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Blockchain Technology and Cryptocurrency

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Blockchain Technology and Cryptocurrency

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Discussed about the Blockchain and how it works
Also the advantages of Blockchain over centralized system and some drawbacks are also mentioned.
Discussion on bitcoin and Cryptocurrency
Creating our own cryptocurrency for startups.
Snapshots are attached.

Discussed about the Blockchain and how it works
Also the advantages of Blockchain over centralized system and some drawbacks are also mentioned.
Discussion on bitcoin and Cryptocurrency
Creating our own cryptocurrency for startups.
Snapshots are attached.

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Blockchain Technology and Cryptocurrency

  1. 1. The Next Level Revolution BLOCKCHAIN TECHNOLOGY Submitted By: Nupur Bhatt Aditya Vikram Singh Richa Verma Shivani Upadhyay Advised By: Dr Sachi Gupta Group no.-G-20
  2. 2. Abstract This proposed work is aimed at developing a Blockchain-based cryptocurrency that will use a decentralized system that can be used to raise funds for startups who can offer coins to public by proposing their prototype instead of waiting on an investor and moreover it can solve major issues like tampering of confidential information of citizens or even government as it will eradicate the use of a single centralized system which is in today’s world responsible for protecting and securing all the data. Features of this system will be distributed ledger to store Information which will develop clear transparency among everyone, unlike centralized systems.
  3. 3. Overview of the Project Intro to Smart Contracts and My Ether Wallet Development of Hadcoin Cryptocurrency Intuition & transactions Creation of Blockchain Introduction to Blockchain
  4. 4. Literature Review The idea behind Blockchain technology can be traced to 1991 when Stuart Haber and W. Scott Stornetta described the first work on a cryptographically secured chain of blocks. In 1992, they incorporated Merkle trees into the design allowing several documents to be collected into a block. Stuart Haber W. Scott Stornetta ● However, Blockchain technology as we know it today gained significance from 2008 when SATOSHI NAKAMOTO published the Bitcoin white paper. Satoshi Nakamoto gave practical impetus to Blockchain technology and solved the problem of double spending. According to a survey, blockchain technology offers a massive change to capital markets and a more efficient way for performing operations like: Securities and derivatives transaction (Van de Velde et al., 2016, Wu and Liang, 2017)
  5. 5. What is a BLOCKCHAIN? • A Blockchain is a continuously growing list of records, called blocks which are linked and secured using cryptography. • Or in simple words it’s a chain of blocks developed by Satoshi Nakamoto to store the transactions for the Digital Currency(Bitcoin) which keeps the record of every transaction taking place in the form of block. Data: “Hello Adam” Hash: 4D56E1F05 Prev. Hash: 034DFA357
  6. 6. How it works? 1 2 3 Data: … Hash: 4D56E1F05 Prev. Hash: 0 Data: ... Hash: 8E90D1F05 Prev. Hash: 4D56E1F05 Data: … Hash: 1A86B1F85 Prev. Hash: 8E90D1F05 “Blocks are cryptographically linked together”
  7. 7. 2 31 6 5 4  Someone requests a transaction  The requested transaction is broadcast to a P2P network consisting of computers, known as nodes  The network of nodes validate the transaction using cryptography.  The transaction is complete  The new block is then added to the existing blockchain.  Once verified, this transaction is represented as a new block. Blockchain technology
  8. 8. How does it solves a problem? We are living during a truly revolutionary time of decentralization, cryptocurrencies, and tokenized economies. However, none of this would be possible if it weren’t for the advent of the Blockchain. In most simple definition,meaning that a network exists in which every participant has access to the entire database. Some of the problems it solves are: •Crowd Funding •Currency and Transaction Support •Supply Chains and Item Histories •Voting •Government Operations •Intellectual Property •Banking and Logistics Issues •Cloud storage •Charity •Real-Estate
  9. 9. Cryptocurrency Intuition • A cryptocurrency is a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of currency. • Bitcoin became the first decentralized cryptocurrency in 2009. • Bitcoin is peer to peer and transactions take place between users directly, without an intermediary. • These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain which uses bitcoin as its unit of account.
  10. 10. Uses of Cryptocurrency and risks •Hackers: Cryptocurrencies are targets for highly sophisticated hackers,who havebeen able to breach advanced securitysystems. •Fewer Protections:If you trust someone else to hold your cryptocurrencies and something goes wrong, that company maynot offer you the kind of help you expect from abank or debit or credit card provider. •Cost:Cryptocurrencies cancost consumers much more to usethan credit cardsor even regular cash,often due to pricevolatility. •Scams:Fraudsters are taking advantage of the hype surrounding virtual currencies to cheat people with fake opportunities. •Lackof Transparency: Theanonymous nature of cryptocurrencies make transparency and accountability difficult for consumersseeking toensure the safety of their investments.
  11. 11. In the first part we have created the Blockchain using python and its framework known as Flask. Also we have used Postman Application to run the chain on Ports. Blockchain Application using Python(Methodology)
  12. 12. 1st image shows the code for Blockchain 2nd image shows How to mine a Block ? 3rd image shows to get the chain !
  13. 13. Development of Hadcoin • In the Second part we have developed our own Cryptocurrency using python and its framework known as Flask. • Also we have used Postman Application to verify transactions on different ports. • Name of our Cryptocurrency –HADCOIN • It is based on ERC-20 Wallet. • It will have Total Token Supply of 1 Billion. • The Transactions will be verified by Smart Contracts.
  14. 14. Connecting all the nodes together for Transaction
  15. 15. Using the replace _chain Function to go to Biggest Chain to update to the other ports.
  16. 16. • Here I have Sent 10,000 Hadcoins to Shaant By using the Add_transaction function. • As you know that transaction is complete so a block will be mined and as a reward I will get 1 Hadcoin as a new Block is Created. • Now We will use the replace_chain method to Update the chain for every port to the Largest chain. • And Shaant has received 10,000 hadcoins and transactions gets complete.
  17. 17. Here I’ve send 1,00,000 Hadcoins to Balu by using the Add_transaction function. As you know that transaction is complete so a block will be mined and as a reward I will get 1 Hadcoin as a new Block is Created. Now We will use the replace_chain method to Update the chain for every port to the Largest chain. And Balu has received 1,00,000 hadcoins and transactions gets complete.
  18. 18. What is a Smart Contract? Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman. The best way to describe smart contracts is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a crypto into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.
  19. 19. How You Can Use Smart Contracts ?
  20. 20. • In the third part we have created a Smart Contract using Remix Solidity and running the code using MyEtherWallet. • Ganache help us to store the transaction. • The Transactions will be verified by Smart Contracts. • You will see how the transactions takes place from MyEtherWallet to Ganache. Development of smart Contract and using it for Hadcoin
  21. 21. Transactions using MyEtherWallet and Smart contracts
  22. 22. Transactions(Buy/Sell) of Hadcoins using MyEtherWallet

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