How to make an altcoin and ensure its success

How to make an altcoin and ensure its success

The idea of creating one's own money is as old as the world, and if in ancient time counties and principalities minted their coins, modern users of electronic money are interested in how to make an altcoin. The goal in this case can be different - from simple curiosity to ambitious investment projects. Some altcoins that had been created after bitcoin claim to be the leaders and they are doing their best in it.

Table of content:

What is an altcoin?

All the cryptocurrencies that were created after bitcoin are its alternative or in other words altcoins. They began to appear in 2011, and the main task set by their creators was the improvement of the technical base of bitcoin. In particular, attempts are being made to reduce transaction time, guarantee complete anonymity, make mining easier in terms of equipment (as we know for the generation of BTC expensive ASICs are used) and difficulty, as well as optimize the functionality.

At the moment there are thousands of altcoin names. Some of them are actively sold on the exchanges, the rest have remained in the status of initiatives. Despite such a large number of alternative cryptocurrencies, bitcoin takes a leading position with all the relevant advantages on the market. Statistics show it best. For example, the total capitalization of crypto money is $ 343.586 billion. In this volume, bitcoin has $ 191,118, which in percentage terms is 55%.

The most famous altcoins

The history of BTC is rather interesting. The first cryptocurrency was created by a man who is hiding under the pseudonym of Satoshi Nakamoto. It is widely believed that there was a whole group of developers. Other advanced programmers are not averse to repeating the success of the digital gold creators, and there are many such examples. Vitalik Buterin with his Ethereum, and smart contracts became famous and made a fortune. Created on the basis of LTC, Dogecoin also entered the top ten. Its creator, programmer Billy Marcus Navrnyak did not expect that his project will be so popular. Litecoin is one of the forks of bitcoin and was implemented by the San Francisco programmer Charlie Lee.

“Hand-made” altcoins

The list of coins and their authors can be continued for a very long time. Can you make your own altcoin? In fact, having even the basic knowledge in programming, you can begin to perform this task. The thing is that the code for bitcoin and other altcoins is open and you can download it on the well-known resource Github. For better or worse Windows is not the best friend of programmers. Linux is an ideal environment for creating cryptocurrency. The sequence of your actions will look like this:

  1. Download the code

We go to the site, find the right code and download it to your repository. To do this, go to the link, find the function to download the ZIP archive and activate it.

  1. Installing Libraries

One basic code is not enough. It will not work correctly without special libraries. In the Ubuntu environment, use the keyboard shortcut Ctrl + Alt + T to open the terminal and enter:

sudo apt-get install build-essential libboost-all-dev libcurl4-openssl-dev libdb5.1-dev libdb5.1 ++ - dev git qt-sdk libminiupnpc-dev

After that, you need to press Enter and start the installation of packages with the permission of all the requested items.

  1. Editing the code

At this stage, one of the most important things happens. You give your altcoin a name. The base code is a ready coin, but it has not yet been compiled. For example, its name in the code sounds like JetCoin. You must change the name to your variant in all the lines. Manually this is unrealistic, because there are thousands lines. Let's use a special program for this purpose and accomplish the task in a couple of seconds. The code will need to make the following replacements:

JetCoin - YourCoin

JETCOIN - YOURCOIN

jetcoin - yourcoin

jet - your

JET-YOUR

Regexxer is the name of the program to replace the code content for Linux. Traditionally, software is free. The interface is simple and clear. In the “Search” line we write the original version of the altcoin name, and in “Replace” the one that was invented by you.

  1. How to configure network ports

Digital money somehow interacts with the network, so the ports are needed. They must be specified. Totally 4 ports are used. They are P2P and RPC and test P2P and RPC. When setting up, you need to check if they are not being used by other programs.

To open the RCP settings, activate the src / bitcoinrpc.cpp file, and manually write the RCP port number on lines 2893 and 3169. For P2P, testnet P2P and RPC file src / init.cpp is intended. Here, changes should be made to lines 235 and 271. The settings of testnet P2P + P2P are produced by src / protocol.h

  1. Set up cryptocurrency generation

The structure of the blocks is of that kind when each of them produces a certain number of coins. The src / main.cpp file will help to set this function. In line 831, this number is set to 1 * COIN, i.e. in our case 1 coin. In line 837, set the time interval. It is measured in seconds. The maximum sum of blocks is in src / main.h in line 550.

  1. How to make an altcoin key?

Since we are dealing with cryptomoney and it means that all transactions are closed. Public keys, which together with private ones form a cryptocurrency wallet, can be partially specified by the author of the coin. Personal keys are hidden and do not offer such an opportunity, since any interference in its structure is treated as a violation of the very principle of privacy. This is the first byte of the public code. You have the opportunity to choose the symbol or number with which it will begin. The first element in line 280 of the src / base58.h file is specified.

  1. Promotion

After completing all the above steps, you will get a ready-made GUI. The application can be user’s and console, i.e. work for both the client and the server. The directory src / qt / res is for changing the icon, but the name and extension should remain the same. If you decide to make your own altcoin for entertainment, you can try your hand at it, being a beginner. For commercial projects, a team of professionals should be involved in the work, and they are not only programmers. To make a new altcoin successful, you need strength, much financial resources and experience.

Conclusion

So, attracting financing in the case of new altcoins is also important, as for ICO projects as well, whose owners issue their cryptocurrency first in the format of tokens, and after the auction they are traded on the exchange. Also, the cryptocurrency community has a number of rules that need to be adhered to. Do not even think about how to make an altcoin with pre-mining. The first miners should not have any privileges, nor should you be a developer. Speculative demand is estimated by the market and only by it, because in fact the value of the cryptocurrency is not confirmed by users’ interest.


RECOMMENDED ICOS