How to premine altcoin

Both website services claim to offer the creation of a genesis block with blockchain, and various Windows, Mac, and Linux wallet clients. This could lead to a feeling of lack of transparency in the digital currency offered to the public. Personal Finance. Back in at The North American Bitcoin Conference in Chicago, Litecoin creator Charlie Lee explained five fundamentals needed to create a good altcoin: a good name, branding, a good logo, attracting miners, a fair launch, and solid code.

What is an altcoin?

And the best way to learn more is to start participating. Sure, you could hit up an exchange and drop four hundred dollars how to premine altcoin more on a single bitcoin, but you can also get in for free by mining the coins. Here’s everything you need to know to get started mining altcoins. Because Bitcoin is open-source software, anyone with some development experience can copy it and create their own currency. Of course, like Bitcoin, the value of any altcoin is equal only to how much someone will pay you for it. Some altcoins, such as Litecoin, Peercoin, and even Dogecoin have active communities and economies—you can view a list of altcoins sorted by market cap here —but currently none are even a tenth as valuable as Bitcoins. The Bitcoin software works this way: Every time somebody spends a bitcoin, that transaction is recorded in a public ledger.

News feed continued

By using our site, you acknowledge that you have read and understand our Cookie Policy , Privacy Policy , and our Terms of Service. Looking to create an Altcoin for fun and I heard about premining. Can this be done to premine all the coins without leaving my computer mining for days? If you create the coin, you get to make the rules. Nothing stops you from patching the software to make your premining as easy or as hard as you want. For instance, you could set the difficulty schedule so that the first billion coins require very little or zero proof of work to mine; then you could mine them all at once and award them to yourself.

By using our site, you acknowledge that you have read and understand our Cookie PolicyPrivacy Policyand our Terms of Service. Looking to create an Altcoin for fun and I heard about premining. Can this be done to premine all the coins without leaving my computer mining for days? If you create the coin, you get to make the rules. Nothing stops you from patching the software to make your premining as easy or as hard as you want.

For instance, you could set the difficulty schedule so that the first billion coins require very little or zero proof of work to mine; then you could mine them all at once and award them to. Of course, the hard part becomes convincing anyone else to use a currency that’s so obviously slanted in your favor. The rules for setting the rewards in the blocks can be as simple or as complicated as you want.

Most Bitcoin derivatives have followed suit with fixed mining block rewards that are halved after some amount of time, just changing such amount and the time after which it gets halved.

Others, as Lucky, Doge, Cat coins have a random block reward whose mean value is reduced after some amount of blocks. Plus, some coins 42 and formerly Doge have a random «superblock» where reward is much higher than usual. Primecoin and its derivatives have the reward dependent on the difficulty of the network, and there are some other, weirder models.

The «premined» model is usually achieved by defining the rules so the genesis block yields an incredibly high amount of coins and the next blocks give out a more «normal» distribution with a how to premine altcoin decay of reward. That way the creator of the coin, just by the act of creating the genesis block, automatically becomes the owner of a significant amount of coins. Quarkcoin was highly criticised because of this, in the end was more or less accepted by the community after its novel approach of multiple proofs of work was deemed interesting.

Home Questions Tags Users Unanswered. Ask Question. Asked 5 years, 11 months ago. Active 5 years, 8 months ago. Viewed 6k times. Nate Eldredge I am curious and want to see. Nate Eldredge Nate Eldredge You could just inject a coinbase transaction in the genesis block if you wanted to. DavidSchwartz I thought the coinbase in the genesis block was unspendable: en. JBaczuk: That’s true for Bitcoin because of a specific bug in the original code, which now has to be kept in order to avoid a hard fork.

But if you’re making your own coin, you can fix that bug. Joe Pineda Joe Pineda 2, 2 2 gold badges 14 14 silver badges 28 28 bronze badges. Sign up or log in Sign up using Google. Sign up using Facebook. Sign up using Email and Password. Post as a guest Name. Email Required, but never shown. A holiday carol for coders. Featured on Meta. Update: an agreement with Monica Cellio. Linked Related 1.

Hot Network Questions. Question feed. Bitcoin Stack Exchange works best with JavaScript enabled.

What it means to mine a bitcoin or altcoin

Dec 18, Cryptocurrency The Future Of Cryptocurrency. Redman has written thousands of articles for news. Monero Definition Monero is a digital currency that offers a high level of anonymity for users and their online transactions. If a person is interested in creating their own cryptocurrency they can how to premine altcoin out a developer and pay them bitcoin for the creation. Home Questions Tags Users Unanswered. The developers of these crypto scams will usually mine a huge number of the coins before launching it to the public. Personal Finance. Premining could occur due to unscrupulous and unfair practices of the developers or the cryptocurrency market exchange platform. When a large holder dumps their tokens on the market, the price typically crashes, and these smaller markets are easily manipulated. Most Bitcoin derivatives have followed suit with fixed mining block rewards that are halved after some amount of time, just changing such amount and the time after which it gets halved. Hot Network Questions.