Naivecoin is an open source implementation of a cryptocurrency. It includes all the major components needed to build a cryptocurrency such as a miner and the blockchain. If you’ve been reading about BitCoin and other cryptocurrencies and still don’t quite understand how they work, you should check out the code in Naivecoin.
Sometimes to understand a concept we have to implement it ourselves. Or in this case, we can use someone else’s implementation as a live simulation that we can watch and read through the code.
Create Your Own Cryptocurrency and Blockchain
Naivecoin is written in Node.js which should make it easy for everyone to learn from. It is short and the author aims to keep it as small as possible. This makes the code straightforward to read through and to understand each component of making a new cryptocurrency and blockchain.
There are two major components: the blockchain and the Proof of Work (PoW). The blockchain stores the blocks and the transactions. The Proof of Work determines how the blocks are turned into value, for instance with BitCoin they are mined through performing computationally intensive calculations. With NaiveCoin you can learn how to build these components and how transactions amongst many users, and how the cryptocurrency can be mined with a proof of work.
We had a blog post about Copay, a shared bitcoin wallet. It would be cool to see someone implement a shared wallet for NaiveCoin. Another idea is to add smart contracts to NaiveCoin.
If you have an idea for how a cryptocurrency could be better, you can use Naivecoin as a basic implementation and proof of concept.