Analysis of Different Consensus Algorithms with Development of Blockchain based Cryptocurrency and Initial Coin Offering

Abstract

Blockchain, a system of connected blocks, originally used as a distributed, immutable, decentralized and peer to peer database but has advanced over the years and many use cases are now seen in the market. To put more simply, blockchain offers a peer-to-peer transactions kept out in open so that everyone can see each of the transactions. These transactions are secured by the cryptographic hashes which are unique for every block formed. Each transaction is timestamped and linked to the prior event, making it exceedingly resilient to malicious activities by making alter the extremely difficult but not impossible. In addition to financial services, blockchain has also developed many use cases in fields like voting, real estate, supply chain management and most essentially in healthcare. The current work compares two most common algorithms i.e. proof of work (PoW) and Proof of Stake for Infant Care Applications. In addition to this the work also includes development of cryptocurrency with its applications and numerous functions. This work also highlights on how startups are benefited from this in terms of easy crowd funding and how this implementation will bring a boom in the Indian Startups. Further this work also the concept of Initial Coin Offering to ERC-20 token standard contract using Solidity Programming Language.