How to create a blockchain? Steps to follow

A lot of projects are released and collapsed, new coins are attracting investors, and innovative solutions in different networks are adopted.

Have you been interested in how to build fully functional blockchain from scratch?

[91/100] of web3 challenge

What steps it takes to build a blockchain?

1. Make a decision about basic infrastructure requirements.

• choose a consensus mechanism (proof of work or proof of stake, maybe some custom innovative solution, like proof of history)
• design an architecture,
• audit your code,
• verify legacy of the solution,
• decide if the blockchain be build upon existing solutions, (like polygon on Ethereum) or it will be a layer 1 solution like bitcoin, ethereum.

2. Design the nodes.

• focus on the way of storing the copies of blockchain data in nodes, how they will behave while making transactions, how it affect the transactions speed, what about mining, etc.

3. Create a blockchain instance.

“Before starting with the instance creation, you must consider various aspects of the Blockchain instance like permissions, asset issuance, asset re-issuance, key management, native assets, atomic exchange, block signatures, key formats, etc.”

4. Manage the application interface.

User has to interact with blockchain, there should be a way to create wallets by generating keys pairs, authenticate hashes, etc.

API should be clean, easy to understand and well documented.

5. Create some frontend to have an overview over the network.

Blockchain main advantage is that it is not centralized and under any authority, so you can not make some changes, override data, etc. However implementing some dashboards of public data to track can be helpful.

[Bonus point] Building layer 2 solution

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What do you think about making own ecosystem? Do you think it is extremely difficult? Or just a process of learning and understanding the idea of decentralized ledgers?

Leave the comments below 👇

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