Implementing confidential transactions in bitcoin requires significant protocol changes; however, experimentation is currently being carried out on Block stream side chains. Led by Dr. Garrick Hileman, it is the first study of its kind to holistically examine the burgeoning global cryptocurrency industry and its key constituents, which include exchanges, wallets, payments, and mining.
The findings are both striking and thought-provoking. Second, the cryptocurrency industry is both globalized and localized, with borderless exchange operations, as well as geographically clustered mining activities. Fourth, issues of security and regulatory compliance are likely to remain prevalent for years to come. What is gender wise familiarity of cryptocurrencies? What is the age wise familiarity of cryptocurrencies?
What is occupation wise familiarity of cryptocurrencies? Which exchanges are most preferred to buy and trade cryptocurrencies? Which is the most preferred mode of storing cryptocurrencies? What are the most important advantages, disadvantages, factors regarding cryptocurrencies? How are familiar people with various crypto terminologies?
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What is the most preferred cryptocurrency? Rationale Behind the Research As technology wise cryptocurrency shows a remarkable improvement in existing currency usage. And the usage of is increasing day by day but not as high as its price. So the main rationale behind this research is to determine up to what extent people know what cryptocurrencies is what their preference what are their views are regarding it. Research Questions Overview Here is the questionnaire overview asked in the survey, for more detailed survey questionnaire refer the next part of this report.
How Familiar are with Cryptocurrencies? What according to are advantages, disadvantages, and factors important to cryptocurrencies?
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Which is your preferred cryptocurrency? Research Hypothesis 1. There is the difference between respondents with different age group and awareness about cryptocurrency 2.
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There is a significant relationship between gender and awareness about cryptocurrency 3. There is a significant relationship between occupation and awareness about cryptocurrency 4. There is a significant difference between important factors in cryptocurrency and Gender. For the purpose of the present study, data were collected on a random basis. Convenience sampling techniques were followed for selecting a sample of the present study.
The primary method of data collection is the questionnaire technique from a population of sample size The questionnaire was prepared and distributed to various people via email, WhatsApp, Facebook and Reddit posts.
Research development of Bitcoin: a network and concept linking analysis
Characteristics of Sample The population of this study is the all individuals of India. The characteristics of the sample is given below: Age Frequency Percentage 1 1. Therefore, do not reject the null hypothesis. Major Findings 1. Koinex is the most preferred exchange to buy cryptocurrency and exchange wallet is most used to store cryptocurrency.
Binance is the most preferred exchange to trade cryptocurrency. Out of 21 respondents who trade in cryptocurrency, the main objective of the most respondents is capital growth. The research is an academic effort which constraints time, cost and geographical area. The data is collected from 68 respondents only, generalization to all the people is inevitable.
An interpretation of this study is based on the assumption that the respondent has given the correct information 4. In spite of the intensive effort, the variables confined to this study may have been influenced by the interests and the known limitations. Future Research Directions 1. The survey basically deals with awareness regarding cryptocurrencies and people opinion on cryptocurrencies. The future research directions can be on 2.
The blockchain technologies applications in the real world. The decentralized internet strength, weakness, opportunities, and threats. More comprehensive research on the various governments takes on cryptocurrencies. Implications Despite being all the good things about 2nd generation cryptocurrency Monero, Ethereum and 3rd generation cryptocurrency IOTA, EOS, Cardano Bitcoin the 1st generation of cryptocurrency is still the most preferred cryptocurrency because of its store of value.
Cryptocurrencies are indeed a known topic among Indians. Related Papers. By Calton Paratema. By Joe Walton. By Euro Asia International Journals. Work in Progress- Cryptonomics: Investment behaviour in the cryptocurrency market. By Mohamad Saleh. By Anthony T Mazikana. Download pdf. Remember me on this computer. Enter the email address you signed up with and we'll email you a reset link. The answer is then passed to the recipient to check if the solution is correct -- an important validation step. If not, the proposed transaction is rejected. Otherwise an attacker may allocate several IPs in an attempt to hack the network.
Secondly, the longest chain of blocks serves as proof that the CPUs invested the greater amount of work in that longer chain. This process secures the blockchain by requiring would-be-attackers to redo the work of the block and all blocks after it i.
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Nakamoto says that it'd be an extremely difficult task for an attacker to do just that, and that the probability of success diminishes exponentially the more blocks are added to a chain. So how does proof-of-work protect the blockchain? In layman's terms, honest CPUs in the network solve each hash's math problem. As these computational puzzles are solved, these blocks are bundled into a chronologically-ordered chain. Thus the term blockchain.
This validates to the entire system that all the required "math homework" has been completed. An attacker would have to redo all the completed puzzles and then surpass the work of honest CPUs in order to create a longer chain -- a feat that would be extremely unlikely if not impossible.
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This sequence makes Bitcoin transactions irreversible. Nakamoto points out that honest nodes in the network need to collectively possess more CPU power than an attacker. As mentioned in earlier sections, nodes always consider the longest chain to be the correct one and will work on extending it. This section shows why it's important to announce transactions to all nodes. It forms the basis for verifying the validity of each transaction as well as each block in the blockchain. As mentioned earlier, each node solves a proof-of-work puzzle and thus always recognizes the longest chain to be the correct version.
As time progresses, the blockchain's record grows and provides assurance to the entire network of its validity. The first transaction in a block is a special transaction that starts a new coin owned by the creator of the block. This achieves two things. Second, it's a way to initially distribute new coins into circulation since there is no central authority to issue them. The new coin rewards nodes -- aka Bitcoin miners -- for expending their time, CPU and electricity to make the network possible.
They can also be rewarded with transaction fees. Nakamoto envisions a limited number of coins to ever enter circulation, at which point miners can be incentivized solely by transaction fees that are inflation-free. New coins also incentivize nodes to play by the rules and remain honest. An attacker would have to expend a ton of resources to threaten the system, and getting rewarded by coins and transaction fees serve as a deterrent to such fraud. Mining gold requires labor, water and equipment and it's an activity similar to Bitcoin mining.
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Since a maximum of 21 million Bitcoins will ever be mined, the system can be free of inflation.