A breakdown of how to release a crypto currency

[fablkak]

Can anyone break down the process of releasing a coin? Is there a book somewhere called "Creating your own crypto currency for dummies"? If you have any experience in launching a coin I would be very happy to hear from you. If you're happy to give some advice please read on.

I had an idea for a revolutionary new coin that will set it well apart from its competitors in more than just its name and block specs. The only problem is... I haven't started my own currency before. What I am particularly interested in is stuff like pool set up, pre-release testing procedures and what needs to be changed in the source file to make a new currency (assuming that it's a scrypt based litecoin derivative). Are there any guides you can point me to? any enlightening walkthrough forum posts?

I want to get the coin just right, I know I can't do it by myself but I also don't want to be flailing in the dark or placing unrealistic expectations on future team members. I am trying to come up with the early stages of an action plan. I have seen so many fledgling currencies come and go in the last week alone that I know a few things to avoid. I'm pretty sure my coin will get the "big picture" right, it's the technical requirements of a launch that currently illude me.

Thanks in advance, fablkak.

[zackclark70]

Can anyone break down the process of releasing a coin? Is there a book somewhere called "Creating your own crypto currency for dummies"? If you have any experience in launching a coin I would be very happy to hear from you. If you're happy to give some advice please read on.

I had an idea for a revolutionary new coin that will set it well apart from its competitors in more than just its name and block specs. The only problem is... I haven't started my own currency before. What I am particularly interested in is stuff like pool set up, pre-release testing procedures and what needs to be changed in the source file to make a new currency (assuming that it's a scrypt based litecoin derivative). Are there any guides you can point me to? any enlightening walkthrough forum posts?

I want to get the coin just right, I know I can't do it by myself but I also don't want to be flailing in the dark or placing unrealistic expectations on future team members. I am trying to come up with the early stages of an action plan. I have seen so many fledgling currencies come and go in the last week alone that I know a few things to avoid. I'm pretty sure my coin will get the "big picture" right, it's the technical requirements of a launch that currently illude me.

Thanks in advance, fablkak.

honestly if you have good ideas and you don't know or don't have the money to look after a coin you should be joining up with a coin that already exists

if you do that you will be able to gain experience in running a coin there I nothing stopping you making your own coin in the future once you know more about what your doing

feel free to pm me if your going to do this properly if your just going to use a coin generation website don't message me as the coin will bring nothing new to crypto

[fablkak]

I'm not going to go into any detail yet but I can honestly say that the coin I have plans for is more different from litecoin than litecoin is from bitcoin. All of these other coins are really just modifications to the block reward and not one of them could support what I have in mind. I'm doing a PhD in financial maths and I have something truly unique in mind, I just don't know how to do it yet.
                  My plans aside, I'm not here to promote a coin that doesn't exist yet. I am here to ask for advice on starting a coin because many of the fundamentals are going to be the same. I'm sure that some kind of guide to starting a coin will not only help me but also other creative people that have more in mind than rebranding the same old thing.

[zackclark70]

I'm not going to go into any detail yet but I can honestly say that the coin I have plans for is more different from litecoin than litecoin is from bitcoin. All of these other coins are really just modifications to the block reward and not one of them could support what I have in mind. I'm doing a PhD in financial maths and I have something truly unique in mind, I just don't know how to do it yet.
                  My plans aside, I'm not here to promote a coin that doesn't exist yet. I am here to ask for advice on starting a coin because many of the fundamentals are going to be the same. I'm sure that some kind of guide to starting a coin will not only help me but also other creative people that have more in mind than rebranding the same old thing.

the biggest issue with telling everyone how to launch a coin is that it will mean even more people make junk coins with no changes

feel free to add me on Skype zack.clark4 I can answer most questions that you might have

[fablkak]

Thanks man.
I'll give you a msg/call in the next few days. I have to do some more research first.

[olsn]

Not another coin!!!
http://www.youtube.com/watch?v=xOdZhhV0AyA

Answer this one question HONESTLY: WHY do you want to start another coin? Are you REALLY trying to contribute to crypto by bringing yet another currency to a market of 100 other currencies and therefor mixing up that landscape even more, making a solid adoption for the broad masses more and more difficult? Or are you in it to try and get some quick money out of it by stating a bunch of fake benefits and having 90% of the coin premined for yourself?
Based on the fact that you are not able to setup a new coin yourself, chances are low that you are actually contributing to crypto by trying to bring in a new coin to the game, if you really want the community to benefit, write a white-paper, and if it kicks ass, be happy if someone adopts it.

Just to state my point of view, I don't want to accuse you of anything, only you know your true intentions until you share them. But I hope you can see why I am concerned about your idea/project by looking at the whole crypto-coin landscape.

[fablkak]

Not another coin!!!
http://www.youtube.com/watch?v=xOdZhhV0AyA

Answer this one question HONESTLY: WHY do you want to start another coin? Are you REALLY trying to contribute to crypto by bringing yet another currency to a market of 100 other currencies and therefor mixing up that landscape even more, making a solid adoption for the broad masses more and more difficult? Or are you in it to try and get some quick money out of it by stating a bunch of fake benefits and having 90% of the coin premined for yourself?
Based on the fact that you are not able to setup a new coin yourself, chances are low that you are actually contributing to crypto by trying to bring in a new coin to the game, if you really want the community to benefit, write a white-paper, and if it kicks ass, be happy if someone adopts it.

Just to state my point of view, I don't want to accuse you of anything, only you know your true intentions until you share them. But I hope you can see why I am concerned about your idea/project by looking at the whole crypto-coin landscape.

I can see why you are concerned, there are a lot of coins out there that are completely unoriginal. In fact the way I see it there are only really two original coins out there, bitcoin and litecoin (and one when the proof of work is actually useful there will be a another). I plan to introduce a third unique coin. I know what changes to make but I'm more of a mathematical programmer myself (I use matlab all day) and so I haven't got the skills to implement these changes just yet.

One thing that I should point out is that I don't believe in "free trust" in an online anonymous community and so I completely I understand if you don't believe that I have anything original to contribute because I'm playing it very close to the chest at the moment. However, there are two sides to the coin of trust so to speak, the reason that I'm being rather secretive is simple, with so many other coins out there (and so many other people that can make it before me) I'm worried that someone will just steal the idea and implement it first. The coin will reflect this mutual mistrust and adopt a high level of transparency and a minimal premine.

I have a few professional programmer friends (irl) and I was planning to get them on board however I also know that they have no experience with starting a coin either and so I thought this might be a good place to start. It still might be, I haven't called zackclark70 yet because I'm still thinking of the right questions.

Ok, with or without giving away secrets on how to start a coin can anyone please answer the following.

Without using a coin generator how difficult is it to change the source code yourself by the bare minimum to get a new coin? This might sound like that is what I intend to do but honestly I'm trying to figure out the amount of work involved in the whole process and this is the first part of that. Given the amount of coins out there I know it's not going to take a team of expert programmers months but I also don't know if it's a trivial matter for someone that has done it before. Change line 273 and line 8092 and you're done?

Lets say you made a new coin, how would you go about setting up a "testnet"?
I really do plan to make some changes and these need to be tested thoroughly pre launch. The last thing I want is a fork or a fundamental source code error that crops up one month after launch.

Before the coin goes live, do you give information to pools at the last second so that they can't get in their own pre mine? Any tips on a fair launch procedure? Don't start the difficulty super low with a long diff adjustment time etc? It would suck to have done all the work to make a great coin only to have it ruined by a failed unfair launch.

For now all I really want is to create an offline/private coin for testing purposes. This is step one. What might suffice for now is just modifying the litecoin code and running the whole thing on a private network. Does anyone know how I can run my own little fork of litecoin starting from block 1 on a private network?

[balanghai]

Seems a great Idea! Maybe if the coin devs would have a proper ethical discipline, it would not look trash or pump and dump scheme.

[olsn]

You know Google, right? http://andarazoroflove.org/how-to-create-alt-coin-scrypt-clones-for-fun-and-profit-bitcoin-litecoin-secrets-exposed/
First thing that popped up, alon with several other tutorials, but just changing the basic parameters, won't make your coin uniqe.

If you really want your coin to establish, I'd say, you give at least an announcment several weeks ahead, where you already state your uniq features in a whitepaper. Nothing should be premined and as many people as possible should start with the same conditions. The coins should not all be mined within a timeframe of less than 3-4years, even that seems pretty fast. Don't expect your coin to "make it" (overtake bitcoin) in less than 5 years, it took btc 5 years to be where it is now.
Even IF your coin is superior, this is still the crypto market...it's unpredictable.

But a successful visionary, we all know, once said: “The People Who Are Crazy Enough to Think They Can Change the World, Are the Ones Who Do.”

[fablkak]

You know Google, right? http://andarazoroflove.org/how-to-create-alt-coin-scrypt-clones-for-fun-and-profit-bitcoin-litecoin-secrets-exposed/
First thing that popped up, alon with several other tutorials, but just changing the basic parameters, won't make your coin uniqe.

If you really want your coin to establish, I'd say, you give at least an announcment several weeks ahead, where you already state your uniq features in a whitepaper. Nothing should be premined and as many people as possible should start with the same conditions. The coins should not all be mined within a timeframe of less than 3-4years, even that seems pretty fast. Don't expect your coin to "make it" (overtake bitcoin) in less than 5 years, it took btc 5 years to be where it is now.
Even IF your coin is superior, this is still the crypto market...it's unpredictable.

But a successful visionary, we all know, once said: “The People Who Are Crazy Enough to Think They Can Change the World, Are the Ones Who Do.”

what is this google of which you speak?
Nice link, reading through it now. I appreciate you other advice too although that kind of big picture stuff I have already got my head around. I have been mining for a few months and been reading a lot of the forums about startup coins. Like any successful venture it has to start with a bit of research and I'm really just in the early stages of that.
            I don't think there is a problem with a small premine so long as it is small enough to be negligible only a few days/weeks after launch. Furthermore I think that a premine spent largely on promotion and distributed within the first two weeks or so, with enough left over for a bounty or two isn't a bad thing if it is done in an upfront and transparent way. Having a little premine spent on promotion increases the value coins held much more so than the small inflationary effect it may have.
             I am not going to claim superiority to bitcoin or any other coin, only that it is fundamentally different in more than just name and block specifications. I'm pretty sure I have figured out a way to do something really special with only a few modifications but you will have to wait and see. Pre launch announcement is still months away.

[Sonny]

How to make a new coin? Easy.

1. Pay 0.05btc to coingen
2. There is no step 2.  

But, seriously, we have already got lots and lots of clone coins, and we don't really need more.

[fablkak]

How to make a new coin? Easy.

1. Pay 0.05btc to coingen
2. There is no step 2.  

But, seriously, we have already got lots and lots of clone coins, and we don't really need more.

Thank you for your useless advice. I look forward to proving you wrong.