Cryptography, it’s all around us, and it’s here to stay. My name is Carsen Klock, I am a developer, designer, and crypto entrepreneur. I want to share several things I’ve learned about developing cryptocurrency with you.
Back in 2013 and 2014, I created a plethora of altcoins, aka. cryptocurrencies based off the Bitcoin Core source. Specifically at that point in time, version 0.8. Going into crypto I saw a lot of coins that were just blatant copies of Bitcoin, Litecoin, with no new innovation.
During this time, I saw a gap in the cryptocurrency industry. A very large gap between; innovation, and scams. I decided to create several coins that helped to change the industry for the better. I had invented the X13, X14, X15, and FRESH (NIST5) hashing algorithms and python mining modules. Unfortunately a lot of coins that I had implemented these features with, were more so small projects to test these new algorithms.
With the PoW consensus methods, most of my coins failed due to a lack of consistent development on my end and a huge amount of FUD within the Bitcoin community. I had also created the first working PoS transition hybrid coin where after a set amount of blocks the coin would transition from a Proof Of Work consensus to a Proof Of Stake. These consensus methods are still very controversial, PoW or PoS? We can see this now with the crypto called Ethereum. In my opinion the PoS consensus method is flawed, the rewards are low, miners are cancelled out, and the rich get richer.
The point of cryptocurrency to me is for decentralization and wealth transfer. I do still believe the PoW consensus method is the best, as long as ASIC miners aren’t able to mine that particular hashing algorithm. To this day the FRESH algo I had created, does not support ASIC mining, however the X series of hashing algos can be mined with an ASIC.
A couple of tips. Invest small first, Diversify your crypto holdings, and invest in innovation. It is a rough industry and very hard to tell what is what. So these are the top coins that I think currently have a great chance of going to the moon: DASH, Monero, Ethereum, and Shadowcash.
I am starting to come back into crypto industry, you can find my old coin projects and my recently created Ethereum Block Explorer at my GitHub at http://github.com/carsenk
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.