How Difficult Is It To Make a Internet Currency?
After having heard and experienced so much on Blockchain and cryptocurrency, a question arises that how can you create a new crypto currency. A lot of people are sceptical about the idea at first. But if you delve into the ecosystem, you will realise that it is not very hard. You can fork the development branches of existing cryptocurrency, add your particular implementation objectives and have it mined by the miners of the crypto currency you are branching from. You also need to create a reason why people will want to use your currency. For example as a token for exchange of some values i.e shares in something. There are lots of cryptos based on Ethereum using similar strategy and there is a good programming language called solidity that you can use to set up contracts on which your currency can be based.
If you’re a researcher and you want to delve into the science of what happens when you fork a blockchain, well that’s the super interesting thing today. If you understand the difference between ETH and ETC. However, it’s clear that Bitcoin, Ethereum, Litecoin, Ripple and ZCash are going to be as big as Apple, Amazon, Google, Facebook and Microsoft. So it’s kind of like asking how hard is it to build Apple. It’s harder than building Dell. But then again, anybody can go to Fry’s or Micro Center and build their own PC.
Actually it’s like trying to build your own Silicon Valley software company in 1982. You’ll be early, you’ll be correct, you’ll have very little to compare yourself with, and you’ll be buried by 2.0 when enough people understand enough to throw money at the problem. On the upside, you’ll learn everything. In all likelihood, there will be enough applications to submerge the cryptocurrency business. By this I mean today nobody asks what it takes to build your own web server. It’s done.