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Author Topic: What is the best way to create a new crypto currency?  (Read 356 times)
Phriend
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February 09, 2018, 06:31:35 PM
Last edit: February 09, 2018, 07:10:20 PM by Phriend
 #1

I guess I have a few questions...

1)  Are some platforms better or more trustworthy for creating new crypto currencies?  Any recommendations?

2)  I want this currency to have a fixed circulating supply.  Does this mean that my coin should not be mineable?  (I don't really know how mining works).  Any recommendations?

3)  My coin will mainly function as a currency.  I was going to use the ETH20 protocol because hardware wallets seem to easily support it.  Would there be any advantage to using a different protocol?

4)  I'd like to eventually get listed on Bittrex, Poloniex, etc.  Does this mean I need to avoid certain coin creation platforms?  Any recommendations?


Thanks!
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February 09, 2018, 07:34:02 PM
 #2

1)  Are some platforms better or more trustworthy for creating new crypto currencies?  Any recommendations?
No,there isn't such thing as 'trustworthy'.Depending on what you have to do with your project,you can choose to Fork an existing project,clone an existing project and make changes in their algos or use frameworks like Lisk/Waves/Ethereum to create smart contracts.This also depends on the developers you will find for the team.

2)  I want this currency to have a fixed circulating supply.  Does this mean that my coin should not be mineable?  (I don't really know how mining works).  Any recommendations?
You need to study a lot more basics about cryptos in general,my comment here wouldn't help you understand all of it.

3)  My coin will mainly function as a currency.  I was going to use the ETH20 protocol because hardware wallets seem to easily support it.  Would there be any advantage to using a different protocol?
Do you understand protocols ? What is your project ? It is too early to advise you on anything.Please read more about stuff.


4)  I'd like to eventually get listed on Bittrex, Poloniex, etc.  Does this mean I need to avoid certain coin creation platforms?  Any recommendations?
Thanks!
Nope.Only thing I can recommend is,use google to know everything that's been asked for.


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Raimonn
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February 09, 2018, 07:51:36 PM
 #3

First, you could try to learn more about bitcoin, tokens and how they work. Creating a new coin, isn't an easy way to earn fast money (if you don't want to scam users/investors). In my opinion a new coin needs to solve a problem that existing coins/tokens don't solve. And to get listed on exchanges you will need to spend a lot of money.
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February 10, 2018, 02:49:08 PM
 #4

And to get listed on exchanges you will need to spend a lot of money.

Really?  Do most charge to get listed?  I would think they'd want to list a popular coin since they make money on the fees.
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February 12, 2018, 04:13:35 PM
 #5

I guess I have a few questions...

1)  Are some platforms better or more trustworthy for creating new crypto currencies?  Any recommendations?

2)  I want this currency to have a fixed circulating supply.  Does this mean that my coin should not be mineable?  (I don't really know how mining works).  Any recommendations?

3)  My coin will mainly function as a currency.  I was going to use the ETH20 protocol because hardware wallets seem to easily support it.  Would there be any advantage to using a different protocol?

4)  I'd like to eventually get listed on Bittrex, Poloniex, etc.  Does this mean I need to avoid certain coin creation platforms?  Any recommendations?


Thanks!

coins - a new type of mineable cryptocurrency with its own blockchain. ie. Litecoin, waves, ethereum.
tokens -  a currency for which created under coins blockchain. example, a token created under ethereum. think of ethereum as a base to power your tokens.

the purpose of mining is to get the crowd to maintain the network. imagine google who spend hundred of millions to maintain their server to keep their softwares running, the invention of blockchain will allowed the crowd to maintain your server using their own computing power. in return, the crowd will be given some coins as incentive to maintain the network.

2) if you are looking for fixed circulating supply, you should create tokens.
3) if it will funtion like a currency, you should take a look at USDt (tether usd). let say you have 1000 usd in your bank account to backed these tokens, you should have only 1000 token circulating in your system. whenever someone give you back their token let say 100 tokens, you will burn this 100, so in your total circulation will be only 900.

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February 12, 2018, 05:27:00 PM
 #6

I guess I have a few questions...

1)  Are some platforms better or more trustworthy for creating new crypto currencies?  Any recommendations?

2)  I want this currency to have a fixed circulating supply.  Does this mean that my coin should not be mineable?  (I don't really know how mining works).  Any recommendations?

3)  My coin will mainly function as a currency.  I was going to use the ETH20 protocol because hardware wallets seem to easily support it.  Would there be any advantage to using a different protocol?

4)  I'd like to eventually get listed on Bittrex, Poloniex, etc.  Does this mean I need to avoid certain coin creation platforms?  Any recommendations?


Thanks!

You'll be better off using BTC or ETH, if you are just going to use it as a currency. Liquidity is the most important aspect of a currency, its useless without it. So go with the one with the most liquidity.

Money Is Information
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February 12, 2018, 11:52:25 PM
 #7

A coin can have a fixed supply and still be minable. In fact, that's exactly what Bitcoin is. Eventually miners will only get transaction fees rewards.
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February 13, 2018, 09:14:52 AM
 #8

I guess I have a few questions...

Quote
1)  Are some platforms better or more trustworthy for creating new crypto currencies?  Any recommendations?
For currencies based on other blockchains that allow developement of Dapps, we have ethereum, waves and Omni platforms. There are also many other platforms but less popular. If you want to go with the safe side my suggestion will be the ethereum blockchain to develop a new cryptocurrency. Waves is also good but it is often not given the "first preference" - also its not considered to be a legitimate platform (do your own research).

Quote
2)  I want this currency to have a fixed circulating supply.  Does this mean that my coin should not be mineable?  (I don't really know how mining works).  Any recommendations?
Tokens developed on any platform are non-mineable. I think that answers your question - you are developing a crypto "on a platform" so thats not mineable. However I am not really sure if this is 100% correct.

Quote
3)  My coin will mainly function as a currency.  I was going to use the ETH20 protocol because hardware wallets seem to easily support it.  Would there be any advantage to using a different protocol?
You simply answered your first question. It is ERC-20 token. Its a popular platform. But like I said above there are other platforms. Do check the out.

Quote
4)  I'd like to eventually get listed on Bittrex, Poloniex, etc.  Does this mean I need to avoid certain coin creation platforms?  Any recommendations?
No. Your coin will be considered as an asset and should be trade-able once listed. For listing you will need to pay fees. That has nothing to do with the platform.

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February 13, 2018, 07:36:58 PM
 #9

I can imagine creating your own cryptocurrency would be quite a complicated matter. However, even I would like to know how or join a team to help part time.
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February 13, 2018, 08:10:09 PM
 #10

mining for starters isn't such an easy thing to explain, but for beginners, its advisable to get bitcoin miner, a windows 10 app that does almost everything for you while you learn more. once the app has been downloaded, the user enters their wallet address in the payout address settings and press the start button and you will be good to go. thorough research is however advisable before going deep into cryptocurrency.
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February 13, 2018, 11:53:07 PM
 #11

I guess I have a few questions...

1)  Are some platforms better or more trustworthy for creating new crypto currencies?  Any recommendations?

2)  I want this currency to have a fixed circulating supply.  Does this mean that my coin should not be mineable?  (I don't really know how mining works).  Any recommendations?

3)  My coin will mainly function as a currency.  I was going to use the ETH20 protocol because hardware wallets seem to easily support it.  Would there be any advantage to using a different protocol?

4)  I'd like to eventually get listed on Bittrex, Poloniex, etc.  Does this mean I need to avoid certain coin creation platforms?  Any recommendations?


Thanks!

Hi There,

Being ambitious is a great thing and no better place than learning about blockchain. I suggest you work through some books or quick courses. Knowing how the basics work is a must. I recommend:

  • Blockchain - Blueprint for a new economy - Melanie Swan; to appreciate general use cases for the technology
  • Mastering Blockchain - Imran Bashir; for a deep dive

Wish you all the best.
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February 14, 2018, 12:26:53 AM
 #12

Really?  Do most charge to get listed?  I would think they'd want to list a popular coin since they make money on the fees.

Yes. If it's not a straightforward charge, then the developers proposing the coin have to sell a large amount to them at a huge discount before they'll consider listing it.

Binance is a prime example. For starters you have to buy their currency to vote for your coin. If you get voted in I've heard they ask hundreds of thousands of dollars on top as well.

As for a platform to create a new currency, look at NEM. That'll give you a fixed supply and it's easy to develop on.

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February 14, 2018, 07:50:58 AM
 #13

Using an ERC-20 token is the easiest route. In fact you can now use a lot of automated sites to generate the smart contract code for you.

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February 14, 2018, 01:32:49 PM
 #14

These your question are something you just answer instantly, it needs a vivid explanations. I suggest you should go online and read first a lot about creating a new coin. Here is an article that could help you ; http://www.independent.co.uk/life-style/gadgets-and-tech/news/how-to-create-your-own-cryptocurrency-bitcoin-alternative-altcoin-a8151386.html
But you should know that it's is not a good idea for your coin to have a fix calculating supply, it could cause your coin not been available to those you might want to have or purchase it, since most people might be holding their coins.

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February 14, 2018, 11:49:45 PM
 #15

I've just finished deploying my first proof of concept currency based on the Bitcoin codebase. Managed to get three remote nodes up, running and mining in about two days.

If anyone is interested in an end to end walkthrough showing how to create your own real crypto currency (not a token!) let me know below. Maybe something like this video I made to help folk setup Lightning? https://youtu.be/DLWkOqo0Tak
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February 16, 2018, 05:21:32 AM
Last edit: February 16, 2018, 08:32:34 AM by nc50lc
 #16

Using an ERC-20 token is the easiest route. In fact you can now use a lot of automated sites to generate the smart contract code for you.
Perhaps, this is the easiest solution but some persons will be suspicious to your Token because of the fact that 99% of tokens are scam coins.
Most of the Digital currencies' codes are public, means you can copy-paste (Fork) them whenever you want, do the necessary edits, change the name, then there it is! Your coin.
You know, almost more than half of the current mainstream coins are a copy-paste version of Bitcoin.

What matters most is the services or platform you want to offer to use those whatever token you want to make.
If you intended to make a currency, establish a market for it to gain value.
Everytime when someone made a coin/token, the first thing that come to their plan is to make it into exchanges to gain value price.
What we need is a working/established business to use our coins/tokens, not another digital currency.


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February 16, 2018, 08:58:58 PM
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 #17

Go to ethereum.org you will find the way to start new currency on ERC20 smart contract. This is been wisely used option by everyone. Upon your requirements you can find the codes on the site. You can make the payment on various crypto currencies.

Please find the below link to know, how to create the new token.
https://www.ethereum.org/token
Open chat option will be there, you can get the help from the support on that above page itself.
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February 17, 2018, 01:01:04 AM
 #18

Quote
2)  I want this currency to have a fixed circulating supply.  Does this mean that my coin should not be mineable?  (I don't really know how mining works).  Any recommendations?
Tokens developed on any platform are non-mineable. I think that answers your question - you are developing a crypto "on a platform" so thats not mineable. However I am not really sure if this is 100% correct.

I believe I have seen mineable ERC20 tokens on the Ethereum blockchain.

Yes, I have, here's an article I remember reading: https://lightrains.com/blogs/how-to-create-mineable-erc20-tokens

I don't know about mineability on other chains.  Seems like there would be major downsides to a minable token that has a dependency on an underlying currency.

Best regards,
Ben

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February 17, 2018, 05:40:21 AM
 #19

Do you need a good team and interesting IDEA, better if you have product which work. And of course a start capital for marketing, site and managers. Good luck to your ideas

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February 17, 2018, 09:34:18 AM
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To be ready to high costs on technical part, marketing, etc..... Cool Cool
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