Interesting guide. Thanks to Shakezula.
Not worth making new coin, unless do something new. Cut and paste for starting point, but must write code to make new coin worthwhile. Could try solve problems.
Biggest problem cryptocurrencies scalability. When billions use coin, block chain bigger faster than network can carry. When billions of tx have every machine repeat each tx to check for agree need faster machines than exists. You have idea to fix scalability, is worth doing altcoin.
Another big problem, cryptocoin anonymity isn't. Blockchain records every tx. Information mining, easy trace users through blockchain even with no names associated accounts. Like able see all money moving around everywhere, becomes obvious who carrying. Zerocoin has very clever way to solve, but makes scalability problem even worse, 40 kilobyte transaction premium. Make coin with better anonymity, at least interesting. Maybe never allowed to succeed, maybe illegal in future. Interesting, anyway. Learning how is worth doing.
Third problem, mining. Convert electricity into coins, wasteful. Waste keeps money cost up, means no point mining for most people, concentrates mining/chain verification in smaller number of people -- eventually probably one, and currency die. Also money cost is transaction cost, and cryptocurrency strength in larger economy is minimize transaction cost. Minimize transaction cost, easy transactions, is main reason for being better than official currency. Minimize mining cost minimizes tx cost. Custom ASICs, expensive GPUs, etc. were mistakes. Bad direction for development. Figure out way to not need, way to keep chain verification in many hands, be fair everyone, is worth doing.
Fourth problem, maybe, what happen when mining reward ends? People mine for money, what happen next time reward is halved? Time after that? Time after that? Never tested. Don't know. Will any coin survive end of rewarding miners? Will few remaining "transaction processers" be enough to keep secure, or will become vulnerable to attack, 51% takeover? Remember powerful people want cryptocurrency stop. Make $Billions off transaction fees now, cryptocurrency system would eats business. What cost doing 51% attack on coin not reward miners by credit card toll troll? Less than cost not doing it. Figure out how mining. Solve this problem and one before, definitely make new coin.
Fifth problem, speed transaction clearing. Find way to make instant transfers, not wait for blocks to close and block chain to deepen. Many kinds of business cannot do otherwise. Consider vending machine. Scan QR code, transfer .0005 btc or whatever, then ... wait a half hour?? NO. Just not work most people. Fix it, worth doing. Many altcoins attempt fix by making short block time, but short block time limits number tx per minute or network overwhelmed and chains diverge. Destroy coin first or second time are too many tx per minute. Short block times make first problem far worse. Must find different way to speed tx clearing. If figure out, very worth making altcoin.
Could also try add new capability. Many possibilities. Think of one or two or three, make altcoin with new ideas.
Big one right now, Prism proof email. You have widely distributed database of public keys (accounts). If leverage for real private mail from account to account, worth doing an altcoin.
Another, what calls 'Colored Coins.' Make something take full advantage, keep track colors, definitely worth doing. Could take advantage script transactions for contingent contracts in different kind assets; could do futures, etc.
Cut and paste coin, nothing new, is foundation material. But nobody want move into foundation. Must build house on top.
Edward.
