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Assignment Task :

For this task you will be required to simulate a crypto currency system using Python. Crypto currencies include two important parts namely: block chaining and block mining. A cryptocurrency network is a decentralised system and there is no central authority to verify transactions. Individuals are free to add new transactions which get broadcasted to the entire network. All transactions must be signed and subsequently verified for legitimacy. Only legitimate transactions are included in new blocks and illegal transactions are rejected.
Block miners continuously listen for new legitimate transactions transmitted through the communication network between the participating miners, and combine previous hash values and transaction details to compute a unique nonce value that solves the complex computation problem set by the cryptocurrency miner algorithm. The first miner who successfully computes (mines) the correct nonce, broadcasts the new block (previous hash + transactions + proof of nonce calculation work), leading to an update of all transaction entries for all users of the cryptocurrency network. The first successful miner gets rewarded (in cryptocurrency) for the computational effort put in for calculating the correct nonce.

 

This workshop requires you to develop a Python-based cryptocurrency system that has two components:
1.
Transaction recording program
2. Block mining program
 

Transaction recording program
The main role of this program will be to collect information from the users for new transactions (prompting users to enter the below details through the command prompt) and storing this information into a transaction file. The transaction data should have the following information:
• From (username of person sending the cryptocurrency amount)
• To (username of person receiving the cryptocurrency amount)
• Amount
• Timestamp

 

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  • Uploaded By : Grace
  • Posted on : September 04th, 2018

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