I've been looking at starting my own crypto currency / token.
The requirement: Public users can send/recieve tokens using the usual methods (wallet). I'd have a large pool of tokens i can send to these users. This has to be of no monetary or similar cost to myself, to execute the transactions.
Etherium isn't the right path - due to gas (transaction) costs. Mineable coins aren't an option either, as I would like full control of things.
I just have a few Q's about having a "child" blockchain...
*Which of the 3 networks (Ardor, Nxt, Ignis) is best suited to my requirements?
*Is it correct that cloning Nxt is not the same as using one of the three networks available?
*Which option has no transaction costs in the same sense that gas is required on the etherium network? e.g. It doesnt matter if there is a transaction cost made in my own currency, but dependency on Nxt or some other medium, would not be acceptable.
*Under which circumstances do you have to give 10% of your coins/tokens to the creators of Nxt?
There are different types of coins possible on the monetary system and I would say the same for nxt clone and Ardor child chain.
They are:
Exchangeable
Controllable
Reservable
Claimable
Mintable
Non-shuffleable More info here
There will always be fees on any network otherwise it will be spammed non-stop. However, Ardor/Ignis fees are minimal and cheaper than nxt. Nxt fees are always paid in nxt, but options for Ardor. You could use your coin to pay fees but if worthless nodes would choose other transaction to confirm.
When you clone nxt, you need to distribute 10% to the nxt holders (not creators) as of the snapshot. The monetary system options on either nxt or Ignis you would not need to do this, but there is a fee to create a new coin (or asset).
I think this answers your questions except for which is the best option. You should read the links I posted to help decide on the best option.
I've reviewed what you sent, i've also looked at Ardor Child Chain, and this is what it states:-
Child chains can define their own token of value, which can be exchanged with any other chain token using the Ardor decentralized coin exchange. Transaction fees on each child chain are also paid in its native token. Furthermore, a business has the option of subsidizing the transaction fees for its child chain, resulting in effectively zero fees for its users.
So if i create a chain with 500 billion of my own tokens and call the token SMITH, the transactions will be paid in SMITH's and for me to send 1,000,000 tokens to my user base, the transaction fee would fall on me? Can anyone explain how the transactions will work from a cost point of view? What if the users I sent 1m SMITH's to wanted to send them to another user? How would they pay for that transaction?
So yes you can pay fees in the native token for child chains on the ardor. From my understanding (and memory), it is possible to do the same with monetary system coins on the Ignis child chain. Not 100% sure so can someone confirm or deny this.
I believe you could bundle the distribution of coins into one transaction, so fees would be minimal. With a new child chain (not ms coin), Jelurida would probable assist with that.
Nodes have the choice to include transactions (choosing most profitable), so if your coin is not worth enough transactions may not be included, however you can use your own nodes to include the transactions which is another way to ensure they are confirmed on the blockchain. Again this is from memory.
If you want to pay no fees at all the only option I can see is to clone Nxt and roll out your own blockchain. But that's far from free: you would need a pretty solid knowledge of the technologies involved and you would need to deploy a good amount of nodes for your network to be reliable. Compare it to our current 3.000+ nodes for Ardor or Nxt. Those nodes should be running 24/7 so you will need to deploy several VPS and pay the corresponding monthly fees.
A maybe cheaper alternative is to just create an Asset or Monetary System coin on top of Ignis, for example. You will benefit from a running blockchain and the fees are low, i.e. issuing 100 transactions for your asset or coin would cost 1 ARDR with at current pricing is around $0.38. So around 0.0038 USD for each transaction, pretty low. You can send 1000 transactions for the monthly cost of just one VPS. Then if your project is really successful and you want to move to your own blockchain you could always migrate it to your own child chain or even cloned blockchain.
On another note guys - I thought the proof of stake algorithm gives more advantage to higher account balances?
My understanding, was that, in the video showing the Nxt Clone commissioning/forging - there were 3 wallets available with 1/3 of the total balance available in each? Hence, would this not mean that 3 accounts would hold most leverage for validating transactions safely? And no need for 3000 VPS?
There is no "required" number of nodes/servers. Usually the more, the better. It also depends on the kind of application: is it a public blockchain? private? restricted to an organization? who will be able to run a node?
About your second question are you proposing to have just 3 nodes each one forging with an account holding 1/3 of the total supply? Will those 3 accounts controlled by a single entity (you?). It sounds pretty centralized to me. Then, why bother with a blockchain?
Something like XRP/Ripple, more centralised than decentralised I'd say.
Tokens could possibly be mintable/forgeable, in case I issue too few in the genesis stage.
I want public users to be able to: sign up to a website, obtain a wallet, get their free coins/tokens, be able to send/receive tokens between each other.
I dont want security issues/risk, no miners/forgers, just complete control of the platform (to begin with) and the ability to completely avoid transaction costs as the owner of the token/network.
When I say "transaction costs" I mean I dont want to have to hedge other tokens/fiat money against my network. Any transaction costs would not translate to anything of any value, just the native token.
I guess it doesn't have to be a blockchain, but a blockchain is ideal as a ledger - do you know of a ledger out there that meets these requirements and will just start working straight away? I've considered cloning Ripple, all their source is up for grabs on github, they use a blockchain, and its closed to miners.
I dont want any financial responsibility, just the hardware/running costs - this is a token, it doesn't exist and it will be created out of thin air, on an experimental basis, to begin with.
I may just have to experiment with Nxt/Komodo/Ripple until i manage to get what i think is necessary - which is ideally a network that costs me only what the hardware im running it on and has the simple send/recieve/balance functionality.