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How and why to create your own cryptocurrency
Material posted : Administrator Publication date: 20-10-2018

In April 2018, "the most popular person in Russia," Olga Buzova announced his desire to release the cryptocurrency Buzcoin and to conquer the digital space. A successful debut took place, but Buzova is an excellent example of what every person without deep knowledge of programming and technology may create its own cryptocurrency, get a lot of pros and to be considered an advanced user.

Why create your own cryptocurrency

1. The convenience and speed of financial transactions

In some cases, namely when buying on the Internet, cryptocurrency is more convenient to use than a plastic card. When shopping on foreign websites, the user pays for the parcel on dollar account with the electronic wallet. The transaction for various reasons, may fall and not take place, you will be without your phone case or other very important things.

The digital asset that is transferred in the blockchain, not delayed, in points, intermediaries, and almost instantly comes from client A to supplier B.

P2P-economy ("equal to equal"), in which the two parties find each other and conclude the deal within a technological open platform that greatly improves our lives. All participants in the process need their own money, coins, points. These rewards help to develop relationships with customers.

For example, Kim Kardashian can distribute coins KimCoin (let's call them so) of their most loyal fans, and then only on these coins to allow for private presentations or to give discounts during the purchase. Why can't she just send millions of dollars to your fans? On the blockchain it will take minutes, and in the modern financial system that is constantly changing and varies from country to country, it is simply unrealistic to make quick payments without intermediaries and commissions. Fans can apply instantly KimCoin: refer a friend to buy something from Kim, digging for something special.

2. Simplify your business

If you have a business, then you just need cryptocurrency to systematize the process. Internal token coin project will help to increase the profit, and this is what the law says of microeconomics, most importantly, to aspire to any production.

Digital currency, like the loyalty program, sistematizirovat and simplify the whole production process. Customers will pay by tokens, which, unlike the ordinary bonuses, will not lose its value and will retain the original programmed rules for their application. Calculations will be made and recorded using a single unique you come up with and this is the best coin, but not simple iron, and digital.

3. Passive income and own ego

If suddenly personal business is to you "then when will be time", then its own cryptocurrency can be a tool for passive income. In the case that the coin will be backed by stock reserve, as the dollar with gold, it can be exchanged for all known bitcoin and then to normal, everyone's favorite paper cache.

Maybe you are one of those who wants to repeat the success of bitcoin: create your own cryptocurrency and wait for passive income from admiring users?

Finally, if someone familiar is in your wallet cryptocurrency named after you, you limit your own pride will reach the maximum scale.

Where and how to create your own cryptocurrency

The process of creating a cryptocurrency is not as complicated as it may seem. Projects offer about the same concept of issue. The above mentioned Olga Buzova thanks to the team of experts put your project on the platform Ethereum, the most popular among all the peers.

1. Ethereum

The blockchain has developed a canadian-Russian programmer Vitaliy Buterin. He suggested that the technology of smart contracts is self-executing algorithm designed for the confinement and maintenance of commercial contracts in blockchain technology. Thanks to the development of the Ethereum network in no time became the second most popular platform on the stock market not only among startups, who want to spend the ICO, but also among the largest software developers such as Microsoft, IBM and Acronis.

How to release a coin

The process of creating a cryptocurrency for Ethereum is not difficult, it is advisable to know the programming language Solidity and adhere to standards ERC. The most popular is ERC-20, which supports numerous functions.

1. Initially, you need to come up with a currency name, for example LifehackerCoin, and select the Ticker symbol, usually three or four letters, which will be briefly to indicate the coin. We will take the LHC.

2. Then, you set the maximum value of tokens is: how many of them will exist in nature. For example, 10 000.

3. It is also worth to determine whether the coin division into smaller parts, the ruble is divided into pennies or a dollar to cents. If so, on how many parts you can divide a single unit — you decide.

4. Prepared data to migrate into a smart contract on GitHub. You need to download two documents that end in .sol. Insert the data of six public variables:

  • name — the name of the token LifehackerCoin;
  • symbol — symbol abbreviated name of the LHC;
  • decimals — number of decimals — 10;
  • totalSupply — total number of units of token 10 000;
  • balanceOf — mapping (the process of mapping what data should be exchanged, how they will be used), which contains the balances of addresses;
  • allowance — mapping, which contains data on permissions for the use of money from foreign locations.

5. Then you need to deploy the data, that is, to deploy them on the platform. On the issue of the coin will take about 15-20 minutes.

The advantages of the system

The benefits of Ethereum lie on the surface: popular blockchain has established himself as the most tested and reliable to create a cryptocurrency.

Disadvantages of the system

  • Recently, due to the increased 700% popularity network is experiencing high congestion. All transactions are carried out slowly — 15 minutes or more, they become unprofitable due to ever-increasing transfer fees. Therefore, many projects are closed at the stage of creation and give up the idea of issue of tokens.
  • The network requires certain knowledge, therefore, the creation of coins on Ethereum can not be called the process "one-click".

2. Ripple

Your cryptocurrency you can create on the platform Ripple, more precisely, its credit network XPR Lager. It gives network members the opportunity to issue its own loans for all purposes by issuing tokens that can represent the value of any asset: currency, property, services and so on.

The loans are an debt, a digital promissory note is a promise of the Issuer (Creator of the currency) to pay the holder a designated value of the new coins. It was at this point appears interesting feature of the Ripple platform: releasing your tokens, you can't hand them out to everyone.

How to release a coin

1. Go to the site The World Exchange is not only the exchange, but the interface to the wallet with the Ripple platform. The principle of this site is similar to the working principle MyEtherWallet where you can create wallets Ethereum and work with them. The World Exchange allows you to create a Ripple wallet, you can recharge it, to buy and sell XRP (Ripple digital currency) and other tokens, send XRP to other wallets and, most importantly, to create their own tokens.

2. In the upper right corner of the site the World Exchange click Login or Create a Ripple Account.

3. If you created a new address, to get started you need to send him at least 25 XRP: 20 XRP to activate the wallet and 5 XRP for the opening of the order to release the token. This can be done using any cryptocurrency exchange, which supports the withdrawal of funds in XRP.

4. To release coins, select the interface of the website left menu Issue, enter the quantity and Ticker symbol of your token, as well as the price and the Ticker token, which is the base currency of your token. Of course, as the base currency, you can choose USD, EUR or any other. But if you use as base currency XRP, the value of your token it will be automatically converted at the current exchange rate to any other currency.

5. After the release of the tokens don't forget to add in the settings option defaultRipple = true, which will allow holders of your token to send it to other wallets.

The advantages of the system

Ripple is one of the most popular existing platforms. Coin XRP is the third place in terms of capitalization. When you create your coin network automatically organizes trustline — line trust that is associated with the wallet of the Issuer. The meaning of lines of trust that nobody can send you their tokens without your consent. For example, the fraudster can produce tokens under the Ticker symbol BTC and send them to you, assuring that these tokens secured bitcoin.

Disadvantages of the system

  • To transfer coins to the wallet of the recipient must trust the Issuer of a cryptocurrency wallet, that is you. This process is similar to the transmission of data via Airdrop on your iPhone: photos of your latest party will not throw your friend as long as it does not allow you to do this.
  • To activate the Ripple address you must list the reserve of 20 XRP is the number of coins will always be in my purse and never withdrawn from the account. Even if you have strong, it is still impossible.

3. NEO

Another alternative platform for the creation of cryptocurrencies is NEO. It is called Chinese Ethereum for a similar functionality of the systems and purpose.

How to release a coin

The process of creating a amount of cryptocoins does not differ from Ethereum. The only issue coins on the NEO must comply with the standard NEP-5.

1. Visit the NEO website, click on the Client tab.

2. Download documents from the section NEO-GUE and NEO-CLI.

3. Fill in the details on the coin and drop them on GitHub.

The advantages of the system

Unlike the main competitor, Ethereum, a Chinese NEO platform supports multiple programming languages: Java, F#, C#, Kotlin VB.Net, Microsoft.net Go and Python. This is beneficial to companies that want to produce their coins. NEO currently supports 1000 transactions per second and do not take transaction fees.

Disadvantages of the system

  • To start a token on NEO, you need to pay around 500 coins GAS — token network, with which fee is charged (depending on the course, about $ 50,000). Create your own assets on this platform takes much time.
  • Users doubt the decentralization of the platform, as all the coins project are owned by the company OnChain. This means that the released coin on NEO will control a closed community company, and this contradicts the principle of cryptocurrency.

4. Minter

Not so long ago started the project Minter with his bloccano, upon which to issue its own cryptocurrency. Within the network there are coins BIP — Blockchain Payment Instant ("instant blockchain payment"), or BIP, each of which currently costs about 6 cents, but in the future the price will rise. Console beeps will become the basis for a new cryptocurrency which gold was the us dollar. Moreover, the provision creates an absolute and immediate liquidity for all market participants, since any coin can be exchanged for any other just a couple of seconds and without a mediator.

How to release a coin

1. Create your own coin takes about 2 minutes. On the website of the project you need to register and then enter the data on the token. What will it be — each user decides independently. Coins can be integrated into your business or tokenservice any activity where you need to make a volume of transactions in a short time.

  • The name of the coin — for example, Lifehacker.
  • The coin Ticker is an abbreviation of the Latin 3-10 uppercase letters.
  • The amount of release — that is how much your coins will exist in the world.
  • The number of BIP-reserved — provision of liquidity through the primary currency of the draft Minter.
  • CRR — coefficient responsible for the permanent reservation of BIP in the composition is released.
  • A coin to pay the fee that will be like Gas on Ethereum.

2. After filling in all lines and clicking "Create" the user automatically becomes the owner of its own cryptocurrency that can be exchanged for other coins in the network Minter, main cryptocurrencies — everyone's favorite bitcoin and Fiat, familiar to all currency — US dollar.

The advantages of the system

  • BIP, like any other released on the platform the currency quoted by the market. This means that coins, unlike other platforms that have real security. Yes, the currency may rise, may fall, there is nothing special. BIP, on the basis of which the user will create their own coin, you need to buy. For example, if we have a token Lifehacker pay 1 000 BIP and install the CRR is 10% then the issue will receive 100,000 coins. The average price of 1 LFH would have been 100 BIP.
  • Anyone can get coins from the BIP project. You need to register in the Telegram-bot and wait for the free distribution of tokens (Airdrop), which will begin after the launch of the core network.

Disadvantages of the system

While the project Minter falls into the category of startups. Otherwise, the system demonstrates a willingness to work with large sets of data and, most importantly, the platform can provide the basis for issuing their own cryptocurrency.

Most importantly, choose a platform to fit your needs and constantly monitor its activity.

What would be a way to create a cryptocurrency you choose, remember that the blockchain of any project demands attention, so it is constantly interested in updates and innovations network, so the coins were intact. Release your scriptactive makes you a step closer to a truly new and progressive technologies which will help to simplify many of the economic processes associated with transactions of money.

Alexander Kalinin

Source: https://lifehacker.ru/kak-sozdat-kriptovalyutu/


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