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Lets say im creating my own cryptocurrency and my own blockchain on ethereum, what would be the basic costs for setting all this up if i am developing on Ethereum

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  • The idea of ethereum is not to create ur own blockchain for ur use. U just develop smart contracts and every transaction with it cost fees
    – Majd TL
    Commented Mar 16, 2021 at 20:59
  • U should be clear do u want your own private blockchain with the ethereum technology which is open source and free. Or using the public blockchain to develop and write smart contract. If the second is what u need then u just pay transactions fees when using the contract
    – Majd TL
    Commented Mar 16, 2021 at 21:02

4 Answers 4

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If you use your own blockchain you don't need to purchase any Ether. So the costs would be zero as you can just use your own blockchain with own internal cryptocurrency.

Of course you will probably have other expenses, such as development costs and upkeeping miners, but those depend totally on how you plan to manage the network.

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  • dont we have to pay ethereum for using their services for creating smart contracts and stuff? Commented Mar 5, 2018 at 11:15
  • No, it's not a company or so. If you want to use the public Ethereum Virtual Machine (the main network), you have to buy Ether to deploy things. But since you don't want to use the public network but your own network, you don't need real Ether. Commented Mar 5, 2018 at 11:23
  • So its free for a private network u mean? Commented Mar 5, 2018 at 11:35
  • I also had another question, can we have a private blockchain for organizations and public blockchain for public users with the same crypto Commented Mar 5, 2018 at 11:37
  • Yes. In a private network you can mine your own private Ether for free and then use that private Ether for whatever you need. Commented Mar 5, 2018 at 11:37
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You just have to setup your own servers, or use a third party provider to get blockchain preconfigured servers like azure or aws

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It depends actually if it is developed already, you just need the deployment cost that depends on your code, how well it is coded and optimized. You will be charged on the basis of gas, and you have to check the gas price when deployment is done.

Hope I have addressed your concern.

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Project set up will depend based on your requirement.

Basic setup costs:

  1. Server deployment
  2. If you have requirement for securing private keys, you might need to use KMS (Key Management Service) from AWS or something related.
  3. Third party APIs - Etherscan, Sengrid/Twilio, Blockcypher (Again it depends on the requirements and scalability)
  4. If its a crypto wallet, you might want to give features such Swap , Buy. These could incur to create liquidity pools (Eg: Uniswap) and third party gateway (Eg: Stripe)
  5. Deployment of smart contract.

Without having much knowledge on the project use case , it would be difficult to get an estimate. However you can refer these.

Note : I would recommend using layer 2 solutions instead of Ethereum due to the congestion and high transaction fees. Then again it depends on the usecase.

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