A Comprehensive Cryptocurrency approach based on a customized peer-to-peer network

Abstract

Creating a blockchain, particularly a cryptocurrency, is a complex task that demands a profound understanding of the technical, economic, legal, and social challenges it faces. In this work, we seek to explore the various technical obstacles hindering the development and adoption of Blockchains. The article proposes a basic modeling approach to overcome these challenges and achieve a generic prototype for a new blockchain. We delve into specific challenges related to cryptocurrency creation, highlighting architecture choices, security strategies, and the benefits of a decentralized P2P approach. This research contributes to understanding decentralized systems and provides a practical guide for those aiming to build robust cryptocurrencies. This approach was experimented with using a cryptocurrency as an example. The results were conclusive, particularly in terms of its security, evolution, and consensus.