Blockchain Essentials To Keep In Mind
When choosing which blockchain to fork in order to start your own cryptocurrency, there are a few key points you can consider. Our blockchain development company can help you decide which platform is best for building your custom cryptocurrency integration.
These 5 aspects are essential in choosing the best solution for blockchain development:
- Consensus model
- Smart contracts
Let’s take a look at each one to see the main requirements and explain the network which fits the best for each case of blockchain app development services.
#1 CONSENSUS MODEL
All the blockchains our blockchain company described above use 2 types of consensus:
- PoW—Bitcoin, and Dash
- PoS—PIVX, Qtum, and Avalanche
Consensus is a fundamental thing you should choose when you are planning on making a fork. But which one to choose? Let’s explore the difference between the two with our blockchain dev team.
Traditionally PoS is considered to be faster and more cost-effective. It also provides more energy efficiency. However, you can invest additional time in cryptocurrency development and align consensus with your unique needs. For instance, you might choose to alter the consensus algorithm in the Parity node to PoA or PoS to accelerate your system.
#2 SMART CONTRACTS
When you’re ready to run smart contracts, Qtum or an Ethereum fork is probably the best option. Trust our cryptocurrency development company, you’ll get a reliable and verified solution almost instantly.
As the Avalanche case shows, EVM forks and integrations are possible. This applies to conversion to other programming languages as well, such as to WASM, x86, and comparable virtual machines.
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#3 MASTER NODES
Another important thing that our team wants you to remind—be mindful of is master nodes. They bring supplementary operational features and empower protocol security. Also, masternodes help to create a better enticement mechanism for network members.
In the process of creating a fork, you can adjust masternodes (if the client requires them). And there is also a possibility to alter all needed features, like eliminating or establishing master node fees.
Consider using PIVX or Dash fork if your business model requires masternodes. But when do you need to implement masternodes? Blockchain companies use them when your ordinary servers can’t handle transactions to handle their business needs.
The next thing that our blockchain development services company wants to talk about is PTS. Dash’s PrivateSend service creates a “black hole” of sorts by mixing other Dash coins with yours. This way, your address is never tied to the transaction, making it both anonymous and secure. The more rounds of fusion, the more secure your transaction is.
In your development, you can choose to use the PIVX SwiftX and Quorum Tessera services as a substitute for PrivateSend. These implementations can be used just as easily and offer similar features.
DAO is crucial to the protocol governing. The majority of top crypto companies use it, but it is time-consuming and costly to integrate DAO into an already existing solution. If your project needs a governing layer, it is better to keep an eye on PIVX and Dash, which have this feature inbuilt.
Our blockchain solutions company has explored the most popular examples that will help you get started with your own crypto development. But keep in mind that you can take any open-sourced blockchain code to fork, making changes and adding features to meet your needs.
Note that you are not limited to the abovementioned ledgers and you actually can fork any blockchain code: Polkadot, EOS, Tron, or other.
When you start getting ready to make your own blockchain or looking for ways of developing a new cryptocurrency, our experts at CryptoMind recommend remembering about top-5 essentials we’ve discussed above.
We are confident that our review of the leading blockchain platforms will help you level up your current business via blockchain solutions.
Are you up to create your own blockchain solution? — Drop a line and book a free consultation with the OmiSoft team now!