Bn208 Networked Applications For The Assessment Answer
Introduction
Field and Purpose of the application
Bitcoin
Ethereum
Therefore it is seen that both Ethereum and bitcoin does not need any centralized control and therefore is two advanced applications of blockchain technology.
2. Working model of the application
Both bitcoin and Ethereum application is based on the decentralized platform of blockchain. The working principle of bitcoin and Ethereum is discussed below-
Bitcoin
Bitcoin transactions are similar to the transactions including digital currency. The use of cryptographic key ensures that a secure transaction is made.
Ethereum
Scalability issues
Bitcoin
Ethereum
4. Features and Weaknesses of the application
In order to understand the working principle of bitcoin and ethereum in a more appropriate way, it is essential to understand the features and weaknesses of both the applications. The different features and weaknesses of the application are discussed in the following sections.
Bitcoin
1. Bitcoin bypasses the need of management by any central authority and therefore can work independently.
2. Anonymity is one of the significant features of blockchain transaction and offers the advantages of anonymous transactions.
3. Since no central authority is responsible for managing the transactions associated with the use of bitcoin, and therefore, no fraud is possible.
4. The transactions associated with the use of bitcoin cannot be reversed.
5. The transactional processing speed of bitcoin is very fast.
The weaknesses of using bitcoin are as follows [4]-
1. Since the transaction associated with bitcoin cannot be reversed, there is high chance s of money loss in fraudulent transaction
Ethereum
The different features of Ethereum are as follows-
1. It provides a decentralized platform for execution of the smart contracts
2. A custom built blockchain is used to run this application
The weaknesses associated with Ethereum are as follows [6]-
1. Every transaction involves a number of computers and this transaction cannot be done offline.
2. Implementation of Ethereum is quite costly as the storage is expensive.
5. Socio-Technical aspects
Conclusion
The report gave an overview of two applications of blockchain, which are bitcoin and ethereum. The decentralized nature of blockchain has made it extremely popular in the recent years, irrespective of the fact that it is an emerging technology. The report discusses that the main features and weaknesses of bitcoin and ethereum. The scalability issues of both the applications of blockchain, which are ethereum and bitcoin is discussed in the report as well. Blockchain being the backbone of these applications, the decentralized nature of these applications eliminates the need of any central authority.References
[1]. Grinberg, Reuben. "Bitcoin: An innovative alternative digital currency." Hastings Sci. & Tech. LJ 4 (2012): 159.[2]. Yermack, David. "Is Bitcoin a real currency? An economic appraisal." In Handbook of digital currency, pp. 31-43. 2015.
[3]. Eyal, Ittay, and Emin Gün Sirer. "Majority is not enough: Bitcoin mining is vulnerable." In International conference on financial cryptography and data security, pp. 436-454. Springer, Berlin, Heidelberg, 2014.
[4]. Reid, Fergal, and Martin Harrigan. "An analysis of anonymity in the bitcoin system." In Security and privacy in social networks, pp. 197-223. Springer, New York, NY, 2013.
[5]. Wood, Gavin. "Ethereum: A secure decentralised generalised transaction ledger." Ethereum Project Yellow Paper 151 (2014): 1-32.
[6]. Atzei, Nicola, Massimo Bartoletti, and Tiziana Cimoli. "A survey of attacks on Ethereum smart contracts (SoK)." In International Conference on Principles of Security and Trust, pp. 164-186. Springer, Berlin, Heidelberg, 2017.
[7]. Androulaki, Elli, Ghassan O. Karame, Marc Roeschlin, Tobias Scherer, and Srdjan Capkun. "Evaluating user privacy in bitcoin." In International Conference on Financial Cryptography and Data Security, pp. 34-51. Springer, Berlin, Heidelberg, 2013.
[8]. Swan, Melanie. "Blockchain thinking: The brain as a dac (decentralized autonomous organization)." In Texas Bitcoin Conference, pp. 27-29. 2015.
[9]. Xu, Xiwei, Ingo Weber, Mark Staples, Liming Zhu, Jan Bosch, Len Bass, Cesare Pautasso, and Paul Rimba. "A taxonomy of blockchain-based systems for architecture design." In Software Architecture (ICSA), 2017 IEEE International Conference on, pp. 243-252. IEEE, 2017.
[10]. Dannen, Chris. Introducing Ethereum and Solidity. Apress, 2017.
[11]. Zheng, Zibin, Shaoan Xie, Hongning Dai, Xiangping Chen, and Huaimin Wang. "An overview of blockchain technology: Architecture, consensus, and future trends." In Big Data (BigData Congress), 2017 IEEE International Congress on, pp. 557-564. IEEE, 2017.
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