How To Create Your Own Cryptocurrency?

As of the end of September 2018, there are more than 2 thousand different cryptocurrency projects in the world. Each month their number is only increasing. For example, at the beginning of this summer, the CoinMarketCap website indicates that there were about 1,600 coins, i.e, globally speaking 400 new ones appeared in 4 months. In this article we will talk about the nuances of creation of your own cryptocurrency and discuss about how much it may cost and how you can do it. So, there is a lot of information, let’s get started.

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  1. Why do you need to create your own cryptocurrency?
  2. What shall you thoroughly consider while creation of your own cryptocurrency?
  3. What are the main ways to create a new coin?
  4. Conclusion

1. Why do you need to create your own cryptocurrency?

At the very beginning it is necessary to determine the value that your coin will have. There is a huge number of projects which have been created and launched for fun, for example: TrumpCoin, PutinCoin, etc. Such coins will hardly ever become successful nor get at least into the TOP 100 projects.

An idea that underlies your future coin creation shall solve some major problem or improve the already existing product. Also, the coins that will be used as the settlement means within a particular platform (a service, a game, etc.) are considered as promising.

2. What shall you thoroughly consider while creation of your own cryptocurrency?

Suppose, you already have a clear idea about the purpose of your future offspring, therefore let’s talk now about the nuances that will affect the algorithm of the cryptocurrency creation.

1. Define, whether it will be a coin or a token. The process of creation of  these two types of cryptocurrency assets is significantly different. The coin runs on its own blockchain, and the token can be launched by using a third-party platform (Ethereum, EOS, NEM, etc.). Due to its assignment the coin often serves only as a payment mean, but the token can have various applications.

2. If you decide to create a coin, you also need to make a choice between a completely new product written from a scratch or a fork of one of the most popular coins. It should be admitted that writing a code from a scratch is rather a hard work that requires to engage a team of experienced programmers and to spend a couple years. Thus, this kind of venture is quite costly from a financial point of view.

3. Emission. When you launch your own decentralized project you should carefully consider this issue. It is necessary to calculate everything properly. If you issue too many coins or tokens their value will decrease. And if, on the contrary, you make a very limited issue, then you have a risk that the coin will not be able to maintain a sufficient traded value. It is necessary to think over the working algorithm of your cryptocurrency, as emission control directly depends on it.

4. Mistakes and success. Before launching your own project, carefully scrutinize the history of similar coins. Analyze what can be done better, which mistakes shall be avoided, etc. The pioneers who were the first comers to the market paved their way from their correct and erroneous decisions. It is necessary to use this experience.

These are only the main aspects that are of the greatest importance, in fact there are much more nuances, but it is impossible to describe all of them within the frameworks of one article, since they have a purely individual character.

3. What are the main ways to create a new coin?

There are several options for creation of the cryptocurrencies, let’s take a closer look at them:

  • Hard fork means changing the source code of the already existing coin but continuing to run on the same blockchain. Creation of such a project takes a relatively little time, but you still have to deal with the code. The following aspects are subject to a change: name and abbreviation, number of coins, block size, reward, logo, etc. As a rule, the codes of popular coins are in the public domain. You can download them from the Github resource.
  • Writing your own blockchain. As it was mentioned above this option is the most time-consuming and expensive among all others, but with the right approach you can create a completely new project that will make a revolution in the entire industry.
  • Launching tokens on the third-party platforms. Currently the most popular tokes are the those who have the ERC 20 format, which are created on the platforms such as Ethereum, EOS, NEM, etc.. It is worth mentioning that tokens can be created either by using a ready-made template of a smart contract, or you can write your template manually. The first method absolutely does not require any specific knowledge in programming. For a successful launch, you only need to specify the name and abbreviation, emission and number of symbols after comma. If you have a desire and an opportunity to write your own smart contract, then you can potentially create a token with almost any function. Its development can also take a sufficient amount of time and require substantial investments.

4. Conclusion

At the moment, the creation of a new cryptocurrency is not really surprising. If desired, you can launch your own decentralized project in several hours, even being alone, without any investments and programming knowledge. But if your goal is to create a fundamental cryptocurrency which will be able to compete with the market leaders, then be ready for multi-million dollar expenses and a long development process.

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Malware From The Pirate Bay May Hijack Website To Steal Crypto

The movies downloaded from The Pirate Bay bring a malware to the user’s computer. That was the conclusion reached by a security researcher, with the nickname  0xffff0800 in Twitter. He told that when he downloaded a movie ‘The Girl In The Spider’s Web’ from TPB, a .LNK shortcut with CozyBear malware got to his computer.

However, the Cozy Bear malware is just a decoy, the real thing that brings damages is Powershell commands. Once the malware reaches the computer, it carries out malicious actions, like disabling Windows Defender and installing viral extensions in Firefox and Chrome browsers. Moreover, it edits the appearance of the website on the user’s computer.

The movie is an application itself which links the computer to the external malicious servers.

Source: Bleeping Computer

Moreover, the newly installed viral extensions can modify the JavaScript code and add some advertisements to the main page, like it is shown below.

Source: Bleeping Computer

What is the most dangerous is that the malware can edit the appearance of the web page and add or change the information without the user’s awareness, this ability allows the malware to steal the crypto. For example, if the user open Wikipedia page on a compromised system, he/she is likely to see the message saying “Wikipedia now accepts donations in form of bitcoin” and a ‘DONATE’ sign. All the donations will go to the hacker.

Source: Bleeping Computer

In addition, the malware is able to change crypto wallet addresses provided on the pages. Unfortunately, you will not even notice how the hacker stole your money.

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Cryptocurrency Prices Today, January 18: Cryptocurrencies Are Relatively Stable

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coingecko online platform, Bitcoin (BTC) added 1% over the past 24 hours. The price at the time of writing is $3611 per coin.

Cryptocurrencies are demonstrating both slight increase and decrease:

Bitcoin Cash added 0.61% over the past 24 hours and costs $129 per coin;

Ripple grew by 0.21% and costs $0.32;

EOS increased by 2.72%, and its price is $2.51;

Litecoin gained 1.1%, and its value is $31;

Cardano added 1.62%, and its cost is $0.046;

Stellar gained 2.44% and costs $0.10;

IOTA increased by 5.41%, and its cost is $0.31;

Dash grew by 2.21%, and its price $72;

Monero became more expensive by 0.35% and costs $45.

Over the past 24 hours, Ethereum added 0.66%. The rate of the coin is $123.

The total market capitalization is $122 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, this is $64 billion.

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BitPay Transactions Surpasses $1B in 2018, B2B Payments Records 225% Increase

BitPay is a US-based bitcoin payment provider which has recently announced its financial results of the past year. The company has processed over $1 billion in transactions alone. Moreover, its B2B payments record 225% increase in compare to 2017.

The main reason of such a lift-off is that Bitpay added a lot of new clients, like Dish Networks, HackerOne, and the State of Ohio, as well as many other law firms, data center providers, and IT vendors.

The CEO of BitPay, Stephen Pair, commented on this development:

“BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over a $1 Billion for the second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”

BitPay mostly supports Bitcoin transactions, however, it also supports payments with Bitcoin Cash, Gemini, and Paxos. During that year a lot of companies had to lay off their employees due to the market situation, yet, Bitpay conversely increased its manpower by 78 percent in the past year.

In addition, BitPay is attractive to the investors, in 2018, it raised $40 million in Series B funding round taking the total raised capital to $70 million.

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Cryptocurrency Prices Today, January 17: Cryptocurrencies Are on the Border of the Red and Green Zones

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) lost 0.8% over the past 24 hours. The price at the time of writing is $3582 per coin.

Some cryptocurrencies slightly decreased, others added in price a little:

Bitcoin Cash lost 2.6% over the past 24 hours and costs $126 per coin;

Ripple dropped by 1.1% and is $0.32 in rate;

EOS added 0.34%, and its price is $2.44;

Litecoin decreased by 2.66%, and its value is $30;

Cardano grew by 1.3%, and its cost is $0.044;

Stellar fell by 1.73% and costs $0.10;

IOTA lost 3.42%, and its value is $0.29;

Dash dropped by 0.52,% and its price is $71;

Monero became more expensive by 1.21% and costs $45.

Over the past 24 hours, Ethereum lost 2.17%. The exchange rate of the coin is $121.

The total market capitalization rose to $121 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, it is $63 billion.

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Crypto Exchange Bittrex Partners With Bitsdaq To Conquer Asia Market

One of the biggest US-based cryptocurrency exchanges, Bittrex, announced that it was partnering with Bitsdaq to open a special trading platform in Asia. This platform will provide different digital assets to the Asian investors.

Moreover, Bitsdaq will operate on Bittrex technology and will be built based on Bittrex’s experience in the blockchain.The platform will allow users to trade various digital tokens, including tokens a available on the Bittrex exchange.

The Chairman and CEO of Bitsdaq, Ricky Ng, said:

“We are honored to bring Bittrex’s extensive cryptocurrency options to the Asia market.….It takes a unique combination of advanced technology and financial expertise to launch an efficient, reliable and secure platform for trading digital assets in Asia. We found the ideal partner to help provide a safe environment for our customers and the entire community.”

In accordance with the statement, the Bitsdaq platform will control a lot of things connected to the management of the platform, such as customer support, marketing, sales and customised development. In addition, it will take care of customer operations.

The day of the launch is yet to be announced, though customers can pre-register for an account on Bitsdaq’s website.

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Cryptopia Got Hacked, Crypto Exchange Is Suffering “Significant Losses”

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Coingecko Publishes Its Annual Crypto Report for 2018

The online platform Coingecko published it crypto report for the passed year of 2018, where it analyzed the most important events in the crypto industry, including the market trends, crypto thefts, ICO news, stablecoins, Bitcoin Cash wars etc.

As for the market tendencies, there is no doubt that 2018 was the year of collapse. The total market capitalization decreased by whopping 78.85%, with the main period of decrease falling onto Q4. Meanwhile, the trading volumes remained quite stable.

Regarding the top-5 coins in the rating, they decreased as follows:

  • BTC – by 73%;
  • XRP – by 82%;
  • ETH – by 84%;
  • BCH – by 93%;
  • EOS – by 66%

The largest crypto exchange by the end of 2018, according to the trading volumes, turned out to be Bithumb, followed closely by and Binance.

As for stealing cryptocurrency, the estimated money loss from criminals and scammers amounted to around $867.45 million. The biggest crypto theft was Zaif hack which took place in September and resulted in the theft of $23.5 million.

The most popular blockchain platforms for creating decentralized apps became Ethereum, EOS, Steem and Tron.

The synopsis of the stablecoin development in 2018 looks the following way:

Thus, we can definitely see that though 2018 was a hard year for crypto and there were much more downs than ups, the industry is still afloat and developing. Hopefully, 2019 will be a better year.

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