Write code from scratch, fortunately, not necessary. On the resource GitHub, which brings together 27 million developers, you can easily find, for example, the software package Open-Transactions. In general, Open-Transactions is a full-fledged software environment for the development and launch of crypto currency, which developers call "PGP in the world of finance", thus emphasizing its relative simplicity and versatility.

It is popular for the creation of new crypto-currencies and the Mastercoin project, which is based on a Bitcoin-based protocol that uses the Bitcoin block chain as a back-end.

In short, there is no shortage of software and repositories with code that needs to be adjusted "for oneself." An experienced programmer who knows C ++ is quite skilled in this.

We will not touch on such technical details as network setup, choice of ports for P2P and RPC on the base server, generation and transaction fees setting, emission frequency of the created crypto currency, transaction confirmation time - the last parameter is very important - the faster the new block will be generated, the higher the transaction speed and many other nuances. Information on this is now found on the Internet very simply.

Let's talk about something else.

Everything, it would seem, is excellent: a new crypto currency is created, there are wallets for it and applications for mining. Here the most difficult begins.

It is quite clear that the cost of the new crypt will be zero. To change the situation, you can, for example, arrange calculations in a new crypto currency on the game server.

So its initial course will be formed (based on the proportion: Fiat / your crypto currency). If everything goes well, and the crypt will be gradually used on several servers at once, we can say that the crypto currency started to develop. And only after that, it will begin to be mined. It is clear that the application-miner should already be ready.

And, perhaps, the most difficult: the withdrawal of its crypto-currency into exchanges

The supply today far exceeds demand. Moreover, some crypto-exchanges have already begun to exclude from the listing some altcoyins due to their unpopularity.

Thus, the Bittrex exchange is planning to remove 82 tokens from March 30, 2018 - among them BITS, BITZ, CRBIT, CRYPT and 78 other crypto-currencies and tokens with low liquidity.

Not very well-known crypto-exchange exchanges can take a new koin for 2-3 BTC. Large crypto-exchanges independently determine the criteria according to which tokens can be included in the listing.

Bill Shihara, the CEO of the Bittrex Exchange, said that the company is looking to see if the token is innovative, whether the requirements of the law violate the listing of this token and who is developing it.

According to the requirements of Bittrex, before the exchange will consider the inclusion of a token on its exchange list, its developers are obliged to provide technical information about the token itself, as well as the data of at least one member of the team.

Tokens admitted to the next stage of the review will undergo a procedure to verify compliance with the law, which should help Bittrex make sure that they can be placed for trading. After this check, the specialized board will consider the features of the blocking of the presented crypto currency, its scope, the importance for the market and the reputation of the team.

In a word, those who seriously want to create a new crypto currency are waiting for huge difficulties - from technical to financial ones.

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