Cardano Daily Discussion - October 14, 2022

Hello everyone,

Welcome to the Cardano Daily Discussion!

The standard sub rules apply here (see sidebar), with the exception that price discussion is allowed in this thread, though we encourage you to try not to make this the focus and talk about the project itself. Please ask questions, help others and be civil - be sure to get involved in Project Catalyst too!

If you're new, please make sure you're read through the newbies guide and share it with others (use the ?newbies comment command to reference it).

​

⚠️ Scam Warning ⚠️

Please read the Cybersecurity guidelines for Cardano Users.

There are ongoing giveaway scams on youtube and many scammers lurking in Cardano's social channels impersonating ambassadors/moderators/official staff contacting users via direct messages.

For example, searching 'cardano' on youtube and sorting by most recent upload date shows several giveaway scams running (all videos in screenshot are scams):

​

Ongoing 'giveaway' scams on Youtube

The youtube scams are automated; use stolen footage usually of Charles Hoskinson and are restreamed so to appear to be 'live'; appear to have many watchers (which are bots); use bought hacked channels and are edited to appear like official channels.

Do not be fooled!

​

To be clear:

• ⚠️ There is no such thing as a Cardano giveaway
• ⚠️ Never share your seed phrase with ANYONE
• ⚠️ Never send ADA to someone promising to send you more ADA back
• ⚠️ You will never be contacted by ambassadors/moderators/staff

Please report scams on the Cardano Fraud Detection Bureau.

⚠️ Scam Warning ⚠️

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Sharing the downfall of Team Ergon

Hello everyone! Here is an unusual post from the many! Today I'll be sharing my part with Team Ergon before the rain of fire.

Now let me just say before we begin, the time I had with this team was the most fun I've had playing minecraft in a long time! Hopefully the team wont be discarded with the such recent events.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The Beginning

I first joined the team with somewhat a funny beginning, heres a short recollection of how it went down :P

(New Player Joins) - "Hello there!"

(21) - "General Kenobi!"

(Gorg) - "Hey! That was my line!" (Gorgs part of team ergon)

A few of the *minor details* were not included but that basically summed it up! With my love of star wars I joined the biggest team I've ever been in! (5 Members) Life was great!

​

We had one rule, no invites!

You may ask, how did I get an invite? Well! .... Good Question! Star Wars might be the password...

Anyways! The base was already flourishing as I joined, farms, villagers, etc. It was loaded! Yet there was still one thing missing, and that was builds!

​

https://preview.redd.it/ys9z2rbjvot91.png?width=1920&format=png&auto=webp&s=315281cd82ad5243f428c68788d7ba7d22f48d5b

I got straight onto building as my first contribution, I built myself a cottage, it was quite small but a furnace and a table is all you need.

It was quite funny, as shortly after I built my cottage, I died without anyone noticing! (Killed myself by forgetting how deep caves are)

​

https://preview.redd.it/u4x50u3zvot91.png?width=1920&format=png&auto=webp&s=e0f271fced0f4e1e67fa68aff86e31a6623b913a

24 hours later....

I was back invited by my friendly teammates and decided that the cottage was bad luck! I disowned it and put it for sale on the market! If anyone is interested in buying minecraft nft real estate dms are open! (2 bitcoin starting price)

As a result of listing my cottage for sale... I needed a new home!

So I built a real one this time!

​

https://preview.redd.it/joio8mf0xot91.png?width=1920&format=png&auto=webp&s=315a5e4a7f3fdd91781b8c64dbbd28aab688ae55

My home was perfect! I had a furnance, crafting table and double chests! Plus a little friend in the window! His name is gilbert. Life was doing so good that I had big plans! Plans to take over the core for the kingdom! To do such acts, you need a mighty home. As I was looking into the sunset I realized my home was not as mighty as it seems. I had to expand!

Expand is what I did!

​

The Tower of Operations

As the sun rised again... the tower of operations was complete! I could finally continue with my plans of conquering the entire world of corejourney! With no time to waste, I begun with my thirst of vengence! I set foot for a journey!

​

https://preview.redd.it/usi4n5wjzot91.png?width=1920&format=png&auto=webp&s=73f75cd5f7afc3d09c6026e1204192498b770bf5

I ran into a neighboring village shortly (unknown ruler). As I saw this fellow competitor! I thought how dare he build so close to the future rulers of corejourney! I came swords swinging into that village looking for a fight! There was no one to be found in it except a stash of richs such as shulkers, emeralds and beacons! As I raided my fellow neighbor I decided to take nothing but his stash of Coco Beans! (I pittied him) I left him all but one Coco Bean! Now he has to refarm his entire collection! *Evil Noises*

As I logged off for the night, I was pleased with my first raid

It wasn't until the morning after that the precautions I set were broken! As the red lights started flashing, it was quite the rush to abandon the kingdom!

​

Base found *Reason why Unknown* Culprit - The Chef

Now that the dust of the flames of hell settled, we were questioning on how this could have happened! -I left that conversation....

Besides the kingdom still had to grow! Just somewhere else, far else. My plans of conquering the world had to be put on hold...

As the kingdom begun its second chance of revival, we were demolished before we even begun...

No Pictures of this Kingdom can be found

I can only describe the beauty of our second kingdom in words, a mircaulos village with a city hall that had terrible politicians as leaders... We can't all be dictators!

Well, the kingdom did not last long, with the majority of the team either dead, in a 2 by 2 hole or stranded in the flames of the past. It looks like the kingdom of team ergon had fallen...

​

Base found *Reason why Unknown* Culprit - The Ethan21

Some may say these culprits are Heros! Saving the world of Core Journey from a corrupt and evil empire!

Others may see them as villians (they're villians to me!!!)

But at the end of the day, it was a lot of fun

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Its unknown if team Ergon will reconnect, as the members of the team have been slayed and demolished only one can hope. If you were one of my friends, I hope we can meet again, but until that day comes-

-its a wrap for me- 21 out

Is this real? I found this in my junk folder and the sender has the same email as me but it’s @173783828.com (not those exact numbers but it looks like that. I do watch porn but nothing that would put me in jail or cost me a heavy fine like this guy is claiming. Dude is demanding like $20,000 in BTC

https://i.redd.it/vy7lrqikqnt91.jpg

Paying/ receiving bitcoin for goods & services

When I spend my fiat it’s not a taxable event but it is when I spend bitcoin. That’s really what’s holding me back from using it as a payment method. Is there a way around this? I would like to encourage using BTC by supporting business who accept it but it’s a headache when doing taxes

Why Crypto Market Sentiment May Present A Unique Buying Opportunity

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The crypto market sentiment has not shown any significant recovery during the last couple of months. There have been points where it looked as if the worst was over but the market had declined into the extreme fear territory once more. However, instead of the doom and gloom that usually follows markets such as this, there may be a unique opportunity for investors looking to buy at favorable prices.

A Good Time To Buy Historically, there have been times when buying cryptocurrencies has been more favorable than others. One of those has been times when the market has spent a long stretch in the extreme fear territory and there is low momentum in the market.

Investors are often wary of putting money into digital assets at times like this, causing the price of the assets to decline. However, this can present a buying opportunity because of the low prices and the reduced volume needed to move the market. 

Total market cap drops to $851 billion | Source: Crypto Total Market Cap on TradingView.comAn example of this happening is back in mid-2020 before the bull run had begun. The crypto market had spent the better part of March and April in the extreme fear region. What would follow was a market rally that would eventually see bitcoin break above $10,000, a more than 100% increase from its March 2021 lows below $4,000.

Crypto Market May See A Recovery Currently, the crypto market is succumbing to the pressure of the CPI data release and the FOMC meeting. These are historical events that have always had an impact on the macro markets and bitcoin’s high correlation with the stock market has seen it decline during this time too. However, there could be a turn in the tide coming.

The Fed has been increasing interest rates for a while now due to high inflation rates. Naturally, this cannot go on for long and there will eventually be a reversal. When this happens, risk assets will react positively and cryptocurrencies such as bitcoin are expected to do well in such a market.

“Rich Dad Poor Dad” author Robert Kiyosaki forecasted that this change would come about in early 2023 and that the dollar would decline in value. An event like this would trigger a flee to safety in digital assets such as bitcoin, which Kiyosaki has urged investors to purchase.

Featured image from Finance Monthly, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Recap of Discord Office-Hours with Will

Discord link - #office-hours

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Question:

What's your thoughts of how KDA is positioned to tackle upcoming regulation both regarding finance/tax and climate. Thanks!

Answer:

As for regulations, you may have noticed that I don't comment even though I'm a domain expert... but I appreciate you asking regardless. As for climate, efficiency is the name of the game. A POS system that uses 1/100 the energy doesn't really mean much when you need +100x of the POS systems that you'd need to run one scaled-Kadena's worth of throughput. So 🤷‍♂️ ... overall, POS was supposed to be (as it this was the OG pitch) "scalable" but it failed at that (it's faster... but it still needs L2/sidechains to actually scale being it's native limit) and was only pitched as "green" when scalability failed. Overall, we're in a good place and as the energy markets mature, there will be excess capacity that I believe will be targeted at POW in a synergistic (with the environment) way.

---

Question:

With bitmain’s new unit being so powerful, are there any plans or concerns on the part of the team regarding a 51% attack? It will take only a couple thousand units produced to equal the entire current hashrate on network. Anything being done to prevent this?

Answer:

Us getting Bitmain's attention is a HUGE DEAL... the are objectively the hardest foundry to get the attention of and the most legit in the space. I get that there's some anxiety over the holy crap that's fast miners they made, but in 6mo/1year when the runs are out and sold I suspect the anxiety will decrease. Remember that early on in KDA history we went from CPU to FPGA to GPU and every time that happened this risk existed (until the new hardware was common) and every time the miners found themselves correctly incentivized to do the right thing. The thought that someone would buy 1000x miners just to 51% the network and expect to get a return vs the upfront investment just doesn't hold water to me atm. 51% are more an issue when a chain shares an algo with another chain.

Also, yeah, we're working with Bitmain to try to decentralize the pools/initial distro of units. That said, I trust in the network incentives as they exist.

---

Question:

Where do you see the KDA demand coming from? Transaction fees are very low, isn't there going to be an incentive for miners to just sell the KDA?

Answer:

Gas fees being an incentive for miners is a perverse instantiation of scalability issues on other platforms. Gas should be for dos protection & limiting tx exec time... not paying miners. This is why KDA's token economics stretches into the next century... miners will always be interested in mining KDA. As for the rest, either real scalability, safety, and decentralization matter or they don't. When it comes to those qualities, we're the only game it town. I'm still very bullish on where KDA is going (and kinda disappointed by the lack of innovation in L1 following the 2018 cohort of new projects.)

---

Question:

The question is, on all IDOs (I participated in all the IDOs of the ecosystem), the chain falls under load, everything stops and we sit and wait for hours, can you explain what happens at such moments and how to fix it?

Answer:

Overall, it's a sign of growth in the community... as KDA grows the network gets tested in new and "interesting" ways... and sometimes it clogs and bogs down. Afterwards, we do a post mortem and figure out what didn't hold up under the strain and address it. John's promotion to CTO has a lot to do with figuring out how to get ahead of these issues so they don't show up in prod. How the community can help... do testing on testnet ahead of production rollouts.

Also, we're still in the early stages of multichain dapp coding and most dapps are limited to a single chain... which doesn't really leverage the scaling KDA offers so it amplifies any weakpoints that we're still hammering out in the stack.

---

Question:

Interested in your opinion about the KADDEX project, the whole ecosystem has been waiting for it for 15 months and made big bets because this DEX was supposed to show Kadena's technology, as a result they saw a completely non-professional team, do you follow them? Do you have an opinion?

Answer:

I'm not completely plugged in on this -- as I mentioned on twitter I've been focusing on Eco & ZK for the last few months -- but I've heard rumblings to this effect. I feel it's important to remember that KADDEX is a separate team and project by design, we don't want to be in a position where Kadena is making the majority of apps and running them, as it'd really hold back the community from doing their own thing and being successful. I know it's a bit of a non-answer, I'm just not up to speed on the entire context and don't want to throw anyone under the bus.

---

Question:

Will we ever able to onboard on metamask?

Answer:

🤷‍♂️ Wallets are (a) hard and (b) usually a big'ol mess of a codebase (especially the early movers written in JS). Adding a non-EVM chain to an EVM wallet is probably just not possible w/o a huge effort on the wallet maker's part. So, prob not... at least probably not until the KDA community has grown a lot and at that point all of our wallets will be mature and dominant in the KDA ecosystem so people probably won't care.

---

Question:

When is zk coming out?

Answer:

Should be this quarter on testnet, probably mainnet in Q1/Q2'23... it's a tricky technology and we DON'T want to mess up the integration.

---

Question:

Hello Will, is Kadena in contact with large institutions/company's developing something on our network?

Answer:

Frankly, I don't think any large corp is looking to build onto a blockchain right now. The macroeconomic enviroment is terrible atm and all the movers in these companies that could make blockchain adoption a reality are likely more focused with cutting cost/not losing their jobs. There will be a TON of opportunity for this type of partnership when we come out of the recession, but until then public blockchain is the place to be.

---

Question:

Hi Will, thanks for hosting this. I'm also curious about business cases on public blockchains. One example might be art and collectible pilots, a la Disney and Polygon. Not many established businesses are going to come to Kadena uninvited especially if they don't know us. So many companies are still hiring web3 teams so there must be some benefit to sharing Pact with them. Kadena can help run certain financial technologies more efficiently, correct? If a tx on Kadena uses less electricity than VISA, is it a useful product for processors in a time of rising energy costs?

Answer:

Probably, but again the macroeconomics atm aren't in a place where companies are taking real first steps into crypto. Until the marco env changes, we'll see some press releases in the crypto market but that's about it. I suspect that after this recession, especially as the core motivation of bitcoin (quantitative easing) is finally starting to bite (inflation), crypto as a whole will be seen with a new light.

---

Question:

Hey Will, Is their any behind the scene private action in terms of killer ecosystem development, lead by dev teams close with Kadena devs? Or The ecosystem development is solely dependent on the community led grants projects?

(Like for example how the Aptos team is approaching with ecosystem development in synchronous)

Answer:

We've been ramping up the Kadena.js team massively over the last 6 months, and they are nearing the point when things can really accelerate and get our stack massively updated (e.g. to graphQL, better event infra, typescript, etc). This will make eco dev way easier and smoother. After that's out in beta, it's time to start talking about the first Kadena/Pact conference. I'm hoping its in Spring/Early Summer '23. As for the Eco Fund, good stuff is happening there as well but we can't talk about it until things are signed 🤞

---

Question:

I heard some rumors about "Pact core". I understand that it could be a complete rewrite of Pact with a completely new syntax... Can you give some more information ? Objectives? ETA?

Answer:

It's not a rewrite with a new syntax etc, but it'll be a faster and safer runtime that is 🤞 cross platform. John/Emily/Jose are all over it.

But it's a longer term project

---

Question:

Hi Will. Using baseball as an analogy...where is Kadena overall (adoption/tech/Eco/etc.)? Are we in 1st inning, 3rd inning, or are we still back at hotel and not yet on team bus? (trying to understand repeated phrase "we are early")

Answer:

Hard to use a baseball analogy, but we're def in the first half of the game, maybe the first quarter. I think when Kadena.js is out and we're doing pact conferences, we're nearing half-time.

---

Question:

Hello Will.... Can you tell us Kadenas block size?

Answer:

Block time is 30 seconds and each block has a gas limit of 180k. There isn't a finite size limit in the protocol... though I think the endpoints have some fallback size that won't fit 180k gas regardless.

---

Question:

Hey Will, there's been some drama around the butter standard being applied on Kadena for NFTs. Are you able to put some clarification between the butter standard and the marmelade standard? Should we only support projects that strictly follows the marmelade standard? Thanks.

Answer:

Marmalade may be better, hard to say as from what I gather Butter isn't released yet/still in POC. I think we'd rather the community stick to one standard in the early game, but at the same time I appreciate any investment (i.e. sweat/time) that KDA gets from the community so 🤷‍♂️

---

Question:

Gotta throw this one out there for the potential fun response: has Kadena reached out to Elon and Jack about being the L1 for their decentralized social network? 🤣

Answer:

I can't imagine a bigger distraction than trying to work with Elon before twitter is decided. Maybe after 🤷‍♂️ but I doubt it. He's pretty much a doge guy and I suspect will want some very centralized controls L1 controls with KDA is specifically designed to avoid.

I just want starship to launch!!!

---

Question:

Wen NYSE settlement on Chainweb?

Answer:

When crypto defeats fiat on the field of battle... so 2030 (half kidding)

---

Question:

Can the block time be reduced in the future?

Answer:

Maybe? It could be, I think 15sec is doable. The issue with sub-15sec is that you essentially give up decentralization at the P2P level.

BTW, at this point 30sec is best. We need more work done on the P2P layer before we can be fully confident that a 15sec blocktime is a good idea. Overall, I'd rather see kadena's core stack go multi-server and be ready to scale to 50chains (and in so doing become way more reliable) than dropping the blocktime.

---

Question:

Earlier we're promised that chainweb in itself is enough to provide scalability to Kadena chain than why we're exploring towards zkSync?

Answer:

Because I think that zk based bridges for crosschain is the future of decentralized & safe bridging, and step one to that end goal is integrating ZK in such a way that it can do rollups.

---

Question:

When second Grant cohort announcement will come

Answer:

Soon ™️ maybe late this month/Q4

---

Question:

Will, Any alpha to share? Its just us here...😉

Answer:

42

---

"Ok, we're definitely doing Reddit next time. I need more than an hour of furiously typing to get to all of this and scrolling up so I don't miss anything just ain't working"

Top 4 On-chain Indicators to Predict Market Tops and Bottoms

Welcome, this is whalehunter 👋

This guide will be the first in a series on teaching you how to navigate the crypto market and use on-chain analysis to predict market tops and bottoms.

It’s relatively easy if you stay up-to-date with what is happening (follow me on Twitter https://twitter.com/eth_whalehunter), are patient, and can control your emotions during the dreadful bear market periods and the euphoric hype cycles.

With that said, let’s get started.

(A better formatted version of this post is available on substack)

Bitcoin and crypto are highly volatile. Thus, new investors in the space find it difficult to navigate the volatility and often fall into the emotional trap of buying the tops and selling the bottoms.

Like all markets, the crypto markets move in cycles. First, you have long bear markets where no one is interested in buying Bitcoin, ETH, or other cryptocurrencies; then you have the bull run where everyone is fomoing into the market with the hope of becoming wealthy.

If you want to be successful in crypto, you need to know how to navigate the crypto markets and understand the phase we are in.

This post will introduce some of the best on-chain tools that allow you to see if BTC is at an all-time high or low without focusing too much on the price.

Many of these tools allowed me to sell most of my crypto holdings close to the top in December 2021. ​

Puell Multiple The puell multiple is one of the easiest ways to determine if it’s an excellent time to buy or sell Bitcoin. You can find a free puell multiple Bitcoin chart on checkonchain.

How does it work?

Well, the puell multiple is calculated by taking the ratio of daily BTC issuance in USD​ divided by the 365-day moving average of daily coin issuance in BTC.

It measures how often miners complete a block and how active they are.

If the crypto market is very profitable, miners have a greater incentive to sell their mined coins quickly. (taking profit).

Low minter profitability is present if the hash power is much lower than the yearly average. This can create income stress, and some miners may need to start reducing their hash power by switching off their mining rigs.

This will increase the remaining miners’ hash share. The remaining miners can then reduce their selling pressure.

• High puell multiple values = high mining profitability → More pressure to take profits.

• Low puell multiple values = low mining profitability → Low selling pressure.

How do you use it to time the market?

Pull up the Bitcoin Puell Multiple chart on your browser and familiarize yourself with it. You need to focus on the blue graph at the bottom of the chart.

You can figure out where in the cycle we are based on the red, orange, white, light green, and green levels.

• Red (Puell Multiple > 5) = You should be selling 75%+ of your BTC portfolio. Furthermore, you need to set sell orders for your altcoins as they often pump after BTC pumps.

• Orange (Puell Multiple > 2.5) = You should sell up to 25%+ of your BTC/alts on upward moves. This will give you a lot of capital to buy back during capitulation events.

• White (Puell Multiple 0.6 - 2.5) = Ideally, no trade zone. You chill here. If you want to benefit from volatility, you can trade with less than 5% of your portfolio.

• Light green (Puell Multiple > 0.4 - 0.6) = You can dollar cost average (DCA) in a bit, but it’s better to save your capital for when the Puell Multiple goes below 0.4

• Green (Puell Multiple < 0.4) = Buy as much as you can afford to lose. Capitulation events are incredibly profitable buys at these levels as you have better odds.

(full post with images)

Step-by-Step Guide to Launch your Own Cryptocurrency

Comparing crypto coin Development with Cryptocurrency Tokens

But before you begin, it’s crucial to understand the distinction between a Cryptocurrency token and a coin. While both are referred to as “cryptocurrencies,” a coin like Bitcoin or Litecoin operates on its blockchain. However, a cryptocurrency token like Basic Attention Cryptocurrency Token runs on top of a well-established blockchain technological infrastructure like Ethereum. Additionally, Cryptocurrency tokens have no applications or value outside of a particular group or society.

Without a centralized bank, cryptocurrencies operate just like fiat money. Typically, users want to store, acquire, or transfer money using their currencies.

On the other hand, cryptocurrency tokens typically stand in for some contract or have a specific purpose for a blockchain application. Basic Attention Cryptocurrency Token, for instance, through the Brave browser, compensates content producers. A contract for something, such as event tickets or loyalty points, can be represented by a Cryptocurrency token. Non-fungible tokens (NFTs) stand for a unique piece of digital property, such as an original piece of art. DeFi tokens also have a variety of uses in that industry.

Methods for Making a Cryptocurrency

There are three main techniques to produce a cryptocurrency, but none are quick or straightforward. Here is how each one functions:

Establish a New Blockchain

The most challenging technique to generate a cryptocurrency is to start a brand-new blockchain from scratch, which requires advanced technical expertise. Online tutorials guide you through the procedure, but they make some assumptions about your prior knowledge. Even then, you might not have all you need to start a new blockchain after you leave.

Split a current blockchain

It can be far easier and simpler to fork an existing blockchain than to build one from scratch. To do this, the open source code from GitHub would be modified, and a new crypto coin development with a different name would then be launched. For instance, the creators of Litecoin forked Bitcoin to produce it. Since then, other Litecoin coins have undergone forks by developers, including Garlicoin and Litecoin Cash. To complete this process, the creator must still be familiar with changing the existing code.

Utilize a current platform

Making a new crypto coin development or Cryptocurrency token on an established platform like Ethereum is the third and most straightforward choice for folks who are not experienced with programming. For example, many new initiatives use the ERC-20 standard to produce Cryptocurrency tokens on the Ethereum network.

If creating code isn’t your strong suit, you might consider using a creation service that handles the technical aspects and delivers a final result.

Seven Steps to Create a Cryptocurrency

After giving the information mentioned above some thought, you may begin building the crypto coin development. These stages will become less critical when hiring a third party to generate the new crypto coin development. Even so, anyone taking on the work should be knowledgeable about these facets of bitcoin creation.

Step 1: Choose a Consensus Mechanism

The protocol that decides whether or not the network will take a given transaction into account is known as a consensus mechanism. All nodes can only accept a transaction for success. Another name for this is “reaching consensus.” You will require a tool to decide how the nodes will carry out this.

Proof-of-work was the initial consensus method used in Bitcoin. An additional well-liked consensus approach is proof-of-stake. There are a lot more people as well.

Step 2: Choosing a Blockchain

This refers to the three approaches that were previously discussed. A crypto coin development or cryptocurrency token requires a home. Thus, choosing the blockchain ecosystem in which it will operate is an important step. Your level of technical expertise, your level of comfort, and the objectives of your project will all affect your decision.

Step 3: Create the Nodes

Any distributed ledger technology (DLT), including blockchains, is supported by its nodes. As a cryptocurrency investor, you must choose your nodes’ operation. Do they prefer permission or a permission-less blockchain? How would the hardware specifications look? How does hosting operate?

Step 4: Build the Blockchain Architecture

Developers should be entirely confident of the blockchain’s functionality and the layout of its nodes before releasing the coin. There is no turning back once the main net launches, and many irreversible changes. Because of this, it’s customary to pilot new ideas on a testnet first. This could involve straightforward issues like the cryptocurrency’s address format or trickier issues like integrating.

Step 5: Combine APIs

Application programming interfaces are not available on all systems (APIs). A freshly formed cryptocurrency may stand out and gain more popularity if APIs are included in it. A few third-party blockchain API providers can also assist at this stage.

Step 6: Create the interface

A cryptocurrency is limited if users find it too challenging to use. The front and backend programming should be done with future developer updates, and the web servers and file transfer protocol (FTP) servers should be current.

Step 7: Legalize cryptocurrency

Many people who started or promoted ICOs in 2017 and 2018 ran into problems because they neglected to consider this final step. They might not have known that generating or promoting new crypto coin development could result in fines or criminal charges depending on the circumstances, as cryptocurrency was still somewhat of a grey area in terms of the law at the time. Before launching a new crypto coin development, they were looking into the rules and legislation about securities offerings and similar subjects that would be a good idea. You can think about enlisting the aid of a lawyer with knowledge in the field to assist you with this stage, given the complexity of the issues and their ongoing updates.

The Lesson

According to EnclaveFX Techno, What someone needs to know about creating a cryptocurrency goes far further than this. A new crypto coin development or Cryptocurrency token developers must consider not only the technical issues but also how their cryptocurrency might benefit others, how to convince people to invest, and how the network will be maintained. Hiring a development team, a marketing team, and other individuals who will assist in keeping things running and carrying out necessary upgrades are just a few of the costs involved in doing so.

Creating a cryptocurrency can be expensive and time-consuming, and there is a significant chance it will fail. According to data from Coinmarketcap, thousands more cryptocurrencies have died over the years, in addition to the more than 5,000 types currently listed on public exchanges.

If you don’t have the time, money, or inclination to create your cryptocurrency, you could be better off simply trading in it. Opening an investment account on the EnclaveFX Techno brokerage platform, which makes it simple to trade stocks, exchange-traded funds, and cryptocurrencies is a terrific method to accomplish this.

Big Burning Event coming soon (x-post from /r/Bitcoin)

https://www.reddit.com/r/Bitcoin/comments/y2rab4/big_burning_event_coming_soon/