has anyone here started a crypto currency?
- Thread starter wizeman
- Start date
Clare Jane
BANNED
- Nov 13, 2008
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i bought doge coins and waiting to pump
blackbeans
Elite Member
- Nov 29, 2008
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Here's the first article that showed up when I typed your question into Google https://www.exodus.com/blog/how-to-create-a-cryptocurrency/
The bottom line? It's easy to create a TOKEN... (based on ETH blockchain) but much harder to create a new COIN altogether (your coin must be compelling enough for people to mine it/join a blockchain)
The bottom line? It's easy to create a TOKEN... (based on ETH blockchain) but much harder to create a new COIN altogether (your coin must be compelling enough for people to mine it/join a blockchain)
VolcanoMan
BANNED
- May 20, 2013
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Its extraordinarily easy. You just go on github clone the litecoin project and call it something else. Voila! You now created a shitcoin
- Oct 5, 2020
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I took a part in a creation of two crypto projects both of which were later collapsed. Starting is quite easy depending on what ecosystem you want your project to be built (ERC20 is the easiest of all). You can start and finish minting xxx millions of your tokens literally in under an hour. Then goes the real pain, how to promote it. Whitepaper, marketing, ico, exchange listings. That's how it worked like 3-4 years ago. Any shitty minted token could raise millions of dollars in their ico that times, but now people got smarter. I think nowadays, there's no point in creating a crypto project that is not backed by a real world business. For example https://digipharm.io/, it is backed by something related to healthcare, I remember that project was started at the same time with the second project I worked for. The people behind Digipharm were less experienced than we and they had much less budget and guess what, they survived!
I think, you still can start your crypto project, but with a decent idea, team and budget.
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andyframpton
Senior Member
- Nov 18, 2014
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That is the thing with any new product. You need to get people to buy it. So many new coins getting made at the moment you need to stand out and show you are different.
- Oct 5, 2020
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Exactly. And there were not much products couple of years ago. Now there are plenty. And you have to compete.
tardigrade84
Junior Member
- Jun 18, 2020
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Yea, the Problem with any new PoW Currency is that there is enormous hashing power out there for rent, that anyone can use to destroy your currency with a 51% attack or by other means. To prevent that you would have to invest a lot of money in hashing power or employ an algorithm that hasnt been widely used before. To do that you need to be somewhat knowledgeable in regards to cryptography. It's a tough Problem.And all of that is in addition to the marketing you will have to do to get any attention in the first place...
D
Deleted member 1333509
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@Gogol I've made one previously that was really a toy crypto but am in the middle of project right now to create a new DeFi platform, including two cryptocurrencies that work together.
OP, making an ERC-20 crypto is simple and you can have one built within 2 hours including basic parameters.. amount of tokens, supply schedule, and a few other things. It will basically be a shitcoin.
The value of tokens is the environment that is developed around them, and creating actual platform that people will use and the tokenomics of the platform and the token is the thing that gives it value.
But creating cryptos nowadays is very trivial.
OP, making an ERC-20 crypto is simple and you can have one built within 2 hours including basic parameters.. amount of tokens, supply schedule, and a few other things. It will basically be a shitcoin.
The value of tokens is the environment that is developed around them, and creating actual platform that people will use and the tokenomics of the platform and the token is the thing that gives it value.
But creating cryptos nowadays is very trivial.
blackbeans
Elite Member
- Nov 29, 2008
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True. That's why it has to be tied into an existing ecommerce ecosystem or at least backed by a big fund with lots of tie-ins to get an independent blockchain infra going
ERC-20 based tokens are mostly shitcoins though
leechesBleechin
Supreme Member
- Feb 16, 2017
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based on how many "hello sir would you like to buy my coin" spam I get in discord, and email, I wouldn't be surprised if half of BHW has a shitcoin of their own. A good chunk of them are just ERC tokens or cloned GitHub projects with huge reserves for the "developers" and on 1 shity exchange no one uses. But yeah its super easy, too easy.
D
Deleted member 1333509
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No I mean a good example is Uniswap or Curve. Both platforms have governance tokens that are ERC-20 and are valuable because of the token's interaction with the value-generation/delivery systems within the platform's they've built.
No need for anything to do with e-commerce or funds or any of that, and no need to leverage legacy platforms/systems at all actually.. just build something that's tangibly beneficial and that people can understand within a sentence and then find ways of designing the system so the token unlocks that value, and ideally, the token is the only way to unlock that value.
- Nov 16, 2020
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Hello, it is another level in cryptocurrency market. You need dedication, good budget and time to get into a project like it.