Create a new coin for my employer company <BTC OR ETH?>

[baokychen]

I am the IT department team member of an investment company, and the company wanted to create a coin to distribute to its investor and this company coin is backed by BTC/ETH/FIAT

The question is

Should we create the coin under ETC network or BTC network, whats the difference of PRO & CONS.

I tried before forking a coin in BTC a few years ago,  but the issue is our requirements are


1) We don't want anyone to be able to get the coin other than the company who will supply it / through exchange
2) We want a max coin to be distribute and the owner of all the max coin will be the company initially
3) We have a plan to pump in 6 figures USD every week in term of BTC/ETH to buy back the coin that we distribute out through Coin Exchange.
4) We want to able to create wallet address for our investor and send the coin to this address.
5) We want to able to automatically through CLI send out investment payment in term of coin to investor wallet address. (I know BTC fork can do this, e.g Dice site to process withdrawal etc) and to monitor incoming payment to our BTC/ETH wallet
6) We want to able to send the key and the address so that we can guide our investor on how to setup account on Coin Exchange and to link their coin wallet to their exchange account.
7) We have intention to pay BTC to get it listed on Exchange to make it easy for our investor to convert it to BTC (which we will buy from that exchange)

Which coin should we fork our coin on , ETH or BTC. What do you suggest.

If we choose to fork in BTC, is there a way we can prevent outsider to mine it (e.g set extreme difficulty to even mine 1 coin of it) which is fine for us.

Is there a way to prevent error from happening, because if we use BTC, we would need to pre-mine a lot of it, and would it cause the client to go haywire.

Thanks for your generous advise.

[NeuroticFish]

If you make a Bitcoin clone, you may need to provide some sort of mining (PoW, PoS, ...) which is needed to confirm transactions (coin send) which I am not sure you want.
I would take a look at the tokens - ETH and WAVES network provide support for them.
If you really want to have a coin, a centralized network would be imho the answer for you, but that is not really a Bitcoin clone.

[baokychen]

If you make a Bitcoin clone, you may need to provide some sort of mining (PoW, PoS, ...) which is needed to confirm transactions (coin send) which I am not sure you want.
I would take a look at the tokens - ETH and WAVES network provide support for them.
If you really want to have a coin, a centralized network would be imho the answer for you, but that is not really a Bitcoin clone.

Would this mean if I create the coin under ETH network, that would solve the issue? To create our company coin, how much would we need to pay in ETH to get it created and handle our transaction.

2nd) Is it possible to fork out address for our company investor so they can have their own wallet, I know bitcoin could do it, but not sure if its the same for ETH.

Thanks

[iluvpie60]

I am having a little bit of a hard time understanding exactly what will be done with this coin.

It sounds like you want this coin to be a type of "stock" that your investor will invest into. With the terms set that you are buying it back over time from them? So a company stock buyback program? But it sounds like your employer wants to do it this way because it will be cheaper or something.

Not many people know what cryptocurrency is and it sounds like you are asking for trouble with this. If you do not want other people getting these coins why would you list it on an exchange?

What are the legal problems with doing this?it sounds exactly like an IPO only you are going to clone another coin and call that a coin instead of calling it a stock

It all sounds very shady and there wwould be no consumer protections in place. ICOs are always a scam and lose tons of money, ICOs around here are a swear word. Almost none of them make money.

I would really advise against doing this.

[baokychen]

I am having a little bit of a hard time understanding exactly what will be done with this coin.

It sounds like you want this coin to be a type of "stock" that your investor will invest into. With the terms set that you are buying it back over time from them? So a company stock buyback program? But it sounds like your employer wants to do it this way because it will be cheaper or something.

Not many people know what cryptocurrency is and it sounds like you are asking for trouble with this. If you do not want other people getting these coins why would you list it on an exchange?

What are the legal problems with doing this?it sounds exactly like an IPO only you are going to clone another coin and call that a coin instead of calling it a stock

It all sounds very shady and there wwould be no consumer protections in place. ICOs are always a scam and lose tons of money, ICOs around here are a swear word. Almost none of them make money.

I would really advise against doing this.

Hi,

It is for proof of ownership and we don't want launch an ICO to the public because the investors is already within our network and we would like to payback them in terms of coins which is of value as we will be buying the coin using BTC or ETH. Public are free to speculate on it but we will be buying back the coin we make from the investment through buying back the coin using BTC or ETH.

We are a registered company and its not an scam ICO or what as we are not drawing money from the public other than the network we are linked with within our company current operation.

We are thinking to set a cap on the initial supply and then distribute it out to our investors (already inside our network and we are paying them monthly with horrible exchange rate & commission), swapping this with coin, we would pay out by BTC or ETH of course we need fork out this coin, and give to our investor free to count their worth in the company.

The payout will be weekly/ for-nightly and we will be buying our own coin that we issues out.

What we need is to

1) Create a wallet for each investor (we got over 1000 investors currently)
2) Put coin into their wallet (Hope to achieve this through CLI command)
3) They are able to sell this coin in exchange we are listed in
4) We buy back their coin using BTC or ETH.

We are thinking how to achieve the above, this coin is not available to the public other than the exchange we are listed in, we are buying BTC or ETH using FIAT and buying back our coins that we issue out.

We are thinking if the best way to achieve this is through creating the coin in ETH network or BTC network because the purpose of coin is to reduce the fees and exchange rate, bank rates that occur due to the current infrastructure.

[Reynaldo]

If you have a public exchange that means that the public will be able to buy the coins too.

[NeuroticFish]

Would this mean if I create the coin under ETH network, that would solve the issue? To create our company coin, how much would we need to pay in ETH to get it created and handle our transaction.

Making a token under ETH or WAVES network would solve some of your problems, but not all of them.
My experience with ETH is limited, but I know for sure that making a token under WAVES network is very cheap.
The only drawback is that at least of WAVES network everybody's wallets will need some WAVES too to pay the transaction fees (again, it's tiny amounts).

2nd) Is it possible to fork out address for our company investor so they can have their own wallet, I know bitcoin could do it, but not sure if its the same for ETH.

I'm sorry, I don't understand your question. I don't know what would you mean by forking an address.
Your company will have an address with the tokens, your customers will have their wallets, each customer will have at least one address that they'll send to you (subscribe), you will send your tokens to those addresses.


And if you will list your coins at a public exchange, everybody will be able to buy them if somebody sells. On WAVES you can use the decentralized exchange, it may be easier than discussing with exchanges.
If you want to avoid public access, you'll have to make your own exchange.



If you want to avoid tx fees, public access and so on, you better hire somebody to make your private coin, private blockchain and private exchange.
I also feel like your understanding on cryptocurrencies also needs a boost (no offense intended).


Now your last points:

What we need is to

1) Create a wallet for each investor (we got over 1000 investors currently)

No. Each person creates his own wallet and subscribes to your service. The wallet is something private and has to stay safe.

2) Put coin into their wallet (Hope to achieve this through CLI command)

No. You don't "put" coins, you transfer them. Pay for the transfer and wait for the network/chain to process it.
This is why it's important to understand if you want a stand-alone coin or a token; this is why you have to think on how you want to process the transactions or leave others to process them.

3) They are able to sell this coin in exchange we are listed in
4) We buy back their coin using BTC or ETH.

If the exchange is public, anybody having BTC or ETH can buy, is this okay?
You can use in some cases DEx, skipping the "bribe the exchange" step.


I hope this helped for a better view.

[baokychen]

Would this mean if I create the coin under ETH network, that would solve the issue? To create our company coin, how much would we need to pay in ETH to get it created and handle our transaction.

Making a token under ETH or WAVES network would solve some of your problems, but not all of them.
My experience with ETH is limited, but I know for sure that making a token under WAVES network is very cheap.
The only drawback is that at least of WAVES network everybody's wallets will need some WAVES too to pay the transaction fees (again, it's tiny amounts).

2nd) Is it possible to fork out address for our company investor so they can have their own wallet, I know bitcoin could do it, but not sure if its the same for ETH.

I'm sorry, I don't understand your question. I don't know what would you mean by forking an address.
Your company will have an address with the tokens, your customers will have their wallets, each customer will have at least one address that they'll send to you (subscribe), you will send your tokens to those addresses.


And if you will list your coins at a public exchange, everybody will be able to buy them if somebody sells. On WAVES you can use the decentralized exchange, it may be easier than discussing with exchanges.
If you want to avoid public access, you'll have to make your own exchange.



If you want to avoid tx fees, public access and so on, you better hire somebody to make your private coin, private blockchain and private exchange.
I also feel like your understanding on cryptocurrencies also needs a boost (no offense intended).


Now your last points:

What we need is to

1) Create a wallet for each investor (we got over 1000 investors currently)

No. Each person creates his own wallet and subscribes to your service. The wallet is something private and has to stay safe.

2) Put coin into their wallet (Hope to achieve this through CLI command)

No. You don't "put" coins, you transfer them. Pay for the transfer and wait for the network/chain to process it.
This is why it's important to understand if you want a stand-alone coin or a token; this is why you have to think on how you want to process the transactions or leave others to process them.

3) They are able to sell this coin in exchange we are listed in
4) We buy back their coin using BTC or ETH.

If the exchange is public, anybody having BTC or ETH can buy, is this okay?
You can use in some cases DEx, skipping the "bribe the exchange" step.


I hope this helped for a better view.

Thanks for the response. Its true I am out of the Bitcoin Industry for a few years, I used to fork my own coin from Bitcoin and edit the genesis block, launch it etc. get it up on exchange and set up games.


But right now this ETH is puzzling to me.

1) It is easy to setup my initial supply and setup my coin on behalf of my company.

But i got this issue, because if I want to create a wallet for e.g 1000 members of my network, attach their wallet to their account (the import data or whatever), then could I achieve this with ETH network using CLI?

As not all of them download ETH program and sync it, they are not so IT savvy, what I could do is guide them on how to import their wallet to the exchange the coin is listed on.

2) If I set an initial supply of 100 million coin, and I would like to send coin to this "1000 wallet address " mention in (1), could this be done with ETH network smart contract token (A token created under ETH network), is the fees very expensive to send this 1000 transaction.

I know if I fork a coin under Bitcoin, I can do this without paying (gas) or whatever that ETH require when doing a transaction.

3) I would like to list my company coin such as Yobit by paying an exclusive fee, if a token create under ETH network, is it able to be listed on exchange easily (easily as in technically not in acceptance)

Thanks for helping answer my questions.

[betong]

maybe waves platform is better for your needs

1) It is easy to setup my initial supply and setup my coin on behalf of my company.

But i got this issue, because if I want to create a wallet for e.g 1000 members of my network, attach their wallet to their account (the import data or whatever), then could I achieve this with ETH network using CLI?

As not all of them download ETH program and sync it, they are not so IT savvy, what I could do is guide them on how to import their wallet to the exchange the coin is listed on.

waves is easier to setup.
i'm guessing you want control over your members wallets, this can be done with waves.
everyone can use the waves lite wallet


2) If I set an initial supply of 100 million coin, and I would like to send coin to this "1000 wallet address " mention in (1), could this be done with ETH network smart contract token (A token created under ETH network), is the fees very expensive to send this 1000 transaction.

transfer fee is 0.001 waves per transfer per wallet

I know if I fork a coin under Bitcoin, I can do this without paying (gas) or whatever that ETH require when doing a transaction.


3) I would like to list my company coin such as Yobit by paying an exclusive fee, if a token create under ETH network, is it able to be listed on exchange easily (easily as in technically not in acceptance)

waves dex.

my suggestion, get a waves wallet, check the the features, then get back here for your questions

[icoprimers]

I am the IT department team member of an investment company, and the company wanted to create a coin to distribute to its investor and this company coin is backed by BTC/ETH/FIAT

The question is

Should we create the coin under ETC network or BTC network, whats the difference of PRO & CONS.

I tried before forking a coin in BTC a few years ago,  but the issue is our requirements are


1) We don't want anyone to be able to get the coin other than the company who will supply it / through exchange
2) We want a max coin to be distribute and the owner of all the max coin will be the company initially
3) We have a plan to pump in 6 figures USD every week in term of BTC/ETH to buy back the coin that we distribute out through Coin Exchange.
4) We want to able to create wallet address for our investor and send the coin to this address.
5) We want to able to automatically through CLI send out investment payment in term of coin to investor wallet address. (I know BTC fork can do this, e.g Dice site to process withdrawal etc) and to monitor incoming payment to our BTC/ETH wallet
6) We want to able to send the key and the address so that we can guide our investor on how to setup account on Coin Exchange and to link their coin wallet to their exchange account.
7) We have intention to pay BTC to get it listed on Exchange to make it easy for our investor to convert it to BTC (which we will buy from that exchange)

Which coin should we fork our coin on , ETH or BTC. What do you suggest.

If we choose to fork in BTC, is there a way we can prevent outsider to mine it (e.g set extreme difficulty to even mine 1 coin of it) which is fine for us.

Is there a way to prevent error from happening, because if we use BTC, we would need to pre-mine a lot of it, and would it cause the client to go haywire.

Thanks for your generous advise.

You need a sidechain of Stratis, but take a look at Waves. Also read about the elements project. Basically a coin is a blockchain with a ledger. You don't have to set a difficulty if you have a ledger that doesn't need it.

[hexafraction]

Thanks for the response. Its true I am out of the Bitcoin Industry for a few years, I used to fork my own coin from Bitcoin and edit the genesis block, launch it etc. get it up on exchange and set up games.


But right now this ETH is puzzling to me.

1) It is easy to setup my initial supply and setup my coin on behalf of my company.

But i got this issue, because if I want to create a wallet for e.g 1000 members of my network, attach their wallet to their account (the import data or whatever), then could I achieve this with ETH network using CLI?

As not all of them download ETH program and sync it, they are not so IT savvy, what I could do is guide them on how to import their wallet to the exchange the coin is listed on.

2) If I set an initial supply of 100 million coin, and I would like to send coin to this "1000 wallet address " mention in (1), could this be done with ETH network smart contract token (A token created under ETH network), is the fees very expensive to send this 1000 transaction.

I know if I fork a coin under Bitcoin, I can do this without paying (gas) or whatever that ETH require when doing a transaction.

3) I would like to list my company coin such as Yobit by paying an exclusive fee, if a token create under ETH network, is it able to be listed on exchange easily (easily as in technically not in acceptance)

Thanks for helping answer my questions.

This could be done as an ERC20 token with some modifications.

1) Members can use a tool such as myetherwallet.com on a trusted computer, or a custom GUI you write that interacts with a geth node.  You could even provide a node as long as you sign transactions on member devices.
2) It shouldn't be. Depends on what you consider a terrible level of fees.
3) If it's close enough to the ERC20 standard, exchanges should have no problem listing it since it would be a fairly standard operation for those exchanges that already work with Ethereum tokens.