Bitcoin Forum

I am interested in creating my own altcoin that will be minable through a phone app. Can I copy a existing coins source code, edit it a bit, create a whitepaper and launch a ICO for my coin to collect essential funds for creating the phone app, wallet, marketing, etc. I really don't want to create something on the Ethereum platform since I don't know Solidity and most Ethereum ICOs look like a scam. What do you think is this the way to go if I want to create my own altcoin? Also any developers who would be interested in teaming up with me feel free to PM me.

That is not easy dude, but goodluck  ;)

Thanks. Hope it will be worth it in the end though.

I can't say I know a lot about it but since bitcoin is open source you definitely can do this and most of the original altcoins like litecoin, feathercoin, dogecoin and many others were like this. They were basically copies of bitcoin with slight modifications.

Exactly my plan. Only thing I want to change with the coin is the mining interface and mining speed. Have you heard of any coins that can be mined on your phone or something like that?

what will be the purpose of the altcoin? is there a functionality to the coin?

I guess he just wants to make a coin wich could be mined on phones only.
Smartphone rigs is cool idea why not  ::)

All coins can theoretically be mined on your phone... As long as the diff is really, really, really, really low.
When you use a hashing algorithm for which an ASIC exists, like sha256d, scrypt, x11,... the diff will skyrocket because of people trying to insta-mine your new coin, so it will be impossible to mine on a phone.

You should try to find an algo that can only be mined using a CPU, you might have a shot at mining with your phone then. Or even better, create your own algo.

That being said: mining on your phone is allmost never a good idear for any of the existing algorithms...

Alright this is solid advice. Since I am not really good with algos. What would you think of a pre-mined coin that will be distributed for using the app for “x amount of minutes a day”

That wouldn't technically be mining on your smartphone, but it would still work tough... There used to be an altcoin "mangocoinz" (IIRC) that used this concept.

Theoretically, it's easy to achieve this by adding a (very) generous block reward to one of the first blocks, then mine those first blocks yourself (as the dev)

make it an ethereum ICO, you will get a lot of money.

A PoW algo won't work for phones. The difficulty will raise so much that it will be worthless.
Maybe a PoS wallet can do the thing.

Would but don’t know solidity and can’t make anything for the Ethereum platform because of this.

I think it's like a fool who makes a show here, I think making Altcoin is not as easy as you think and it's not as easy as turning your palm, because it takes a long time to really succeed in the future. Maybe you still need a lot of learning for your future.

Okay, great to hear that I am not the only one coming up with this idea. Would it be smarter to fork from BTC or find Mangocoinz source code and fork from them?

I don't think mangocoinz ever distributed it's code... Here's ther ann thread: https://bitcointalk.org/index.php?topic=902788.0

good coin is have dev good - pr marketing ..... hope we are good coin

Thanks, you helped me out a lot.

That's what people are doing now so they can get a little bit of money from the ICO. Most ICO's that have an Ethereum contract attached to it do pretty well. The amount that they receive is usually over a million dollars and the amount that they can make from doing ICO's could get larger if they have a reputable Escrow.

The coin would have to be a legit coin so people would be interested in it.

If the coin will be mined with phone app, there's huge chance it will also be mined by any modern CPU and GPU. The difficulty will rise and phone mining will become worthless and get dropped.
So unless you have some ideas how to make your coin get mined ONLY by phones, your idea doesn't look so great to me. Unless you or somebody you team up with will find a solution for this, your idea doesn't worth the attention for an ICO.

I remember a coin that done it already. Mangocoin or Mango, but to work exclusively on phone/tablets, the blockchain was pretty much centralized.

Came to the conclusion that mining is not a good idea. Coins will be pre-mined and users are awarded coins for using the app.

This is better, this at least makes sense and can give a meaning to your coin.
I hope that my post was a helpful feedback, good luck!

I think coins based on Ethereum are easy to build, that is why we have so many.
If you don't want to use that platform, you'd need to hire some good developers. But the main hurdle would be marketing your ICO, how would you convince people to invest? You'd need huge marketing budget and promising development process to get that.
How far are you into the process?

I am only just starting, have started developing a white paper and a website. My team and I are still deciding if we should go with a Ethereum ICO or not. Fortunately for marketing we have developed very good strategies and a moderate following on a few platforms online.