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Suppose I launch a cryptocurrency named XYZ based on ethereum. Now, does every user of XYZ currency has to download MIST and more importantly the huge blockchain data (even after using --fast data is in GBs)? What can be my alternatives?

The one option is I myself design a light-wallet for them, which I want to but this seems quite complex. (Any help on this will be highly helpful)
Secondly, I was looking with a hope towards other available wallets like JAXX and MyEtherWallet, but not sure whether they allow storing currencies other than the BTC,ETH ,DAO,DSH.

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Can I suggest you read about key management? Generally speaking the private keys for most crypto currencies (if not all), are valid across the board.

However, wallet implementations differ because the addressing part of the respective chains is different, and wallet implementations do not in every case imply downloading the blockchain.

In addition communicating on the various networks to submit transactions is not trivial for a novice.

It is possible to create a so-called "trusted node" which your app communicates with in order to transmitt transactions to the various blockchains, and from which it receives balance information. You would have to set up your own communication protocol and your trusted node(s) would have to be available 24/7.

There are quite a few topics even in this short description - and it would be impossible to explain these in depth and the differences in all crypto currencies or the ways in which this could work. Also perhaps ead a few of the Wikis for each of the currencies you are interested in.

EDIT : In answer to the question about Jaxx - it does not look like it supports any other Ethereum tokens yet. Only the DAO as far as I know.

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  • Thanks, will explore key management. And any clue about second part,i.e whether JAXX and similar wallets allow storing other tokens?
    – Prashant Prabhakar Singh
    Commented Oct 4, 2016 at 8:44
  • MyEtherWallet provides support for custom Tokens as well, but is not a HD-Wallet like Jaxx. Mist is good in every sense accept it's not a light-wallet. I don't why, but why Mist doesn't launch a light-wallet.
    – Prashant Prabhakar Singh
    Commented Oct 6, 2016 at 5:11
  • The point is that it uses a local trusted ethereum node (ie your own node) to connect to the network. In the case of Jaxx I believe it connects to their own node service to gather information and send transactions. This makes commercial sense and that isn't the purpose of Mist. If you wanted to do this you could build your own using Web3.js
    – T9b
    Commented Oct 14, 2016 at 13:39

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