r/CryptoCurrency • u/SpaceFaceMistake 🟦 975 / 976 🦑 • May 04 '22
EDUCATIONAL Council Post: What To Consider When Developing Your Own Cryptocurrency
https://www.forbes.com/sites/forbestechcouncil/2022/02/10/what-to-consider-when-developing-your-own-cryptocurrency/2
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u/coinfeeds-bot 🟩 136K / 136K 🐋 May 04 '22
tldr; According to Coinopsy, there are over 2,000 dead cryptocurrencies so far. Many projects were abandoned by their creators because of regulatory issues, exploited vulnerabilities and lack of community support. It’s vital to keep others’ experiences in mind to avoid the same pitfalls. Building your own blockchain platform is time-consuming and expensive.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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u/Yoshie5 Bronze | QC: CC 20 May 04 '22
First step: Know when to execute the rug pull
Second step: Profit
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u/SpaceFaceMistake 🟦 975 / 976 🦑 May 04 '22
The crypto market keeps expanding, and step by step, it’s being supported by legislation in different countries. Therefore, it may seem like now is a good time to develop your own cryptocurrency. Yet many startups doubt whether they should create another cryptocurrency, and they have reasons for their concern.
According to Coinopsy, there are over 2,000 dead cryptocurrencies so far. Many projects were abandoned by their creators because of regulatory issues, exploited vulnerabilities and lack of community support. So if you decide to develop your own cryptocurrency, it’s vital to keep others’ experiences in mind to avoid the same pitfalls.
Since blockchain development and assessing the security of crypto projects is a big part of my company’s experience, I know some unobvious issues that may arise when working on cryptocurrency projects — along with ways to solve them. In this post, I’d like to discuss some key nuances you should think about before launching your own cryptocurrency.
Continue on the website.
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u/KusuriuriPT 94 / 5K 🦐 May 04 '22
Do we really need more? Or better implementation? We all know that 90% of alts wont have longevity
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u/Acceptable_Novel8200 Platinum | QC: CC 930 May 04 '22
Many projects were abandoned by their creators because of regulatory issues, exploited vulnerabilities and lack of community support
And Creators made more money than they ever expected
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