Study in View of Development of a National Cryptocurrency

Abstract

The study of cryptocurrencies doesn’t clearly propose different approaches that provide cryptocurrency development. The purpose of this paper is to determine approaches to cryptocurrency development, in which we select one to develop a national cryptocurrency that will be able to bring out Cameroun from CFA Franc. Developing a national cryptocurrency or bringing out Cameroun from CFA Franc is a monetary issue which is generalized in the problem of commodity exchange. This problem focuses on how to exchange goods and services while ensuring stakeholder satisfaction. To this end, after a brief literature review on the commodity exchange system, money and Bitcoin, we first explored possible approaches to the development of cryptocurrencies. The study in these approaches has enabled us to determine four different solutions: firstly by token development, secondly by hard fork development, thirdly by fork of source code development, and at last by fork of software development. For each approach, we make a summary presentation which lists its stages of development. The comparison of these approaches in terms of development time, development cost dependence on a blockchain platform and solution to exit from the CFA Franc led us to choose fork of software approach. The fork of software approach of cryptocurrencies development best solves our problem, since it offers us a cryptocurrency development solution, but also proprietary currency which is independent of blockchain platforms. Fork of software is a fork approach that observes behavior of existing software, in view to implementing it again and/or customizing it. We proposed an explorative development method which combines: the iterative and incremental method with evolutionary prototype, for application of the development approach retained above.