With cryptocurrency gaining massive popularity and inching its way into the mainstream realm, a lot of people have their eyes on development. The technology is so new, fresh, and unknown that the possibilities for developers are almost endless. Because of this, though, developers are hard to find due to the challenges of the learning curve.
The Altcoin Guys are trying to do away with the barrier of entry that is development. Instead of interested parties searching for a developer, they can order development packages from The Altcoin Guys that include everything from coin development and blockchain explorers to desktop wallets.
Through their service, they claim to offer fast cryptocurrency development with high customer satisfaction, two things the Lead Developer told Bitcoinist he struggled with trying to have his first altcoin developed.
When looking to develop his own altcoin, before learning to develop coins himself, the Lead Developer of The Altcoin Guys said he faced struggles connecting with a developer. He said the lack of service and sky-rocketed prices pushed him to open up affordable development services.
I did not know much about altcoin development per se myself and was looking into the possibility of making my own. At the time, it seemed almost impossible to find a developer. There were very few people providing altcoin-related development services and if they did, their prices were often beyond ridiculous; offering a poor service with horrible response times. So I decided to learn how to develop coins and features myself and offer my services at reasonable prices with the best service possible.
Alongside two other anonymous developers, The Altcoin Guys focus on different areas of service. The Lead Developer also said that the number is constantly changing, which opens up their business to demand.
“I have to say that learning new altcoin technologies can be time-consuming and at times frustrating but is probably the most enjoyable thing,” he said. “I don’t have a particular favourite, but definitely a moment when you learn a new technology and find a systematic way of doing it for clients is the most rewarding.”
However, altcoin development doesn’t come without challenges. The Lead Developer said he thought everything from cloning coins to learning how to build custom design QTs have been difficult to grasp. In the end, he said that he learned how to develop those portions and hit a “eureka” moment when it all works out perfectly.
The Controversial Struggles of Altcoin Development
While taking altcoin development to a streamlined state is revolutionary, it doesn’t come without its fair share of controversy. First off, altcoins have been struggling for months across the board financially. The market is incredibly oversaturated with new altcoins entering the market almost daily, making their worth diminish over time.
Alongside the oversaturation, most altcoins are paired to Bitcoin for day trading on exchanges. Since February, the Bitcoin price has tumbled due to the collapse of Mt.Gox and alleged market manipulation. 2014’s Bitcoin events dragged down every altcoin’s price as Bitcoin fell. Even the second-most popular altcoin, Litecoin, struggled with a fall from grace as the Bitcoin price tumbled from $1,000 to the now $300 range.
On top of this, proposed sidechains and building off the Bitcoin blockchain are increasingly popular routes to take for many developers. Even Reddit is looking into developing Reddit Notes, their own cryptocurrency to distribute to the community built off the Bitcoin blockchain. If the industry continues to move toward this practice, altcoins will become less desirable over time.
But the lead developer doesn’t see any of these as a problem overall. In fact, from his perspective altcoins are thriving in the industry.
I think altcoins are thriving and we see some real technological advancements in the area. Every major altcoin these days are building upon Bitcoin and fixing some of the flaws that we as a community have identified. Everything from nicely designed QT wallets, Proof of Stake and anonymous transactions help push the possibility of mass adoption for Bitcoin and altcoins. . .I’m not a market expert, but it’s fair to assume some altcoins are increasing in value despite the bitcoin price fall. Plus, altcoins have real exposure to Bitcoin as this is often their primary trading pair. Hence, a Bitcoin price drop instantly affects the altcoin’s price without any price movement within of-itself.
In regards to building on the Bitcoin blockchain, the lead developer said the idea of sidechains is an interesting one, but he believes the features readily available to altcoins are very high. Along with that, it seems to be a consensus among his clients that they would much rather have their own ecosystem than build in the Bitcoin blockchain.
What do you think about this streamlined, commercialized development? Let us know in the comment section!
Images from The Altcoin Guys website