Crypto Bank: Cryptocurrency Wallet Based on Blockchain

Abstract

Cryptocurrency is a type of money that only exists in digital form and is protected by encryption. It is sometimes referred to as digital cash or virtual currency. It is decentralized, meaning it runs without a central bank, and transactions are recorded on a public ledger called a blockchain. Bitcoin, which Satoshi Nakamoto developed in 2009 using his renowned whitepaper on blockchain technology, was the first cryptocurrency ever. The genuine identity of Nakamoto or the organization using this alias is still unknown to us. However, Bitcoin was not the very first cryptocurrency. The development of a digital form of money has been the subject of numerous projects and attempts in the late 1980s and early 1990s. One illustration is Blinded Cash. Developed in 1989 by an American named David Chaum, Blinded Cash is a gambling game. Due to his thorough contributions to the subject of cryptography, Chaum established a solid professional reputation. The goal of the scientific discipline of cryptography is to create methods that would only allow the message’s sender and recipient to read it. The present issue with bitcoin transactions is that consumers do not have complete control over their own cryptocurrency instead it is stored in the wallet’s smart contract so the wallet has control over the consumer’s currency. With the ability to hold cryptocurrencies within your own account, the proposed work concentrates on streamlining cryptocurrency payments.