Is it likely to create your own cryptocurrency?
The digital gold rush in 2017 reached its peak, and many users are still hunting for robust graphics chipset and CPU. Millions of people are interested in mining, but nobody seriously thought about how to create a cryptocurrency themselves, in fact, it is quite genuine.
Do you want to be next Satoshi Nakamoto?
The glory achieved by the discoverers of new and profitable things is tapping many ambitious people. Who sneaks under the pseudonym Satoshi Nakamoto known to the whole world? It is still unclear that Satoshi Nakamoto is an individual name of the person or it is the name of the programmers.
You should have clear knowledge if you want to start your own cryptocurrency, the important things mentioned below:
- Your cryptocurrency will no longer be as bitcoin
- You can go along the same path, i.e., use ready-made codes
- Rather you should learn from others and think about your potential income
- Experience in the new business is one extended step of your development
- Anyone who starts the process of planning a new coin should pursue the goal not to outdo the inventors of existing cryptocurrencies, but to make a profit from new technologies and get to the root of a complex and interesting process.
Are you interested in knowing how to make a cryptocurrency?
Experts logically state that digital technology belongs to the future. A new cryptocurrency created by one may well become an efficient payment machine. Programmers created the first digital coin, so if you are far from this topic and are even a little professional, then you have to become a master in the shortest possible time.
Principal steps to start a cryptocurrency
All cryptocurrencies are based on the encryption algorithm. Bitcoin is created on SHA256, which is mined with specialized equipment like ASIC. Litecoin operates on the basis of Scrypt. DASH uses X11 for its operation, and for Ethereum, DaggerHashimoto is applied, which is suitable for video cards.
Expert programmers are well advised with the support of Github, and registration to the service is necessary. It comprises a large number of code options, which will allow the inexperienced developer not to write from scratch, but to adopt the ready-made code. It can be downloaded as a standard ZIP archive.
Linux is the perfect platform for programmers and even complex, and this is the reason why it is better to implement a new cryptocurrency launch on this operating system. After downloading the code, you can install the libraries.
The following information is recorded in the terminal command line:
The important thing is to give the name to your digital coin. It should be specified in all lines of code. If the cryptocurrency in the first code is called IKScoin, special programs will help you replace it with YOURcoin.
And for Linux there is a free Regexxer service, you should be sure to rename the file IKScoin-qt.pro to YOURcoin-qt.pro.
The next step is to choose and configure network ports, i.e., to ensure the exchange of information within the network. Without this, any cryptocurrency will simply determine to be nonviable.
Choose only the free ports P2P and RPC in two copies (2 are utilized in test mode). Port numbers should be written src / init.cpp (lines 235 and 271) and src / bitcoinrpc.cpp (lines 2893 and 3169)
Currency creation is the next step: This process is executed in blocks; therefore, you need to set the value of the currency in one block, and for this, you need to make changes to the file src/main.cpp (line 831). The block formation time (line 837), which is defined in seconds, the maximum number of blocks per day (line 550) and maximum emission limit (line 836).
Public and Private keys will allow you to carry out transactions, It can be identified with their help how to make money by trading cryptocurrency.
The developer sets the first byte of the public key. The symbol and the identical figure are contained in Base58 symbol chart. With respect to the name of the YOURcoin cryptocurrency, it can be y56. In the file src / base58.h (line 280) this information will be set.
You must inspire other users to mine your cryptocurrency since it is the most efficient way to get the value to your coins. Promotion and marketing is the difficult task of your cryptocurrency. Users must be excited in buying and selling of your cryptocurrency.
You can easily make out, starting a cryptocurrency is not an easy task. You need to be skilled at operating systems and programming and should be capable of finding the necessary information bit by bit.