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Author Topic: Easiest way to create an altcoin for own use?  (Read 402 times)
Ghris
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April 23, 2016, 08:35:21 AM
 #1

Hello,

Am investigating the possibility of creating an altcoin for semi-private use. In a minecraft server we now use bitcoin wallets and actual transactions. But because dust transactions are not allowed, rewards/costs must always be >100 bits high. That is quite a lot to get for killing a monster for example.

So I was thinking about creating a 100% premined altcoin with a couple billion coins and create a fixed-rate exchange where the altcoin can be sold/bought for bitcoin. Maybe 1 satoshi is 1 whole altcoin.

Now my question for you guys:
What would be the best way to create and maintain such a coin?

A couple of specs I think it should have:
- Very fast transaction times
- High amount of coins (as 1 satoshi is one coin, I am thinking in billions)
- 100% premined
- Ability to maintain payment processing with low-power options. Not sure what the options are here though. No mining is required after pre-mine, but for transactions it is still necessary I would guess.

Any help or push in the right direction would be wonderful Smiley

Ghris
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kiklo
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April 23, 2016, 09:20:49 AM
Last edit: April 23, 2016, 09:38:06 AM by kiklo
 #2

You could pay a Dev to create a coin for you, but that also means you have to maintain a few VPS servers , Block Explorers, and get it on a few exchanges.

Best & Least expensive route
Why not just go out and Buy a few million ZEIT  this way your coin infrastructure is free, and you only have the cost of the coins.
You can currently buy  ~97 million at 2 sat on Cryptopia & Yobit combined, and since it is proof of stake, you can stake more for free.
We have ~35 Billion coins, 30 second block time, 15% rate until 2017 then 5% per year.
Plus our Price will be increasing with time not decreasing like PoW coins.  Smiley
https://bitcointalk.org/index.php?topic=487814.0

Or

Other options if you prefer PoW , which would cost more
Look into joining with Blakecoin & Photon as their are already attempting to create Game specific coins
https://bitcointalk.org/index.php?topic=306894.0
Contact BlueDragon747   @  https://bitcointalk.org/index.php?action=profile;u=140920

 Cool

FYi:
If you Choose ZEIT , let me know and I will make sure the OP mentions you.
Ghris
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April 23, 2016, 09:46:46 AM
 #3

snip

Thanks for your suggestions and help kiklo. I don't think integrating an existing coin is an option for us (except bitcoin itself i guess), as we can't guarantee a fixed price of 1 satoshi per coin.

The way I think will be best for the server is: Player buys <altcoin> at the price of 1 satoshi per coin. Satoshi gets stored at the exchange/cold-wallet and the altcoin gets transfered to the ingame-wallet of the player. Player plays and pays with his coins, and wins/receives some. He decides to cash out and sends his altcoin to the exchange and gets exactly 1 satoshi per coin back.
If anyone else besides the exchange (which is controlled by the server) has any sum of the altcoin, the exchange can't guarantee payouts because it could go in negative satoshis.

I think I could figure out how to make an altcoin. I mainly want to know which kind of coin is best suitable for my case. Least amount of devices needed to process the payments/blockchain for example.
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April 23, 2016, 09:50:43 AM
 #4

doubt you can launch a coin
those days are mostly behind us all
better to invest in launching an asset
(lower maintenance overhead)

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Ghris
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April 23, 2016, 09:53:46 AM
 #5

doubt you can launch a coin
those days are mostly behind us all
better to invest in launching an asset
(lower maintenance overhead)

Sorry but I don't think you have read my OP. I am not making it to release to the market. It is for private use.
kiklo
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April 23, 2016, 10:01:41 AM
Last edit: April 23, 2016, 11:08:22 AM by kiklo
 #6

doubt you can launch a coin
those days are mostly behind us all
better to invest in launching an asset
(lower maintenance overhead)

Sorry but I don't think you have read my OP. I am not making it to release to the market. It is for private use.

If there is to be no public use at all , then another option is to just issue inhouse game credits,
1 game credit exchangeable for 1 satochi, but payed out in Dogecoin , so you will need to set a minimum # of required satochi before withdrawal

That way you don't have to support an Altcoin infrastructure which will add overhead, but is unnecessary without public use.


 Cool

FYI:
Funny, BTC was supposed to be the MicroPayment solution, but now it is faster & cheaper to use dogecoin.  Tongue
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April 23, 2016, 10:02:19 AM
 #7

you need some freemarket exposure
else it makes the sale 100x harder

also hash
you need hash
no hash and your not going to have fun ;(


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BitcoinNational
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April 23, 2016, 10:05:06 AM
 #8

@kiklo

yes. more correct. if pure private then just in house 'black box' on you're own server.
that makes it 'non-transferable' outside of the system.

assets make you public
a coin would make you 'decentralized'; meaning if your hardware (ip seeders) fails the network is still up.

also an exchange traded item makes it so much more valid.  

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April 23, 2016, 11:23:48 AM
 #9

Launch an user issued asset on Bitshares.
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