Will the miners mine my new currency by using the same miner as Ethereum? And will they need to configure their miner to specially mine my currency? I would be grateful if someone can explain me how this works for me, now I have created my new currency under the Ethereum technology.
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1Are you talking about Currencies as in Tokens on top of the Ethereum chain?– q9fMar 31, 2017 at 7:44
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1Yes exactly, using the Ether Blockchain (smart contract)– JPI TraderMar 31, 2017 at 7:45
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3 Answers
The miners will mine on the Ethereum Blockchain, they do not need to mine your currency specifically: they secure all contracts on the chain.
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Thanks Olmo, so I do not need to do anything moe for them to mine and get block rewards then ? Mar 31, 2017 at 7:21
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Just to elaborate a little on Olmo's answer, your token is a Smart Contract. The entire Ethereum network works together to ensure Smart Contract code executes as written.
answered Mar 31, 2017 at 7:25
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1Ok great, thanks for the answer. And as far as you know, is there a potential for a smart contract to be listed on different exchanges and be traded exactly like Bitcoin, Ether or LiteCoin for example ? Mar 31, 2017 at 7:28
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1Yes. The potential is there. There's an emerging standard called ERC20 that spells out an interface. It's not the only proposed interface, so a little early to be certain which one will emerge as a de facto standard. I think there's general agreement that a standard would help get more tokenized assets on exchanges. github.com/ethereum/EIPs/issues/20. Mar 31, 2017 at 8:26
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Excellent. I think things are quite clear on this topic. 2 other things that I am thinking of: 1. is it possible for senders of my currency to pay fees in my currency, or it is an obligation to pay in Ether ? And 2: Can the creator (in this case me) of this currency get a portion of the fee in each transaction ? Like for example if sender is paying Ether 0.0001, Ether 0.00009 goes to the miner and Ether 0.00001 goes to my address ? Mar 31, 2017 at 10:41
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1Your last question is an interesting one. At the moment you can only pay transaction fees in Ether, unfortunately. The question has already been asked on this site here: ethereum.stackexchange.com/questions/11818/fee-of-erc20-token Mar 31, 2017 at 12:31
Your token is riding "for free" with the rest of the tokens out there. (Not really for free, because you'll still be paying out transaction fees to miners for executing your token smart contract.)
If you'd like to give miners an extra reward, it's not outside the realm of possibility. You could always include transferring some of your token to block.coinbase. (Found on: http://solidity.readthedocs.io/en/latest/units-and-global-variables.html#block-and-transaction-properties) I've never seen this done yet, just an interesting thought experiment. You could only transfer when your contract is executed. Miners wouldn't know they have your token unless its popular or you tell them about it.
To answer your question directly, your token is secured as much as the rest of the Ethereum Blockchain.
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Yeah would be interesting to implement same. And what if the creator wants to receive commission on every transaction sent involving his token ? For example sender sends 100 token to receiver. Actually the sender pays 100 token + 0.0002 token as mining fees + 0.0001 token as creator commission. Is this possible with smart contracts ? Of course, the creator commission goes every time to a fixed addressed owner by the owner. Thanks to advise Apr 7, 2017 at 6:06