An Exploratory Study of Python's Role in the Advancement of Cryptocurrency and Blockchain Ecosystems

Abstract

Blockchain is the foundation of cryptocurrency and enables decentralized transactions through its immutable ledger. The technology uses hashing to ensure secure transactions and is becoming increasingly popular due to its wide range of applications. Python is a performant, secure, scalable language well-suited for blockchain applications. It provides developers free tools for faster code writing and simplifies crypto analysis. Python allows developers to code blockchains quickly and efficiently as it is a completely scripted language that does not require compilation. Different models such as SVR, ARIMA, and LSTM can be used to predict cryptocurrency prices, and many Python packages are available for seamlessly pulling cryptocurrency data. Python can also create one's cryptocurrency version, as seen with Facebook's proposed cryptocurrency, Libra. Finally, a versatile and speedy language is needed for blockchain applications that enable chain addition without parallel processing, so Python is a suitable choice.