On Fri, 16 May 2014 19:23:43 Matt Giuca wrote:

The interesting thing about Bitcoin is that the ID of the genesis block is hard-coded into the client. Every bitcoin transaction must be verified on a chain that goes all the way back to the genesis block, or else it is ignored by all the clients.

One would hope that at least some of the client programs would take this as a parameter that can be changed. Usually hoping that programmers do the right thing leads to disappointment, but it should be easy to change when source is available.

What that means is that if you take the Bitcoin source code, generate a new genesis block, and modify the code to mention your new genesis block instead of the official Bitcoin one, you will have effectively created a new currency. Anybody who uses your modified client will be dealing in your currency, as their blocks will be incompatible with the main Bitcoin blocks. I believe this is how many of the alternative cryptocurrencies like Dogecoin work -- they are just Bitcoin with a different genesis block.

(I have never done it though.)

Sounds like fun.

If you want to make different rules than Bitcoin, like you running the central bank, then you'll have some work ahead of you though.

My user base won't have the ability to develop their own bitcoin software in the near future, so I can rely on security by obscurity. ;)

Another cool looking technology I read about is Ethereum<https://www.ethereum.org/>. This is a new cryptocurrency based on Bitcoin that is *programmable* -- every transaction can include code* in a Turing-complete language, which in turn lets you build all kinds of things directly in the Ethereum block chain, like trust systems, gambling systems, and even microcurrencies. Not sure how realistic it is, but certainly fun to think about.

Yes, an interesting concept. Thanks for the suggestions.

*Yes, Bitcoin transactions can include code too, but it's much more limited. On Fri, May 16, 2014 at 6:51 PM, Russell Coker <russell@coker.com.au> wrote:

...

I'd like to start my own crypto currency. What's the easiest way of doing it? I'd like to use an Android phone client for payments if possible, hopefully a FOSS Android app at least.

The total value of currency released will be only a few hundred dollars.

Also I want to run the central bank and be the only issuer of currency.

Any suggestions? I guess I could just buy half a bitcoin, but it might be more fun to start my own.

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On 18 May 2014 00:37, Andrew McGlashan < andrew.mcglashan@affinityvision.com.au> wrote:

Mining any kind of cryptocurrency that is like BitCoin is pointless; if you don't have the /right/ ASIC, you get nowhere and if you use non ASIC gear, then it is very power hungry -- that goes strongly against your views on so called climate change.

Not sure how your answer relates to starting a new cryptocurrency. In Bitcoin, the difficulty is automatically adjusted based on the rate blocks are being produced. So if you are starting your own cryptocurrency, and don't care about creating a distributed system, you would only have one "miner"[1] you could make sure - by adjusting the various parameters - it is very easy to create new blocks. In fact you could set it up that any blocks created by your miner are automatically accepted, and the miner produces a block based on a cron job. Not sure why you would want to however. There are already too many different Cryptocurrencies, most attempting to compete with Bitcoin, each with different parameters that supposedly make it better then Bitcoin (but this is not always the case). Also see https://en.bitcoin.it/wiki/Testnet Or is this a general complaint about Bitcoin? If so, see: https://en.bitcoin.it/wiki/Myths#Bitcoin_mining_is_a_waste_of_energy_and_har... Notes: [1] I hate this terminology. The purpose point of "miners" is to create sequential blocks in a non-deterministic and distributed manner. Creating money is just a fortunate side effect. -- Brian May <brian@microcomaustralia.com.au>