Bitcoin Generation using Blockchain Technology

Balajee Maram

Abstract


There are limitations in client-server model of communication. Distributed architecture provides good accessibility to all the nodes in the network. A blockchain technology is follows distributed model. In the digital era, all the transactions are available in the digital form is called a ledger. This ledger belongs to all the users in the network are shared by all the users in the network. Every transaction is monitored and verified by every user in the network. The blockchain is a chain of blocks that contains a collection of transactions. Bitcoin is a cryptocurrency, depends on blockchain technology. The Bitcoins are generated from the mining of a block for the miner. Every user knows about each and every Bitcoin transaction in the blockchain network. The block is immutable, because every block is verified by each customer in the blockchain network. This is the initiation for new trend for security to the digital transactions in the world. This paper presents the logic in the blockchain and Bitcoin generation process using blockchain technology.


Keywords


Blockchain, SHA, public-key, Bitcoin, Mining, Peer-to-Peer

Full Text:

PDF

References


Clarke, A.C., “Hazards of Prophecy: The Failure of Imagination,” from Profiles of the Future: An Inquiry into the Limits of the Possible, 1962.

Narayanan, A., Bonneau, J., Felten, E., Miller, A., and Goldfede, S., Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction, Princeton University Press, 2016.

Nakamoto, S., “Bitcoin: A Peer-to-Peer Electronic Cash System,” 2008.

Donnelly, J., “What is the 'Halving'? A Primer to Bitcoin's Big Mining Change,” CoinDesk, June 12, 2016.

Cachin, C., “Architecture of the Hyperledger blockchain fabric,” in Workshop on Distributed Cryptocurrencies and Consensus Ledgers, July 2016.

Scott Nadal Sunny King. (2012, August) PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake.

Anish Dev J. Bitcoin mining acceleration and performance quantification. In: Electrical and Computer Engineering (CCECE), 2014 IEEE 27th Canadian Conference on; 2014. p. 1–6.

Koshy P, Koshy D, McDaniel P. An Analysis of Anonymity in Bitcoin Using P2P Network Traffic. In: Christin N, Safavi-Naini R, editors. Financial Cryptography and Data Security. vol. 8437 of Lecture Notes in Computer Science. Springer Berlin Heidelberg; 2014. p. 469–485.

Decker, Christian, Jochen Seidel, and Roger Wattenhofer., "Bitcoin Meets Strong Consistency."

Bonneau, J., Miller, A., Clark, J., Narayanan, A., Kroll, J.A., Felten, E.W.: Research perspectives and challenges for bitcoin and cryptocurrencies. In: 2015 IEEE Symposium on Security and Privacy, pp. 104–121 (2015)

Kosba, A., Miller, A., Shi, E., Wen, Z., Papamanthou, C.: Hawk: the blockchain model of cryptography and privacy-preserving smart contracts. In: 2016 IEEE Symposium on Security and Privacy, pp. 839–858 (2016)

Lewenberg, Y., Sompolinsky, Y., Zohar, A.: Inclusive block chain protocols. In: Böhme, R., Okamoto, T. (eds.) FC 2015. LNCS, vol. 8975, pp. 528–547. Springer, Heidelberg (2015).

Sharples, M., Domingue, J.: The blockchain and kudos: a distributed system for educational record, reputation and reward. In: Verbert, K., Sharples, M., Klobučar, T. (eds.) Adaptive and Adaptable Learning: 11th European Conference on Technology Enhanced Learning, EC-TEL 2016, pp. 490–496. Springer International Publishing, Cham (2016)

Garman, C., Green, M., Miers, I.: Decentralized anonymous credentials. In: Network and Distributed System Security (NDSS) Symposium 2014, pp. 23–26 (2014)

Wang, H., Chen, K., Xu, D.: A maturity model for blockchain adoption. Financ. Innov. 2, 12 (2016)

Beck, R., Stenum Czepluch, J., Lollike, N., Malone, S.: Blockchain - the gateway to trust-free cryptographic transactions. In: Twenty-Fourth European Conference on Information Systems (ECIS), pp. 1–14 (2016)

https://www.weusecoins.com/en/mining-guide/

https://bitsonblocks.net/2015/09/09/a-gentle-introduction-to-blockchain-technology/

https://www.buybitcoinworldwide.com/mining/

https://www.edureka.co/blog/blockchain-tutorial/




DOI: http://dx.doi.org/10.30630/joiv.2.3.109

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

JOIV : International Journal on Informatics Visualization
Published by Information Technology Department
Politeknik Negeri Padang, Indonesia

© JOIV - ISSN : 2549-9610 | e-ISSN : 2549-9904 

Phone : +62-82386434344
Email  : hidraamnur@live.com | hidra@pnp.ac.id
              fazrolpnp@gmail.com


Creative Commons License is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats