How to create cryptocurrency?

By
Tokeneo
-
4 min reading

How to create a cryptocurrency? The short answer is: you have to learn how to code. However, even a person without such skills will be able to create their own currency. We present four ways to create your coin: from the hardest to the easiest.

btc bitcoin

Dimitri Karitonov is the creator of the Dcoin currency, which was supposed to be a widely available and independent response to the restrictions imposed by the Russian government on Bitcoin and the crypto exchange. Due to the unfavourable climate surrounding such undertakings in his homeland, he quickly understood that if he wanted to trade a cryptocurrency, he had to create it himself. As he mentions in the Coin Telegraph, it took him 3.5 years to encode himself. If he had started with learning the basics, he would probably have to devote an extra few years of his life to it.

Determine goal

Internet tutorials show how to transform an already existing code that creates one cryptocurrency to another, require programming knowledge, although more basic than what is required to work from the beginning. . From it you can create your own currency in a relatively simple way. Petter Otenbach, the creator of the Coino currency, says on the Fast Company portal that the coding itself can only take a day. However, it turns out that this is not the end of the job.

In this way we will create a currency similar to many existing ones. We'll need more C++ knowledge to adapt it to our needs. Should it focus on improving privacy? Support, like Dcoin, democratic and unrestricted currency trading in countries wher government is too mixed up in citizens' affairs? Or help build wells in Africa, like Clear Water Coin? Without this kind of distinction, the currency will not gain interest and will only be one of the hundreds that are often lost right after the start, because there are no people willing to mine it.

Many creators of their own currency claim that coding alone is simple compared to what they have to do to get the people to use our money. They advise that thinking about their currency should start participating in forums and communities focused on this topic. This will help to build a group of people who can share their skills, co-create the project, and thus lead it to the finals faster. At the same time, through conversations, you can find out what is missing from the existing crypto and what new solution users would be interested in.

Thanks to such small communities that the currency gains initial popularity and then new followers

- explain people who was succesfull

Dmitry Karitonov also spoke about this, according to whom the original, personally written code does not have to be perfect, because if the currency shows its potential, the professionals focused in such a place will see it and rewrite it anyway. Participation in such a community also helps to build trust, and without it, it will be impossible to get anyone to mine our currency.

Programming nursery school

The process of "copying" code from GitHub is made even easier by CryptoNoteStarter.org. In a simple, graphical form, it explains the process step-by-step, indicating the places in the code that need to be changed in order to give our currency a new name or specify its total amount. If it's not the first time we've encountered coding, the whole process can take 10 minutes. It will take a little longer, but it will be much easier for the layman to understand what is behind each line of code. Later, the community around the site is ready to test our currency and catch any flaws.

how to create cryptocurrency

Intuitively and simply

An even easier solution how to create a cryptocurrency solution is offered by Ethereum, which is a programming platform for building P2P applications. Here, after downloading the Ethereum wallet, all you have to do is buy, get or mine a small amount of local currency (usually less than a penny). Later in the "contracts" section we can create our own token, which will represent our currency. After a few minutes we will own 100% of the "shares" and all that remains is to send new money to friends or start expanding the currency. The process is described step by step on the Ethereum website.

Let somebody do job for you

People who need to present their own crypto (e.g. as a school project) but don't have the time or skills to build it, even with the help of Ethereum, can go an even easier way. Cryptolife is only one of the companies that offer ready-made currency projects that only need to be named. It is a package for both beginners and advanced, because those who have already created their own currency from scratch offer to check and rebuild the code. However, the basic version is a ready-made currency based on Bitcoin, Altcoin or X11PowCoin code. All you have to do is choose the name and basic parameters and you can trade your currency e.g. within a game you have created, a group of friends or a group in college. For many, it's the only way to boast about your own cryptocurrency, although it's still the most fun to create a currency yourself...