Build your own cryptocurrency from scratch: real opportunity or another theory?

Build your own cryptocurrency from scratch: real opportunity or another theory?

The article is about:

  • real opportunities for new cryptocurrency;
  • aims of being “a cryptocurrency discoverer”;
  • who is interested in getting personal coins;
  • Bitcoin Core at Github;
  • step-by-step creating on the Linux basis;
  • ICO projects and turn key cryptocurrency.

Is it possible to create a cryptocurrency? Until recently, the money was under the total control of the state, and offering alternative money system from ordinary people was out of the question, all the more nobody could become an active player in the financial market and operate with his own coins. Digital gold rush in 2017 reached its apogee, and many users are still hunting for powerful graphics chipset and CPU. Millions of people got interested in mining, but not everyone of this number seriously thought about how to make cryptocurrency themselves, when in fact it is quite real.

Do I want to be Satoshi Nakamoto -2?

The glory gained by the discoverers of new and profitable things is bugging many ambitious people. Who hides under the pseudonym Satoshi Nakamoto known to the whole world? An ingenious Japanese? A group of programmers led by a talented leader? In any case, these people did not descend from heaven to earth, but are the same users of the network as we are. But they are brilliant at the programming and well organized in a promotion. By the way, many people glance with envy at Bill Gates and other famous personalities who have become famous and made a fortune on what any talented person could achieve.

So before you start to make your own cryptocurrency, have a clear understanding of several important things:

  • Your own cryptocurrency will no longer be as know-how as bitcoin
  • You will go along the same beaten path, i.e. use ready-made codes
  • Rather learn from others and think about your potential income
  • Experience in the new business is one more stage of your development

In other words, anyone who starts the process of creating a new coin should pursue the goal not to outdo the creators of existing cryptocurrencies, but to make profit from new technologies and get to the heart of a complex and interesting process.

Who will be interested in knowing how to make a cryptocurrency? Many experts reasonably state that digital technology belongs to the future. A new cryptocurrency created with one’s own hands, may well become an efficient payment instrument. Owners of game servers can use it for internal payments. The first virtual coin was created by programmers, so if you are far from this subject and are even a little technician, then they will have to become a specialist in the shortest possible time.

Main steps to start a cryptocurrency

Any cryptocurrency is based on the encryption algorithm. So, bitcoin is built on SHA256, which is mined with special equipment like ASIC. Litecoin works on the basis of Scrypt. DASH uses X11 for its work. For Ethereum, DaggerHashimoto is used, which is suitable for video cards. And this is not a complete list of algorithms, there are dozens of them!

Experienced programmers are well acquainted with the resource Github. By the way, registration on the service is necessary. It contains a large number of code options, which will allow the amateur developer not to write from scratch, but to use the ready-made code. It is downloaded as a standard ZIP archive.

If you use the source code of BTC, then you can do it without restrictions. The Bitcoin Core code is publicly available on both Github.com and Sourceforge.net. For those who are not good at programming and can not create fork independently there is a designer of Coingen.io, however this and other similar services are not free.

Linux is the ideal area for programmers and even the most complex tasks, which is why it’s better to implement a new cryptocurrency launch on the basis of this operating system. After downloading the code, it’s time to install the libraries and dependencies. The following information is entered in the terminal command line:

The main moment came and it is to give the name to the coin. It will need to be specified in all lines of code, which number is 10,000, so this can not be done manually. If the cryptocurrency in the base code is called IKScoin, special programs will help you replace it with YOURcoin. For Linux, this is a free Regexxer service. Be sure to rename the file IKScoin-qt.pro to YOURcoin-qt.pro as well.

The next step is to select and configure network ports, i.e. ensure the exchange of information through the network. Without this, any cryptocurrency will simply prove to be nonviable. Select only the free ports P2P and RPC in two copies (2 are used in test mode). Port numbers should be written in src / bitcoinrpc.cpp (lines 2893 and 3169) and src / init.cpp (235 and 271).

Currency generation is one more step. This process is performed in blocks, therefore, you need to set the amount of currency in one block. To do this, you need to make changes to the file src / main.cpp (line 831) The block generation time (line 837), which is specified in seconds, as well as the maximum emission limit (line 836) and the maximum number of blocks per day (line 550).

Private and public keys allow you to carry out transactions. With their help we will know how to make money trading cryptocurrency. The first byte of the public key is set by the developer. The symbol and the corresponding figure are contained in Base58 symbol chart. According to the name of the YOURcoin cryptocurrency it can be y56. In the file src / base58.h (line 280) this information is set.

A ready-made GUI application is the result of all the above actions. For clarity, you can change the icons, i.e. come up with your coin logo. A convenient graphical interface allows you to fully work with new coins and promote them. Of course you must encourage other users to mine your cryptocurrency. It is the way to get value to your coins. Motivating people is the most difficult task. They must be interested in buying and selling your cryptocurrency.

So as you see, start a cryptocurrency is not simple. You need to be good at operating systems and programming, be able to find necessary information bit by bit. If you plan to invest in a new type of cryptocurrency, then it’s better to take part in the ICO project or order the development of “turn key cryptocurrency” – this service is offered by many companies. 



RELATED ARTICLES
RECOMMENDED ICOS