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Learn - HOW TO CREATE A CRYPTOCURRENCY (MINE-ABLE)

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Introduction to Mineable Cryptocurrency

Cryptocurrency is not the new term now. Bitcoin’s popularity has brought a lot of users into Blockchain. But Cryptocurrency is much more than just Bitcoin and Litecoin.

Cryptocurrency will be used in every business in the very near future. Trade-able cryptocurrency will replace Coupons code, cashback, and MLM business models.

In this article, we will discuss all the steps required to set up your own cryptocurrency and how to create a mineable cryptocurrency.

In case you want to command and code level instructions I will suggest you refer this page on How to create a cryptocurrency.

For Udemy fans I will suggest you take this course on How to create a Cryptocurrency. It is a super easy course that will help you with every possible command to create your own cryptocurrency.

Before you start developing your coin, please understand the difference between token and mineable cryptocurrency.

Table of Contents

Smart Contract Token Vs Mineable Cryptocurrency

When you venture out in Google to look for the course on cryptocurrency, you will see a lot of results who are teaching you, “How to Create Token”. And believe me token is completedly different from coins like Bitcoin and Litecoin.

Here you will learn how to create your own cryptocurrency. You can develop you our mining pool and explorer. And your own wallet don’t have to depend on the wallet of Ethereum or Stellar.

Vs

Token Cryptocurrency

  • Token requires money to do the transaction in the form of Ethereum or Stellar
  • The token is depending on the external network of Ethereum and Stellar
  • The major problem is – rise in the price of ethereum or stellar can impose heavy transactions gas for you token
  • You can’t involve the community on the concept run by Token.

Actual Cryptocurrency

  • If your concept is based on actual cryptocurrency who will not have to pay for buy-in Ethereum or stellar
  • You coin will be depending on your own network

  • Transaction fee will be low since it will be based on your own coin

  • The community can involve even at a technical level.

Step by Step Guide - Create Mineable Cryptocurrency

Creating your own cryptocurrency is long progress. It requires technical as well as analytical knowledge.

Different phases of creating cryptocurrency involve, planning your coin then coding.

After coding coin owner will set up additional components like mining pool, explorer, a desktop wallet, and coin API.

1. Cryptocurrency and Block-chain - Vision

This is the most difficult part and its 0% technical. Launching a new cryptocurrency is like launching your own startup. It needs everything like planning, marketing, sales, contributors to everyone.

But the vision has to come from the founders of the coin. What is the purpose of your coin? What problem it will solve ?. Which merchandise is best to use case of your coin?

When you answer all the above and many other questions you create the vision. You solve the problem. Take a small example ,

Suppose you want to solve the problem of environmental pollution and you want people to invest in the plantation. What you will do ? How you will plan your cryptocurrency. The answer is simple.

You will create a cryptocurrency and will sell that to users for let's say 100$ and you plant the tree with that money. With the coin, the ownership of the tree will also change. All the fruits return will be given to the coin owner. In between, if people want to sell the plant they will just sell the coin.

It was an small example , you can explore more things as you plan your coin.

Once your vision is ready you to move further to build your own cryptocurrency.

To create a mineable cryptocurrency and plan your coin you need to take care of below things.
1. Calculations
2. Hardware
3. Components of coin

If you want to understand above points in details please go through this video

Episode 1: How to Create Your Own Cryptocurrency(Mine-able)

This video is the introduction episode of a course on "How to create your own cryptocurrency"

But before you do the planning and create vision for your coin, I have a small suggestion. Try to understand what is blockchain.

Below small video will help you with Understanding blockchain. Again it's optional if you are well versed with blockchain theory.

What is Blockchain : Explained in Layman Language

What is Blockchain : Explained in Layman Language. This video will help you to understand what is blockchain, if you are planning to create your own cryptocurrency

2. Plan Your Cryptocurrency

If your vision is ready then it's time to plan your cryptocurrency.

First of all, what do you mean by Plan Your cryptocurrency? Planning your cryptocurrency means defining the various parameters of your coin.

Just look at bitcoin, it has certain parameters like Max's number of coins which is 21 million coins. Bitcoin also has the mining rewards and the halving interval i.e 4 years. And bitcoin has the symbol BTC.

Similarly Litecoin and Ethereum has their own parameters. Just like all this coins , you need to plan your coin parameters

Below is the list of parameters you need to plan to create your mineable cryptocurrency

  1. Name of Coin
  2. Symbol of Coin
  3. Public Address of Cryptocurrency Starting Letter
  4. Max coins of your own Cryptocurrency
  5. Mining Rewards to the miner of your coin
  6. Halving Intervals
  7. Block Interval Time
  8. Pre-Mined Percentage of Cryptocurrency for Founders

3. Taking care of Source Code

Well, blockchain is a software concept and it has code. The best part of blockchain applications is that almost every blockchain platform is open source.

You can find source code of Bitcoin, Litecoin, Hyper-ledger, Ethereum, and many other blockchain applications on Github. Please refer to this URL for source code litecoin on Github.

And this URL for source code of Bitcoin on GitHub.

So when you plan to create your own mine-able cryptocurrency you need to define your algorithm. Bitcoin has the algorithm SHA256. Litecoin has the algorithm Scrypt.

Depending on your algorithm choice you can download the source code. Once you have the source code you can modify it to create your coin.

Try to understand this, if you create your complete source code from scratch it won't make any sense and it will take a lot of time and money. Best practice will be to copy the existing source code from Github and modify it to create your own cryptocurrency.

If you want to download the source code please refer to this URL, which provides all the material to create your own cryptocurrency.

4. Generating Genesis Block of your mineable cryptocurrency

The genesis block is the first blockchain of Every Blockchain Application. And your cryptocurrency is nothing but a blockchain application.

When we create the Genesis block for cryptocurrency, we need to 3 Genesis Block.

3 Genesis Blocks are for

  1. Main Net
  2. Test Net
  3. Regression Test Net

You can create these 3 genesis block using C++ source code. You can also create this genesis block using existing python script.

But creating above 3 Genesis block using C++ and Python Script may take lot of time and resources. To simply the process of creating 3 genesis block we have created a small web applications.

To access this web application please refer to this URL to create a Genesis block for your Mineable Cryptocurrency.

5. Coding - How to create a Mineable Cryptocurrency

Coding is more of the complicated part of creating your mineable cryptocurrency.

Once you have the source code and genesis block, you need to embed that in the existing source of Litecoin or Bitcoin.

You need to modify the source code and re-brand it as your own coin. You need to change the Symbol, Max Coin, Update the genesis block.

And also replace Litecoin with the name of your cryptocurrency. I can't cover every detail but this course on Udemy of how to create a cryptocurrency will help you.

If you have any queries you can visit the website newtum.com and get the required support on how to create a mineable cryptocurrency.

6. Building your own Cryptocurrency

Building your own mineable cryptocurrency means to compile the coin using the C++ compiler. And then creating an executable file for windows or for Linux.

It involves installing the pre-requisite and then compiling the cryptocurrency using a set of commands.

This commands are common for Bitcoin and Litecoin.

You can find all the commands to build your cryptocurrency in this URL.

But before you build your cryptocurrency one thing is very important i.e. setting up your Linux server or Linux machine.

Setting up Server for Cryptocurrency Development

For compiling and running a minebale cryptocurrency , a Ubuntu server is preferred. To be specific Ubuntu 18.04 is required to build and compile the latest version of cryptocurrency source code.

Ubuntu server can be purchased from Amazon AWS(EC2) , Google Cloud (GCE) or Digital Ocean.

Setting up servers in major service providers may be a bit of a challenge. But once the server is setup it pretty fast and easy to build the coin.

Once the server is setup you can access the server using WinSCP and Putty.

We have created a detailed guide on how to set up servers in AWS, Google Cloud, and Digital Ocean and connect using WinSCP And Putty for your reference. Please refer above URL for a detailed guide.

7. Cryptocurrency Explorer

So, you have done lot work, modify your source code of cryptocurrency, create server and build the coin. Now is the time to setup cryptocurrency explorer.

Cryptocurrency explorer act as a user interface of your coin. All the transactions that happened are publicly displayed with the level of confirmation. Explorer helps to bring transparency.

Cryptocurrency Explorer requires node js and some packages of node js.

You can always refer to different explorers available on Github for different cryptocurrencies and different algorithms.

But to run any crytpocurrency exploer you will require node js and mongo db.

Below video will help you to install specific version of NodeJs using NVM (Node Version Manager)

Episode 20: How to Create Your Own Cryptocurrency(Mine-able)

This video is the 20th episode of the course on how to create your own cryptocurrency.

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8. Mining & Mining Pool

Well, this article is about how to create a mineable cryptocurrency. So mining is very very important over here.

There are two type of mining in crypturrency world.

  1. Solo mining
  2. Mining Pool

Solo mining :



Solo mining is preferaable when coin is very vvery new and dfficulty level is very low.

Another possibility is that you have a very very high-end hardware which is good to mine the blocks.

In solo mining of cryptocurrency mining hardware is directly connected to the daemon of the cryptocurrency or coin.

Mining Pool :



When cryptocurrency mining difficulty is very high , many miner come together. They pool all their resource to mine the block.

When the block is mined all the miners are awarded a share of the reward depending upon their mining hash power.

Cryptocurrency Mining Client :



Whatever the mining method you are using, one thing is common. That is Mining CLient.

Mining client is used to generating hashes that will help to mine the cryptocurrency block. Mining clients can be a GPU miner or CPU miner.

There are many mining clients. The below video will explain to you how to install a simple CPU miner for mineable cryptocurrency.

Episode 24: How to Create Your Own Cryptocurrency(Mine-able)

Installing CPU miner for mine-able cryptocurrency

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9. Cryptocurrency Desktop Wallet

Generally, every cryptocurrency is built in the Linux environment. Daemon of coin and cli i.e command-line tools helps to access different functions of the coin.

This function includes generating a new address, checking the wallet balance, etc. These command-line tools are also used to send the coin to other users.

But it's not possible for every user to have the Linux server or Linux machine. They need a simple wallet to store the coin and transfer that when required.

So, to solve above problem , we have desktop wallet for cryptocurrency. Desktop wallet is simple desktop application which helps to manage the cruptcurrecy. User don't have to execute any comamnds.

Users can receive funds, send funds, or generate new addresses using simple mouse clicks.

Building Desktop Wallet for Your Mineable Cryptocurrency

To build a desktop wallet for mine-able cryptocurrency, cross-compiling is required.

Cross-compiling means creating an exe for windows application in the Linux environment.

Below are commands to build desktop wallet for mine-able cryptocurrency

#installing pre requisite
sudo apt install build-essential libtool autotools-dev automake pkg-config bsdmainutils curl git

#installing gc++ compiler
sudo apt install g++-mingw-w64-x86-64

#configuring the posfix
sudo update-alternatives --config x86_64-w64-mingw32-g++

After following the above step please run the bash file to create your desktop wallet. This process is long and may take 50-80 minutes depending upon the server configuration.

Bash file can be downloaded from this url: Bash File to Create Desktop wallet

Above Bash file contains all the commands to create your desktop wallet for your own mine-able cryptocurrency.

10. Coin API

API (Application Programming Interface) is required for every cryptocurrency. It's helps to integrate merchants , business owner , exchnges to connect with your mineable cryptocurrency.

API of cryptocurrency is connected using RPC (Remote Procedure Call) protocol. While creating the cryptocurrency please make sure that you have specified the right RPC port for your coin API.

RPC port is the use to connect the coin and that particular port has to be open in the server. RPC port for bitcoin is 8332, the RPC port for Litecoin is 9332. The port can be changed even while starting the cryptocurrency daemon.

While creating your coin , you just have to setup the right port , when user setup the node they can connect to the coin api.

11.Mobile and Web Wallet

Most of the users are one mobile and on the web. The desktop wallet is good but it has its own risk. Like memory corruption and desktop/laptop damage.

To eliminate the risk of laptop/desktop loss Mobile and Web Wallet are the best solution. Mobile and web wallets make your mineable cryptocurrency very handy and the user can easily exchange the coins.

Mobile wallet and Web Wallet depends on Coin API for it's operation.

A business layer needs to be created using server side programming languages. These languages could be PHP , NodeJs , Java or .Net.

Mobile and Web Wallet connects to this business layer which in turns connect to coin API. Theses wallet just act as an user interface.

Mobile and Web Wallet should have the following minimum basic features to make it Usable.

  1. User can create a new address
  2. Cryptocurrency can be transferred from one address to another address.
  3. Display balance available in all the addresses owned by User
  4. At least a basic authentication system to validate the user.
  5. Option to restore the wallet address from the key phrases if any.

Course on How to Create a Mineable Cryptocurrency

What you will Learn

  1. Developing and launching your coin code requires many different components.It’s not just about coding but about developing all the different components.
  2. Expert team of Newtum has vast experience in coin development. Base on this experience they have identify must have thing for coin development. And everything is including in this course.
  3. Below are the key things you will learn in this course.

Key things you will learn in the Course of How to Create Cryptocurrency

Plan Your Coin

Coding and Code Changes for Your Coin

Compile and Build Your Coin

Create and Use your own cryptocurrency

Setup Your Crypto Explorer

Launch Your Mining Pool

Setup Your Desktop Wallet

Understand Coin API

Who can take this course

Any individual, student, or business owner can take this course. But after studying the market and different professionals, we came up with the list.

Below professional will have a maximum advantage if they take this course of “How To Create Cryptocurrency”

  1. Software Professional
  2. MLM Business Owner
  3. Student looking for a job in Blockchain
  4. Individual/Business with processing power who wants to start their own mining pool
  5. A startup who want to launch their service like Blockchain Info
  6. Business people working in a hotel chain, to reward customers using blockchain
  7. Business people in cab aggregators or travel agencies who can rewards with universal acceptable their own cryptocurrency.

Technical Knowledge required to create Your Cryptocurrency

Answer is very simple you don’t require any technical knowledge. You don’t need to know programming languages or SDK or anything.

We have explained each step and each coding modification , code creation in very simple way. Just follow the instructions and your coin will be ready.

In case you are stuck, don’t worry our online support team will help with our live chat and screen sharing support.

But we assume that you know how to purchase the server required for building and hosting your coin nodes. You may have to purchase servers from AWS or Google Cloud or Go Daddy or Netmagic.

In the course, we have mentioned the exact server requirement don’t worry about that.

Key Benefits of Learning – Cryptocurrency Development

Learn important and essential components of any Block-chain Application

Big companies are planning their own cryptocurrency and hence knowledge of cryptocurrency will be given first preference.

With knowledge of cryptocurrency, you can create your own cryptocurrency and make your business globally accepted.

Most of the MLM (Multi-Level Marketing) will be converted into cryptocurrency, if you work in MLM this is the best course for you.

Every coupon and rewards point will be converted into cryptocurrency, so a lot of demands for cryptocurrency developers.

Knowledge of Mining Pool, API, Explorer will help you to launch your own web wallet and mining pool.

Key Features of our Course - How to Create Your Own Cryptocurrency

Smallest Things explained to create your own coin

Even Non-Technical person can develop their own cryptocurrency or coin

Life Time Accessible

Email Support

Each and every code explained in detail with line number

Apart from creating a cryptocurrency , you will learn how to set up mining pool and explorer.

Live Chat Support

How long it will take to Create my own mine-able Cryptocurrency

Well you can completed the course in less than 3-4 hours.

If you follow the steps and create that coin it can be done in less than 1-2 days. Your coin will be ready in a day or two. If some bugs occurs add one more day to take help from us. So in worst case scenario you will have your coin ready in 3 days.

Along with your coin, you will have your own mining pool, explorer, and desktop wallet. And if you know mobile programming or web programming you can also create web and mobile wallets with the help of API.

What Material and Resource will be provided

Apart from Video instructions, coin development requires a set of base code and a large set of commands to build the coin and components.

Newtum course of Creating coin comes with all the material. It includes form/link to generate genesis block and download source code.

It also includes articles listing instructions to buy servers from the different service providers and to use the WinSCP tool to connect to the servers.

Best part is you will not have to write any commands , we will give all the pages which will contain the commands to install and build your coin

Why Take Course on Creating Own Mine-able Cryptocurrency

Watch Sample – Create Your Own Mine-able Cryptocurrency

.

Watch 3 Episode of Actual Course 100% Free

Please don’t go blind. Before you purchase this course please watch this two video.

It’s best to view the sample video. We are proud to say we are among the few course creator who provides the free link to our actual course content

Episode 1: How to Create Your Own Cryptocurrency(Mine-able)

This video explains important things required to develop our coin and cryptocurrency.

This course also contains step by step detail instructions on how to create your mining pool, a desktop wallet, and crypto explorer.

Enroll Now

Episode 20: How to Create Your Own Cryptocurrency(Mine-able)

This video explains how to install NodeJs using NVM. This node js installation is must for creating a cryptocurrency explorer and mining pool.

This course also contains step by step detail instructions on how to create your mining pool, a desktop wallet, and crypto explorer.

Enroll Now

Episode 24: How to Create Your Own Cryptocurrency(Mine-able)

This video explain how to install cpuminer. Cpuminer is a client to connect to the mining pool.

This course also contains step by step detail instructions on how to create your mining pool, a desktop wallet, and crypto explorer.

Enroll Now

Marketing your own Mine-able Cryptocurrency

Marketing is a must for every business. And your new cryptocurrency is nothing but your near startup.

So you will have to market your cryptocurrency just like any other business. It’s not possible to cover everything about marketing your new in a single article. But I will list out the key action you must take to market your new minable cryptocurrency.

  1. First, make your coin source available on GitHub just like Bitcoin and Litecoin. This will bring the trust of users towards your coin
  2. Launch an ICO and offer initial coins to people around you at very affordable prices.
  3. Create a reference system to attract more users.
  4. Create a buzz on social media.
  5. Connect to existing merchants and business owners. Ask them to accept your coins as payment and give them the assurance of acceptance. May be by offering some deposit.
  6. Collaborate with cryptocurrency websites like GoinGecko or CoinMarketcap to at least market your coin. It won’t be free they will charge your heavy fee be ready for that.
  7. Communicate with every possible exchange and try to list your coin. But the final step number 7 may take and year or two.

Believe it or not, marketing is much more important and difficult than just learning how to create a mineable cryptocurrency.

Listing your Mineable Cryptocurrency in the Exchange

    This is the aim of every new cryptocurrency founder. If you are able to list your coin premium exchange like Poloniex, Binance, etc then you are a billionaire. If not billionaire at least a millionaire.

    But please remember that this process may take 1-4 years depending upon your coin popularity and acceptance among the community and the investment you put in.

    Process of listing your exchange is different for every exchange.

    For very big exchanges , you need to have good contact in management team of exchange . Then you can email them about your coin credentials. Exchange team will review it and there the role of your contact will come.

    If your coin is very very popular before listing into the exchange, then a listing can be done even without any big contact.

    Above was the case of a big exchange, but many exchanges follow one or a combination of the below process to list your coin.

    1. Voting by users
    2. Submitting an application and waiting for review of management
    3. Paying a heavy fees to list into the exchange
    4. Volume on other exchange.

    But the best process according to me will be to approach the small exchangee.Small exchange are easy to approach and they have very small fees.

    Once you prove that you are coin is trad-able and is quiet accepted at small exchange,big cryptocurrency exchanges will accept your listing easily.