Creating a cryptocurrency became so easy that we now have coins such as Dogecoin, the digital currency based on the Shiba Inu meme, and will soon have Coinye West, born thanks to the inspiration provided by the singer Kanye West.
Actually, when you get to know these two examples, or some of the other 140 digital currencies currently active, you start to think that everyone can be a Satoshi Nakamoto. Well, sort of.
The truth is that the quick dissemination of a tool like Coingen, an online platform that allows anyone to create their own cryptocurrency in a few simple steps, changed the world of digital economy.
According to Matt Corallo, the man behind Coingen quoted by DigitalTrends.com, the service has received a lot of very creative customers since it was launched last week. Corallo claims the “beauty” of the platform lies in its power to democratize the process of generating new altcoins: “it decreases the barrier to entry from some technical expertise to just marketing expertise”.
So far all altcoins have been a function of marketing, not interesting technical developments. Coingen just makes that market more available to people with marketing expertise instead of those with just enough technical skills to run sed.
The site only asks you to provide a name for your altcoin, as well as an abbreviation and the type of cryptography protocol you want to use – whether it’s SHA256 or Scrypt, for instance -, along with some other technical details.
And what happens next? Easy breezy, here’s your coin ready to reach success for just 0.01 BTC.
But if you want to spend more and really pimp your digital coin, there are other payment options: for 0.10 BTC you can remove the Coingen mark from your coin and for 0.05 BTC it’s possible to include the source for your new and shiny cryptocurrency.
Now you, too can create an alt coin that brings nothing to the table and which nobody will use! It’s like selling a Chuck-E-Cheese token minter.