HYDERABAD: With an increasing number of companies and businesses turning to Bitcoin-like cryptocurrencies, tutorials on ways to create your own virtual money are flooding the internet.While a plethora of ‘how to create cryptocurrencies’ tutorials are currently available online, most of them cater to those with a coding background.
From beginner’s guides to tutorials on advanced levels of encryption, videos and textual references have got the virtual community all intrigued. From “Anyone can learn the technology. If one has coding background, it becomes easier,” says M Brahma, technical manager of Open Source Technologies. “Until now, only companies had been creating their own cryptocurrency based on end-user requirement.”
“The need, right now, is to create a cryptocurrency that can be processed faster and charges lesser user fee than Bitcoin,” observes freelance Blockchain technology programmer Arun Christudhas. However, experts also point out that a crypto-currency would work only if network-value grows. Sachin Yadav, a user experience designer and Bitcoin investor says Bitcoin became such a huge success because of its decentralised nature of transaction. “It is all about creating a network-value for a cryptocurrency which can be as transparent as Bitcoin. Only then will the reach be big.
The idea behind a cryptocurrency should be authentic, so that people trust,” says Yadav. “Further, the only cryptocurrency that about 90 pc of the people know is Bitcoin. So, competing against it would be tough,” adds Christudhas.International corporations have begun transactions through Hyperledger Fabric, a crypto-currency block-chain technology that has its own features, says Brahma.