Networked applications Assignment PDF
Added on 2021-06-17
15 Pages1557 Words22 Views
Running head: NETWORKED APPLICATIONSNetworked ApplicationsName of the StudentName of the UniversityAuthor Note
1NETWORKED APPLICATIONSTable of ContentsTask 1: Blockchain Applications: Bitcoin and Ethereum.................................................................2Introduction...............................................................................................................................21. Field and Purpose of the application......................................................................................22. Working model of the application..........................................................................................23. Scalability issues.....................................................................................................................34. Features and Weaknesses of the application.........................................................................35. Socio-Technical aspects..........................................................................................................4Conclusion..................................................................................................................................4Task 2: Main Features of Decentralized Architecture of Blockchain...............................................5References....................................................................................................................................14
2NETWORKED APPLICATIONSTask 1: Blockchain Applications: Bitcoin and EthereumIntroduction The report aims at discussing two blockchain applications. The technology of blockchain is newand emerging and is designed as a complete decentralized system. The block of the blockchainrepresents a set of stored records, and these blocks are chained together to form blockchain. Blockchaincan therefore be considered as a simple database that contains transactions needed to be validated by anetwork community instead of a single centralized authority [4]. The report discusses the field purposeand the application of bitcoin and Ethereum. The working model of these two applications is furtherdiscussed in the report. Bitcoin is a type of digital currency that regulates the generation of currencyunits in order to verify the transfer of funds. Bitcoin can work without the need of any central authorityor central bank [2]. Ethereum on the other hand is a platform that enables the developers in buildingand deploying decentralized applications. The features and working model of both bitcoin and ethereumare also discussed in the report. The report concludes with the socio technical aspects of blockchain andbitcoin. 1. Field and Purpose of the applicationThe purpose and use of bitcoin and ethereum are discussed in the following paragraphsBitcoinBitcoin is a modernized payment system that is based on blockchain platform. Bitcoin operatesin an open source platform and can be accessed by public. Since the bitcoin application is not controlledby any central bank. The bitcoins are cryptocurrencies that can be traded for goods and services withthe vendors that accepts bitcoin as a payment. EthereumThe ethereum is an open source public blockchain that is used to run and deploy smartcontracts. The ethereum is a decentralized platform for applications that run as programmed thuseliminating the chances of fraud. 2. Working model of the applicationBitcoin
3NETWORKED APPLICATIONSBitcoin is a cryptocurrency that is used for digital transaction. The transaction that includes theuse of bitcoin makes use of private keys and digital signature in order to maintain the confidentiality andthe authenticity of the transaction. The bitcoin transactions thus cannot be altered by a third person.Bitcoin is a secure block of data or blockchain that can be treated similar to money and can be tradedacross the world. This virtual currency is a leading application of blockchain technology. EthereumEthereum is a blockchain platform that is helps in creation of smart contracts. Ethereum helpsthe developers in programming their own smart contract that can be used in managing all the legal andcontractual needs of the company. Smart contracts that are deployed in the ethereum platform can beexecuted automatically thus it eliminates the need of lawyers. This can therefore considerably reducethe costs of appointing lawyers for controlling and managing the legal issues associated with anorganization. 3. Scalability issuesAlthough blockchain and ethereum is becoming increasingly popular across the world, there arecertain scalability issues associated with both the applications which are needed to be addressed. BitcoinThe transaction limit is one of the significant scalability issues associated with the use of bitcoin.The use of bitcoin has considerably increased over the years and therefore, the need of increasing thetransactional speed is therefore high [3]. The size limit in the bitcoin is responsible for creating abottleneck in the bitcoin transactional process thus increasing the transactional fees. This is thereforeone significant scalability issue associated with the use of blockchain. EthereumThe scalability issues associated with the use of ethereum is that the limit of the ethereum is stillnot known. The ethereum platform at present supports 15 transactions per second and ethereumscaling depends on a network of nodes [6]. The use of ethereum is expected to increase and therefore itis essential to know the limit of this blockchain application. 4. Features and Weaknesses of the application
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