Cryptocurrency is one of the words that people can't avoid nowadays. News, blogs, even financial authorities are fascinated by it. Now everyone has to admit that the world is changing before our eyes. If you miss this trend now, you will be far behind and you may never be able to recover.
So now that you have this great new business idea, or are ready to start a startup, you want to embrace the fascinating opportunities of the new world and create your own cryptocurrency. But how is it done? The Internet is full of information, but, as often happens, it's contradictory, everywhere, sometimes hard to understand because of heavy industry terminology.
Can I get free cryptocurrency?
There are several ways to get free cryptocurrency. However, none of them will turn you into an overnight crypto millionaire. The free volume of any service is very low. There are two main sources of free cryptocurrency:
Bitcoin and cryptocurrency; Airdrop. Other sources include giveaways, games, watch and click ads. Now I will introduce several profitable cryptocurrency websites.
Fire Faucet
https://firefaucet.win/ref/freecryptoearning
Fire faucet is another place to get some free dog money. Fire faucet also offers other cryptocurrency rewards. One of the notable things about this kind of faucet is that there is no time interval between each rotation. This means you can rotate any number of times without waiting for a second. Of course, this greatly increases your income potential
When they recommend people to use the faucet, the faucet also pays the user a 20% commission. As long as the referrals continue to make money, they are entitled to commission for life. There are several bonuses and many other ways to win more dog money. These include daily rankings, rewards, daily achievements and grades. When the minimum amount is reached, the payment will be sent directly to your personal wallet as needed. A total of 9 cryptocurrencies are supported, so you can earn any cryptocurrency you want in addition to dogecoin.
Xfaucets.com
https://www.xfaucets.com/?ref=3f53370c
At present, xfaucets has ten kinds of cryptocurrencies, including BTC, Eth and Doge. If you are interested in other cryptocurrencies, you can also collect them synchronously, because it can be obtained every ten minutes. In addition, xfaucets has two levels of invitation rewards. The first level receives 25% of the rewards from the users who register and click on your invitation link, and the second level receives 10% of the rewards from the friends you invite and then invite them. This is different from other platforms and more profitable. If you are interested, you can click my invitation link to view it.
Faucet.Asia
https://www.faucet.asia/ref/index?r=Tard%20Crypto
Faucet.asia is a special faucet station that provides dog money. If you are only interested in dog money, you might as well try this website, faucet.asia. You can get 0.001 Doge in 30 minutes. Of course, faucet.asia also has a recommendation reward. You can get 25% of the recommendation reward by inviting your friends to register through your invitation link. If you want to get a lot of free dog money from the faucet and add some fun, faucet. Asia is definitely worth a try.
ALLCOINS.PW
https://allcoins.pw/?ref=519990
Allcoins.pw is one of the most valuable faucets. The list of cryptocurrencies is long, including dogcoin, bitcoin, Ethereum and Leyte. You can get Doge every 6 minutes with a single click of a button. Between rotations, you can earn more gold by playing games, setting up walls or using automatic faucets
The faucet can also provide 50% commission for your recommended income. You can share your recommended links with friends and invite them to receive rewards. In addition, if you want to make more money, you can use the tap to mine dogcoin, which will mine dogcoin on the autopilot when you perform other operations. If you want to get a lot of free dog money from the tap and add some fun, it's definitely worth a try.
After reading this article, you will know exactly what cryptocurrency is, what is the difference between token and coin, how to make your own cryptocurrency, and whether your enterprise needs it. Let's start with some important terms we should know at the beginning.
The difference between token and coin
Before delving into the technical details of how to create your own cryptocurrency, we should be clear about the facts and look at some of the basic definitions used in all cryptocurrency related conversations.
So, what is cryptocurrency?
Let's step back and first refresh the definition of currency in memory. Although we tend to look at money in terms of notes and coins or US dollars and euro, money is a unit of storage and accounting, a means of exchange, that is, a generally accepted way to obtain goods and services and to store and distribute wealth.
Cryptocurrency can now be defined as a digital currency that relies on encryption to generate new units and confirm transactions. It has all the functions of money, except that it operates outside a single centralized platform, such as a bank.
Cryptocurrencies have no notes, but they have coins, which are often confused with tokens. So what's the difference between them? In short, it all comes down to the following three points:
Coins need their own blockchain, and tokens can be operated on the existing blockchain; Coins can be used anywhere. Coins can buy tokens, but tokens can't buy coins.
If you want to put tokens and coins in real life, think of tokens as your frequent flyer mileage, and coins are real money: you can use these two kinds of tokens to buy air tickets, but the choice of mileage will be limited to the airline that issued the tokens, and with money, you can take your business wherever you want.
The bottom line is that if you want to create a cryptocurrency, you need to build a blockchain.
The benefits of having your own cryptocurrency
In some cases, it's a no brainer: if your project or start-up needs its own blockchain, you need to create your own digital currency to motivate nodes that contribute processing power. Here's another word about blockchain: many leading business analysts foresee a huge future, as well as a growing list of markets and industries in which blockchain technology will significantly break the status quo and generously reward early adopters. The good news is that for many areas, blockchain technology has not really arrived, so it's not too late to join the pioneers.
Another important aspect is that when you decide to start an cryptocurrency, you will get a set of powerful marketing tools and consumer benefits, which will help you stand out from the competition.
The most important advantages are listed below:
Eliminate the risk of fraud cryptocurrency cannot be forged, and neither party can cancel the past transaction.
Provide transaction anonymity - customers decide what they want the seller to know.
Reduce operating costs - cryptocurrency is a free exchange rate or interest rate, as well as transaction costs.
Provide instant transactions national holidays, business hours or geographical location of the parties do not affect cryptocurrency.
Make sure you have a potential customer base immediately - now you can do business with companies that don't have access to traditional exchange resources. There are no more trade restrictions in any market.
Guarantee their funds because cryptocurrency is a decentralized system, no big brother like banks or government agencies can seize or freeze your assets.
How to create blockchain
Now that you know how your cryptocurrency can promote your business, let's take a look at the main steps you need to take to build a blockchain.
Understand your use cases
Are you interested in smart contract, data authentication and verification or smart asset management? Be clear about your goals from the beginning.
Choice consensus mechanism
In order for the blockchain to run smoothly, the participating nodes must agree on which transactions should be considered legal and added to the block. The consensus mechanism is the agreement to do so. There are many choices that best suit your business goals.
Select the blockchain platform
Your choice of blockchain platform will depend on the consensus mechanism you choose.
Design node
If you think of blockchain as a wall, then nodes are the bricks it contains. Nodes are Internet connected devices that support blockchain by performing various tasks (from storing data to verifying and processing transactions). Blockchain relies on nodes to achieve efficiency, support and security.
You have to make many choices about which node to use:
What are their permissions: private, public or mixed?
Are they hosted in the cloud or locally? Select and obtain the necessary hardware details, such as processor, memory, disk size, etc.
Choose a basic operating system (the most common choices are Ubuntu, windows, red hat, Debian, CentOS or Fedora)
Establish the internal structure of the blockchain
Be careful, because once the blockchain platform is running, some parameters cannot be changed. It's a good idea to take your time and seriously consider the following points:
Permissions (define who can access data, perform transactions, and verify them, that is, create new blocks)
Address format (determines the appearance of blockchain addresses)
Key format (determines the format of the key that will generate a signature for the transaction)
Asset issuance (establish rules for creating and listing all asset units)
Asset reissue (establishing rules for creating more open asset units)
Key management (develop a system to store and protect the private key that grants access to the blockchain)
Multisignature (defines the number of keys required for blockchain verification transactions)
Atomic exchange (smart contract scheme, which allows the exchange of different cryptocurrencies without a trusted third party)
Parameters (estimated maximum block size, block mining award, transaction limit, etc.)
Local assets (rules that define the local currency issued in the blockchain)
Block signature (defines how the blockchain participants who create blocks need to sign)
Handshake (how to identify your own rules when establishing the connection between nodes)
Processing API
Be sure to check whether the blockchain platform you choose provides pre built APIs, because not all of them are provided. Even if your platform doesn't have these, don't worry: there are many reliable blockchain API providers.
Design interface (administration and user)
Communication is the key, and a well thought out interface ensures smooth communication between the blockchain and its participants.
Here are some things to consider at this stage:
Web, mail and FTP servers
External database
Front end programming languages (such as HTML5, CSS, PHP, C #, Java, JavaScript, python, Ruby).
Legalize cryptocurrency
Slowly, but surely, the law is catching up with cryptocurrency. You can better protect yourself from any unexpected impact by looking at the trend of cryptocurrency regulations and their development direction.
Reward steps for winners: grow and improve blockchain
You've come so far, don't stop now. Starting from the future, consider how to use technologies that can stand the test of the future, such as the Internet of things, data analysis, artificial intelligence, cognitive services, machine learning, containers, biometrics, cloud, robots and other inspiring developments, to enhance the blockchain.
Bitcoin bifurcation as a substitute for building its own blockchain
As you can see, building a blockchain requires a lot of time, resources, and specific skills. So, if you don't have all of the above functions, but still want to build your own cryptocurrency, what can you do? Then it's time to talk about bitcoin forks.
How to create a bitcoin fork?
It's time to use another basic definition to make sure we speak the same language.
What is the bifurcation in cryptocurrency?
In layman's words, blockchain forking is a kind of software update. All blockchain participants (also known as full nodes) run the same software, and they run the same version of software to access the shared ledger to verify transactions and ensure network security. Therefore, whenever you want to change your blockchain parameters or introduce new features, you need to create a fork.
What's the difference between hard fork and soft fork?
Fork can be divided into hard fork and soft fork.
Hard fork needs 90% to 95% nodes to update their software; The system will no longer accept nodes running the updated version.
The requirement of soft fork is low. Only most nodes can update the software, and nodes running previous versions can continue to run.
What is a bitcoin fork?
Bitcoin bifurcation is the change of bitcoin network protocol. Because bitcoin code is an open source protocol, it is a low-cost approach for those who want to create their own cryptocurrency and build existing cryptocurrency by adding new features or solving current defects.
How to create a bitcoin fork?
Option 1. Use fork coin generator.
If you don't have any programming skills, services like forkgen can be a perfect solution. Forkgen is an automatic fork coin generator. Anyone can create a unique branch of bitcoin by changing some parameters and rules.
Option 2. Do it yourself.
If you want to create a bitcoin fork in a hard core way, and are not afraid to stain your hands, please follow these steps:
Go to GitHub and find, download and compile bitcoin code on your computer.
Then, the programming part begins: you have to reconfigure the bitcoin code to achieve your customization.
Release the code (open source) back to GitHub.
Provide a website and some documents (usually white papers)
If you want to use the social and financial capital around the name of bitcoin to create your own cryptocurrency, then bitcoin bifurcation is worth exploring. Some examples of successful bitcoin bifurcations include:
Bitcoin
Cash bitcoin
Goldman
Repeat the steps of how to make your own cryptocurrency
All in all, you have two ways to start your cryptocurrency: build a blockchain or create branches.
Creating a new cryptocurrency: is it worth the effort?
So far, you have a pretty clear idea of creating a new blockchain. Before starting any new complex project, it's always a good idea to take a deep breath and reassess whether it's something you should invest time and money in.
So, how do you decide if you need a blockchain? Here is a list of questions that can help you answer this question before you make this commitment.
Do you need data storage?
Are your requirements beyond what traditional databases can provide?
Are there multiple participants updating data?
Do you want to eliminate the third party?
Do you want to create a secure environment for those who don't trust each other?
Do you have strict rules in your environment that require little or no updates?
Do you need to maintain data privacy?
If you answer "yes" to three or more of the above questions, you will get all the benefits of blockchain, including:
Strengthen data security.
Reduce transaction costs.
Prevent fraud.
increase of efficiency.
Provide transparency.
Execute smart contracts.
Although there are many benefits, the workload required to create one's own blockchain is huge, requiring a wide range of knowledge and tools to execute all steps of the process in the most time and cost-effective way.
With the help of professional developers, you will greatly reduce the time and cost of rework and update by eliminating error space. In the long run, you will greatly reduce expenses; And by working with experts who know the latest development and innovation of the industry, we can provide solutions that can stand the test of the future for your solutions and make time for your business growth.