Very first of all it should be pointed out that it is significant to understand why cryptocurrency is created. There is no need to create a cryptocurrency with no extra value. “The cryptocurrencies and tokens that have good reasons for their existence, such spil Ethereum, which helps to build clever contracts, are ter request,” says co-founder and managing playmate verhoging for the development of cryptotrading Simdaq Evgeny Dubovoy.
At the very first stage of creating a cryptocurrency, it is necessary to determine the toneel and algorithm. Let’s take a look at what platforms have bot chosen by the existing cryptocurrencies.
According to cryptocompare.com, 34% of the cryptocurrency projects were hybrid PoW/PoS, 27% – PoW, 12% – PoS, and 1% DPoS.
The following cryptocurrencies can be categorized spil hybrid PoW/PoSg: DASH (Market Cap – $Five,6 billion), BitConnect Coin ($1,Two billion), etc.
While PoW is a system wasgoed used to create such cryptocurrencies spil Ethereum, Bitcoin Contant, Bitcoin Gold, Litecoin, Monero, Ethereum Classic and others.
The largest cryptocurrencies ter terms of capitalization created with PoS are the following: Cardano (Market cap – $Two,6 billion), QTUM ($900 million), OmiseGo ($845 million).
Pic. 1 Cryptocurrencies by proof type
Source: Calculation of Bitnewstoday.com according to Cryptocompare.com
Spil for the cryptocurrencies algorithm, 25.9% are operated on the Scrypt algorithm. The list includes Litecoin (Market cap – $Five,6 billion), BitConnect Coin ($1,Two billion) and others.
12.6% of the cryptocurrencies have chosen the X11 algorithm. It wasgoed suggested by DASH creator Evan Duffield. 8.6% of projects operate with SHA256, including Bitcoin Specie (MArket cap – $24,7 billion).
Pic. Two Cryptocurrency algorithms
Source: Calculations of Bitnewstoday.com according to Cryptocompare.com
It should be noted that a cryptocurrency, which wasgoed copied from another coin, won’t be popular, so the developer will need to improve the code.
Experts point out that cryptocurrency ter theory can be created by a single person, but it vereiste be a genius. Therefore, it is necessary to build a team of professionals to implement such an ambitious project spil the creation of a cryptocurrency. It requires not only good technical abilities, but also excellent skill te the field of strategic management and marketing.
When a cryptocurrency comes in exchange, very first of all it is significant to implement the so-called market-making process – the process of creating the right mood for traders and to make sure that there will be supply and request, experts advise.