Which is the best Blockchain platform to make a fork?
Starting your own cryptocurrency is not that challenging as it used to be at the edge of Bitcoin monopoly. There is a wide list of solutions offering similar or enhanced technologies.
Many companies that decided to empower their system with blockchain adoption decided to integrate their own cryptocurrency and forking is one of the common practices while creating a custom blockchain. The only question appears then, what is the best platform to fork for your particular business needs?
In this article, we will analyze some of the popular platforms and tell how to find the best to optimize your business processes.
What is fork?
Initially, let’s define what forking exactly means. Simply, to fork means to split existing blockchain.
There are two ways of how we can understand forking. The first type is the fork within the network when the blockchain is split and the previously stored information needs to be updated to the current state.
The second type of forking means taking the open-sourced code of any existing blockchain and customizing it to your needs while adding or changing a few features. This is the approach we need for a custom cryptocurrency development.
When do you need a fork?
Well, performing a fork of an existing solution is a good choice if you want to get the power of an already existing blockchain but make it more simple or adjust just a couple of your own custom features.
In addition, making a fork considerably saves development costs, as far as this is not that time-consuming in comparison to creating a custom cryptocurrency from scratch.
Which is the best Blockchain platform to fork?
Qtum, PIVX, or Dash are the most popular Bitcoin-based blockchains for creating a custom cryptocurrency. Let’s go through their review briefly.
Dash is a direct fork of Bitcoin but it has numerous advantages like usage of X11 hashing algorithms for a low energy consuming PoW and adjustment of masternodes. The use of last allows for a wider list of operational features, for instance, DAO creation for protocol governing.
Also, master nodes 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.
PIVX (Private Instant Verified Transactions) in its turn is a fork of Dash with a mix of additional adjustments taken from other solutions. PIVIX has taken Bitcoin wallet technology and format along with Dash masternode models.
It also allows for instant and secure transactions while using SwiftX service along with successful adoption of SPORKs for the node’s upgradability.
Qtum is a Bitcoin fork that supports numerous virtual machines like Ethereum EVM or x86 VM. The DGP management allows for adjusting of new blockchain settings with the help of smart contracts reducing the number of hardforks within the system.
Furthermore, Qtum has a very large community that maintains the network, it takes third place after Bitcoin and Ethereum evaluating the number of connected nodes.
However, with a team of experienced blockchain developers, you are not limited to the mentioned ledgers and can create a fork of any existing blockchains like EOS or Tron. You can take any open-sourced blockchain node, fork it, adjust features for your needs, and launch your own network. Even more, it is a popular decision to fork and adapt Parity or Geth nodes of Ethereum blockchain to get access to EVM. – Sergey Onyshchenko, Blaize CEO
Main points to consider
While choosing among those blockchain platforms, there are a few crucial points to pay attention to. Answering them will help to define which blockchain platform to choose for your custom cryptocurrency integration.
Previously described blockchain use two types of consensus: PoW (Bitcoin, Dash) and PoS (PIVX, Qtum). This is one of the fundamental things you should choose for your custom cryptocurrency. PoS is considered as a faster and less costly solution as well as being more energy-efficient.
The creation of DAO is crucial in terms of protocol governing. This is also time-consuming and costly if you decide to integrate it into the already existing solution. Therefore, it is better to keep your attention to the solutions having this in-built feature (PIVX, Dash).
Masternodes provides additional operational features and empowers protocol security. Additionally, it creates a greater incentive mechanism for network members.
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).
If you consider the adoption of any crypto payments into your working business case, making a fork of the existing blockchain is a good choice. This approach allows for getting a verified and functional solution in a considerably short period of time.
In addition, this approach is more cost-effective than creating your own cryptocurrency from scratch.
One of the most important things to consider is finding trustworthy developers for this kind of task. Forking is not a challenge nowadays, but the right and thoughtful adaptation of chosen solutions needs skilled programmers and early analysis of your business case.