PayCrypto Analtcoin Minting Application as Interest to Cryptocurrencies

Abstract

Blockchain is a distributed ledger. It stores transaction data in the form of a linked list combined with encryption algorithms to enhance the security and integrity of the data in each of the blocks. Any participant of the node can verify the correctness of a transaction and a block is created only after the majority of the participants of the network (51%) agree to the correctness of a transaction. The participants reach a consensus on the transactions broadcast and the sequence in which these transactions occurred. At any point of time, all participants have an order of blocks of transactions they have accepted consensus on, and each participant has a set of unprocessed transactions it has in its pool. A block is then selected by one node on which validity of transactions is checked and then it is added to the blockchain. The main focus is to demonstrate the concept of staking cryptocurrencies on blockchains and how decentralized applications can be developed on the Ethereum network to deploy such applications.