Why develop new crypto?
Due to the runaway success of bitcoin, several competitors have decided to enter the crypto market. Litecoin, Dogecoin, Ethereum, Ripple, and Primecoin are a few examples. Why another crypto, you might ask? Because the current market scenario proves that the demand for cryptocurrencies and related technologies, such as crypto wallets is only expected to increase. As a matter of fact, we might very well be on the cusp of a revolution — there is a very real possibility that mainstream adoption of crypto is imminent.
Let’s take a look at the major characteristics of crypto before looking at cryptocurrency development.
Characteristics of crypto
- Borderless; cryptocurrencies are not restricted by international borders
- Censorship free; unlike fiat, the system cannot bar transactions at the whim
- Enhanced financial control; individuals have full authority/control over their funds
- Improved security; stops third-party fraud
- Reduced costs; lesser transaction costs due to there being no middle man
- Increased accessibility; minimizes conventional barriers to capital markets
Further, there is conclusive proof that the usage of crypto and blockchain is rapidly expanding worldwide. For example, the number of users of blockchain wallets increased from approximately 9 million in 2016 to more than 42 million in 2019. Therefore, it is self-explanatory why firms want to take advantage of the demand.
So you want to create a crypto coin then. For this, you need to learn how to develop your own blockchain.
The process of developing your own blockchain
- Awareness of your use case: Is your business invested in the arena of smart contracts? Is your firm into data authentication/verification or smart asset management? The clarity in objectives is one of the prerequisites to developing your own blockchain.
- Choice of consensus mechanism: Smooth functioning is dependent on your choice of consensus mechanism. Which transactions are authentic? This determines if they are added onto the block.
- Choice of blockchain platform: This is dependent on the consensus mechanism that has been opted for. The following is a list of the most user blockchain platforms.
- Waves
- Ethereum
- Blockstarter
- Nxt
- NEM
- Bitshares
- Coin list
- Hyperledger Fabric
- IBM blockchain
- HydraChain
- MultiChain
- BigChainDB
- Open chain
- Chain Core
- Quorum
- KICKICO
- IOTA
- Development of nodes: Nodes are the building blocks of a blockchain. It is an internet-connected device that assists a blockchain by executing various tasks, from recording the data to the authentication and processing of transactions. Security, efficiency, and support are node dependent.
- Deciding your blockchain’s internal architecture: Certain parameters cannot be modified once the blockchain is up and running. Exercise caution.
- Look after APIs
- Develop the admin and user interface
- Legalizing your crypto
Forks are another way to develop your own crypto
There are two ways to develop your own bitcoin fork. They are utilizing a fork coin generator and doing it yourself. Just a few simple modifications of existing bitcoin parameters and rules give you a bitcoin fork.
Doing it yourself is the option for the tech-savvy. You can start by downloading and compiling code on your computer. This is followed by programming and publishing the code back onto Github. Furnish a website or some type of documentation.
Cryptocurrency’s future is bright indeed.
