Create your own custom altcoin: all you need to know about it
In 2018, the population’s awareness about blockchain technology, smart contracts and cryptocurrencies had grown significantly. The vast majority of companies have considered the idea to create a cryptocurrency or an altcoin.
It turns out that creating your cryptocurrency is a direction in which not only IT companies can work. Any brand can benefit from making its digital currency.
Сryptocurrencies are the most interesting for Internet users. Everyone has long forgotten about the half-dead, once legendary Kodak company, and here they appeared on all Western and domestic news about how they create their cryptocurrency. Kodak shares immediately went uphill, and at their peak, their price growth was 90%.
Why do I need to create my own cryptocurrency?
There can be many reasons why a person wants to create a digital coin or an altcoin. Here they are:
- The user has his own Games server that needs to be monetized.
- The desire to receive additional earnings from your currency.
- The process and principles of creating a cryptocurrency are impressive.
Of course, each user may have a reason to create a crypto coin or an altcoin, but the main goal is to improve the financial situation.
The process of creating a cryptocurrency
We should admit that creating your crypto coin (altcoin) is a complex process. After all, to realize your idea, you need to understand the currency principle and have programming skills. Additionally, it is worth considering that coins, for example, an altcoin with a good reputation, are constantly growing in value and bringing income to developers and crypto fans.
To create your currency, you need to act according to a specific algorithm.
Downloading the source code
First, it is necessary to select an existing blockchain unique crypto code based on blockchain technology. So, the cryptocurrency, for example, altcoin, will be created. You can download the open-source on specific websites. There are a lot of similar sites on the Internet. But first, you need to make sure the site is secure before downloading anything from there.
It is necessary to approach this stage responsibly because you need to predict which currency will be profitable soon and then take it as a basis (like Bitcoin or Ethereum). As a rule, the code can be downloaded for free.
Libraries and dependencies
After the crypto code based on which the currency will be created is copied, it is necessary to ensure that all the required libraries (creation service) are available on the computer to work with the code correctly. Exactly:
To install a dependency on Linux OS, you need:
- Install software.
- Use the combination Ctrl+Alt+T to open the terminal.
- Then enter “sudo apt-get install build-essential libboost-all-dev libcurl4-openssl-dev libdb5.1-dev libdb5.1++-dev git qt-sdk libminiupnpc-dev”.
- Confirm the action.
In the process of unpacking packages, it is necessary to allow the installation of some elements.
To install the dependency library on MAC OS, you need:
- Replace the software with MacPorts and install a set of programs:
- Boost C++.
- Berkeley DB 4.8.
After installing the programs in the console, you will need to enter the command “sudo port install boost db48 qt4-mac OpenSSL miniupnpc git”.
For Windows, you need to install:
- BY Open-Transactions.
- Visual C++.
After the library has been installed, you can start working.
At the next stage, you need to come up with the name of the cryptocurrency (for example, Zukcoin, Blucoin, etc.). In the downloaded code, the default name will be FooCoin. All you need to do is change the base name to your own. It is challenging and long to change the name manually since it is in 10,000 lines. Therefore, you need to use a program that can massively replace the data in the rows. You need to change the following labels:
- FooCoin — ZukCoin (example of the name).
- FOOCOIN — ZUKCOIN.
- FOO — ZUK.
- Foo — Zuk.
It is crucial to make a detailed list of names that can be replaced.
Select and configure network ports
Since all operations are carried out over the Internet, the program needs to configure network ports through which all data will pass.
For cryptocurrency, you need to choose four web portals. Among them are:
- P2P/RPC for test connections.
Also, you need to select only ports that other programs cannot use. For the web port to meet all the requirements, replacing some lines is necessary.
Set up currency generation
It is known that each cryptocurrency is generated in blocks, and each block has a limited number of coins like an altcoin. Accordingly, if you need to change the altcoin issued to create a new block, it is necessary for the src/main.cpp find int64 nSubsidy = 2 * COIN and change it to the desired number of coins.
Next, you need to:
- In the static const int64 nTargetSpacing line set the block generation time frame.
- In the src/main file.h you need to specify the initial coin offering (altcoin) that can be mined in 1 day.
- You also need to set a limit on the blocks that can be generated within 24 hours.
The final stage of creating a cryptocurrency is the installation of corporate logos, icons, and pictures. If everything is correct, there will be an excellent GUI application used for both users and servers. Additionally, you can use various utilities that allow you to convert icons.
Other necessary actions
All questions regarding the security of financial transactions users will make are unique, especially when creating a digital currency in developing your coin or an altcoin. You need to create a custom key that will be a reliable tool for financial transactions in a secure mode.
How to make a cryptocurrency successful?
Many developers believe it is enough to create a digital currency and release it to the market, immediately becoming popular. However, this is just a misconception. In practice, the development and release of crypto-currency is only half of the work done.
Therefore, before creating the coin or an altcoin, it is necessary to learn more about the most popular currencies such as Bitcoin, ZCash, Ethereum and understand why they retain their leadership, despite the negative reaction of many countries. Also, pay attention to the importance of a smart contract. Promote your cryptocurrency on social media.
Additionally, for the created crypto coin, for example, altcoin, to start being in demand, you need to perform a number of the following actions:
- Create a business plan, as well as hire specialists to promote the coin (altcoin).
Provide users with opportunities to earn a new crypto coin or an altcoin. You can provide them with:
- Online casino games;
Perform an analysis of the growth prospects of the crypto coin (altcoin). You should keep in mind that it may take from several months up to several years before virtual money becomes popular.
Investing and promoting your own crypto money, sooner or later, will be fruitful. You just need patience.