Create Your Own Cryptocurrency in Private Consortium Network Ethereum Azure Blockchain


Send Custom Cryptocurrency MetaMask


The words Blockchain and Cryptocurrency have been successful in disrupting the market for such a long time now, the effects they have made in the industry is massive. It looks like it has its own future, so thought to write something about it. In this article, we will create our own cryptocurrency and our own private consortium network in Azure. We will be using Ethereum proof of work consortium solution from Azure. Sounds interesting? If yes, let’s just skip the introduction and jump in. I hope you will like this article.


Background

We will be splitting this article into three parts.

  1. Introduction to Blockchain and Cryptocurrency

  2. Create your Own Private Consortium Network in Azure

  3. Create your Own Private Cryptocurrency


What are Blockchain and Cryptocurrency

Blockchain

We can summarize blockchain as the preceding points.

  1. It is a growing chain/list of blocks with records in it

  2. These blocks are linked or chained with Cryptography

  3. Each block will have its own unique cryptography hash

  4. Each block will be having a “Previous Hash” property which is the hash of the previous block

  5. The first block of the chain is known as Genesis block, only this block will not have the property “Previous Hash”

  6. Hash, Previous Hash, Data, Timestamp are the minimum contents of a block

  7. Here, the Data can be anything, for example, it can be the Transaction details like “Amount Transferred”, “Sender”, “Receiver” etc.


Why Blockchain is resistant to data modification?

By design, the Blockchain is resistant to modification of