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The team that flocked around the Ethereum white paper managed to bring this coin to a second position by the market cap. The Ethereum white paper was a sensation quickly making Ether and the platform behind it big news in the industry. Preparing A White PaperĪ well-written white paper is necessary both for attracting those who will use a currency, investors, and developers eager to work with a new product to improve it or implement it on side platforms. BAT means Basic Attention Token because these tokens are collected in exchange for watching ads (tokenizing your attention). Once created, a new coin must be given an initial name before listing it publicly guidance here comes from coining names from existing monikers already available e.g., dogecoin after doge meme became popular in 2013.Īnother option is simply naming it after a feature it has - e.g. Read more about consensus mechanisms here. There are only ones that fit your project better. However, there are many things to consider, so there is no best option. Many people find this mechanism more convenient while mining is criticized a lot. Instead of mining, users should freeze some of their funds in order to perform and validate the transaction. The second famous consensus mechanism is called "Proof-of-Stake". This work is executed while "mining" - providing calculations that prove that the node isn't a spammer or violator. Validation of transactions requires some "work" from the computer. The first consensus mechanism applied to cryptocurrencies was Proof-of-Work. One of the vivid examples of a "custom" consensus protocols is the one used by Stellar. Some developers prefer to create their own types of consensus mechanisms.

They differ a lot and the consensus mechanism choice is important and determines the way the currency will function. How is it different from the existing coins? What improvements does it bring? Who will use it? Choosing a Consensus Methodĭuring the years of the development of the cryptocurrency industry, many different consensus mechanisms were created.

The concept is one of the first things that will determine the following development of the coin is its main concept. To help kickstart your creative juices and give you a taste of what creating your own cryptocurrency entails, we have put together a list of topics below that should make up part of your research once the time for actual implementation comes.

Public Listing and Initial Distribution.

In this article, we will take you through the steps required to create your own cryptocurrency. The best part? With the right equipment and determination, you, too, can launch your own altcoin and potentially see it increase in value. Now, trying your luck with Bitcoin slots is not the only way to get rich quick with crypto. Nowadays, coins like Ethereum or Litecoin are starting to look more like feasible investment opportunities, rather than Bitcoin copycats they were considered to be just a few years ago. The rise of altcoins (a term used to describe cryptocurrencies that aren't Bitcoin) that followed the initial boom has made a lot of people really rich. Others, however, took a slightly different approach. The 2017 Bitcoin boom has definitely increased the public opinion's awareness of the advantages of decentralized currencies, with many people starting to look for ways in which they, too, could get in on the craze. Despite Bitcoin having been created over 12 years ago, the world of cryptocurrencies and blockchain technology is still a young, unexplored one.