Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

How To

How to create a cryptocurrency

How to create a cryptocurrency

Getting hold of Bitcoin often involves costly mining operations, and hence many have instead chosen to create their own cryptocurrency. Even if you are not a large company such as Facebook, which is in the process of launching Libra, creating a cryptocurrency is not a big undertaking. Below we look at how individuals can create their own cryptocurrency,much like how Bitcoin was launched in 2008 by a mysterious figure or group of people named Satoshi Nakamoto. We also look at how Bitcoin has influenced other cryptocurrencies that have been created over the years.

Get the technical expertise required

As the interest in cryptocurrencies has surged, they are increasingly being used for everything from purchasing of groceries to cars. However, creating a cryptocurrency is a whole new process which can pose problems to those who have no technical knowledge. So once you decide to create a cryptocurrency of your own, it is ideal that you tie up with a person with technical expertise in the area. There are also several courses that delve into how to create a cryptocurrency. People often sign for these courses if they want to learn the nuts and bolts process of launching a customized cryptocurrency.

Decided whether to use a blockchain platform that is pre-existing

With technical experts giving you ideas, you can decide whether you wan to go ahead and build your own blockchain or use and existing platform such as Ethereum. Importantly, picking from one of the existing blockchain platforms gives you access to the functionally that they have. However, people who are part of a group or company can easily build a blockchain from the ground up, especially if they have expert coding skills.  Alternatively you can tie up with a company that provides blockchain services and they will set up a cryptocurrency that is specifically tailored to meet your business needs.

Pick a consensus mechanism and design nodes

Integral to the operation of a blockchain used in a cryptocurrency is the consensus mechanism. Therefore due attention has to be paid to the selection of consensus mechanism protocols that the nodes will use, to check if a transaction is authentic or not. The design of the nodes is also important as they form the supporting structure of a blockchain, and each needs to perform various tasks. These tasks range from the verification of data to transaction processing. Additionally, care has to be taken to get the correct hardware necessary for the nodes which then can be hosted on the cloud.

Lay guidelines that govern the architecture of the blockchain

Creating the guidelines that govern the architecture of the blockchain is a tricky process, and one that you cannot change down the line. So when setting up a cryptocurrency you need to spend time and get the permissions, address formats, parameters and more right the first time round.  This is also a good time to check if a pre-built API is included with the blockchain platform that you are using. Then look into designing an interface, which the user and the admin can use easily when working with the blockchain.

Legalizing a cryptocurrency that you created is an important step especially if you are looking to conform to the latest laws and regulations that govern such currencies. With a solid cryptocurrency that meets regulations you can overcome many hurdles that come with traditional currencies, while decreasing risks of fraud.

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post