Creating virtual currency with known algorithms

1. virtual currency needs to be developed by a professional development team, not by itself. The development of virtual currency technology has become mature, there is no difficulty in technology, but the positioning of virtual currency is the biggest problem. In fact, bitcoin, Ruitai coin, Laite coin and doggy coin are not very different in technology. The difference is that they have different names, different algorithms, different numbers and different positioning.

2. The inventor is Nakamoto Tsung
bitcoin is a mathematical formula algorithm
anyone can make it if possible
take chestnut for example: mathematical formula 1 + 1 = 2, Zhang San can write, Wang Mazi can write, you can write
if you get or make an algorithm similar to bitcoin and modify the relevant parameters, you can make a similar "bitcoin". You can call it a-coin, c-coin, long Ao Tian coin, Zhao RI Tian coin and so on
as for whether it is legal or not: as a currency, it is certainly illegal. First, the purpose of this algorithm is to decentralize. How hard does a country want to lose the right to issue currency? So it must be a lie to say that virtue day admits the currency status of bitcoin. Bit2: people all over the world are constantly creating new wealth every day, but the number of bitcoins is only 21 million, which can not perform the function of currency and so on. So far, no country in the world has taken bitcoin as legal tender<

at present, his status in the world is just like game equipment, software and so on,
to put it bluntly, it is a virtual commodity.

3. Users can buy bitcoin, and at the same time, they can use computers to do a lot of calculations according to the algorithm to "mine" bitcoin. When users "mine" bitcoin, they need to use the computer to search for 64 bit numbers, and then compete with other gold miners by repeatedly solving puzzles to provide the required numbers for the bitcoin network. If the user's computer successfully creates a set of numbers, then they will get 25 bitcoins. Due to the decentralized programming of the bitcoin system, only 25 bitcoins can be obtained every 10 minutes. By 2140, the maximum number of bitcoins in circulation will reach 21 million. In other words, bitcoin system is able to achieve self-sufficiency, resist inflation through coding, and prevent others from destroying these codes

warm tips:
1. According to the notice and announcement issued by the people's Bank of China and other departments, virtual currency is not issued by monetary authorities, does not have monetary attributes such as legal compensation and compulsion, is not a real currency, does not have the same legal status as currency, and cannot and should not be used as currency in the market, Citizens' investment and transaction of virtual currency are not protected by law
2. Before investing, it is recommended that you first understand the risks existing in the project, and clearly understand the investors, investment institutions, chain activity and other information of the project, rather than blindly investing or mistakenly entering the capital market
3. The above explanation is for reference only. Investors should not use such information to replace their independent judgment or make decisions only based on such information, which does not constitute any investment operation

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4. Every digital currency has its own unique algorithm, so you have to think about your application, and then you can do it according to whether you want to do it yourself. If you do it, you will be the mathematical genius.

5. Litecoin

litecoin (LTC), released on October 7, 2011, is the most valuable counterfeit coin at present, accounting for about 2% of BTC's market value. The current unit price is US $2.31, with a total currency value of US $38 million

this is also a distributed (decentralized) digital currency. Unlike the sha256 mining algorithm used by bitcoin, LTC adopts scrypt algorithm. Scrypt algorithm uses sha256 as its subroutine, and scrypt itself needs a lot of memory. Each hash is used as the seed of the input, and then it needs a lot of memory to store another pseudo-random sequence to generate the pseudo-random points of the sequence and output the hash value. In the mining of BTC (bitcoin), it is not enough to rely on simple graphics card mining (it takes about ten to dozens of days to dig a BTC with general configuration graphics card). The emergence of various expensive mining machines has raised the threshold for ordinary people to get BTC through mining, while LTC has certain advantages in using PC graphics card mining This passage comes from Zhihu.)

compared with BTC, litecain has made a little improvement in technology. If BTC is gold now, LTC is silver for the time being

the biggest advantage of litecoin is that it can confirm the authenticity faster. The virtual currency is designed and maintained by Charles Lee. Bitcoin transactions need to be verified, and the average verification time is more than 10 minutes. Most transaction websites need 1 hour to verify. The average transaction confirmation time of liteoin is 2.5 minutes. Developers claim that shortening the verification time increases the practicability of virtual currency. The bitcoin mining efficiency of customized machine and AMD GPU is the highest, making it almost unprofitable for miners using CPU mining. Litecain's mining excludes GPUs and custom processors, so it doesn't rely too much on a small number of professional miners

ppcoin

ppcoin (PPC) was released on August 19, 2012, which has improved the original technology of BTC. Use proof of make and add the concept of coin age

ppcoin is a bifurcated project of bitcoin, which aims to achieve energy efficiency and maintain the best performance of the original bitcoin as far as possible. The unit price of ppcoin is US $0.22 and the total currency value is US $4 million

ppcoin does not have a fixed upper limit of money supply, but it does not mean that ppcoin has obvious inflation compared with bitcoin. Bitcoin can be compared to gold. The annual inflation rate of gold is about 1-3%. Although gold has no known upper limit of money supply, we still know that it is a reliable scarce commodity

ppcoin has two types of casting: work certificate and equity certificate. The coinage rate of working proof is affected by Moore's law, which depends on the doubling of our working proof ability. What we all know is that Moore's law will eventually come to an end. By then, the ppcoin of inflation may be close to the gold level. The annual maximum inflation rate of certificate of equity is 1%. At the same time, ppcoin's transaction costs were destroyed to fight inflation. So on the whole, the coin design of ppcoin is still a very low inflation design in the future, which can be comparable with bitcoin<

ppcoin's reward is similar to lottery, which will determine the winning probability according to the number of ppcoin held by miners. Sunny king, one of the founders, said that their design is based on a new concept of long-term energy efficiency

terracoin

terracoin (TRC) was released on October 26, 2012, with a total currency of 42 million. The speed of each block is 2 minutes, slightly faster than LTC. There is not much special in technology, similar to the proction of BTC halved every four years

however, the operation team seems to have a strong business background and may be better than other bitcoins in circulation. The development of virtual currency is getting more and more attention. Now some teams with business background will accelerate the development of virtual currency

namecoin

namecoin is a distributed domain name system based on bitcoin technology. Its principle is the same as bitcoin. The first release date of this open source software is April 18, 2011

namecoin is generated from an original block which is different from bitcoin's main trading block. It uses a new blockchain, which is independent of bitcoin's blockchain. Because it is based on bitcoin, the security, distribution, robustness, encryption and migration of domain names are guaranteed mathematically. You can dig bitcoin and namecoin at the same time

this project was discussed and proposed by bitdns, which is mainly dissatisfied with the defects of DNS. The only top-level domain name of namecoin is. Bit. It costs namecoin to register a. Bit domain name.

6. Litecoin litecoin (LTC), released on October 7, 2011, is currently the most valuable counterfeit coin, accounting for about 2% of BTC's market value. The current unit price is US $2.31, with a total currency value of US $38 million. It's also a distributed (decentralized) digital currency. Unlike the sha256 mining algorithm used by bitcoin, LTC adopts scrypt algorithm. Scrypt algorithm uses sha256 as its subroutine, and scrypt itself needs a lot of memory. Each hash is used as the seed of the input, and then it needs a lot of memory to store another pseudo-random sequence to generate the pseudo-random points of the sequence and output the hash value. In the mining of BTC (bitcoin), it is not enough to rely on simple graphics card mining (it takes about ten to dozens of days to dig a BTC with general configuration graphics card). The emergence of various expensive mining machines has raised the threshold for ordinary people to get BTC through mining, while LTC has certain advantages in using PC graphics card mining This passage comes from Zhihu.) Compared with BTC, litecoin has made a little improvement in technology. If BTC is gold now, LTC is silver for the time being. The biggest advantage of litecoin is that it can confirm the authenticity faster. The virtual currency is designed and maintained by Charles Lee. Bitcoin transactions need to be verified, and the average verification time is more than 10 minutes. Most transaction websites need 1 hour to verify. The average transaction confirmation time of liteoin is 2.5 minutes. Developers claim that shortening the verification time increases the practicability of virtual currency. The bitcoin mining efficiency of customized machine and amdgpu is the highest, making it almost unprofitable for miners using CPU mining. Litecain's mining excludes GPUs and custom processors, so it doesn't rely too much on a small number of professional miners. Ppcoinppcoin (PPC) was released on August 19, 2012, which has improved the original technology of BTC. Use proof of stack and join the concept of coinage. Ppcoin is a bifurcated project of bitcoin, which aims to achieve energy efficiency and keep the best performance of the original bitcoin as far as possible. The unit price of ppcoin is US $0.22 and the total currency value is US $4 million. Ppcoin does not have a fixed upper limit of money supply, but it does not mean that ppcoin has obvious inflation compared with bitcoin. Bitcoin can be compared to gold. The annual inflation rate of gold is about 1-3%. Although gold has no known upper limit of money supply, we still know that it is a reliable scarce commodity. There are two types of ppcoin casting: work certificate and equity certificate. The coinage rate of working proof is affected by Moore's law, which depends on the doubling of our working proof ability. What we all know is that Moore's law will eventually come to an end. By then, the ppcoin of inflation may be close to the gold level. The annual maximum inflation rate of certificate of equity is 1%. At the same time, ppcoin's transaction costs were destroyed to fight inflation. So on the whole, the coin design of ppcoin is still a very low inflation design in the future, which can be comparable with bitcoin. Ppcoin is awarded in a lottery like way, and the winning probability is determined by the number of ppcoins held by miners, said sunny king, one of the founders. Their design is based on a new concept of long-term energy efficiency. Terracoin terracoin (TRC) was released on October 26, 2012, with a total currency of 42 million. The speed of each block is 2 minutes, slightly faster than LTC. There is not much special in technology, similar to the proction of BTC halved every four years. However, the operation team seems to have a strong business background and may be better than other bitcoin in circulation. The development of virtual currency is getting more and more attention. Now some teams with business background will accelerate the development of virtual currency. Namecoin namecoin is a distributed domain name system based on bitcoin technology. Its principle is the same as bitcoin. This open source software was first released on April 18, 2011. Namecoin is generated from an original block which is different from bitcoin's main trading block. It uses a new blockchain, which is independent of bitcoin's blockchain. Because it is based on bitcoin, the security, distribution, robustness, encryption and migration of domain names are mathematically guaranteed. You can dig bitcoin and namecoin at the same time. This project was discussed and proposed by bitdns, which is mainly dissatisfied with the defects of DNS. The only top-level domain name of namecoin is. Bit. It costs namecoin to register a. Bit domain name.

7. Bitcoin is different from q-coin. Tencent can sell q-coin at will. The total amount of bitcoin is limited. The total amount of bitcoin graally increases according to the designed rate, and the increase rate graally slows down, and finally reaches the limit of 21 million in 2140. No one can control it alone. It comes from the program algorithm, cryptography and other network technology, with open equivalence, consensus initiative, unlike paper money can be manipulated and indiscriminately issued. Because of this, bitcoin security, anti inflation and security.

8. At present, there are more than 500 kinds of competitive currencies in the world, that is, counterfeit currencies. Most of them use bitcoin or bitcoin like algorithms, with little innovation

9. < Table > < tbody > < tr > < td > < div > < br > subtitle 1: bitcoin is a kind of virtual currency created by computer network, which can be used to buy real goods and services< The whole network is the payment system of bitcoin; Bitcoin is limited and extremely scarce; After that, the total amount is fixed and there is no inflation.

10. Now there are about 500 kinds of virtual currencies in the world, such as Wright's coin, Waley's coin, dog's coin, black coin and dark coin, which are so-called counterfeit currency or competitive currency. Most of them are based on bitcoin like algorithm, some of them are slightly adjusted, and generally speaking, they are not innovative. In the process of mutual competition and elimination, one or two or even several of these virtual currencies may rise to become the second virtual currency. But in terms of public acceptance and total currency value, bitcoin is still hard to be expected. After all, bitcoin is the originator of virtual currency. Everything else is a replica, just like the relationship between Coca Cola and Pepsi Cola, very cola and so on. Therefore, the author thinks that in the current framework of several algorithms, the probability of competitive currency replacing bitcoin is very small