There are always many different approaches and methods to do the same thing. Explore what works best for you.
Ethereum has the largest development community of all the cryptocurrencies. It is considered to be most advanced in terms of options it provides. It has best resources for you to improve your cryptocurrency and experiment. To start with Ethereum,
Define your crytocurrency with its features. KARMA has been used as an example.
- Choose a platform for starting your cryptocurrency:
- Ethereum: Etherem allows the most advancements.
- Bitcoin fork: Bitcoin fork is easiest.
- Ripple: Ripple is private. You cannot start your own over it. You will stay a minority stake holder.
- Nxt: Nxt is private. You cannot start your own over it. You will stay a minority stake holder.
- Link the price to an external asset but do not back it by that asset. For example KARMA is backed by real karma in life.
- Provide the ability to give away some of the currency without incurring costs other than admin costs.
Ethereum has the largest development community of all the cryptocurrencies. It is considered to be most advanced in terms of options it provides. It has best resources for you to improve your cryptocurrency and experiment. To start with Ethereum,
- Download the Mist wallet
- Follow the instructions. It gives you detailed instructions on how to launch your own cryptocurrency.
Define your crytocurrency with its features. KARMA has been used as an example.
- Symbol: KARMA
- Name: Karma Coin
- Description: Token of Thanks in Appreciation of Good Karma
- Platform: Ethereum. Ethereum is chosen here because KARMA is mainly about contracts with other people.
- Algorithm: http://www.coinwarz.com/cryptocurrency
- Block time: 1 min. This is the average target time between blocks. Usually it is between 15 sec and 2 mins. Bitcoin has 10 minutes.
- Difficulty retarget time: 1 hour. Usually it is between 1 hour to 1 day. [(diff retarget time)/(block time)] gives you how many blocks a diff retarget will happen. This is an important parameter to consider.
- Initial coin per block: 100. Usually it is 2 to 100. You can also do coins per block based on the block number, or even randomly (like JKC/LKY etc).
- Coins per block halving time: 1 year. Usually it is 6 month to 3 years. You may choose as you wish. You may also want to think whether you really need it?
- Ports, you need two: Choose the ones that are not used in common apps. You can google for a particular port usage.
- Official website: Website
- Block Explorer: Block Explorer Site
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