How to create your own cryptocurrency?

Theoretically, to create your own crypt, with good money, is not very difficult.

So, the service CryptoLife Development promises to fully automate the process, offering something like a designer. At CryptoLife Development, you can not only create your own cryptocurrency, but also a wallet application for a new coin (for OS Windows, and for Mac OS, and for Ubuntu), build a pool for mining and much more. Almost everything that is required to proudly declare: "And I have my own crypt!".

For this pleasure, you will have to pay at least 4,37 BTC, which at the current rate is about 40 thousand dollars.

True, there are some difficulties. You need to have not only money, but at least minimal knowledge in order to understand what “Coin Type” is - CryptoLife Development, which offers to choose PoW or PoS; you need to imagine at least in general terms the essence and meaning of hashing algorithms (let's say right away that the choice is not rich: the developers are ready to create a cryptocurrency using only four algorithms - SHA 256, Scrypt, X11 and X13; (and where is the gaining popularity of CryptoNight, and not only he, we ask), to choose the minimum block size correctly and many, many more.

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

Similar offers today on the web - do not count. But we are not talking about that, right? The first thing you need to create your own coin from scratch is a good theoretical knowledge of 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 main questions that a potential creator of his own crypt must ask himself.

“Why do we need another cryptocurrency?” And “How will it differ from other coins?”

There is only one special case when the answer to the first question is clear immediately, and the second is not really needed. Suppose you are a game developer. Having your own currency for settlements between players will not be superfluous.

And further. It is doubtful that you can create a cryptocurrency from scratch alone. It will take a whole team consisting of programmers, designers and marketing specialists - after all, it is they who will have to unleash a new crypt. The clever person who knows how to bring a ready-made cryptocurrency to the exchange is also very necessary - for example, on EXMO or Poloniex.

So. Answers to two basic questions you have found for yourself.

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

What's next?

First you need to determine which cryptographic algorithm the future coin will use. Today, they talk a lot about CryptoNight (it is used by such famous altcoins as Monero, for example). If you need a cryptocurrency that ensures maximum anonymity of transactions - think about this algorithm. Moreover, CryptoNight does not allow the use of ASIC, which means to mine coin on an industrial scale, which makes it possible to concentrate the main volumes of coins with the largest miners, which does not in the best way affect the decentralization of the network. Ashiki for mining a crypt using the ХХNUMX algorithm (in particular, DASH) exist, but the developers promise that the next fork of DASH will not allow this. However, each cryptographic algorithm has its advantages and disadvantages. And you have to choose the appropriate hashing algorithm carefully.

Fortunately, there is no need to write code from scratch. On the GitHub resource, which unites 27 to millions of developers, you can easily find, for example, the Open-Transactions software package. In general, Open-Transactions is a complete software environment for the development and launch of cryptocurrency, which developers call “PGP in the world of finance”, thus emphasizing its relative simplicity and versatility.

The Mastercoin project, which is based on the Bitcoin-based protocol, uses the Bitcoin block chain as a backend, is also popular for creating new cryptocurrencies.

In a word, there is no lack of software and repositories with code that needs to be corrected "by itself". A sufficiently experienced programmer who knows C ++ will figure it out.

We will not deal with such technical details as setting up the network, choosing ports for P2P and RPC on the core server, setting up generation and transaction fees, emission frequency of generated cryptocurrency, transaction confirmation time - the last parameter is very important - the faster the new unit will be generated, the higher the speed of the transaction and many other nuances. Information about this is now easy to find on the Internet.

Let's talk about something else.

Everything seems to be great: a new cryptocurrency has been created, there are wallets for it and mining applications. This is where the hardest part begins.

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

So its initial rate will be formed (based on the proportion: Fiat / your cryptocurrency). If everything goes well, and the crypt will gradually be used on several servers at once, it can be said that the cryptocurrency has begun to develop. And only after that it will start mining. It is clear that the miner application should already be ready.

And, perhaps, the most difficult: withdrawal of its cryptocurrency on the exchange

Supply today significantly exceeds demand. Moreover, some cryptobirds have already begun to exclude some altcoins from the listing due to their unpopularity.

Thus, Bittrex Cryptocurrency Exchange intends to remove 30 tokens from 2018 March 82 of the year - BITS, BITZ, CRBIT, CRYPT and 78 of other cryptocurrencies and low liquidity tokens.

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

Bittrex Cryptocurrency Exchange Director General Bill Shihara said that the company is looking at whether the token is innovative, whether listing such a token does not violate the requirements of the law and who is developing it.

According to the requirements of Bittrex, before the exchange will consider the inclusion of any token in its stock list, its developers are required to provide technical information about the token itself, as well as data from at least one team member.

The tokens admitted to the next stage of consideration will go through the procedure of checking for compliance with the requirements of the law, which should help Bittrex make sure that they can be placed for trading. After this check, the specialized council will consider the features of the blockchain of the cryptocurrency, its scope, importance for the market and the reputation of the team.

In short, the one who seriously wants to create a new cryptocurrency, will face enormous difficulties - starting with technical ones and ending with financial ones.

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