Inspiration
It all started when I saw the news that there was a 1billion US dollar transaction made in Bitcoin but no one had the slightest clue for it was made or who was responsible for it so that's when I started thinking about a solution to tackle the situation and still keep the cryptocurrency decentralized.
What it does
So our idea is to have a secondary blockchain running beside the primary blockchain which stores some information about the sender and the receiver so that it can be viewed in public but still not completely expose them. So we decided to pull out the sender's and receiver's IP address and provide a rough estimate on where this transaction happened.
How we built it
So used Python as our language to create the blockchain and implement cryptocurrency in it using some add-ons like flask and JSON. We also used Postman to create a web application to support our prototype to test out different functions that have to be implemented in a cryptocurrency
Challenges we ran into
We all were not that experienced in using Postman so we had to face lots of difficulties while making the requests using it. One of them was to run multiple requests at the same time.
Accomplishments that we're proud of
Since it was our first time working on the idea we were proud that we were able to implement our basic ideology of running two parallel chains together and extracting information from one them and using it in the other chain.
What we learned
We learned a lot about teamwork today and how important it is when it comes to working on big projects and collaborating ideas.
What's next for Crypto-nite
Since it just a prototype and it has some security loopholes but we as a team are trying to overcome them. We would still search for more ways to bring more transparency to this field of blockchain and we someday hope that we would be able to launch this as a proper project available to everyone. Until then we would work hard so that we can change the definition of 'Decentralization' from 'nobody owns it' to 'everybody owns it'.
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