5000 cryptocurrencies were registered this morning in Coinlib. Coins that seek to gain a place in the market. Now, it is undeniable that creating a new cryptocurrency is remarkably, or perhaps worryingly, easy these days.
Last year, startups raised a total of $ 3.7 billion by selling their own digital tokens through initial coin offers (ICO), a way to raise money online without giving up capital or dealing with venture capitalists. risk. Instead of having to code their own digital tokens from scratch, companies can use what is known as the ERC20 standard, a protocol based on the Ethereum network.
“It’s almost like creating your own blog with WordPress,” says Peter Van Valkenburgh, the director of cryptocurrency research at Coin Center. Within your statement in the United States Banking Committee.
Several companies have recently emerged to help illiterate cryptocurrencies to take action, both by creating new currencies and by adding blockchain technology to their business. If crypto is the new gold rush, says Van Valkenburgh, these companies are the ones that charge by selling picks and shovels.
Served in Tray.
Waves, an open blockchain platform based in Moscow, allows anyone to create and launch a new currency in less than a minute with just a few clicks, says Sasha Ivanov, a serial cryptocurrency entrepreneur and founder of Waves. Customers first download the Waves wallet, a Chrome browser add-on. After creating an account and buying a Wave token (currently valued at around $ 10), click on the token creation tab, name the currency, add a description, decide the total volume of coins to be issued and set it up so that it is launched. The currency is immediately available on the Waves exchange, where investors can buy it and market it.
Ivanov launched Waves in 2016 and raised $ 16 million during his ICO. Since its launch, dozens of companies have used Waves to launch their own currency, including GameCredits, which wants its MobileGo token to become a global video game currency, and the Burger King franchises in Russia, which created Whoppercoin for a program of loyalty.
Waves also helps companies find new uses for blockchain, the distributed accounting technology that underlies cryptocurrency platforms. For example, the Dutch company LegalThings used the Waves platform to launch LegalFling, a controversial sexual contract application.
Just a fad?
Harrison Hines, the founder of Token Foundry, based in Brooklyn, which helps companies adopt blockchain and token technology, says it rejects about 99 percent of its potential customers. “We discard most people because they do not have a good reason to use blockchain technology and create a digital token,” says Hines. “It’s clear that most people want to take advantage of the symbolic mania and make money.”
Token Foundry has eight clients, all focused on utility tokens, including one for a decentralized lottery project. Hines founded Token Foundry through the blockchain incubator Consensys, where among other projects he helped Australian mining conglomerate BHP Billiton to improve its supply chain tracking system through a private blockchain.
As Hines alludes, many companies that want to use blockchain and token technology are just efforts to take advantage of the cryptocurrency fever; see tokens like KODAKCoin, which many observers have criticized as unnecessary and indicative of a cryptographic bubble. (Kodak shares soared 120 percent when it announced its digital token).
In response to this Cameron Chell, co-founder of ICOX innovation, company responsible for KodakCoin currency says “In our opinion that in the next five to eight years people will have their own digital currency, as everyone has their Facebook profile.”
What we are sure is that it is difficult to absorb so many cryptocurrencies and may highlight those specialized in some area. Because if not the arc of competition will be very tense, therefore the market will return to the customs of which, in essence, we are escaping
Writer by birth, curious by profession … I learn a little more every day from the cryptocurrency.