<html>
<p>https://cdn.steemitimages.com/DQmS4d6w1U2gMgQvnJ7T8SjjJKDx5YbvZ1VfpgdwUL7t5U8/image.png © iStock<br>
</p>
<h3>Here are four ways to create your own encrypted currency: go through companies, duplicate code, start from scratch or create Ethereum tokens.</h3>
<p>There are many reasons why an individual may want to create his own encrypted currency. To develop a single currency system within his business, for example. Or to remunerate artists directly by getting out of the music industries. This is the case of Choon, the platform based on the blockchain network, which automatically pays its musicians according to the number of streams.</p>
<p>A festival might have to create a local and encrypted currency system so that it does not have to be cluttered with traditional currencies. The Envision festival in Costa Rica already offers the possibility to settle in Bitcoin. But a coin creation can also be done for pleasure, as youTubeur Babor Lelefan did with his Baborcoin, or ideology, as DJ Gramatik did with his GRMTK coin. Note also that Telegram messaging plans to create its own currency that can be exchanged by its 200 million users within its own network.</p>
<p>Creating a cryptocurrency will not necessarily bring results. That's why it's important to develop a solid project idea before you start. But if you're convinced you want to do it, here are four different ways to create your own encrypted currency.</p>
<p>https://cdn.steemitimages.com/DQmZJU8g59gAspSWAkEoUu3nMooBZXfmd3W2ocn1TJqZnLv/image.png </p>
<p>© Choon<br>
</p>
<h3>1. Outsource creation</h3>
<p>Today, several platforms propose to create encrypted currencies in a few days. For a fee, companies like CryptoLife, Wallet Builders or Coin Creator create alternative currencies to Bitcoin (AltCoin).</p>
<p>These companies promise to create currencies with a protected code that offers the currency many specificities tailored to the needs of the customer. Do you want to create a currency that will only be used on an antique sales network, for example? These companies can create the currency that will be adapted to your platform. Rates are customized.</p>
<p>There are also automatic cryptocurrency generators, but these are usually scams. The Bitcoin Exchange Guide site explains that generators like Cryptocurrency Generator.pro, which claims to generate cryptocurrency for free, are "pure and simple scams that all cryptocurrency enthusiasts should avoid". To give credibility to their appearance, it is common for these generators to resort to false testimony and false user numbers.</p>
<p><br></p>
<p>https://cdn.steemitimages.com/DQmfZ5JGDv8PixaRDhKbhXgdEbgtBnGTwRaSmkV6F6byMA9/image.png </p>
<p>© Wallet Builder<br>
</p>
<h3>2. Create tokens with Ethereum</h3>
<p>The Ethereum Foundation provides everyone with an open source code downloadable on its website. This code is used to create ERC-20 tokens. These tokens contain a certain amount of token transfer information as well as metadata such as the number of tokens in circulation, or the account balance containing the tokens.</p>
<p>Tokens can represent any exchangeable good: coins, loyalty points, certificates, IOUs, gaming objects, etc. In this case, these tokens will serve as base units for our currency. Since ERC-20 tokens are created with Ethereum standards, the currency will be instantly compatible with Ethereum portfolios and any other client or contract that uses the same standards.</p>
<p>The code of these chips will serve as a basis for the creation of a new encrypted currency. Essentially, developers just have to change a few parameters in the code lines of the ERC-20, with a programming text editor like Sublime Text, to have the foundations of the new currency. This code must then be added to a blockchain network and this is where it becomes slightly complex.</p>
<p>You have to open the wallet application MyEtherWallet, go to "Contracts" and "Open a new contract". In the "Solidity Contract" tab, you have to paste the source code of the ERC-20. With the help of the MetaMask plugin, it is possible to create the new currency with an abbreviated version of the Ethereum block chain and thus avoid very heavy operations.</p>
<p>To learn how to create your currency, <a href="https://www.ethereum.org/token">Ethereum has created this tutorial that details each step to follow</a>.</p>
<p>https://cdn.steemitimages.com/DQmNd8uYTwxhzREnu8cczkuJjRJGPvN3YxJ9PTwhVzqiuoF/image.png </p>
<p>© Ethereum</p>
<h3>3. Coding your own blockchain</h3>
<p>For those who have deep knowledge of the code and know how to manipulate it, it is possible to create cryptocurrency from scratch. So you have to write your own code line by line to create your own tokens. A custom server, a large storage space and a powerful computer are also needed to get started.</p>
<p>It is a long and complex process that is not within everyone's reach. For savvy geeks and techies, there are many tutorials on the web, like this video or this article.</p>
<p>But before you follow step by step the indications of the professionals, it is important to keep in mind that the main quality of an encrypted currency is its security. For your motto to be inviolable, your code must be particularly well written and it requires a level of computer security expert.</p>
<p>https://cdn.steemitimages.com/DQmdX3o1ztKnAdZmsHUibB8p9yhFac9bXD8LNwqsZdvtbQp/image.png</p>
<p>© iStock</p>
<h3>4. Fork an existing currency</h3>
<p>In computer science and the free software world, a "fork" is a modification of a copy of a software that will not affect the basic software. Typically, these forks occur when a developer makes changes to a third-party project or when a developer uses someone else's project as a starting point to launch their new project.</p>
<p>In the cryptocurrency universe, we speak of "hard fork" and "soft fork", either a "major branch" or a "minor branch". We can also speak of fork or fork. This phenomenon occurs when the rules that define an encrypted currency are changed.</p>
<p>When too many miners refuse to adopt the new rules of the currency, the group of miners who wants to change the parameters will follow another route to give birth to a new currency on a new chain of blocks. This is called "fork" or "hard fork". Bitcoin Cash is born from a major fork with Bitcoin, the first cryptocurrency.</p>
<p>A soft fork is essentially the same thing as a hard fork. The existing code of a cryptocurrency is changed and an old version will continue to be used while a new version is created. But eventually, a single blockchain will remain valid when users have adopted the update.</p>
<p>The codes of a number of encrypted currencies are open-source. It is therefore possible to copy them on GitHub to recreate a new computer protocol and launch its new currency. The computer process is explained in detail in <a href="https://www.youtube.com/watch?v=Ir_Xx7GQmOs">this tutorial by the Swedish developer Ivan Liljeqvist</a>.</p>
<p>https://cdn.steemitimages.com/DQmaq2jGsXKGLGV3skK159sjZ9h9emyqJSXLjHLXxYisTEo/image.png</p>
<p>© iStock</p>
<h3>Give value to your currency with an ICO</h3>
<p>Once the tokens of your currency have been created, whatever the method, you have to find a way to value these tokens. The most common method is to make an ICO, an Initial Coin Offering.</p>
<p>To make an ICO is to raise funds by offering investors tokens - units of your new cryptocurrency - in exchange for real currencies like Bitcoin, Ethereum or Dollars. This requires investors to find real value in your currency.</p>
<p>The example of Gramatik is quite striking. In 2017, this Slovenian DJ launched the GRMTK tokens, which are, in a way, actions of his cultural capital. By purchasing tokens, fans have earned the rights to share revenue from Gramatik's music, movies and headlines. GRMTK's ICO was dazzling: 24 hours after its creation, all the chips had been sold for a total of $ 2.25 million.</p>
<p>Gramatik has benefited from its broad base of admirers and supporters. But an individual who embarks without the support of a community is likely to face a problematic situation: no one will buy his tokens and the launch of his cryptocurrency will be a real flop. This is why the communication aspect is crucial in creating a currency.</p>
<p>https://youtu.be/_rYDo0OAVjk</p>
</html>
hiveblocks