Create virtual currency
if you want to create a virtual currency like bitcoin, Ruitai coin and Qianjin card, you need to make some efforts. First of all, these coins need card method and a downloadable wallet. The application scenarios of this kind of currency have been determined. At the same time, you need to create a secure and reliable trading platform.
since 203, the more popular virtual currencies are bitcoin, Wright coin, Fuyuan coin, doggy coin, dark coin, reborn coin and so on.
Background: the financial application of blockchain technology brings high investment value
2018 China international big data instry Expo opened in Guiyang City, Guizhou Province on the 26th. At the meeting, it was pointed out that China will vigorously develop the digital economy in the future, deeply implement the action plan for the development of big data and cloud computing, and deeply study blockchain technology and application. Especially in the field of finance, the landing application has become the focus of the scientific and financial circles
1. The value source of blockchain is that it can perfectly solve the pain points of the current financial instry:
in today's asset securitization, insurance, supply chain finance, commodity trading, asset custody and other financial scenarios, e to many participants, high cost of credit evaluation, low settlement efficiency of intermediary institutions and other reasons, Traditional financial service methods are difficult to effectively solve the long-standing core pain points in the instry, such as information asymmetry, complex and rendant processes, and high information verification cost
2. Why can blockchain solve the above pain points:
blockchain technology integrates many basic technologies, such as distributed accounting, tamper proof, built-in contract, etc., and constructs a trust building mechanism with lower cost. The financial application based on blockchain technology can realize the ability of all market participants to obtain all transaction information and asset ownership records in the market without discrimination, and effectively solve the problem of information asymmetry; Smart contract embedding reces the error rate of payment and settlement, simplifies the process and improves efficiency; At the same time, based on transparent information and brand-new trust mechanism, there is no need to spend manpower, material resources and financial resources to confirm information among participants, which will greatly rece the trust cost between institutions, and then rece the price of financial services and transaction costs
3. The application of blockchain technology in the financial field mainly includes the following aspects:
among which bitcoin is the most famous. On the basis of bitcoin, a large number of other types of decentralized digital currencies have been derived. Such as: the heyday of bits
Compared with the traditional payment system, blockchain payment can directly carry out end-to-end payment for both parties without the help of the banking system, which can greatly improve the speed and rece the cost③ digital bills
④ bank credit management: the advantage of blockchain is that it can rely on program algorithm to automatically record credit related information and store it on every computer in the blockchain network, with transparent information, tamper proof and low cost
The major financial institutions and exchanges in Europe and the United States have explored the application research of building the next generation of financial asset trading platform based on blockchain technology4. The development prospect of blockchain. The future development of blockchain technology will have the most vitality with alliance chain as the entry point, and will have a significant effect and far-reaching impact on the transformation of traditional financial instry pain points
in response to the good investment prospects of blockchain, domestic enterprises such as Alibaba, Jingdong and Netcom have entered the market. The application of financial scenarios based on blockchain technology not only brings us security and convenience, but also provides us with broader investment space. The rise and price surge of digital currency represented by bitcoin (bitcoin was about RMB 20 cents when it was first listed in 2009, and its current price is about US $7300!) It's the best proof that people with a keen sense of smell have made a lot of money from it
Abstract: This is an encrypted digital currency based on the bitcoin developed by Nakamoto Tsung, which improves and adds many new functions, such as the double-layer reward system network, also known as the main node network. It also includes anonymous payment to improve the interchangeability (bitage) and real-time payment function docking to realize real-time transaction confirmation without relying on the authority of the center (P2P mall) In 2009, Nakamoto put forward the concept of bitcoin. Since then, bitcoin has spread rapidly in mainstream applications and commercial uses, becoming the first digital currency to attract a large number of users, which is a milestone in the history of digital currency. However, from the perspective of completing the transaction, we can find an important problem, that is, it takes too long for bitcoin block to confirm the transaction. Traditional payment companies have found a solution to enable the buyer and the seller to realize zero confirmation of bitcoin transaction, but this solution usually requires a trusted third party to complete the transaction outside the agreementbitcoin provides pseudonym transaction, realizes the one-to-one transaction relationship between sender and receiver, and can always record the transactions occurred in the whole network. Bitcoin only provides low-level privacy protection, which is well known in academia. Despite this deficiency, many people still believe in the transfer history recorded by blockchain
based on Nakamoto's achievements, bitshengshi is an encrypted digital currency with the purpose of protecting privacy. We have made a series of improvements on the basis of the concept of bitcoin, resulting in a decentralized cryptocurrency with good anonymity. It supports tamper proof real-time transactions, and has a point-to-point sub network that can provide service reward system for bitsheng network
2. Master node network
the whole node is the server running on the P2P network, so that small nodes can use them to accept the dynamic changes from the whole network. These all nodes need significant traffic and other resources that consume a lot of cost. Therefore, it will be observed that the number of these nodes on the bitcoin network presents a steady downward trend over a period of time, so that the block broadcast time needs an additional 40 seconds. In order to solve this problem, many solutions have been put forward, such as the introction of Microsoft Research's new incentive plan and bitnodes incentive plan
Figure 6: Mining reward model
It's not illegal
For example,
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the virtual currency represented by bitcoin is legal in China, which is defined as a special Internet commodity, and people can buy and sell freely at their own risk
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but it is illegal to carry out pyramid schemes under the guise of bitcoin. Now to create a virtual currency trading platform, we must record the website and implement real name authentication for users
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bitcoin is legal in most countries around the world, except that some small countries explicitly prohibit bitcoin
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since 2003, the more popular virtual currencies are bitcoin, Laite coin, Fuyuan coin, doggy coin, Diablo coin, reborn coin and so on
when you see how complicated it is to make physical banknotes, it's easy to understand why most people don't try to print new forms of currency every day, but it's also very easy for people with only basic programming level to make new digital currency
programming is not the only step to create a new digital currency. Here are three cryptocurrency manufacturers giving you five steps to follow
1. Using the community to cultivate money
Chris Ellis, an entrepreneur from London and an activist in the feather money community, believes that when you consider making a new digital currency, it's easy to assume that the first step is to start currency programming, which is actually wrong
"the first step is to find a community and build a currency around the community, rather than expecting people to show up after building a currency," Ellis said. "It has to meet the needs of the community and be related to their cultural heritage and background."
Feather coin was created by Peter Bushnell in April 2013. Bushnell resigned as head of it at brechnos college, Oxford, because he wanted to create his own people-centered currency. He made the decision after seeing on bitcoin.org, a well-known cryptocurrency website, that the existing cryptocurrencies (such as bitcoin) lack community participation and inclusiveness
since March last year, Ellis has been actively promoting and teaching people the knowledge of cryptocurrency. Although he had not met Bushnell at that time, he was also aware of the alienation and isolation on the bitcoin forum
"these forums are very technology oriented and are not welcome for newcomers or minorities, and usually smaller teams can better serve these newcomers or minorities," Ellis said“ The forum did not make it easier for people to participate in currency development. A lot of people in these forums come to predict prices rather than actively participate in development. "
Ellis found the cryptocurrency community based on feather coin, and he said that technological development has benefited a lot from the community
"we are a group of feather coin encryption enthusiasts, but some of them may not be so easily integrated into other communities," Ellis said. He said everyone in feather money thought it was important to show that a group of loyal people could build a stable currency. Through cooperation, a dedicated community of encryption enthusiasts can better find and solve vulnerabilities and security threats. For example, the feather coin coding community has successfully resisted 51% of attacks
the establishment of such protective measures and the promotion of currency development can make the currency more legitimate and more easily trusted in the eyes of the public. But if the participants are all passive observers who are only for their own interests, it will be troublesome
2. Programming, for the long-term benefit
surprisingly, every currency developer I talked to said the same thing: "programming cryptocurrency is usually the least time-consuming part of the process. This is because all the cryptocurrencies on the market are based on the open source code of bitcoin or lightcoin provided on GitHub. "
Peter otbach, one of the founders of coino, said: "it doesn't take long to create. It could be only one day, "the company claims to be the fastest cryptocurrency on the market, with a maximum trading time of just 50 seconds“ To start programming, you just need to know C + + to create your own functions in it. "
according to Colin Evans, the developer of quark cryptocurrency, it may take longer than a day“ In terms of programming, the most complex steps may be related to the complexity of the parameters you plan to have in the blockchain, "Evans said“ For example, many currencies just use and the lettercoin code, but quark has a new hash algorithm - that is, it is separate from bitcoin and lettercoin - so if you want to change it, it will be the most difficult one. " In this case, it may take months to program cryptocurrency. However, Evans pointed out that if developers just reuse GitHub's code and change some simple parameters, any competent programmer can do it "in 30 minutes."
but just thinking that anyone with C + + skills can make their own cryptocurrency doesn't mean that one day there will be as many kinds of currencies as IOS applications. "Feather coin is actually a branch of Leyte coin," Ellis said“ It starts with a minimum number of parameter changes, because we think the most important feature of money is viability. "
however, the feather coin team noticed that some of the previous currencies did not last long, because they included a new function, which enables investors to make profits through short-term speculation. However, the team was often unable to manage the project as planned for a long time, resulting in the failure of the project. In other words, those failed currency developers may want to create cryptocurrencies and make profits in the short term, rather than in the long term, which is doomed from the beginning
Ellis said: "you have to be responsible for fixing defects, and you have to make a commitment when you launch the currency, and you have a responsibility to inform people of the risks and protect their property." if you can't, then no one will use your currency all the time
3. Let miners appear on the stage
once you develop currency, you need to spread the information so that people can start to excavate the currency, make people aware of its existence, and hopefully start to get some value in the eyes of miners and users. This is where cryptocurrency manufacturers can't think like programmers, but how humans put trust (and value) in things
Ellis of feather coin explains: "a good start is half done, so it's about building trust, expressing your vision and intentions to miners, who have the hardware they need, and giving them the opportunity to meet future opportunities“ You have to be honest and respect people's expectations and tolerance of risk, which many people value
"overheated money sales can be counterproctive, including new features designed just to try or stand out. Markets can test courage and determination. You need a group of loyal, loyal miners who will deal with the deal even when prices plummet, because they believe in the end result. It depends on good communication and team building
"many cryptocurrencies fail because they underestimate" software ". They think that technology can solve all problems. And then it's not what they think it is. You have to be good at being aware of what needs to be done and be ready to do what others don't want to do. "
4. Know your business
if you've done that. You've conceptualized a good cryptocurrency and brought the right team together to develop and nurture it in your own way. You have spread the news on the cryptocurrency forum, and a large number of miners are actively trying to dig your currency. The next step is to market your currency so that all miners can use it. This is not a small feat. After all, you need to convince indivials and businesses that these currencies created by themselves have value and can be traded like traditional trustworthy currencies
"it's a confidence building process," Ellis said“ It takes good management and time to work out what you really believe and advocate. People will be more willing to buy money based on your motives than your actions, so once you are confident, you have to start discussing your money with friends, businessmen, Internet forums and social media. "
Peter otbach agrees with this view that "to start marketing, you need to find the exact target group," he said, "at first you can start with the cryptocurrency market, because people there know the currency, and you will see their first reaction. It's going to be more difficult after that. You need to convince a lot of people who don't even know what cryptocurrency is, so you have to use money as a payment solution for online stores to attract their attention. "
"I want to add that it's not just about ecating them with facts," Ellis said. "It's about encouraging them to learn and discover their strengths. Money is a classified account. It is a tool that people use to achieve their goals and meet their needs. Knowing this will help you make great progress in marketing. "
Ellis believes that the key to getting merchants to accept money is to understand their different views“ Different stakeholders have the same rules. The difference is that miners are speculative and businessmen are more conservative. " He pointed out that businessmen have three main purposes: to make money, to save money and to raise their awareness“ If we can bring them customers and increase sales while recing the cost of payment, the rest of the job is to persevere and make it as easy as possible for them to start working. "
5. Conclusion
from a professional point of view or a traditional point of view, the last step in the journey of making cryptocurrency is to rule the world with money. But given that no currency has dominated the world for 5000 years, no matter what bitcoin enthusiasts in Silicon Valley say - any cryptocurrency
moreover, cryptocurrency domination "is not necessarily the goal," Ellis said“ Currency can be local. In fact, we think feather currency is a local currency that can serve the global market. "
there may be a real market for emerging cryptocurrencies: local currencies for certain communities, cities, events, venues and people. Build around like-minded consumer groups, so that they can trade quickly and freely, and provide security for the important goods and services in their lives. You don't have to rely on central banks and big markets to tell them that coins and paper money are valuable.