5 steps to teach you to create your own cryptocurrency
When you see how complicated it is to make physical banknotes, it is easy to understand why most people don’t try to print new forms of currency every day, but for people with only basic programming skills, create new numbers. Currency will also be very easy.
Programming is not the only step in creating a new digital currency. Here are the five steps you should follow from three cryptocurrency manufacturers.
1. Use the community to cultivate currency
Chris Ellis is an entrepreneur from London and an activist in the Feathercoin community. He believes that when you consider creating a new digital currency, it is easy to assume that currency programming should be the first step. This is wrong.
“The first step is to find a community and build a currency around the community, rather than expecting people to appear after building a currency,” Ellis said. “It must meet the needs of the community and work with them. ’S cultural heritage is related to its background.”
feather coin was created by Peter Bushnell in April 2013. Bushnell resigned from his position as IT director at Oxford University’s Bredchinos College because he wanted to create a people-centric currency by himself. He saw on a well-known cryptocurrency website bitcointalk.org that existing cryptocurrencies (such as Bitcoin) lacked community participation and tolerance, and made the above decision.
Since March last year, Ellis has been actively promoting and teaching people about cryptocurrency. Although he hadn’t met Bushnell at the time, he was also aware of the alienation and isolation on the Bitcoin forum.
“These forums are very technology-focused and are not welcome to newcomers or minorities. Usually smaller teams can better serve these newcomers or minorities,” Ellis said. “Forums do not make it easier for people to participate in currency development. Many people on these forums predict prices instead of actively participating in development.”
Ellis found a cryptocurrency community based on Feathercoin. He said that technological development has benefited a lot from the community.
“We are a group of crypto enthusiasts of Feathercoin, but if some of the newbies are in other communities, they may not be so easily integrated into it,” Ellis said. He said that everyone in
Feathercoin believes that it is important to show that a group of loyal people can build a stable currency. Through cooperation, a dedicated community of crypto enthusiasts can better discover and resolve vulnerabilities and security threats. For example, the FeatherCoin coding community successfully resisted 51% of attacks.
Establishing such protective measures and promoting the development of currency can make the currency more legal in the eyes of the public and easier to be trusted. But if the participants are a group of passive observers only for self-interest, this is troublesome.
2. Programming, for long-term benefits
Surprisingly, every currency developer I talked to said the same thing: “Programming cryptocurrencies is usually the least time-consuming part of the process. This is because all cryptocurrencies on the market are based on Open source code for Bitcoin or Litecoin provided on GitHub.”
Peter Otterbach, one of the founders of Coino, said: “The creation itself does not take long. This may only be one day.” The company claims to be the fastest cryptocurrency on the market, with a maximum transaction time of only 50 seconds. “If you want to start programming, you only need to know C++ and you can create your own functions in it.”
According to Quark cryptocurrency developer Colin Evans, the time may be a little longer than a day. “In terms of programming, the most complicated steps may be related to the complexity of the various parameters of the blockchain you plan to own,” Evans said. “For example, many currencies just use and copy the Litecoin code, but Quark has a brand new Hash algorithm-that is, it is separate from Bitcoin and Litecoin-so if you want to change, this aspect will definitely be the most Difficult.” Programming the cryptocurrency in this situation may take several months. However, Evans pointed out that if developers just reuse GitHub code and only change some simple parameters, then any capable programmer can complete it in “30 minutes.”
But just thinking that anyone with C++ skills can make their own cryptocurrency does not mean that one day there will be as many currency types as iOS apps. “Feathercoin is actually a branch of Litecoin,” Ellie Said. “It starts with the smallest number of parameter changes, because we believe that the most important feature of currency is viability.”
However, the Feathercoin team noticed that some of the currencies that appeared before did not last long because they included a new feature that allows investors to make money through short-term speculation, but then the team often fails to manage the project as planned for a long time. , Causing the project to fail. In other words, those failed currency developers may want to create and profit from cryptocurrencies in the short-term, rather than long-term development-this is doomed to failure from the beginning.
Ellis said: “You must be responsible for repairing defects, and you must make a commitment when you launch the currency, and also have the responsibility to inform people of the risks and protect their property.” If you can’t do this, then no one will always use your currency.
3. Let the miners appear
Once you develop a currency, you need to spread the information so that people can start mining the currency, make people aware of its existence, and hopefully begin to get some value in the eyes of miners and users. This is where cryptocurrency manufacturers can’t think like programmers, but instead have to study how humans put trust (and value) in things.
Ellis of Feathercoin explained: “A good start is half the battle, so this involves building trust, expressing your vision and intentions to the miners, they have the hardware they need, and giving them the opportunity to meet the future Opportunity. “You must be honest and respect people’s expectations and tolerance of risk, which many people value.
“Overheated currency sales can be counterproductive, including new features designed to try or stand out. The market can test courage and determination. You need a group of loyal and loyal miners, even when prices plummet. Deal with transactions because they believe in the end result. It depends on good communication and team building.
“Many cryptocurrencies have failed because they underestimated the’software’. They believe that technology can solve all problems. Then things are not as they thought. You have to be good at being aware of what needs to be done and be prepared to do what others don’t want. The work done by the.”
4. Know your business
If you have already done this. You have conceptualized an excellent cryptocurrency and brought the right team together to cultivate and nurture it in your own way. You have spread the news on cryptocurrency forums, and a large number of miners are actively working to mine your currency. The next step is to market your currency so that all miners can use it. This is no small feat. After all, you need to convince individuals and merchants that these currencies created by themselves have value and can be traded like traditional trusted currencies.
“This is a confidence-building process,” Ellis said. “It needs good management and takes time to work out what you really believe and advocate. Compared to your actions, people will be more willing to buy currency based on your motives, so once you have confidence, you must start asking friends, Businessmen, discuss your currency on Internet forums and social media.”
Peter Otterbach agrees with this view. “Starting marketing requires finding the exact target group,” he said. “At first you can start from the cryptocurrency market, because the people there know this currency, and you will see their first A reaction. It will become more difficult later. You need to convince many people who don’t even know what cryptocurrency is, so you must use currency as a payment solution for online stores to attract their attention.”
“I want to add that it’s not just about using facts to educate them,” Ellis said. “This is to encourage them to learn and discover their strengths. Money is a ledger account that people use to reach goals and satisfy them. A tool for demand. Knowing this will make you make great strides in your marketing efforts.”
Ellis believes that allowing merchants to accept currency is similar to allowing miners to accept it. The key is to understand their different views. “Different stakeholders have the same rules. The difference is that miners are speculative, compared to merchants are more conservative.” He pointed out that merchants have three main purposes: to make money, to save money, and to increase their awareness. “If you can bring them customers and increase sales while reducing payment costs, the rest is to persevere and make it as easy as possible for them to start work.”
Whether from a professional point of view or a traditional point of view, the last step in the journey of making cryptocurrency is to rule the world with money. But given that no one currency can rule the world for 5,000 years, no matter what Silicon Valley Bitcoin enthusiasts say-any cryptocurrency is the same.
In addition, the global domination of cryptocurrencies “is not necessarily the goal,” Ellis said. “Currency can be local. In fact, we think Feathercoin is a local currency that can serve the global market.”
There may be a real market in the emerging cryptocurrency field: the local currency of certain communities, cities, events, venues and people. It is built around like-minded consumer groups, enabling them to conduct transactions quickly and freely, and providing safety guarantees for important goods and services in their lives. Instead of relying on the central bank and large markets to tell them, whether it is coins or banknotes, they have value.