Create Your Own Blockchain — Forking In Cryptocurrency Development
Choosing the most suitable blockchain platform is the main concern of every blockchain entrepreneur. It’s vital that you succeed in finding the perfect fit to implement your project successfully. So the question is, how do you decide if modern blockchain development will provide you with enough diversity?
All types of professional industries need a variety of ways in forking the blockchain for substantial growth, however, tech adaption is required depending upon the niche. Therefore, today we will explore the different ways development can allow creating new crypto’s by forking a blockchain you currently have.
As an experienced crypto company, we’ll suggest a few successful methods to help you comprehend the first steps in creating your own crypto.
FORKING 101 for blockchain:
There are a few requirements for you to know before you even consider creating your own block chain.
A blockchain fork is basically a division of any existing blockchain we have. There are 2 main types of blockchain forks:
- Soft — aimed to add functional network changes, where the system remains the same. But note that all current nodes need to be updated to suit the new rules.
- Hard — are the outcome of a new and customized cryptocurrency, like Dash, BitcoinCash, or Ethereum classic.
There’s a simple way to create a homogeneous blockchain environment with copying the GIT repository using open-sourced codes.
The majority of blockchain companies choose this option to propel the current solution.
Knowing what forks are, is a great start, but only step one of the ladder! So before we begin explaining the criteria for choosing your blockchain platform to fork, let’s first of all, see where you need to actually use them.
FORK: Yes or No?
From our blockchain app development experience, forking is not a requirement for all projects. It’s a viable option to use a fork if you currently have your own blockchain. Also, it is an option if you want to benefit from the existing solution, but want it to be more simplistic or even to add some custom features.
Ethereum EVM tech is frequently accessed by forking, however, this option will require creating forks in Geth or Parity nodes, followed by tailoring them to your new requirements.
Why blockchain dev forks?
It costs less, as the process requires less time unlike developing a new custom crypto.
Let’s analyze the main question of how to choose a suitable blockchain platform to create a fork.
Blockchain Company Tip – How to Select the Best Blockchain Platform To Fork
For our blockchain development company one of the most common methods is to use both Bitcoin (BTC) and Ethereum (ETH) based techs in order to create a new, custom crypto.
Our blockchain development company often uses both Bitcoin (BTC) and Ethereum (ETH) based techs in order to create a new, custom crypto. So what are the pros and cons of using each one:
Bitcoin was the first cryptocurrency to launch, therefore, many programmers have examined its underlying technology. This is the main reason as to why there are so many forks using Bitcoins technology currently available.
As a cryptocurrency development company, we recommend using Bitcoin tech in your business project if you require both simple payments and fulfilling regular system tasks. However, if it has to operate more complex tasks, it would be more beneficial opting for other Bitcoin or Ethereum based cryptocurrencies to force into creating own.
Dash is a Bitcoin direct fork. It has as all benefits from the original tech, and additional bonuses. The most well-known and useful ‘upgrade’ is the employment of X11 hashing algorithms. This enables a low-energy consumption PoW, along with an alteration of masternodes. You can use the latter for creating a much wider multiplicity of operational features, such as DAO creation for protocol control.
Besides, it’s more secure to apply masternodes, which are used by most top crypto companies to prevent damnific attacks. The main reason is needs to deposit plenty of native cryptocurrencies to have the successful process of one node.
Dash uses PivateSend and InstantSend services to secure transactions and ensure the speed. To make the protocol simple and easy there’s the SPORKs mechanism as an upgrading and adaptational system for future.
Younger blockchain PIVX is a fork of Dash, which means that it has its main benefits plus new settings from different advanced tech solutions.
Bitcoin and Dash’s technologies in PIVX:
- Bitcoin wallet technology
- Dash master node models
Additionals in PIVX:
- A proof-of-stake consensus model to boost transaction speed and blockchain functionality.
- SwiftX service for node upgrades and transactions security.
Qtum is also a Bitcoin’s fork, but as well supports the Ethereum Virtual Machine. DGP management, incorporated into Qtum’s system. This allows for amending new blockchain settings with the use of smart contracts, thereby decreasing the number of hard forks.
Qtum doesn’t use master nodes and DAO governing which obviously shows the main difference from other examples of blockchain application development. Qtum is based on PoS consensus for staking and processing a node.
It’s the 3rd the most popular fork after BTC and ETH and is used by the biggest companies with blockchain app development services.
If you’re looking for the top blockchains, which you can use to create your own fork, keep your eye on ETH. As a blockchain technology company, we’re confident in the advantages of creating new cryptocurrencies using the Ethereum blockchain. The main reason is Solidity smart contracts support.
To begin with, the first steps are to choose the place: Geth or Parity nodes. Your own crypto can be customized then with all features that you need. Just keep going and our blockchain app development company will help you to explore a lot of blockchains for you’re daring wishes, so read on!
A fork of the Geth node, it is based on ETH but isn’t a standard ETH without PoW base. ConsenSys Quorum uses the Proof-of-Authority, Raft-based, and Istanbul BFT consensus models functioning and has its own extra transaction encryption services using Tessera and Constellation. The goals of distributing private transactions and facilitating the self-management of found nodes are undeniable.
There is a solution from Quorum to customize the blockchain, which our blockchain development services company finds as a big bonus among all benefits, even if you’ll decide to adjust a few consensus models while simultaneously eliminating POW.
The Avalanche network is one of the most popular Ethereum forks. By the way, it’s not just a single blockchain. It is an arrangement of complex blockchain protocols which allows it to host many other blockchains. The Avalanche is created to deal with scalability using:
- Stepping by the casual Ethereum PoW
- Taking the full EVM toolkit from the Ethereum Geth node
- Using a new kind of the PoS consensus
The latest Avalanche model provides great final results, 3 sec per transaction, along with an infinite amount of validators participating in the consensus.
All MetaMask or Truffle tools and the PoS implementation allow to create smart contracts with incredible throughput and speed.
Our team has shared just some of the most well-known examples out there. With this, there is no reason why you can’t now get started with your own cryptocurrency. Certainly, you can use any open-sourced blockchain code and fork it. No limits in forking any blockchain code: EOS, Polkadot, etc.
As a blockchain app development company, we believe our review and recommendations will help you to increase your level by implementing blockchain. And if you want to know more about blockchain platforms, stay tuned for part 2!