Looking to create your own coin for your enterprise, charity or next competition? Previously, we discussed Coingen, which lets you create and customize your own digital currency.
According to their website, they first built their own “Bitcoin” (terminology to be discussed below), then improved upon it with RazorCoin and are now offering to leverage their expertise for anyone interested in making their very own.
DC Magnates caught up with Jawad Yaqub, CEO of Razormind, for an in depth view of Razorcoin’s services:
General thoughts on digital currency
Digital currencies represent a democratization of money just as the internet was the democratization of information 20 years ago. Any currency’s value is ultimately determined by the level of trust from its users.
What differentiates Razorcoin?
It’s one thing to launch a digital currency, but once born, its survival and growth is no simple matter. Often when these cryptos are created, mining starts becoming an issue down the road. This and other issues, identifiable by experts scrutinizing the source code, eventually cripple the coin’s ability to function as a viable cryptocurrency and ultimately render it worthless and with it, the founder’s initial investment.
Razorcoin aims to both create a durable and sustainable digital currency from the outset, as well as provide ongoing support. They provide technical support, in-depth consulting, enhancements and upgrades, and even the ability to customize your coin’s attributes in response to changing needs. For example, the proof of work algorithm can be switched from SHA to Scrypt-based if this emerges as more efficient way to mine.
How much does it cost?
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To get your currency off the ground, you’re looking at 0.15 BTC (equivalent to approx. $140). This includes ongoing e-mail support even after launch.
In-depth consulting is available for $1000 per hour. If for some reason the consultation doesn’t yield the desired results, the case is passed on to experts who can help until solved.
How will the Bitcoin community react to this?
It will be divided. On one side of the coin, early adopters of bitcoin, many of whom have seen their holdings appreciate markedly, will naturally repel the flood of “competing” cryptocurrencies. On the other side, many will welcome the innovation as a solidification for cryptocurrency’s existence.
What is the video on the home page meant to symbolize?
There is a big bang, an embryonic stage. But more importantly, the birth is proceeded by the critical stages of nurturing and development. Eventually, the “rough edges” from birth are smoothed and shaven off, and hence the allusion to a razor.
What’s with the terminology “Create your own Bitcoin?” It’s not a Bitcoin.
Bitcoin, when created, wasn’t meant to be just one specific type of currency. The connotation of Bitcoin was intended for any and all digital currency even if society hasn’t been treating it that way.
Finally, any thoughts on Dogecoin, Namecoin, Peercoin, etc? Are they for real or valueless?
Dogecoin was hilarious, but constitutes a powerful and unique combo: it leveraged the technological strength and robustness of Bitcoin but with some potent marketing. As to the direction where it and the other alts are going: who knows?