Introduction
A lot of technological lovers and experts are rushing towards the concept of Blockchain and Cryptocurrency in order to embrace it and implement the same in their industries or in the real world to take a leap over in the market. Introduction of these two concepts created a new profile of online miners who could possibly break the lock and completes the transaction process happening virtually.
One major setback is that the shortage of GPUs (Graphical Processing Unit) to be implemented across the globe. Anyways, this shortfall can be rectified in future; these cryptocurrencies like Ehtereum, Bitcoin and Litecoin can be used by even non-technical person just like we use Rupees and Dollars.
Transactions made through Cryptocurrency wallets are comparatively cheaper to current transactions and also it is decentralized which means these coins and Cryptocurrency wallets are not bound to any particular economic policy of a nation.
There is always been a two sided talk about the very existence of cryptocurrency and its applications over various industries. In spite of all sarcasm, cryptocurrency is trying to come out very successful and it has its scope. A lot of online and stock market traders have turned their trading vision towards cryptocurrency believing in its future scope.
This write up will be detailing about cryptocurrency, the process involved in mining the coin, idea behind developing the cryptocurrency app and the detailed description of app development.We will also be discussing about methods to be implemented in the project and time duration taken.
Cryptocurrency
Basically cryptocurrency is a completely digitized format of money used in transactions between any two peers in the virtual format safeguarded by cryptographic techniques. Some of the unique secured approaches like Proof-of-stake and Proof-of-work were used here in order to make sure the safety of the transaction.
Since this transaction takes place completely in a virtual format the amount initially deposited where converted according to the coin rate depending upon the type of coin used (Bitcoin, ethereum etc.). This peer to peer transaction is completely decentralized so that it is not governed by any single body. The challenge lies in coin mining where the miners need to break cryptographic puzzles in order to complete the structure of entire transaction. Even through possessing a GPU it is hard to complete the mining in time.
Why To Go To Cryptocurrency App?
Miningdone by individuals or a group is much of a tiring process even though it earns you a huge amount at the end. Competition and the time spent towards being very high which demands superior concentration towards work which is very complicated. On the other hand inventing entirely a new brand of cryptocurrency or coin is again a complicated process like manufacturing an innovative product.
There may be a lot of individuals who can pop out as a coin miner or cryptocurrency developer, but the question is did they reach the market or come out successful? The answer is NO. Because this technology is still under a booming condition in most of the countries, so one possible way through which people can get benefited through this technology is by playing the role of intermediary.
There is a huge demand rising in the banking sector in terms of maintaining its operations, experts in this industry believe that cryptocurrency will be playing a dominant role in the banking industry through deeply reducing the transaction cost. Mobile apps to be created for banking operations using cryptocurrency will be highly effective in making most of the transaction procedures very simple.
Detailing App Development
Initially user needs to get registered themselves into the system in order to attain their own cryptocurrency wallet. Once they have registered and got their wallets, they can deposit their money and respective cryptocurrency they use. If they are receiving a particular amount from a specific country, it is first converted into a cryptocurrency rate (say Bitcoin) and then transacted to the user account from the server. Once the user receives the cryptocurrency then it will be converted into a native rate of currency using that app.
The mobile app will be using an API (Application Programming Interface) in its back end, which is highly compatible with yours and android operating system. Using this API you can create:
- Account
- Request for money deposit
- Request to send money
- Currency exchange proxy APIs
- Managing bank accounts
Cryptocurrency Mining
In order to transact a particular amount from one peer to another peer a group of Blockchain needs to be created. This involves assembling numerous blocks as a single element which requires mining activityneeds to be carried out over that specific coin. This is the most complicated task involves decoding of various blocks to complete the entire block. A miner needs to be technically very strong with the cryptographic concepts to form an entire Blockchain through breaking the locks created through decoding puzzles made of Proof of work and Proof of concept.
