WHICH BLOCKCHAIN TO FORK TO START YOUR OWN CRYPTOCURRENCY

How many blockchain platforms are there? And which one serves the best for your project implementation? Those are the main questions crossing blockchain entrepreneurs’ minds.

The need for forking in blockchain growing along with technology adaptation to the various business industries. That is why we want to turn your attention to the question of how to create your own cryptocurrency by forking an existing blockchain. We will analyze a few current successful solutions to help you understand where to start your own cryptocurrency.

WHAT IS BLOCKCHAIN FORKING?

The soft forks are those that are aimed to insert functional changes within the network so that the system will remain the same, yet all current nodes should be updated to the new rules.

The hard fork usually results in the creation of new, customized cryptocurrency. An example of such a fork may be BitcoinCash, Dash, EthereumClassic.

As far as the blockchain codes are open-sourced, anyone can clone git repository and build a similar blockchain environment. This approach is very common for custom blockchain development which is aimed to empower the current business solution.

Yet before we start describing the fundamental criteria for choosing a blockchain platform to fork, let’s define why you need to fork in the first place?

WHEN DO YOU NEED A FORK?

In addition, blockchain forking is a popular decision if you want to get access to Ethereum EVM technology. To make such, one needs to fork Geth or Parity nodes and then further adjust it according to requirements.

Also making a fork of an existing blockchain fairly saves development costs, as far as the process is not that time-consuming in comparison to starting your own custom cryptocurrency from scratch.

When thinking of any crypto payments adoption there is another important question that occurs: how to choose a blockchain platform to fork?

WHICH IS THE BEST BLOCKCHAIN PLATFORM TO MAKE A FORK?

BITCOIN FORKS

We suggest implementing Bitcoin technology in case your business case requires simple payments and ordinary system’s tasks. For the more complex solutions, we recommend considering other Bitcoin or Ethereum-based cryptocurrencies as a foundation to start your own cryptocurrency.

DASH BLOCKCHAIN

Also, masternodes are seen as a much secure solution. As far as one should deposit a considerable amount of native cryptocurrency to be able to process a node. This prevents the network from the attacks of potential malicious members.

Dash uses InstantSend and PivateSend services to ensure secure and fast transactions. The protocol is easy upgradable and adaptable to the node software updates due to usage of SPORKs mechanism.

PIVX BLOCKCHAIN

PIVIX has taken Bitcoin wallet technology and format along with Dash masternode models. Yet, unlike traditional Bitcoin forks, PIVX uses a proof-of-stake consensus model to enhance transaction speed and blockchain operability.

Thanks to the usage of SwiftX service PIVX also allows for instant and secure transactions along with adoption of SPORKs mechanism for the better upgradability of nodes.

QTUM BLOCKCHAIN

Unlike previous examples, Qtum uses neither masternodes nor DAO governing for protocol operation. It is based on PoS consensus which allows any user to stake and process a node. Furthermore, Qtum has a very large community that maintains the network, it takes third place after Bitcoin and Ethereum.

ETHEREUM FORKS

In terms of Ethereum blockchain forking, the best and commonly used practice is to fork Geth or Parity nodes. Then, to start your own cryptocurrency, you can customize it as you wish, add required features like custom wallet cryptography and implement the needed consensus model.

QUORUM BLOCKCHAIN

Unlike traditional Ethereum, Quorum blockchain does not base on PoW. It allows for several consensus models that are more suitable for permissioned consortium chains. It adopted PoA, Raft-based, and Istanbul BTF consensus models running.

In advance, Quorum also runs its own services for additional transaction encryption. Tessera and Constellation are in-built systems that allow for generating, encryption, decryption, and distribution of private transactions with additional self-management of all discovered nodes.

In the case of Quorum you can see how the Ethereum blockchain fork can be changed and customized to the unique requirements like adjustment of a few consensus models while eliminating PoW. We can define Avalanche case as the other example of a successful Ethereum fork implementation with further adoption to the network ecosystem.

AVALANCHE NETWORK

The Avalanche network is aiming to deal with the biggest Ethereum problem — scalability. The issue is solved due to stepping by the casual Ethereum PoW and using a new version of Proof-of-Stake consensus. The new model allows for an incredible level of finality (around 3 sec per transaction) and an unlimited amount of validators taking part in the consensus.

In the case of Avalanche, the project adopted the full EVM toolkit from Ethereum Geth node, so such tools as MetaMask or Truffle are easily accessible. The PoS adoption enables a high-speeded smart contract creation and enormous throughput.

MAIN POINTS WHEN CHOOSING THE BEST BLOCKCHAIN FOR FORKING

  1. Consensus model
  2. DAO
  3. Masternodes
  4. Smart contracts
  5. Private transaction services

Let’s take a look at each of them and define the network which fits the best to each of those requirements.

CONSENSUS MODEL

Though, you can spend additional efforts on development and adjust consensus to your needs. For example — change Ethereum PoW in Parity node to PoA(proof-of-authority) or PoS to speed up your system.

DAO

MASTERNODES

While making a fork, there is a possibility of adjusting masternodes to the client’s requirement and set all needed features (for instance establishing or eliminating masternode fees). So if your business model requires masternodes running consider PIVX or Dash fork implementation.

SMART CONTRACTS

As you can see on the Avalanche example, forking and integration of EVM is fully possible as well as its adaptation to other programming languages. The same is applicable to WASM, x86 or similar virtual machines.

PRIVATE TRANSACTION SERVICES

You can check for PIVX SwiftX and Quorum Tessera services as an alternative to PrivateSend. Thus, if you need to enable such a feature for your project, consider one of those forks implementations.

CONCLUSION

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