Blockchain in Cryptocurrency 1

See discussions, stats, and author profiles for this publication at: https://www.researchgate.
net/publication/362580079
BLOCKCHAIN WITH CRYPTOCURRENCY
Article · August 2022
CITATIONS READS
0 760
3 authors, including:
Advin Manhar
Amity University
31 PUBLICATIONS 62 CITATIONS
SEE PROFILE
All content following this page was uploaded by Advin Manhar on 09 August 2022.
The user has requested enhancement of the downloaded file.

e-ISSN: 2582-5208
International Research Journal of Modernization in Engineering Technology and Science
( Peer-Reviewed, Open Access, Fully Refereed International Journal )
Volume:04/Issue:06/June-2022 Impact Factor- 6.752 www.irjmets.com
BLOCKCHAIN WITH CRYPTOCURRENCY
Mr. Advin Manhar*1, Nachiketa Roy Soni*2, Kajal Khandelwal*3
*1Assistant Professor, Amity School Of Engineering And Technology,
Amity University Chhattisgarh, India.
*2,3Department Of Computer Science And EngineeringAmity School Of Engineering
And Technology Amity University Chhattisgarh, India.
ABSTRACT
Communication in the modern day is obsolete. User privacy is routinely violated as service providers sell
behavioral data to advertisers, and content is restricted to a single platform. Centralized communication
platforms built on private servers are only as secure as their weakest defense, user privacy is routinely violated
as service providers sell behavioral data to advertisers, and content is restricted to a single platform. With the
suggested social media platform, an open-source project for communication platforms to reap the benefits of
decentralized blockchain technology at little cost, we want to address these difficulties in the communication
business. Any existing or future communication platform that integrates this platform will theoretically be able
to exchange content across previously isolated privatized applications, increase user privacy by developing
monetization strategies that aren't based on their behavior data, use tokens to encourage user participation,
and provide stronger network security than a private system.
Blockchain (BC), the technology behind the Bitcoin crypto-currency system, is considered as both appealing and
vital for improving security and (in certain implementations, non- traceable) privacy across a broad range of
other applications. Extensive research is now being conducted in both academia and business to utilize
Blockchain technology in a range of applications. Blockchain records users' identities via a changeable Public
Key (PK), which adds an extra degree of secrecy. Blockchain has been successfully used not only in
cryptocurrencies, but also in a variety of non-monetary systems such as distributed storage systems, proof-of-
location, healthcare, decentralized voting, and so on. This paper proposes a new technique for a decentralized
peer-to-peer (in terms of tipping the postings) web posting application based on cryptocurrency and
blockchain technology to reduce user infringement and to provide a mechanism for curation of posts by inclusion
of Ethereum network as mode of tipping. The proposed paper includes the utilization of Ganache, an Ethereum
cryptocurrency blockchain similar to Bitcoin, to power a decentralized text-posting platform cum marketplace
which could be utilized within an organization or among a group of people as a means to communicate or to
perform an effective exchange of Ethereum cryptocurrency.
Keywords: Blockchain, Ethereum, Decentralized, Bitcoin, Ganache.
I. INTRODUCTION
Today, cryptocurrency is a trending topic in both industry and academics. Bitcoin, the first and most successful
cryptocurrency, has seen tremendous success. Because of a carefully designed data storage structure,
transactions in the Bitcoin network may take place without the intervention of a third party, and the underlying
technology utilized to construct Bitcoin is blockchain, which was first proposed in 2008 and implemented in
2009. All committed transactions are saved in a list of blocks, which may be thought of as a public ledger. This
chain continues to develop as additional blocks are added to it. For user security and ledger consistency,
asymmetric cryptography and distributed consensus techniques have been employed. Decentralization,
persistence, anonymity, and auditability are all fundamental aspects of blockchain technology. With these
characteristics, blockchain can significantly reduce costs and increase efficiency. Blockchain can be utilized in a
variety of financial services such as digital assets, remittance, and online payment since it allows payments to
be completed without the involvement of a bank or an intermediary. Smart contracts, public services, the
Internet of Things (IoT), reputation systems, and security services are just some of the areas whereit can be used.
www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science

[1758]
e-ISSN: 2582-5208
Those fields benefit from blockchain in a variety of ways. First and foremost, blockchain is unchangeable and
immutable. Once a transaction is stored into the blockchain, it cannot be tampered with. Blockchain can be used
to attract clients for businesses that require great reliability and honesty (that is: transparent in transactions).
Furthermore, because blockchain is distributed, it can avoid a single point of failure. When it comes to smart
contracts, once they've been deployed on the blockchain, they can be automatically executed by miners.

[1759]
e-ISSN: 2582-5208
Although blockchain technology offers enormous potential for the development of future Internet services, it is
beset by technological difficulties. To begin with, scalability is a major challenge. Larger blocks require more
storage space and take longer to propagate via the network. As fewer people want to maintain such a big
blockchain, this will gradually lead to centralization. As a result, finding a balance between block size and
security has been difficult. Second, it has been demonstrated that by using a selfish mining method, miners can
earn more than their fair share of money. Miners hide their mined blocks in the hopes of money in the future.
As a result, branches may occur frequently, impeding blockchain growth. As a result, some remedies to this
problem mustbe proposed.
II. METHODOLOGY
Aim of the proposed paper is to develop a novel method for decentralized, peer-to-peerweb posting application
using cryptocurrency-blockchain technology to ameliorate user privacy, utilize all the available advantages of a
blockchain network, with potential to scale to a multifarious platform, eradicate platform-controlled censorship,
and to provide a mechanism for curation of web posts feed by inclusion of cryptocurrency framework as mode of
tipping. The proposed application includes account creation and connection with help of blockchain, where they
would act as a node in the network. The posts are to be uploaded directly to the blockchain in order to avail all
of its prevailing advantages. In order to achieve the web posts feed curation, a novel Post-Tipping methodology
is to be used, thereby utilizing both of the prominent pillars of Blockchain technology: cryptocurrency and
decentralization. Hence, striving to develop the proposed Posting Application which can also be modified to be
utilized and adopted by any private organization as internal medium of communication among the members.
The objective behind the newsfeed curation is also to provide a web posting platform that promotes mental
well-being, and negates hate speech, showcasing only the quality content appealing to the masses. The aim also
includes to achieve user data privacy and security through complete elimination of central servers which can be
easily tampered with, and achieve decentralization in the process. Another vital objective of the proposed work
is to achieve transparency and immutability in all the transactions taking place, which can be achieved through
the proposed Blockchain framework (since all the transactions will be uploaded to the chain network,
containing the public key of the parties involved in the transactions powered through smart contracts, and these
transactions being visible to every user connected in the blockchain, hence achieving transparency in the
process).
Problem Statement:
Since the invention of the radio, the present communication platform paradigm has not changed considerably.
Service providers provide "free" services that accumulate user behavioral data and attention, which they then
profitably sell to marketers. As emerging platforms with smaller user bases struggle to thrive, this approach
develops a significantincumbent bias. In 2016, Facebook and Google received 77 percent of all digital marketing

[1760]
e-ISSN: 2582-5208
spending in the United States and almost half of all global spending. This system not only has a constant
influence on user privacy, but it also has all of the technological issues associated with centralized
platforms, such as "single point of failure" security and trust-based services (e.g. there is no method for
unbiased verification that a private server actually sent your message, deleted a post, etc.). The problem with
prevailing social media platforms like Facebook, Twitter, Instagram et cetera is that they are centralized and
server-based which are frequently tampered with, that ultimately results in the breach of user data, hacking of
their accounts thereby exposing sensitive/private content. The newsfeed curation in these platforms are based
on algorithms developed and operated by the platform employees who sometimes introduce their own bias
into the curation feed, thereby orchestrating the narrative of the web posts feed, this algorithm also utilizes the
data collected from the user, with the user on the other hand, being completely unaware of it. Furthermore, the
user data is also circulated among the highest bidders who use it for various analytical purposes. Themega-giant
corporations exercise complete control over the user data and content which is evident from the involuntary
removal of content and thereby suppressing free speech and truth manipulation. The prominent problem with
server based platforms is implementing the Data-Localization to come in agreement with the prevailing
government regulations. For example, most of the social media giants are based in The United States, so the
government of other countries encourage Data Localization in order to preserve and protect the data of its
citizens, this is not being achieved in the current scenario. The most prominent income stream of these social
media platforms is generated through advertisement revenue(regulated via involuntary user data collection),
which weakens their principles regarding the user data policy.
Henceforth, we require a decentralized, secure, peer-to-peer, web posting social media application that
proposes a novel method of web posts feed curation based on monetary values and not the user’s private data;
utilizing cryptocurrency, completely apparent to the end user.
III. MODELING AND ANALYSIS
After careful consideration of the problems as described profusely in the Problem Statement (1.5), we decided
to develop a decentralized, secure, peer-to-peer, web posting social media application with cryptocurrency that
boasts a novel method of web posts feed curation based on monetary values and not the user’s private data. In-
order to built a Decentralised application framework, we used the Truffle Development Suite. Truffle is a world
class development environment, testing framework, and asset pipeline for blockchain using the Ethereum
Virtual Machine (EVM) which made it very convenient for us to integrate the next components of the project
together. We utilised the potentialof the Truffle Suite, and used its Ganache Blockchain as the blockchain platform
to deploy all the smart contracts, store user posts through their unique post count and all related meta-data
onto the blockchain, run tests and developing the application. The smart contracts facilitate all the transactions
taking place in the decentralized application and are essential for the functioning of the blockchain framework,
these contracts are written in Solidity language. Since both Truffle and its sub-component Ganache are based
on Ethereum framework, hence on the front-end part of the application, we used MetaMask to act as a digital
cryptocurrency wallet for the users present on the Ganache blockchain (users act as nodes) and interacting with
our application. MetaMask is a softwarecryptocurrency wallet used to interact with the Ethereum blockchain. It
allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used
to interact with decentralized applications. The front-end user interface of the application is coded in React
JavaScript. After utilising all of the above mentioned components and integrating them together, we obtained a
decentralised application where the users can be assured of their privacy (since their password is a 12 seed
phrase), their wallets which are handled by MetaMask; users can post into the application and their posts will
directly get stored into the blockchain (hence the decentralization), each post acts as an individual transaction.
Users have the privilege to Tip the posts in Ethereum cryptocurrency which will also act as a transaction, and
subsequently the most tipped posts will ultimately contribute to the overall curation of the web feed, showcasing
quality content at the top and pushing the posts unappealing to the masses at the bottom.
In the diagram presented below (Fig 3.1), we visualize the working of the application. At the top center, we can
see the front page of the application containing the posts (among other front end UI components like navigation
bar, user address etc.). The users are connected to the Ganache blockchain and their digital Ethereum
cryptocurrency wallet is being operated by MetaMask, which is also connected to the Ganache Network.

[1761]
e-ISSN: 2582-5208
Whenever a user posts something on the application, a transaction confirmation dialogue will pop up on the
screen by MetaMask, upon approving the transaction, the gas fee will be deducted from the author’s account and
the post of the user will be posted and uploaded to the blockchain. Other users can see all the posts listed in the
application and also tip them in Ethereum cryptocurrency if they like the post content, after clicking on the ‘Tip
Post’ feature on the post, again a MetaMask confirmation dialogue will pop up on the screen and upon
approving the transaction, the tipping amount will get deducted from the Tipper and will get credited to the
account of the author, all of these transactions are powered by Smart Contracts and executed through
MetaMask. The posts will automatically be listed according to the tipping amount as a result of the sortingfunction
coded into the application, hence the web feed will automatically be curated according to quality posted
content.
IV. RESULT AND DISCUSSION

1. Complete web feed:

[1762]
e-ISSN: 2582-5208
2. Navigation Bar:
3. MetaMask Wallet (running on our Ganache Network) Interface:
MetaMask Wallet
showingthe current
MetaMask connected active accountand its
tothe Ganache address
Network
Current dummy
balance of the
active user
shownin
Ethereum

[1763]
e-ISSN: 2582-5208
4. Web Posts Feed:
5. Ganache Blockchain Interface:

[1764]
e-ISSN: 2582-5208
V. CONCLUSION
The Blockchain concept and technology are now being used for more than just Bitcoin production and
transactions. Its security, privacy, traceability, inherent data provenance,and time-stamping qualities have led to
its adoption outside of its original application areas. The Blockchain and its derivatives are currently being used
to protect many types of transactions, including human-to-human and machine-to-machine connections. With
the global emergence of the Internet of Things, its adoption appears to be assured. Its decentralised
implementation across the existing global Internet is also very tempting in terms of data redundancy and thus
durability.
In this paper, we put our focus on understanding the blockchain, using blockchain technology to develop the
social media web posting application and understanding future applications of it, as this platform can also
be adopted and broadly used by organisations for their communications or a platform like Instagram,
Facebook, etc. to replace prevailing social media platforms being used worldwide. We begin this paper by
providing an overview of blockchain technologies, including their architecture and important attributes. We
then discuss a little bit about the challenges encountered in the deployment of the blockchain. Then we present
how a customised cryptocurrency blockchain can be used to provide a decentralised, peer-to-peer web posting
application platform that meets the requirements for a secure, decentralised, data-breach free, censorship free
posting application in which the web feed curation instead of being controlled or manipulated by a man, entity,
or algorithms, is being done based on monetary values gathered from tipping amount in Ethereum
cryptocurrency. Here, in this paper we present how we utilized the potential of the Truffle Development Suite
and integrated its sub-component Ganache Blockchain framework to develop a Decentralised application
framework. The blockchain offers many components and features to assure software integrity, user anonymity,
user identity and various data protection mechanisms, providing additional value for end users as well as
software vendors.
The Blockchain has been identified as being particularly useful for underdeveloped countries where
guaranteeing confidence is a big challenge. As a result, the advent of the Blockchain might be considered as a
critical and much-needed addition to the Internet, which previously lacked security and trust. As new
applications continue to be adopted internationally, BC technology is still not mature, with a five-year estimate.
VI. REFERENCES
[1] Nir Kshetri, "Can Blockchain Strengthen the Internet of Things?," IT Professional, vol. 19, no. 4, pp. 68 -
72, May 2017, Available: http://ieeexplore.ieee.org/document/8012302/
[2] Szabo, N. (1997). Formalizing and Securing Relationships on Public Networks. First Monday, 2(9).
https://doi.org/10.5210/fm.v2i9.548
[3] Rui Zhang, Rui Xue, and Ling Liu. 2019. Security and Privacy on Blockchain.
https://doi.org/10.1145/3316481
[4] W. Cai and J. Qu, "Systematic Research on Information Security Based on Blockchain Technology," 2022
International Conference on Electronics and Renewable Systems (ICEARS), 2022, pp. 900-903,
[5] doi: 10.1109/ICEARS53579.2022.9751814.Sdca
[6] P. P. Pothavarjula and B. Sirisha, "An Investigation of Decentralized Ledger Applications Using
Ethereum in a Blockchain Network," 2022 9th International Conference on Computing for Sustainable
Global Development (INDIACom), 2022,pp. 524-529,
[7] doi: 10.23919/INDIACom54597.2022.9763219.
[8] Panda, S.K., Satapathy, S.C. (2021). An Investigation into Smart Contract Deployment on Ethereum
Platform Using Web3.js and Solidity Using Blockchain. In: Bhateja, V.,
[9] Satapathy, S.C., Travieso-González, C.M., Aradhya, V.N.M. (eds) Data Engineering and Intelligent
Computing. Advances in Intelligent Systems and Computing, vol 1407.Springer, Singapore.
[10] doi: https://doi.org/10.1007/978-981-16-0171-2_52
[11] V. P. Ranganthan, R. Dantu, A. Paul, P. Mears and K. Morozov, "A Decentralized Marketplace Application
on the Ethereum Blockchain," 2018 IEEE 4th International Conference on Collaboration and Internet

[1765]
e-ISSN: 2582-5208
Computing (CIC), 2018, pp. 90-97,
[12] doi: 10.1109/CIC.2018.00023.
[13] W. Li and M. He, "Comparative Analysis of Bitcoin, Ethereum, and Libra," 2020 IEEE 11th International
Conference on Software Engineering and Service Science (ICSESS),2020, pp. 545-550,
[14] doi: 10.1109/ICSESS49938.2020.9237710.
[15] Ethereum White Paper by Vitalik Buterin
https://ethereum.org/669c9e2e2027310b6b3cdce6e1c52962/Ethereum_Whitepaper_-
_Buterin_2014.pdf
[16] A. Qasse, J. Spillner, M. Abu Talib and Q. Nasir, "A Study on ĐApps Characteristics," 2020 IEEE
International Conference on Decentralized Applications and Infrastructures (DAPPS), 2020, pp. 88-93,
doi: 10.1109/DAPPS49028.2020.00010.
[17] Nikhil, S. Panday, A. Saini and N. Gupta, "Instigating Decentralized Apps with Smart Contracts," 2022
International Conference on Advances in Computing, Communication and Applied Informatics (ACCAI),
2022, pp. 1-5,
[18] doi: 10.1109/ACCAI53970.2022.9752568.
[19] Nikhil, S. Panday, A. Saini and N. Gupta, "Instigating Decentralized Apps with Smart Contracts," 2022
International Conference on Advances in Computing, Communication and Applied Informatics (ACCAI),
2022, pp. 1-5, doi: 10.1109/ACCAI53970.2022.9752568.
[20] Mahdi H. Miraz, "Blockchain: Technology Fundamentals of the Trust Machine," Machine Lawyering,
Chinese University of Hong Kong, 23rd December 2017, Available:
http://dx.doi.org//10.13140/RG.2.2.22541.64480/2
[21] Attaran, M., Gunasekaran, A.: Blockchain-enabled technology: the emerging technology set to reshape
and decentralise many industries. Int. J. Appl. Decis. Sci. 12(4), 424–444 (2019)
[22] Abbasi, M.A., Memon, Z.A., Durrani, N.M., Haider, W., Laeeq, K., Mallah, G.A.: A multi-layer trust-based
middleware framework for handling interoperability issues in heterogeneous IoTs. Clust. Comput. 1–28
(2021)
[23] Sarah Underwood, "Blockchain Beyond Bitcoin," Communications of the ACM, vol. 59, no. 11, pp. 15-17,
November 2016, Available: https://doi.org/10.1145/2994581
[24] Li, Q., Qi, X., Liu, J., Han, H.: Design and implementation of traditional DNS protocol. In: 2017
International Conference on Computer Technology, Electronics and Communication (ICCTEC), pp.
1384–1390 (2017)
[25] Zou, F., Zhang, S., Pei, B., Pan, L., Li, L., Li, J.: Survey on domain name system security. In 2016 IEEE First
International Conference on Data Science in Cyberspace (DSC), pp. 602–607 (2016)

[1766]
View publication stats

Blockchain in Cryptocurrency 1

Uploaded by

Copyright:

Available Formats

Blockchain in Cryptocurrency 1

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Blockchain in Cryptocurrency 1

Uploaded by

Copyright:

Available Formats

See discussions, stats, and author profiles for this publication at: https://www.researchgate.

BLOCKCHAIN WITH CRYPTOCURRENCY

Article · August 2022

The user has requested enhancement of the downloaded file.

www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science

www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science

www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science

www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science

IV. RESULT AND DISCUSSION

www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science

3. MetaMask Wallet (running on our Ganache Network) Interface:

www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science

5. Ganache Blockchain Interface:

www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science

www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science

www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science

You might also like