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The Quintessential Guide to Starting a New Cryptocurrency

Currencies / BlockChain Dec 28, 2018 - 01:57 PM GMT

By: Dylan_Moran

Currencies

In 2009, Bitcoin, the first cryptocurrency was introduced to the world. Since then, it has grown to be the most expensive virtual currency and has started the rise of the cryptocurrency market worldwide. Today, the blockchain technology market is growing at an unprecedented rate with cryptocurrency having a market value of $170 billion.

The opportunity to get high returns and the steady growth of the market has resulted to a surge of cryptocurrency investors over the last few years. But what does it really take to start your own cryptocurrency?


What Is Cryptocurrency?

The first step to becoming successful in creating your own cryptocurrency is to have a deep understanding of its concept. A cryptocurrency is much like a form of digital cash that you can earn or spend with ease. Cryptocurrencies were basically developed to make transactions between parties smooth, direct and extremely fast. This is because you have full control over your balances and payments, and the cryptocurrency network validates all your transactions.

How Does Cryptocurrency Work?

Cryptocurrency was developed as part of a cryptographic invention called blockchain. Simply put, cryptocurrency is under blockchain technology that supports other technologies. So, if you want to create your own cryptocurrency, you need to utilize blockchain marketing as part of your efforts. But before you start your own cryptocurrency, you need to understand some basic terms first:

  • Blockchain: A block is a mathematical problem based on a “hash” that computers aim to decipher. Once it is solved, it will be marked as complete. When a new block is created, it creates a link from the previous block, thus it is called a blockchain. Just imagine a blockchain like a tower that is formed with individual blocks. If one of those blocks gets altered or removed, the entire blockchain gets broken. Blockchain is used in cryptocurrency as a way of storing transaction ledgers for the currency.
  • Distributed Ledger: Every time a miner solves a new block, other miners verify transactions first before they are added to the latest blockchain. This is to ensure security and keep rogue miners from facilitating invalid transactions. Once the network verifies a transaction ledger, it will be called a distributed ledger. The more confirmations a block has, it becomes more reliable. The only difference between a distributed ledger from a central ledger that is maintained by a bank is that the distributed ledger can’t be counterfeited, hacked or broken.
  • Mining: People who solve mathematical problems are called miners. They bundle transactions together and solve these problems using complex mathematical skills and of course, powerful computers. Miners are usually given incentives through transaction fees, new coins or other offers. Miners also ensure that every transaction is valid by checking an existing blockchain to see if the person sending coins has enough on his wallet’s balance.

How Can You Create Your Own Cryptocurrency?

Creating your own cryptocurrency is not as difficult today as it was before because you can take advantage of cryptocurrency creation services from companies like Wallet Builders, CryptoLife and Coin Creator. But you still need to understand the basic concept of creating your own cryptocurrency, which is creating a blockchain:

  • Define your use-case: Be clear about your objectives first and determine the areas of your business that can benefit from cryptocurrency the most.
  • Pick a consensus mechanism: A consensus mechanism is a set of protocols that help the participating nodes of your blockchain determine which transactions are legitimate and should be added to the block.
  • Choose a blockchain platform: There are several blockchain platforms out there, but choosing the right one will depend on your consensus mechanism. Here are some of the best blockchain platforms in the market today:
  • NEM
  • Ethereum
  • WAVES
  • EOS
  • BlockStarter
  • NXT
  • BitShares 2.0
  • CoinList
  • HydraChain
  • Chain Core
  • Design your nodes: A node supports a blockchain through various tasks including data storage, verification and processing transactions. Your blockchain will depend on your nodes for support, security and efficiency. Simply put, if your blockchain is a wall, your nodes are the bricks that make it.
  • Establish your blockchain’s architecture: Once your blockchain platform starts running, you can’t change some of its parameters. So, it’s very important to establish your blockchain’s internal architecture before running it.
  • Check your APIs: You should check whether your blockchain platform has a pre-built API. If it doesn’t, you can always find blockchain API providers like Bitcore, ChromaWay, Neuroware and Gem to provide you with this service.

So, are you ready to get started with your own cryptocurrency?

By Dylan M.

© 2018 Copyright Dylan M. - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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