This project aims to highlight the salient features of Blockchain as a technology and makes use of BlockChain to create a Crypto Currency on the self made BlockChain using python programming language and Postman API platform. The Coin made can be mined and transacted on the Blockchain.
Project Details
“With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.” – Satoshi Nakamoto.
Today, it is estimated that approximately 46 million people own Bitcoin. Bitcoin is only one of the many cryptocurrencies. A recent report stated that there are over 6,500 cryptocurrencies. Many of them have a low trading volume, but some have high trading volumes and are very popular.
Cryptocurrency is one of the words we can’t avoid these days. News, blogs and even big-time financial authorities obsess over it, and by now everyone has to admit: the world is changing in front of our eyes. Were it not for one particular use of blockchain technology, the current blockchain revolution would most likely have gone unnoticed by the majority of people outside the tech industry. This use was, of course, the cryptocurrency. The reason for this is not only that Bitcoin came first, but also the fact that there is a limit to the number of cryptocurrency that can be created. This effectively made bitcoin into what has been termed ‘digital gold’. As a result, more and more people who had little to no knowledge whatsoever of cryptocurrencies flocked to buy Bitcoin. So great was the influx that between October and November 2017, the price of a single coin rose from around $5,500 to over $10,000. Today that figure is many, many times higher.
Now, while no one expects all of these 6.500 current cryptocurrencies to succeed, including the most popular ones like Bitcoin, Ripple, and Ethereum, are available and the number is still growing, it certainly makes sense that the overall number is set to multiply dramatically over the next few years.All of the above information makes companies see the benefits of blockchain and makes them think about how to create a cryptocurrency.
Project Requirements:
TOOLS:
The various tool which are used are listed below:
-
JSON: JSON, or JavaScript Object Notation, is a minimal, readable format for structuring data. It is used primarily to transmit data between a server and web application, as an alternative to XML. Squarespace uses JSON to store and organize site content created with the CMS.
-
PYTHON 3.9: Python is an interpreted high-level general-purpose programming language. It is dynamically-typed and garbage-collected. It supports multiple programming paradigms, including structured (particularly, procedural), object-oriented and functional programming.
-
POSTMAN API: The Postman API endpoints enable you to integrate Postman within your development toolchain. You can add new collections, update existing collections, update environments, and add and run monitors directly through the API. This enables you to programmatically access data stored in your Postman account. You can get started with the API by forking its collection. For more details, see the Postman API documentation. You will need an API key to access the Postman API.
-
Flask: Flask is a web framework, it’s a Python module that lets you develop web applications easily. It has a small and easy-to-extend core: it’s a microframework that doesn’t include an ORM (Object Relational Manager) or such features. It does have many cool features like url routing, template engine. It is a WSGI web app framework.
TECHNOLOGIES:
The various technologies which we’ve used are listed below:
-
SHA256: The SHA-256 algorithm is one flavor of SHA-2 (Secure Hash Algorithm 2), which was created by the National Security Agency in 2001 as a successor to SHA-1. SHA-256 is a patented cryptographic hash function that outputs a value that is 256 bits long. In encryption, data is transformed into a secure format that is unreadable unless the recipient has a key. In its encrypted form, the data may be of unlimited size, often just as long as when unencrypted. In hashing, by contrast, data of arbitrary size is mapped to data of fixed size. For example, a 512-bit string of data would be transformed into a 256-bit string through SHA- hashing. In cryptographic hashing, the hashed data is modified in a way that makes it completely unreadable. It would be virtually impossible to convert the 256-bit hash mentioned above back to its original 512-bit form. So why would you want to create a scrambled message that can’t be recovered? The most common reason is to verify the content of data that must be kept secret. For example, hashing is used to verify the integrity of secure messages and files. The hash code of a secure file can be posted publicly so users who download the file can confirm they have an authentic version without the contents of the file being revealed. Hashes are similarly used to verify digital signatures.
-
CONSENSUS ALGORITHM: A consensus algorithm is a procedure through which all the peers of the Blockchain network reach a common agreement about the present state of the distributed ledger. In this way, consensus algorithms achieve reliability in the Blockchain network and establish trust between unknown peers in a distributed computing environment. Essentially, the consensus protocol makes sure that every new block that is added to the Blockchain is the one and only version of the truth that is agreed upon by all the nodes in the Blockchain.
-
PROOF OF WORK CONSENSUS: The Proof of Work consensus algorithm involves solving a computational challenging puzzle in order to create new blocks in the Bitcoin blockchain. Colloquially, the process is known as ‘mining’, and the nodes in the network that engage in mining are known as ‘miners’. The incentive for mining transactions lies in economic payoffs, where competing miners are rewarded with 12.5 bitcoins(at the time of writing this article; this reward will get reduced by half its current value with time) and a small transaction fee.
-
URL PARSER: The URL parsing functions focus on splitting a URL string into its components, or on combining URL components into a URL string.