Modern Crypto Currency Wallet - Desklib
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Team Avengers
Project On
MORDEN CRYPTO
CURRENCY WALLET
University Of Wollongong
South Western Sydney Campus
Liverpool
New South Wales
Australia
Content
Project On
MORDEN CRYPTO
CURRENCY WALLET
University Of Wollongong
South Western Sydney Campus
Liverpool
New South Wales
Australia
Content
TITLE
LETTER OF TRANSMITTAL
INTRODUCTION
CURRENT SCENARIO
ADVANTAGES AND DISADVANTAGES
INTERVIEW
PROPOSED
CONCLUSION
APPENDICES
GLOSSARY
BIBLIOGRAPHY
LETTER OF TRANSMITTAL
INTRODUCTION
CURRENT SCENARIO
ADVANTAGES AND DISADVANTAGES
INTERVIEW
PROPOSED
CONCLUSION
APPENDICES
GLOSSARY
BIBLIOGRAPHY
MORDEN CRYPTO CURRENCY WALLET
GROUP MEMBERS:-
STUDENT NUMBER:-
• SAFOURA
6281552
• GURJAINT SINGH
6631423
• PUNEET KAUR
6460616
• SIDDHANT GYAWALI
6404798
• MUHAMMED MUNEEB
6583672
• XUAN THANG DONG
6355882
GROUP MEMBERS:-
STUDENT NUMBER:-
• SAFOURA
6281552
• GURJAINT SINGH
6631423
• PUNEET KAUR
6460616
• SIDDHANT GYAWALI
6404798
• MUHAMMED MUNEEB
6583672
• XUAN THANG DONG
6355882
Letter of Transmittal
Ms Gene Awyzio
University of Wollongong
South Western Sydney Campus , Liverpool
Date : 3rd September 2019
Dear ma’am,
We have created our project on Crypto Currency Payment
Gateway where we accept all type of cryptocurrency and help
user to pay for their online shopping or online usage via out
payment gateway. If user have bitcoin or other cryptocurrency
with him/her and if user want to buy any goods online via our
payment gateway we take user crypto currency convert them
into current exchange rate and help them to purchase their
goods.
Our website will be highly user friendly , since existing crypto
payment gateway accept only limited crypto currency and
aren’t flexible and lack affordance on their website and app but
our Website and app will have high affordance and user
experience.
Thank you
Yours sincerely
Team Avengers
Ms Gene Awyzio
University of Wollongong
South Western Sydney Campus , Liverpool
Date : 3rd September 2019
Dear ma’am,
We have created our project on Crypto Currency Payment
Gateway where we accept all type of cryptocurrency and help
user to pay for their online shopping or online usage via out
payment gateway. If user have bitcoin or other cryptocurrency
with him/her and if user want to buy any goods online via our
payment gateway we take user crypto currency convert them
into current exchange rate and help them to purchase their
goods.
Our website will be highly user friendly , since existing crypto
payment gateway accept only limited crypto currency and
aren’t flexible and lack affordance on their website and app but
our Website and app will have high affordance and user
experience.
Thank you
Yours sincerely
Team Avengers
EXECUTIVE SUMMARY
This project deals with the current limitations of the cryptocurrency. It
holds and provides the vital solutions that can be implemented in order to
cure these issues. At present, although many people are taking benefits
from the websites dealing with cryptocurrencies. Nevertheless, still people
face many problems like, there is no website or application that accepts
all types of cryptocurrencies for e-commerce. Apart from this if user wants
to transfer the money directly from website but also wants to change the
form of currency for instance, from cryptocurrency to Australian dollars so
there is no payment gateway available at present for such transaction.
However, our project will provide solutions to all these drawbacks with the
introduction of a payment gateway which will deal with the conversion of
any kind of cryptocurrencies into another as well as will also act as,
converting a cryptocurrency into USD, INR and many other currencies of
different countries. Besides this, people also face problem with the user
interface of the current websites as most of the old aged users find it
quite difficult to trade or make any transaction through the present
websites. Thus, with the help of this project we will try to make the trade
in cryptocurrency more interesting and user friendly.
This project deals with the current limitations of the cryptocurrency. It
holds and provides the vital solutions that can be implemented in order to
cure these issues. At present, although many people are taking benefits
from the websites dealing with cryptocurrencies. Nevertheless, still people
face many problems like, there is no website or application that accepts
all types of cryptocurrencies for e-commerce. Apart from this if user wants
to transfer the money directly from website but also wants to change the
form of currency for instance, from cryptocurrency to Australian dollars so
there is no payment gateway available at present for such transaction.
However, our project will provide solutions to all these drawbacks with the
introduction of a payment gateway which will deal with the conversion of
any kind of cryptocurrencies into another as well as will also act as,
converting a cryptocurrency into USD, INR and many other currencies of
different countries. Besides this, people also face problem with the user
interface of the current websites as most of the old aged users find it
quite difficult to trade or make any transaction through the present
websites. Thus, with the help of this project we will try to make the trade
in cryptocurrency more interesting and user friendly.
INTRODUCTION
Cryptocurrency is a digital currency that uses special inscription
techniques for the transactions. It is medium of exchange that is totally
independent from centralization. There are various cryptocurrencies
available these days. For instance, bitcoin, monero, cardano etcetera but
there are none who act as a payment gateway for all type of
cryptocurrency for daily use of people like paypal/gpay etc. Our Project is
for cryptocurrency payment gateway which is specifically designed for
cryptocurrency payments in daily life.
History of the cryptocurrency:
In the year 1993, An anonymous electric money (called e-cash) was made
by an American cryptographer whose name was David chaum. Two years
later, David chaum implemented it through Digicash which required a
specific user software to withdraw notes from the bank. After this, in the
year 1998, Wei Dai published an information about b-money which he
described as an electric cash that is anonymous. And after Wei Dai, Nick
Szabo described about bit gold similar as bitcoin. However, first
decentralized cryptocurrency was introduced in 2009 in the form of
bitcoin by pseudonymous developer Satoshi Nakamoto.
Crypto token:
There are many other functions in the blockchain rather than making
payments so in this case the term “crypto token’’ is used for units and
coins.
Blockchain:
Blockchain holds the validity of each cryptocurrency coin. A blockchain is
a continuously increasing list of records (linked with each other using
cryptography) which are known as blocks. Every block is linked to
previous block with the help of hash pointer.
Mining:
The term “mining” in cryptocurrency refers to the inspection and
validation of the transactions done in different types of cryptocurrency.
The people who perform this task are called miners. Miners are rewarded
Cryptocurrency is a digital currency that uses special inscription
techniques for the transactions. It is medium of exchange that is totally
independent from centralization. There are various cryptocurrencies
available these days. For instance, bitcoin, monero, cardano etcetera but
there are none who act as a payment gateway for all type of
cryptocurrency for daily use of people like paypal/gpay etc. Our Project is
for cryptocurrency payment gateway which is specifically designed for
cryptocurrency payments in daily life.
History of the cryptocurrency:
In the year 1993, An anonymous electric money (called e-cash) was made
by an American cryptographer whose name was David chaum. Two years
later, David chaum implemented it through Digicash which required a
specific user software to withdraw notes from the bank. After this, in the
year 1998, Wei Dai published an information about b-money which he
described as an electric cash that is anonymous. And after Wei Dai, Nick
Szabo described about bit gold similar as bitcoin. However, first
decentralized cryptocurrency was introduced in 2009 in the form of
bitcoin by pseudonymous developer Satoshi Nakamoto.
Crypto token:
There are many other functions in the blockchain rather than making
payments so in this case the term “crypto token’’ is used for units and
coins.
Blockchain:
Blockchain holds the validity of each cryptocurrency coin. A blockchain is
a continuously increasing list of records (linked with each other using
cryptography) which are known as blocks. Every block is linked to
previous block with the help of hash pointer.
Mining:
The term “mining” in cryptocurrency refers to the inspection and
validation of the transactions done in different types of cryptocurrency.
The people who perform this task are called miners. Miners are rewarded
with the new cryptocurrency. Due to the high competition in mining, these
miners need specially designed computers to verify the transactions and
then add them to the blockchain digital ledger. In last few years,
cryptocurrency uses as well as mining both has been increased. Due to
increase in the mining process, the price of graphic cards has been
suddenly inclined. Some highly preferred graphic cards by the miners
such as Nvidia GTX 1060 and 1070 or AMD RX 570 and RX 580 were even
doubled or tripled in the year 2017. For instance, a graphic card known as
GTX 1070 Ti was worth $450 at the time of it’s release. However, was sold
at $1100. In fact, Nvidia had a discussion with the retailers that they can
do something to sell graphic cards to miners instead of the gamers but
Nvidia’s PR manager, Boris Bohles refused saying that “Gamers come first
for Nvidia”.
Cryptocurrency wallets: Cryptocurrency wallet consists of two keys
known as public and private keys (also known as public and private
addresses):
The public key provides an address that can be used for shorter time
spam in the form of transactions.
Private key provides the ownership of the cryptocurrency to the user on a
given address.
Transaction fees for cryptocurrency: Transaction fees in cryptocurrency
depends upon various circumstances. To exemplify, speed of the network
supply at time of transaction and also depends upon the demand of the
customer for the faster transaction.
Current scenario
At present, every country has different opinions and different
regulations for cryptocurrency. Trading in cryptocurrency is legal in
some countries like Canada. However, countries like Nepal and
Pakistan have absolute ban on trading in cryptocurrency. Apart from
this, bitcoin scams are being investigated in North America and
Canada. Besides this, the Bank of Thailand in august 2018,
announced to create and launch their own cryptocurrency named as
Central Bank Digital Currency (CBCD).
In 25 march 2014, the Internal Revenue Service (IRS) of USA stated
that people involved in trade of bitcoin will have to pay tax and in
miners need specially designed computers to verify the transactions and
then add them to the blockchain digital ledger. In last few years,
cryptocurrency uses as well as mining both has been increased. Due to
increase in the mining process, the price of graphic cards has been
suddenly inclined. Some highly preferred graphic cards by the miners
such as Nvidia GTX 1060 and 1070 or AMD RX 570 and RX 580 were even
doubled or tripled in the year 2017. For instance, a graphic card known as
GTX 1070 Ti was worth $450 at the time of it’s release. However, was sold
at $1100. In fact, Nvidia had a discussion with the retailers that they can
do something to sell graphic cards to miners instead of the gamers but
Nvidia’s PR manager, Boris Bohles refused saying that “Gamers come first
for Nvidia”.
Cryptocurrency wallets: Cryptocurrency wallet consists of two keys
known as public and private keys (also known as public and private
addresses):
The public key provides an address that can be used for shorter time
spam in the form of transactions.
Private key provides the ownership of the cryptocurrency to the user on a
given address.
Transaction fees for cryptocurrency: Transaction fees in cryptocurrency
depends upon various circumstances. To exemplify, speed of the network
supply at time of transaction and also depends upon the demand of the
customer for the faster transaction.
Current scenario
At present, every country has different opinions and different
regulations for cryptocurrency. Trading in cryptocurrency is legal in
some countries like Canada. However, countries like Nepal and
Pakistan have absolute ban on trading in cryptocurrency. Apart from
this, bitcoin scams are being investigated in North America and
Canada. Besides this, the Bank of Thailand in august 2018,
announced to create and launch their own cryptocurrency named as
Central Bank Digital Currency (CBCD).
In 25 march 2014, the Internal Revenue Service (IRS) of USA stated
that people involved in trade of bitcoin will have to pay tax and in
July 2019, letters were sent to the cryptocurrency owners by the IRS
warning them to show their accurate returns and pay the taxes.
The price of different cryptocurrencies fluctuates every day and
every minute. This is the list of prices of different cryptocurrencies
on 3 September 2019 taken from a website named as
coinmarketcap.com at 11:38am
In spite of many issues, cryptocurrency is growing rapidly these
days as the most famous cryptocurrency known as bitcoin has
reached above 10000 USD and investors are showing a blind faith in
bitcoin now a days.Moreover, Facebook has stated that it is going to
release its own cryptocurrency named as Libra in the upcoming
year. There are 28 different firms who have invested a minimum
amount of 10 million USD in order to become the members of Libra
association. Libra will be available on Facebook, WhatsApp and
standalone app. In fact, Facebook has announced an award of
$10000 USD to anyone who can crack its cryptocurrency Libra
Although there are some websites these days which offer online
shopping by satoshis and bitcoins but still there are no payment
gateways for all types of cryptocurrencies for e shopping.
Business domain
Disadvantges:
1. Scalability: The biggest concern with cryptocurencies are the
probelms with scaling that are posed.As the number of digitals coins and
their adaption is increasing rapidly,it is still dwarfed by the number of
transactions.Additionally it cannot compete with the speed of transactions
on the same level as players like VISA,Mastercard until the techonlogies
warning them to show their accurate returns and pay the taxes.
The price of different cryptocurrencies fluctuates every day and
every minute. This is the list of prices of different cryptocurrencies
on 3 September 2019 taken from a website named as
coinmarketcap.com at 11:38am
In spite of many issues, cryptocurrency is growing rapidly these
days as the most famous cryptocurrency known as bitcoin has
reached above 10000 USD and investors are showing a blind faith in
bitcoin now a days.Moreover, Facebook has stated that it is going to
release its own cryptocurrency named as Libra in the upcoming
year. There are 28 different firms who have invested a minimum
amount of 10 million USD in order to become the members of Libra
association. Libra will be available on Facebook, WhatsApp and
standalone app. In fact, Facebook has announced an award of
$10000 USD to anyone who can crack its cryptocurrency Libra
Although there are some websites these days which offer online
shopping by satoshis and bitcoins but still there are no payment
gateways for all types of cryptocurrencies for e shopping.
Business domain
Disadvantges:
1. Scalability: The biggest concern with cryptocurencies are the
probelms with scaling that are posed.As the number of digitals coins and
their adaption is increasing rapidly,it is still dwarfed by the number of
transactions.Additionally it cannot compete with the speed of transactions
on the same level as players like VISA,Mastercard until the techonlogies
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