Creating own cryptocurrency require time, money and labor.23 / February / 2020
Creating own cryptocurrency require time, money and labor.
The first question to ask yourself is: why do you need cryptocurrency?
The fact that historically most cryptocurrencies (or settlement crypto assets - as they are more correctly called) have open source code, has made the technical side of launching “your coin” easy to implement.
The problem is that a great many of these “their own coins” have already been launched.
And most of them are estimated by exchanges lower than the cost of electricity spent on their mining.
Today, any crypto asset without a unique idea is doomed to failure.
On the other hand, if you have a unique idea that requires a settlement blockchain, think: maybe it’s worth using existing crypto assets? They already have a well-formed infrastructure.
Many of them cost a penny (there are crypto assets, millions of units of which can be bought and a few dollars).
And those who launched crypto assets that have not received a proper rating from the market will be happy to work with anyone who is able to offer them the idea ofresuscitation and development of their brainchild.
It should be understood that today launching “another” new cryptocurrency in order to simply mine it and sell it to the market does not make sense at all. The market does not need “another” cryptocurrency, it needs products and services that can be implemented on the basis of blockchain and distributed registry technologies.
The second question to ask yourself is: who am I in the crypto world? Satoshi Nakamoto (anonymous) or Ivanov Ivan Ivanovich (TIN number such-and-such, address such-and-such, etc.).
Answering this question, you should look in your passport and clarify the address of your location with Google Maps.
If you suddenly decide to become the second Satoshi, think again. Satoshi was a pioneer and still remains a legend. Do you have such an ingenious, global and pioneering idea that Bitcoin turned out to be ten years ago?
Without the full support and respect of the crypto community around the world, Satoshi would have been deanonymized for a long time.
In addition, depending on your citizenship and location, you may simply not have the level of anonymity on the Internet that would allow you to launch your crypt and remain unknown.
When launching a crypto asset in a deanonymized mode, for starters, it’s worth consulting with lawyers - is this legal? In different countries, lawmakers, law enforcement officers and the judiciary have different attitudes to crypto projects being launched. Somewhere they are prohibited, somewhere possible subject to a number of conditions. Somewhere, government regulators create “regulatory sandboxes” for fintech initiatives, which include crypto projects.
After we decided on why we need a new crypto asset? What new things do we want to offer the world in general and the crypto market in particular? What features of local legislation and global intergovernmental agreements governing the sphere of international settlements and the fight against money laundering and the financing of terrorism should be taken into account when designing and implementing the functioning mechanism of our created crypto asset. After all this, your team can start writing their own unique project code or preparing a fork (alteration) of the code of some of the existing crypto assets, open source. To help you and your programmers a huge amount of resources for programmers such as Github and its taxes.