How to develop a new crypto currency?

[offshore xpert]

Hi, does anyone have experience in developing a new crypto currency? More interested in the time line, headaches along the development, costs, and recomendation on who can do it. I know this sounds simpler than it is, and there is a lot of details in a project like this but it is not impossible.
Thanks in advance.

 

[Martin Everson]

Are you talking developing your own blockchain or just something like an ERC-20 token then‌ runs on the Ethereum network. The later takes about 30 minutes to create and a‍ little bit of ETH. The former option however requires months and lots of cheap Indian⁠ programmers ideally.

 

[extremedox101]

developers

 

[JohnLocke]

Does some of you have some guides on both either an ERC-20 or to develop‌ your own blockchain?

I'm looking for something that could help understand the process to develop‍ either the one or the other.

 

[offshore xpert]

Was thinking of something like the ERC-20⁤ on the Ethereum network. I would even be fine with a white label coin but⁣ from what I have seen that doesn't exist yet

 

[khinkali]

I wouldn't say it takes months of developer time to fork an existing blockchain like‌ LTC.

But, whether a chain fork or an ERC20 I think it's worth hiring someone‍ on Upwork for $50+ to guide you through it. There are also easy services like⁠ ERC20 Token Generator, Create ERC20 Tokens - TokenMint

The big issue for me is going⁤ to be the security audit. Remember UET (the Useless Ethereum Token)? People found an exploit⁣ and were able to steal other owners' funds.

 

[Martin Everson]

To develop your own blockchain from scratch‍ you need people with big brains or who are slightly autistic like rainman.

You can⁠ create an ERC-20 token easily however:

1. Create email address, website, twitter and whitepaper

2. Create your token here:

https://vittominacori.github.io/erc20-generator/
3. Signup with etherscan.io and complete all details for your⁤ contract you just created in Step 2.

4. Promote the hell out of it and⁣ make billions.

Forking an existing chain is nothing like︀ developing your own blockchain from scratch. It is a whole different ball game. The mathematics︁ behind the creation is frightening frankly. Also you get the coding wrong and you end︂ up with what happened with Ethereum where a hacker exploited a programming vulnerability and stole︃ 50m Ethereum. Ethereum had to then fork and become ETH and the original hacked chain︄ stayed as ETC or Ethereum Classic remember.

I have created my own ERC-20 token so︅ I know what is involved and its a 1 man job.

 

[offshore xpert]

Thanks for in input , mind i
Thank you for the input.︅ Mind if I message you with a few questions I have?

 

[khinkali]

@Martin Everson I agree that writing new blockchain code is completely different from forking. In‌ either case, if it's a permissionless chain you still need enough miners to avoid a‍ 51% attack.

Or 5 minutes⁤ and $39.99 on tokenmint.io or similar. Or $10 on fiverr.com

If the tokens are to⁣ have any value, my concern is the security audit. Even a fairly simple ERC20 can⁢ have vulnerabilities and I worry that a token making service (even open source code) could︀ have been compromised like bitcoinpaperwallet.com

 

[Martin Everson]

Better to ask on here as time is‍ a valuable commodity.

 

[JackAlabama]

Spot on here with creating a whole new blockchain. You need very︄ smart people and these people can demand very high salaries as well.
Also what should︅ this new blockchain solve which is / cannot be solved by the existing ones?
How can you create the network effect?

erc20 copy and paste operation is a walk in︆ the park. But does the world need its 10000+st token?

Additional food for thoughts.

 

[EuroKiss]

Well, we develop blockchains‍ from scratch but nobody in our company is autistic! 😀
actually there are a lot of⁠ frameworks, and anyway you can create your own asset or utility token over a pre-existing⁤ like Hyperledger. It can be way more tough if you want a mineable coin but⁣ still it’s not rocket science either.

 

[JackAlabama]

And do you have any meaningful traction? What do your blockchain solve which is not⁣ being done already?

 

[EuroKiss]

Blockchain is currently used for a lot‍ of things, I understand the main knowledge is about coins but we develop for telecom⁠ business and retail, some colleagues for logistics and pharma and so on.

 

[Martin Everson]

But as Jack mentioned what does⁠ your blockchain solve....out of interest?

There is a load of startups trying to solve problems⁤ that don't really exist.

 

[EuroKiss]

My customers want to solve problems that range from scalability to trustability; e.g. smart‍ contracts execute transactions that are registered in the blockchain distributed across several proprietary clouds of⁠ mobile operators to ensure any call exchange has been recorded in the same way for⁤ all the participants in the blockchain, solving heavy problems related to billing trustability. Other is⁣ a pharma industry that distribute pharma codes around importers, distributors, retails, pharmacies and even drs⁢ to help anti-counterfeiting strategy.
It’s not JUST tokenomics, even if it’s the most prominent part︀ (we also develop proprietary blockchain to have asset tokenization for fungible and not-fungible assets, but︁ it is just part of the blockchain industry/business).

 

[tyrexoid]

Try Cosmos SDK I think it's something useful for your purposes, also is becoming more‌ and more popular, they do have open source libraries and tools for blockchain from scratch‍ kind of development and also interoperability with other blockchains.

 

[explificit]

there are already frameworks for this, you can search online, but i think the proliferation‌ is too much
looking to collaborate with an llc in asia for a long term‍ business collaboration

 

[Junya | 純也]

I launched my own token and did an ICO. Technically speaking its super easy to create tokens. But the legal part of things is a headache if you intend to do an ICO. Think of jurisdiction, SEC, accounting, taxes etc...

 

[tyrexoid]

lol how about going fully anonymous as a distributed company? Isn't it the power of⁤ decentralization?