Minting: Scary Truth About Cryptocurrencies
You might have seen or know someone who hasn’t been doing anything during the pandemic yet he’s drop dead rich. Crypto Rich. He then tells you he’s secret — Trading. Now it may sound usual if you look at it but if you look closer you’ll begin to realize that everything may look so complicated yet so scary.
FACT: Creating a Blockchain requires a lot of coding and tech experience.
But creating your own cryptocurrency is relatively easy. All you need is to decide is to which path of development are you taking. As a blockchain developer I’m seeing 2 paths here. Path A is one of the credible and trustworthy method — Forking. Forking is to take the source code from an open source software program and develop an entirely new program. Just like BNB forking ethereum, $BCH forking $BTC and many more. This is what I recommend because it shows you how your tokenomics will function every step of the way. No need for you to fork ether’s blockchain or whatsoever. All you have to do is pack some Solidity knowledge, fork Ethereum’s token source code readily available on GitHub and deploy on remix IDE. This would give you a good grasp on your new currency, and would basically give you an easy way around if things gets a bit shaky anytime soon.
Plan B is what I see as the most scary and most easy way to mint your cryptocurrency. This time you don’t need any programming language at hand. all you need is a couple of tokens and tools provided by Solminter, and Cointool. The process is what makes things amazing and at the same time, scary. You fill out all of the basic information about your token , including your supply and tick additional options (if available) like mintable, burnable or deflation. After that, move forward by shelling in some native chain coins. If you’re minting a BNB coin, you need to fund your initial supply with some BNB, if forking from eth, then shell in some ethereum. This covers your development fees, minting fees and gas fees. And that’s it. The only problem here is, if something goes wrong within your block, I don’t think that you’ll have full control, or worse none at all.
Creating a successful and sustainable economy in the crypto era is similar on creating an established economy on a gold standard era and modern money era. Everything should always have the elements of trust and transparency above everything else. It’s the only way we could make this new economy work.
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