I want a bachelor degree Level. I have attached 3 different files with information, what i want is that you guys combine all the 3 files and write a common introduction and common conclusion for the file as a whole. I want it as soon as possible. I have also attached the marking rubric for your reference. I want you guys to make a the document look complete for the submission. You guys can arrange the topics as you like and in a better logical order. krishn.docx divy.docx harry.docx are the files with information and theITECH1001_GroupReport_S1_2018 (2).docx is the marking and the guid for the assignment. I want 250 words approx for introduction 250 words approx for conclusion and i have extra 250 words so incase you want to add any data to make the file look good you can.
Transaction Process Bitcoin are like the emails, messages which are digitally signed using cryptography. These messages are sent to the entire network for verifying and controlling the transactions which is done by the Blockchain. These transactions are open to everyone so that there wont be any kind of frauds and misuse going on. The users can know where and from whom the transaction is taking place. However they can see and judge the transaction but they cannot be able to sneak inside those transaction messages for which a separate private key is required. The private key also disable others from altering it once it has been issued . Suppose if a person “A” wants to send some bitcoins to another pal “B” .This required two things one that is public key which is like a username and a private key which is like a password to that Public key. The Public key is long string of 34 letters and numbers and each public keys has a corresponding private key of 64 letters and numbers. After “A” knows the address to whom he is transferring the coins. “A” write a message signed by his private key including the amount of bitcoin he is sending and send it to the entire network (Blockchain) for verification. The confirmation process takes a bit of time (ten minutes for bitcoin) while “miners” mine. Other user are able to know the origin and destination of bitcoins moving but aren’t accessible to open the message cause they need a private key. After the transaction is verified then it is sent to the respective user and a new set of cryptocoins are generated and added to the blockchain. Once a transactions are verified then they aren’t reversible. So it should be done carefully. Transactions are done in this way. And the process of confirming the transactions in a blockchain is known as mining of cryptocoins. Some transaction properties of cryptocurrency are : it is pseudonymous which means they aren’t connected to real world identities. The real users aren’t identifiable unlike the bank account users. Similarly they are fast and global. And main thing is it doesn’t need permission from anyone to proceed. Anyone can download the software and mine coins without preventing from others. Mining of cryptocurrency Mining of cryptocurrency is all about solving the mathematical algorithms. For mining cryptocoins a user should have access to various things and they have to setup the equipped room. They should have a coin wallet which is a private database from where all our transactions are carried out and earning are saved. The user should have a mining software like radeon software crimson relive and a better hardware installed in their computer. . In the earliest days of Bitcoin, mining was done with CPUs from normal desktop computers. Graphics cards, or graphics processing units (GPUs), are more helpful at mining than CPUs and as Bitcoin gained famous , GPUs became dominant .Behind that the user also should have membership at online money exchange from where exchange of coins into cash and cash into coins is done. The room should be setup cool with 24 hrs internet connection and the computer must be trustworthy as well . After getting this things and setup he can proceed to mine. Mining can be done alone but it will be easy for the miner to solve the algorithm and earn money if its done in a group called a mining pool. And the computers involve in mining are called miners. Each time a miner solves a algorithm, it’s called the proof of work and each proof of work count as a raffle ticket. Everytime a proof of work is determined then a raffle number is drawn and the miner is provided with a new set of algorithm to crack. Every miner who helps in solving the problem will be rewarded with some sets of coins . The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The miner who first solves the algorithm gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin. The miner in this way crack each algorithm with or without being in the mining pool and get a share of it in coins. There are 21 million cryptocoins in total to be mined .In this process a miner mines the available cryptocoins. Legality of it: The legal status of the cryptocurrency is changing day by day. In most of the countries today, there is still not the cryptocurrency in the law. However, they are now legal in many countries of the world. In some of the country its mining is legal but the use of it in commercial way is banned. And some countries, they are unregulated and are free to use in any capacity. Likewise various government agencies, departments and courts have classified differently. Different countries have their different perspective on it but its being touching the business in fast pace. As per a recent bill in Japan, cryptocurrency have been given legal recognition and are accepted as a mode of payment. Countries where it is legal are Germany,Spain,Sweden,Switzerland,Mexico,Canada,France,Japan,finland,south Korea, Jordan ,Lebanon, Luxembourg Countries where it is banned Bangladesh, Iceland, Thailand, Russia But there are some country like china where its commercial use is banned but mining and transactions are legal. Countries where it is unregulated and are free to use like UK, Australia, Brazil, Chile ,Cyprus, Denmark, Greece, Hongkong, Indonesia, Qatar, Turkey, Egypt, Ireland, Singapore, Vietnam etc and many more countries are listed . And about the taxation, many countries believe that it is a capital asset and it should be taxed like the gold and other income. References; . Mark Gates,(2017). Bitcoin:A complete guide to Bitcoin,(pp.71-73).California . Paul Gil.(2018). Bitcoins.what’s the big deal? .Cryptocoin Mining. Retrived from: : https://www.lifewire.com/cryptocoin-mining-for-beginners-2483064 . bitconnect. Retrived from https://bitconnect.co/bitcoin-information/8/legality-of-bitcoin-cryptocurrency Table of figures Figure 1- (Crosby et al, 2016) Figure 2- (Bhosale & Mavale, 2018) Introduction of Blockchain Cryptocurrency has brought about a revolution in the digital age. This revolution has been in the form of an independent currency free from any external control. The technology that most cryptocurrencies use in order to maintain the independent and secure system is the Blockchain technology. The blockchain technology was introduced in 2008. As a comparatively new technology, its workings remained a bit ambiguous to the populace until the surge in cryptocurrencies in 2014. The increase in the monetary value of cryptocurrencies to exponential levels drew everyone's attention and more studies started being conducted concerning its potential and use. Special focus came about on the technology used thereof, namely Blockchain technology. Ultimately, blockchain was an ultra-secure system that couldn't be hacked and provided complete independence from any managing authority. In this light, blockchain technology started being studied for implications other than crypto-cash. Today, studies reckon that the implications of the blockchain technology are many. In this report, we shall analyze related literature on block chains. We shall also discuss Blockchains, its brief history and types of blockchains. In the end, we shall look at the possible uses of blockchains. Even though blockchain technology was developed to provide a secure mode of transaction, it has incited the interest of researchers in other applications of this secure technology. In-depth study in most of these applications yet needs to be conducted (Yli-Huumo et al, 2016). However, what has been observed so far is that blockchain technology has plenty of applications such as "Governance, autonomous banks, keyless access, crowdfunding, financial derivatives trading, and settlement, all by using Smart Contracts and the potential is rather limitless". (Crosby et al, 2016). The blockchain Ethereum has already provided the groundwork for the working of smart contracts in the afore-mentioned fields. What remains to be seen is the extent to which the blockchain can be used in its various forms to develop new systems, both for financial and nonfinancial use. (Buterin, 2014) The Blockchain technology The Blockchain technology is basically a ledger that collects and holds the list of all the transactions taking place through. In order to understand the basis of this transaction, let us take an example using the basic token of Blockchain technology i.e. Bitcoin. First, let us assume a transaction takes place and someone sends some amount of Bitcoin to another person. This information is transferred using an encrypted network over to a collection of already stored transactions called blocks. Now, it has to become a block itself and gets stored with these blocks. In order for this to happen it needs to be verified. Once verified it can become another block in the chain of blocks known as block chains. So how will this new transaction get verified? In order to verify a transaction, the blockchain uses a certain group of individuals. These individuals verify transactions by solving complex algorithms, in this case, SHA-256 or hash. Once a miner solves the hash he produces 'Proof-of-work' which grants him the authority to add a block to the blockchain. By adding a block, a transaction is verified, it is added to the blockchain and it can not be changed or altered in any way. Each block is stored with each peer on the network and thus no double-spending or undoing of the block is possible. The working of a Blockchain can be observed in Figure 1. Miners may thus be the most important entity in the blockchain. The question remains, who are the miners and why do they verify blocks (or mine as it is known). The process of mining as such does not require any qualification as it is done using special software, so anyone can mine. However, it does require necessary equipment like heavy machinery and durable computers that can handle bulky software, cooling systems and a large amount of electricity. In return for mining a block, a miner is rewarded with some amount of Bitcoin. So, miners mine blocks in order to earn bitcoins. Mining blocks is not an easy task and the algorithms are known to increase in difficulty with every coin that is mined. So the amount of Bitcoins, as well as other cryptocurrencies is controlled and only a certain amount is released every day. The total amount of Bitcoins to ever be generated thus is 21 million bitcoins. History of Cryptocurrencies