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.
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. 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. 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. 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. 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
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. 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. 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.
11. 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.
12. 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)
13. 1st image shows the code for Blockchain
2nd image shows How to mine a Block ?
3rd image shows to get the chain !
14.
15. 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.
17. Using the replace _chain Function to go to Biggest
Chain to update to the other ports.
18. • 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.
19. 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.
20. 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.
22. • 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
