What is it about?
Creating a blockchain, particularly a cryptocurrency, is a complex task that demands a profound understanding of the technical, economic, legal, and social challenges it faces. In this work, we seek to explore the various technical obstacles hindering the development and adoption of Blockchains. The article proposes a basic modeling approach to overcome these challenges and achieve a generic prototype for a new blockchain. We delve into specific challenges related to cryptocurrency creation, highlighting architecture choices, security strategies, and the benefits of a decentralized P2P approach. This research contributes to understanding decentralized systems and provides a practical guide for those aiming to build robust cryptocurrencies. This approach was experimented with using a Cryptocurrency as an example. The results were conclusive, particularly in terms of its security, evolution, and consensus.
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Why is it important?
The importance of our work lies in its comprehensive exploration of the technical challenges in blockchain and cryptocurrency development, areas that are critical yet often complex. By proposing a basic modeling approach and creating a generic prototype, our research offers practical solutions for overcoming these obstacles. This work not only advances the understanding of decentralized systems but also provides a valuable guide for building secure and robust cryptocurrencies. The successful experimentation further underscores the effectiveness of our approach, particularly in enhancing security, system evolution, and achieving consensus.
Perspectives
Our research provides a valuable contribution to the field of blockchain and cryptocurrency development by addressing technical challenges through a basic modeling approach and a functional prototype. It enhances understanding of complex issues such as security, system evolution, and consensus, offering practical solutions that bridge theoretical concepts with real-world applications. By validating our approach through successful experimentation, we not only advance the development of secure and robust decentralized systems but also offer a crucial guide for developers and researchers, paving the way for future innovations and improvements in blockchain technology.
Noureddine ALLASSAK
Mohammed V University in Rabat
Read the Original
This page is a summary of: A Comprehensive Cryptocurrency approach based on a customized peer-to-peer network, April 2024, ACM (Association for Computing Machinery),
DOI: 10.1145/3659677.3659699.
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