Authors :
Ankit Khandelwal; Madhav Narayan Singh
Volume/Issue :
Volume 7 - 2022, Issue 1 - January
Google Scholar :
http://bitly.ws/gu88
Scribd :
https://bit.ly/3t1kAUp
DOI :
https://doi.org/10.5281/zenodo.6214669
Abstract :
Blockchain is one of the IT industry's fastestgrowing technology niches. We chose to use blockchain
technology to develop a web application for our project.
We'll create a fully functional crypto-currency with full
stack functionality and blockchain logic. We are
proposing a new improvement in which we will not use
any database server at the backend. Instead, we'll use
Redis to create a publisher/subscriber network that will
enable us to broadcast various messages and chain them
across the network. Every node in the network will have
a wallet, and they will make various transactions, which
will then be added to the blockchain to block, and then
broadcasted to the rest of the chain This eliminates the
need for a database infrastructure to be created and
maintained. We will create a mining algorithm (proof of
work algorithm) for selecting blocks (collection of
transactions) that will change its difficulty rate based on
the computational power present in the node to node
network, and for each block mined and successfully added
to the chain will be rewarded with a reward in the form
of our Cryptocurrency
Keywords :
Blockchain; Development; Cryptocurrency; Consensus; Proof Of Work (POW)
Blockchain is one of the IT industry's fastestgrowing technology niches. We chose to use blockchain
technology to develop a web application for our project.
We'll create a fully functional crypto-currency with full
stack functionality and blockchain logic. We are
proposing a new improvement in which we will not use
any database server at the backend. Instead, we'll use
Redis to create a publisher/subscriber network that will
enable us to broadcast various messages and chain them
across the network. Every node in the network will have
a wallet, and they will make various transactions, which
will then be added to the blockchain to block, and then
broadcasted to the rest of the chain This eliminates the
need for a database infrastructure to be created and
maintained. We will create a mining algorithm (proof of
work algorithm) for selecting blocks (collection of
transactions) that will change its difficulty rate based on
the computational power present in the node to node
network, and for each block mined and successfully added
to the chain will be rewarded with a reward in the form
of our Cryptocurrency
Keywords :
Blockchain; Development; Cryptocurrency; Consensus; Proof Of Work (POW)
