A few years ago creating a cryptocurrency was a task that was only available to a few programmers who were experts in cryptography. Currently there are very simple ways to create cryptocurrencies and, therefore, it is available to the general public without being necessary to have notions of programming.
The process is almost as simple as the method used in the tutorial to create an ERC20 Token, which explains how to develop smart contracts to create Ethereum-based Tokens. Therefore, even if you do not have great notions of computer science, I invite you to carry out this fun experiment and, in that way, you can exchange your own crypto assets with your friends.
In summary, throughout this tutorial you will learn easily and simply how to create a digital currency, put your own blockchain into operation, mine the genesis block, configure a wallet to mine your own cryptocurrencies (in the same way that bitcoin mining works) and create a node in a VPS (Virtual Private Server) so that your currency is always active and all users of it can synchronize their Purses.
Create a cryptocurrency and configure it
There are many ways to create a cryptocurrency, because it can be created manually as Satoshi Nakamoto did with bitcoin or, on the contrary, you can resort to one of the services that currently exist to create blockchains in an automated way.
In the network there are many companies that have launched the creation of Blockchains, but of all of them I have chosen Wallet Builders for the following reasons:
- It allows you to create a FREE Blockchain.
- If you want extra add-ons, it is one of the cheapest.
- It offers you the wallet for Windows and Linux for FREE.
- It is very easy, fast and simple to use.
If you want to choose a payment plan it will be necessary that you pay in Bitcoins. If you do not know where to get them here I show you the best exchange houses to buy bitcoins. Step 1: Configure the Type of Blockchain
First of all you have to access the www.walletbuilders.com website and fill in the data that appears in the image below.
You have to indicate an email, which will be where the link to download the wallet and the information of the cryptocurrency you have created is sent.
Secondly you have to choose a plan, I have chosen the free one. The paid plan offers one month of free hosting for the Node (in the free only 5 days) and, in addition, offers the possibility of adding an icon to the cryptocurrency, among other things. In the tutorial I will explain how to host the node on a free VPS for a year and, therefore, with the free plan it is enough, because you can create a complete and indefinite cryptocurrency.
Finally, to create a cryptocurrency it is necessary to choose the type of algorithm that the blockchain will use. The free plan only offers the first two. For the tutorial I have used a Scrypt Pow algorithm.Step 2: Configure the details of the Blockchain to create a cryptocurrency
The data I have added to create a cryptocurrency are as follows:
Step 3: Set up circulating coins and rewards to miners
The first point allows you to enter the reward for mining a block. In the second section you can configure every few blocks you have to produce the halving (reduce the reward by half) and, finally, you have to enter the maximum coins that can be in circulation once they are all mined (in the free version you can only put 21,000,000). In my case, to create a cryptocurrency I have left everything by default. Step 4: Advanced Blockchain Configurations
Finally, the application offers a secure and versatile configuration. As this tutorial is an experiment, I have changed some aspects of what it offers us by default:
The rest of the sections I have left by default, because I have not considered it appropriate to change them to improve the performance of the Blockchain.
In the application you can see a 5th step (configure the icon) that is only available to those who have chosen the payment option. In the case of having chosen the free version you will have already finished the work and, therefore, it only remains to wait to receive an email with the download link of the Wallet that is very similar to bitcoin wallets. Download the wallet and mine the first block of the Blockchain
After about 30 minutes the program will have configured the blockchain and from the link that is sent to the mail you can download the wallets and consult the characteristics of the blockchain.
The wallet can be downloaded for both Windows and Linux. Once downloaded and opened, the wallet will be synchronized with the node that the web provides us for 5 days (then we must have configured our own node).
Once the wallet is downloaded and opened, you have to extract the first block and, in that way, we will get the first reward of 50 Cbitorg. To mine you have to follow three steps [UPDATED 2019]:
In the wallet directory (APPDATA\Tumoneda) you must create the tumoneda.conf file with the following code:
Then you have to create a file, in the folder where the access to the wallet is (depends on where you have saved it), which is called mine.bat with the following code:
echo Press [CTRL+C] to stop mining.
tumoneda-cli.exe generate 1
Once the two files are created, open the wallet and, once connected to the node, open the mine.bat file. At approximately 15 minutes you will begin to obtain the first mining rewards.
To create the .conf and .bat files, open a notepad and paste the code there. Then when it comes to saving it call it tumoneda.conf or mine.bat. Don’t forget to change the words “tumoneda” to the real name of your currency.
The coins obtained can not be spent until 5 confirmations have been obtained, as we configured it at the time of creating the Blockchain. Therefore, I advise you to leave the computer mining for a while to mine several blocks and, in that way, you will get the coins you want (that is called pre-mining a cryptocurrency).
Once you have mined several blocks you will be able to see how the credit you already have confirmed appears in “Balance” and in “Not available” the mined credit that is not yet confirmed. Create a node in a VPS
The best way to give stability to your Blockchain is to install a node on a Virtual Private Server (shortly we will explain in another tutorial how to create a free VPS for a year). That way, any user who opens the wallet will be able to synchronize it automatically.
As I already have a Windows VPS created I just have to download the wallet and pass it to the virtual private server.
With the wallet closed you have to create the file cbitorg.conf (tucriptomoneda.conf) in the folder “%APPDATA%\cbitorg \”.
To create it, create a .txt file named cbitorg, and then paste the code below and click save as cbitorg.conf. Code for the file: