Blockchain Technology

Posted on: 16th May 2023

Question

Pls, answer the questions below in adequate detail. FOr section 3, pick a use case that is interesting and imaginative such as real estate backed NFTs and answer the questions thoughtfully and in detail

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Solution

Blockchain Technology

Section 1: Altcoins (Litecoin)

1. What is the name of the altcoin?

Litecoin is an altcoin that was created as a direct competitor to bitcoin.

2. What is the money supply? Explain.

The total supply of litecoin is capped at 84 million, which is significantly higher than the 21 million cap on bitcoin. This means that there will be more litecoins available for investors and users, which could potentially make it more accessible and useful for day-to-day transactions.

3. What is the consensus algorithm. Why?

Litecoin uses a different proof-of-work algorithm than bitcoin, called scrypt hash algorithm. This was done in an attempt to make mining more accessible to a wider range of people, including those without access to expensive mining hardware.

4. Does it use a blockchain? What is the block size?

Yes, litecoin uses a blockchain to record transactions and secure its network. The block size on the litecoin blockchain is currently 2MB, which is significantly higher than bitcoin's 1MB block size. This allows for faster and more scalable transactions.

5. Describe the transaction structure.

The transaction structure for litecoin is very similar to that of bitcoin, although there are some slight differences in terms of fees and confirmation times. Like bitcoin, transactions on the litecoin network are validated by miners and then recorded on the blockchain.

6. Are there miners? What is the mining incentive?

Yes, there are miners on the litecoin network. The primary incentive for these miners is transaction fees, which are paid by users in order to have their transactions processed quickly and securely. This fee system gives miners a strong incentive to keep the litecoin network running smoothly and efficiently.

7. What is the current exchange rate with BTC and with USD?

As of May 5, 2022, one litecoin is worth around $105, while 1 Litecoin is equal to 0.0027 btc. In terms of its value in USD, litecoin has seen significant growth over the past year or so, rising from just a few dollars per coin in early 2017.

8. Insert a screenshot of its blockchain (use a web explorer, just the last few blocks). Provide a link to the blockchain explorer.

Litecoin (LTC) Block Explorer | Explore LTC Blockchain (litecoinblockexplorer.net)

9. Talk about its decentralization/centralization.

Litecoin is decentralized, meaning that it is not controlled by any central authority or government institution. This gives users more control over their funds, as well as a greater degree of censorship resistance. However, there have been some concerns about the centralization of mining on the litecoin network, which could potentially pose challenges for its future development.

10. Explain its advantages and disadvantages in comparison to bitcoin.

Litecoin has several key advantages over bitcoin, including faster transaction times, higher scalability, and more accessibility for new users. However, there are also some disadvantages, such as greater centralization of mining and a higher cost of entry due to its rising price. Overall, litecoin is likely to continue gaining in popularity as an alternative to bitcoin in the years ahead.

Section 3: Use cases of blockchain (20 points)

1. Suggest one use case of blockchain technology not already discussed in our course.

One possible use case for blockchain technology is the tracking and management of supply chains. Blockchain could be used to track the movement of goods along a supply chain, recording important data points such as location, temperature, quality, etc. This would allow businesses to better monitor their inventory and quickly identify issues or delays in the supply chain process. Additionally, blockchain could be used to create a digital marketplace for buying and selling goods within the supply chain, allowing businesses to more easily find new suppliers or customers.

2. Why is this use case suitable for blockchain application?

This use case is suitable for blockchain because of its ability to provide an immutable record of data that can be shared between multiple parties. This would allow businesses to track the movement of goods along the supply chain more effectively and prevent issues such as fraud or counterfeiting.

3. Could it disrupt existing businesses, entities, processes or norms?

This use case could potentially disrupt existing businesses or processes that manage supply chains. For example, blockchain could be used to create a decentralized marketplace for buying and selling goods within the supply chain, which would allow businesses to more easily find new suppliers or customers.

4. What are some incentives for people, businesses or entities to adopt this use case?

Some incentives for businesses to adopt this use case include the potential for cost savings, improved transparency and traceability, and reduced risk of fraud or counterfeiting. Additionally, blockchain could help businesses better manage their inventory and respond to disruptions in the supply chain more quickly.

5. What are the barriers to entry?

Some potential barriers to entry for implementing this use case include lack of familiarity with blockchain technology, concerns about data security and privacy, and concerns about regulatory requirements for managing supply chains. Additionally, there may be challenges integrating blockchain into existing systems or processes, as well as concerns about the scalability of the technology.

6. What are the risks?

The risks associated with implementing this use case include increased cyber risks, privacy and data protection issues, regulatory uncertainty, and technical challenges related to integration and performance. Additionally, there may be concerns around the reliability and trustworthiness of data stored on a blockchain.

7. What are the rewards?

The rewards associated with this use case include improved efficiency, lower costs, enhanced transparency and traceability, and reduced risk of fraud or counterfeiting. Additionally, implementing blockchain-based solutions for supply chain tracking could help businesses reduce loss due to theft or damage and improve customer satisfaction.

8. Would this use a public blockchain or would it use a private blockchain?

This use case could potentially use either a public or private blockchain, depending on the needs of the businesses involved. For example, if businesses require more control over the data shared on the blockchain, they may opt for a private blockchain. However, if businesses are willing to share data on a public blockchain, this could potentially help reduce costs and improve transparency.

9. Could this use case be implemented using a traditional centralized database? If so, why use blockchain?

This use case could potentially be implemented using a traditional centralized database; however, blockchain technology offers several advantages over a traditional database. For example, blockchain provides a more secure and tamper-proof way of storing data, as well as the ability to share data between multiple parties. Additionally, blockchain could help businesses reduce costs by reducing the need for intermediaries.

10. What technological innovations would have to be made to adapt the blockchain to this use case?

To adapt blockchain technology to this use case, businesses would likely need to develop new protocols or standards for managing supply chains on the blockchain. Additionally, they may need to invest in more robust security and privacy measures to ensure the integrity of data on the blockchain. Other possible technological innovations could include improvements in scalability and efficiency that help support larger volumes of data on the blockchain.

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