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Networked Applications : PDF

   

Added on  2021-06-14

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Running head: NETWORKED APPLICATIONSNetworked ApplicationsName of the StudentName of the UniversityAuthor Note

1NETWORKED APPLICATIONSTable of ContentsTask 1: Blockchain Applications: Bitcoin and Ethereum.................................................................1Introduction...............................................................................................................................11. Field and Purpose of the application......................................................................................12. Working model of the application..........................................................................................23. Scalability issues.....................................................................................................................24. Features and Weaknesses of the application.........................................................................35. Socio-Technical aspects..........................................................................................................4Conclusion..................................................................................................................................4Task 2: Main Features of Decentralized Architecture of Blockchain...............................................4References....................................................................................................................................17

2NETWORKED APPLICATIONSTask 1: Blockchain Applications: Bitcoin and EthereumIntroduction Blockchain is a new and emerging technology that is designed on a decentralized platform. Themain purpose of the report is to analyze the two different applications of blockchain technology. Thetwo blockchain applications that are chosen for this report are bitcoin and Ethereum. The field andpurpose both the applications are discussed in the report along with the working model of theapplication. The report further provides an overview of the different scalability issues, features andweaknesses of the applications. The report further summaries the different socio technical aspectsassociated with Bitcoin and Ethereum. Since the backbone of both blockchain and Ethereum isblockchain, these applications are not needed to be validated or controlled by any centralized authority[9]. The detailed overview of the two selected application of blockchain is discussed in the followingsections. 1. Field and Purpose of the applicationBitcoinBitcoin is one of the most widely used applications of blockchain that provides an innovativepayment network. Since it is based on blockchain, the platform of bitcoin is an open platform with apublic access. Like blockchain, the bitcoin is not controlled by any central authority and it is a paymentnetwork that operates worldwide. It is therefore an example of cryptocurrency that can be traded withthe vendors (who accepts bitcoin as a payment) for availing different services. EthereumEthereum is another application of blockchain and is an open source software platform. Itenables the developers in building and deploying decentralized applications like smart contracts. TheEthereum can therefore be programmed without any chance of fraud as it is based on a decentralizedplatform. Smart contracts are strings of computer code that is capable executing automatically. Therefore it is seen that both Ethereum and bitcoin does not need any centralized control andtherefore is two advanced applications of blockchain technology. 2. Working model of the application

3NETWORKED APPLICATIONSBoth bitcoin and Ethereum application is based on the decentralized platform of blockchain. Theworking principle of bitcoin and Ethereum is discussed below- BitcoinThe Bitcoin application is mainly based in the transactions using cryptocurrencies. The workingprinciple of Bitcoins there includes a valid transaction between two bitcoin wallets. A transaction isbitcoin includes a transfer of value between the two different bitcoin wallets [1]. These bitcoin walletskeep a secret piece of data, which is called a private key. This key is very necessary to sign thetransaction associated with the bitcoin transaction. The details of the transaction are recorded in theblocks of blockchain [8]. It provides a safe and secure platform for carrying out a transaction. Bitcoin transactions are similar to the transactions including digital currency. The use ofcryptographic key ensures that a secure transaction is made. EthereumEthereum provides a platform for the creation and deployment of the smart contracts. With thehelp of the Ethereum, the developers are able to program their smart contracts. Smart contracts arecapable of running all the clauses of a particular contract automatically without the need of any lawyer[10]. Smart contracts are therefore made in order to exclude the chances of frauds in the smartcontract. The goal of Ethereum is therefore to allow the developers in writing more programs forgoverning and automating specific outcomes. The structure of Ethereum is very similar to bitcioin. It isbasically a transaction based state machine that stores and records the different transactions in blocks.This is a platform based on the technology of blockchain that allows the people in writing and runningdifferent decentralized applications. 3. Scalability issuesAlthough the use and adoption of the different applications of blockchain such as bitcoin andEthereum has been increasing with a steady pace, there is certain scalability issues associated with theuse of such application. The scalability issues associated with bitcoin and Ethereum are as follows-BitcoinOne of the main scalability issues associated with the use of bitcoin is the limit of transaction.The processing speed of bitcoin transactions is quite low as it is able to process only seven transactions

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