Topic: What is the best way to create a new crypto currency? (Read 497 times)

It could be made achievable by using Kickstater or another crowdfunding website. There is also the chance of creating an ICO an then doing it this way but it takes a lot of preparation.

1. There are advantages and disadvantages for the major different platforms. ERC20 has become the most popular platform for marketplaces because it includes smart contract features that make it really easy to automate payment mechanisms.  WAVES is one of the easiest platforms to develop and launch a token.  Look at the lists on CoinMarketCap and study projects that are good templates for your idea.

2. Mining is a process for creating new tokens, usually as a payment incentive for people that contribute infrastructure to support your project needs.  If you really need a fixed supply, then don't publish mining details.  Usually there is nothing wrong with some level of "inflation" in your token supply, as long as it is relatively low and reflects added value for users at a faster rate than the increased supply of tokens to support the growing infrastructure in your project ecosystem.

3. Do more studying.  Yes, it is really easy to distribute tokens to an ETH wallet, but that should be way down your list of priorities.  Focus on the attributes of your customers and key partners and the functions you need your service ecosystem to perform.  Form follows function at all times.

4. Exchanges don't care what your platform is.  They care about a pool of investors that are actively buying and selling tokens; making a project successful should be your priority - your investors will bring your tokens to the exchanges they prefer, and you can always act as your exchange and make a market for your token by taking ETH or BTC as payment to get onto your service.

You definitely need a team, a real world use case for your product and time. I'm working on a project of my own during nights and its midnight before I know it. Getting little sleep is part of the process but I always wake up excited the next morning to keep going. If you have a good idea with a strong team behind you,  you'll feel the same way. 

take an army,

kill all enemies, competing cryptocurrencies and users

establish an institution that illegalises all other cryptocurrencies.

spread your violence as broad as possible

additionally

take controll over the mass media

destroy mass media that competes with you

tell everyone that your coin is the only future currency

This one will be the hardest part that needed to take seriously by the people who want to create a new cryptocurrency since if they forgot to execute the marketing they will not earn a massive huge success so proper huge funds is a must so that he can rotate the exposure of the project coin that he wanted. And this one will be backed up with proper technical projects and good developments so that his cryptocurrency will became stable and strong.

To be ready to high costs on technical part, marketing, etc.....

Do you need a good team and interesting IDEA, better if you have product which work. And of course a start capital for marketing, site and managers. Good luck to your ideas

I believe I have seen mineable ERC20 tokens on the Ethereum blockchain.

Yes, I have, here's an article I remember reading: https://lightrains.com/blogs/how-to-create-mineable-erc20-tokens

I don't know about mineability on other chains.  Seems like there would be major downsides to a minable token that has a dependency on an underlying currency.

Best regards,
Ben

Go to ethereum.org you will find the way to start new currency on ERC20 smart contract. This is been wisely used option by everyone. Upon your requirements you can find the codes on the site. You can make the payment on various crypto currencies.

Please find the below link to know, how to create the new token.
https://www.ethereum.org/token
Open chat option will be there, you can get the help from the support on that above page itself.

Perhaps, this is the easiest solution but some persons will be suspicious to your Token because of the fact that 99% of tokens are scam coins.
Most of the Digital currencies' codes are public, means you can copy-paste (Fork) them whenever you want, do the necessary edits, change the name, then there it is! Your coin.
You know, almost more than half of the current mainstream coins are a copy-paste version of Bitcoin.

What matters most is the services or platform you want to offer to use those whatever token you want to make.
If you intended to make a currency, establish a market for it to gain value.
Everytime when someone made a coin/token, the first thing that come to their plan is to make it into exchanges to gain value price.
What we need is a working/established business to use our coins/tokens, not another digital currency.

I've just finished deploying my first proof of concept currency based on the Bitcoin codebase. Managed to get three remote nodes up, running and mining in about two days.

If anyone is interested in an end to end walkthrough showing how to create your own real crypto currency (not a token!) let me know below. Maybe something like this video I made to help folk setup Lightning? https://youtu.be/DLWkOqo0Tak

Using an ERC-20 token is the easiest route. In fact you can now use a lot of automated sites to generate the smart contract code for you.

Yes. If it's not a straightforward charge, then the developers proposing the coin have to sell a large amount to them at a huge discount before they'll consider listing it.

Binance is a prime example. For starters you have to buy their currency to vote for your coin. If you get voted in I've heard they ask hundreds of thousands of dollars on top as well.

As for a platform to create a new currency, look at NEM. That'll give you a fixed supply and it's easy to develop on.

Hi There,

Being ambitious is a great thing and no better place than learning about blockchain. I suggest you work through some books or quick courses. Knowing how the basics work is a must. I recommend:

• Blockchain - Blueprint for a new economy - Melanie Swan; to appreciate general use cases for the technology
• Mastering Blockchain - Imran Bashir; for a deep dive

Wish you all the best.

mining for starters isn't such an easy thing to explain, but for beginners, its advisable to get bitcoin miner, a windows 10 app that does almost everything for you while you learn more. once the app has been downloaded, the user enters their wallet address in the payout address settings and press the start button and you will be good to go. thorough research is however advisable before going deep into cryptocurrency.

I can imagine creating your own cryptocurrency would be quite a complicated matter. However, even I would like to know how or join a team to help part time.

For currencies based on other blockchains that allow developement of Dapps, we have ethereum, waves and Omni platforms. There are also many other platforms but less popular. If you want to go with the safe side my suggestion will be the ethereum blockchain to develop a new cryptocurrency. Waves is also good but it is often not given the "first preference" - also its not considered to be a legitimate platform (do your own research).

Tokens developed on any platform are non-mineable. I think that answers your question - you are developing a crypto "on a platform" so thats not mineable. However I am not really sure if this is 100% correct.

You simply answered your first question. It is ERC-20 token. Its a popular platform. But like I said above there are other platforms. Do check the out.

No. Your coin will be considered as an asset and should be trade-able once listed. For listing you will need to pay fees. That has nothing to do with the platform.

A coin can have a fixed supply and still be minable. In fact, that's exactly what Bitcoin is. Eventually miners will only get transaction fees rewards.

You'll be better off using BTC or ETH, if you are just going to use it as a currency. Liquidity is the most important aspect of a currency, its useless without it. So go with the one with the most liquidity.

coins - a new type of mineable cryptocurrency with its own blockchain. ie. Litecoin, waves, ethereum.
tokens -  a currency for which created under coins blockchain. example, a token created under ethereum. think of ethereum as a base to power your tokens.

the purpose of mining is to get the crowd to maintain the network. imagine google who spend hundred of millions to maintain their server to keep their softwares running, the invention of blockchain will allowed the crowd to maintain your server using their own computing power. in return, the crowd will be given some coins as incentive to maintain the network.

2) if you are looking for fixed circulating supply, you should create tokens.
3) if it will funtion like a currency, you should take a look at USDt (tether usd). let say you have 1000 usd in your bank account to backed these tokens, you should have only 1000 token circulating in your system. whenever someone give you back their token let say 100 tokens, you will burn this 100, so in your total circulation will be only 900.

Really?  Do most charge to get listed?  I would think they'd want to list a popular coin since they make money on the fees.

First, you could try to learn more about bitcoin, tokens and how they work. Creating a new coin, isn't an easy way to earn fast money (if you don't want to scam users/investors). In my opinion a new coin needs to solve a problem that existing coins/tokens don't solve. And to get listed on exchanges you will need to spend a lot of money.

No,there isn't such thing as 'trustworthy'.Depending on what you have to do with your project,you can choose to Fork an existing project,clone an existing project and make changes in their algos or use frameworks like Lisk/Waves/Ethereum to create smart contracts.This also depends on the developers you will find for the team.

You need to study a lot more basics about cryptos in general,my comment here wouldn't help you understand all of it.

Do you understand protocols ? What is your project ? It is too early to advise you on anything.Please read more about stuff.


Nope.Only thing I can recommend is,use google to know everything that's been asked for.

I guess I have a few questions...

1)  Are some platforms better or more trustworthy for creating new crypto currencies?  Any recommendations?

2)  I want this currency to have a fixed circulating supply.  Does this mean that my coin should not be mineable?  (I don't really know how mining works).  Any recommendations?

3)  My coin will mainly function as a currency.  I was going to use the ETH20 protocol because hardware wallets seem to easily support it.  Would there be any advantage to using a different protocol?

4)  I'd like to eventually get listed on Bittrex, Poloniex, etc.  Does this mean I need to avoid certain coin creation platforms?  Any recommendations?


Thanks!