Create your own cryptocurrency

Posted by: Gergely Sumegi (2 years, 9 months ago)

Bitcoin was intended to be the currency of the internet, an untraceable currency, uninfluenced by governments and banks, eliminating the corrupt world of money to bring a monetary revolution. No wonder anarchists, hackers, geeks were intrigued first, then came the experimental idealists followed by the rulers of the dark or half-legal corners of the internet.

Bitcoin became fashionable, and similarly to a stock market bubble, masses of late investors jumped in making the virtual currency's exchange rate rally. Bitcoin started 2013 under $10, hiking to above $1200 by November, then fell under $600 within a few days. Its rate is $857.50 at the moment, but might move up or down again by the time you reach the end of the next paragraph.

The highly volatile rate made Bitcoin an ideal field for speculators: you can make massive profits as well as giant losses within days or even hours. And of course, Bitcoin's clones have started to appear, such as the open source Litecoin or the joke Dogecoin. And now here is the ultimate cryptocurrency hub: Coingen, where everybody can create their own cryptocurrency, instead of just mine another Bitcoin for example.

Bitcoin, and all similar cryprocurrencies are based on the mining of the money. This means you dedicate the computing power your computer's resources (for example the CPU or the graphics card) to help solve a  series of mathematical operations of high complexity, and as you complete each small piece of the puzzle, the money grows on your account. It does not really matter what you are calculating, the point is the complexity of the problem, taking a lot of time for the miners. This is important because once the accumulation of capital has ended, the amount of money remains the same in the world, and get exchanged between the owners.

Coingen offers two algorithms to choose from to mine your own currency, and you can set the amount of data to process. This basically defines the amount of virtual money to be created and the timeframe to do this. You can get creative at this point, as you have to name your currency now and create an icon for it. The registration fee is 0.05 Bitcoin, which is about $42 now. For double the price, you can remove the advertisement of Coingen from the logo of your currency.

From this point, the market is open to you, all transactions are handled by Coingen, your money can be generated by yourself or other enthusiastic miners through a private p2p network. Experts can set the port to be used by the network too.

The founder of Coingen told Digital Trends that he wanted to help enthusiastic and entrepreneurial people who do not have the necessary technical expertise to create their own cryptocurrency. This seems working, as now it is your marketing skills that make or break of your virtual money, and not your coding and encryption skills.

Coingen hosts more than a hundred active virtual currencies by now, and a lot more waiting for confirmation from their owners, as well as inactive ones, that is created and paid for, but not used by anyone. And all this in a few days. There is Jesuscoin, Beercoin, Yolocoin – see the list of active currencies for other funny names. You can join mining any of them here too.

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