Why Not Become Another Satoshi Nakamoto or How to Create Your Own Cryptocurrency from Scratch?

cryptocurrency

We are sure that you already know what cryptocurrency is, how to use it and how to make money on it. Armed with this knowledge, let’s understand how to successfully create your own cryptocurrency together with The Coin Shark.

Why create your own cryptocurrency?

Basically, there are only two reasons for such a large-scale goal:

  1. Desire to earn
  2. Interest in the very process of creating one’s own cryptocurrency product.

Of course, this goal has a number of advantages, one of which is unquestionable: nobody controls or regulates cryptocurrency.

Electronic money is not subject to either banks or governments. In fact, if you own a cryptocurrency, no person, except you, is able to resolve this process (unless, of course, you create it in a country with already existing norms for digital currencies).

However, alas, only desire is not enough to create your own cryptocurrency. Even digital money requires a lot of work and time. And money. Yes, exactly. After all, if you want to launch a viable and interesting project, the initial investment is simply necessary.

The necessary conditions

Before creating your own token, you should pay attention to the main principles of mining and using cryptocurrency:

  1. You will need powerful computer technology with special software. You can use a simple home PC. However, keep in mind, it will work slowly.
  2. Do not forget, the mining stops when the last coin is mined.
  3. The security of your token will be provided through a special code, which will be impossible to hack.
  4. Transparency of work for investors: investors must have free access to electronic currency. You need to install a “client”, provide the opportunity to register and create a wallet.
  5. Remember that every payment can not be returned. In case the sender made a mistake, then only the beneficiary can return it to him at his own request. This same rule also applies to cryptocurrency wallets: it’s impossible to restore the wallet.

Next, we will go through the steps of creating your own cryptocurrency.

Creating one’s own cryptocurrency. Step-by-step instruction.

Step 1. Select resource

One of the resources which is ideally suited for open source projects is GitHub.com. This site contains a wide selection of ready-made products for everyone. And, most importantly, it’s free. You can only choose the most promising cryptocurrency and use the code to implement your own project. Alternative source can be taken from sourceforge.net.

Another source perfectly suited for this purpose is Сryptolife. Here you can create a personal account online, manage it, create and generate a cryptocurrency, trade it etc.

Step 2. Select cryptographic code

Each digital currency needs a basic code. To download the source code into your data store, you must clone it.

Please note: you must install the library to ensure that the code works correctly. These are special programs for the developers, where a template of the cryptocurrency is created. A suitable program should be selected considering the type of your OS.

Step 3. Name and edit the code

In fact, such a code is already your cryptocurrency, only not completely structured. Now, the main thing is to come up with a name that will sound in any language and will be easy to remember.

To make your token original, you need to replace the base name in the code. This process is not done manually, but with the help of special programs. For example, HandyFile Find and Replace,Search and Replace if you have Windows or TextWrangler if you have MacOS.

Step 4. Configure network ports

Since all operations with cryptocurrency pass through any network, it will be necessary for our application to specify network ports for conducting transactions. It is important to select the ports that have not yet used other applications and make the appropriate changes to the program code.

Detailed instructions will not help here unless you have basic programming skills, so it’s best to contact a professional.

Step 5. Set up the generation of the token and choose the appearance

The SEO of a currency independently sets the number of coins that the miners will receive for the calculation of one block and also the limit for creating the blocks per day.

Since all operations with cryptocurrency are inherently encrypted using private and public keys, you have the right to determine which symbol the first byte of the public key will have.

As a result, we have a ready-made application. You can replace the icons, which already exist, with your own ones. The development of the logo and pictures of your new currency is easier to entrust to the designer, in order to avoid repetition and unaesthetic appearance.

Now you know that it is not so difficult to create your own cryptocurrency. Another thing is that the issue of digital money is not entertainment, but a full-fledged commercial project, which must be thought out and calculated in advance. But it’s not enough just to create a product, it needs to be promoted to the market. Very soon we will tell you how to make your cryptocurrency successful.

Subscribe to The Coin Shark news in Twitter: https://twitter.com/the_coinshark