Publication Date: 2022/02/22
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)
DOI: https://doi.org/10.5281/zenodo.6214669
PDF: https://ijirst.demo4.arinfotech.co/assets/upload/files/IJISRT22JAN754.pdf
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