Exploring the Evolution and Modern Trends of Cryptocurrency: A Review

Bitcoin, the most famous and well-known cryptocurrency in the world, has been gaining in popularity. It has the same basic structure as when it was first launched in 2008, but repeated instances of the global market shifts have resulted in a fresh demand for cryptocurrencies that is far higher than its first appearance. In contrast to other virtual payment systems that have appeared so far, the foundational paper defining the Bitcoin system was released as a forum post on the Internet rather than in a scientific journal. The paper’s ideas were put into practice in January 2009, when the same author developed the first block of the Blockchain and implemented a fully functional bitcoin wallet that allows users to transact with the new cryptocurrency. As a result, the adoption of bitcoin happened without much excitement from the academic community, and the first research papers on the subject did not surface until late 2011 in the arXiv repository, with future conferences and journals publishing them.

ORIGIN AND EVOLUTION

Analysis of Bitcoin

Decentralization trend

Traffic Analysis

THE CONCEPT OF BLOCKCHAIN

Blocks

  • The block’s data
  • A nonce is a 32-bit whole number. When a block is constructed, a nonce is generated at random, which then generates a block header hash.
  • The hash is a 256-bit number that is associated with then once. It has to begin with a large number of zeros (i.e., be extremely small).

Miners

Nodes

FUTURE OF CRYPTOCURRENCY

Opportunities of Cryptocurrency

Challenges of Cryptocurrency

CONCLUSION

Software Engineering Undergraduate, Sri Lanka