While Creating new CryptoCurrency should we create Smart Contract?

Question

I have confusion in my mind regarding create own cryptocurrency.

Questions: 1.) I have created my own cryptocurrency using bitcoin or litecoin fork. So, From where to generate my original balance on initial bases? Because currently, I have created my own currency wallet from litecoin fork then it displays 0.0 MIND balance. So, if I want to transfer 100000 MIND balance while creating new currency then What should I do?

2.) Using fork create new crypto, Should I create a Smart contract for ICO? If yes, then what is the purpose of creating smart contract?

3.) If I am using fork litecoin, Should I generate my own Mining pool for mining?

Please let me know about my confusion. It is very important for me to understand above question's answer.

Answer 1

From your question it sounds like you don't know what the difference between a smart contract and coin is.

First of all, smart contracts are ran by the Ethereum network. If you forked litecoin or bitcoin, it makes no sense on why you are talking about smart contracts.

Second, if you forked litecoin and created a new coin, you still need to mine it. This can be done either by compiling the GUI wallets, or coind in which you will need two peers to run so mining can start (I'd recommend purchasing a VPS). You cannot transfer funds you don't have. If you want to premine you will need to add some code in the block reward function to give a big reward to the first block.

Third, why would you need a pool for a coin that is not popular? The point of pool mining is because it is too hard for a single miner to find a block for themselves. Instead, they can work together and split the block reward to how much work each miner put in. So no, generating pool would not be a good idea unless the coin is popular.