What do you know about crypto currency?
Today only lazy people don’t want to get more and more money. Someone thinks that making money on the Internet is very easy, and it doesn’t demand a lot of resources – as psychological, as physical. To make all this business possible a lot of thousands of really smart people studied at the university, wrote the best essays, took a thesis, worked day and night to achieve success. One of those companies will become today’s article main hero, as we will talk a lot about it.
Exonum is an extensible framework for blockchain projects. It lets you build decentralized applications; find out more information about everything you need to know about framework today in our review.
What Is Exonum? Today, many businesses have heard about blockchain technology and understand its advantages. However, few businesses have implemented blockchain technology or know where to begin. Meanwhile, small and medium-sized businesses can’t afford to hire a blockchain specialist or an entire blockchain department. That’s where companies like Exonum see an opportunity; exonum is a platform that lets you build decentralized, secure, and reliable applications on the blockchain. The platform is designed for companies, organizations, and even governments. As added benefits, Exonum introduces privacy, efficiency, and controllability – so even if you don’t have a blockchain specialist at your company, you can reap the benefits of blockchain technology.
Basically, how does Exonum work?
Exonum works in a similar way to other blockchain technology. It’s a decentralized database where records are kept in an immutable, easily auditable way. There’s no centralized server for hackers to target, and there’s no way to change records once they’ve been entered into the blockchain.
Like other companies, Exonum transactions are viewable by all parties and cannot be secretly altered or deleted. The network is secured by cryptographic proofs, so the data you provide cannot be tampered with or altered; you can make data private on the blockchain, or make it publicly viewable.
One of the key innovations with Exonum is its consensus algorithm.
Exonum remains secure even when many nodes are compromised. The company will remain functional even if up to 1/3 of all nodes in the blockchain network are offline or compromised.
And why Blockchain?
In terms of data management, such companies provide OLTP capabilities. It processes transactions, which are quite similar to transactions in ordinary database management systems, and changes the stored values correspondingly.
Like distributed databases, such as Cassandra, MongoDB or MySQL Cluster, they are replicated on multiple nodes. However, compared to ordinary distributed DBs, they are resistant against a much wider range of attacks:
they can be deployed in a decentralized network, where there is no single administrator managing all the nodes. This significantly reduces risks of data corruption and the bias in the system.
they are resistant against failures of any single node (or even multiple nodes at the same time). The threat model includes nodes being switched off, isolated from the rest of the network, or even completely compromised (say, by a hacker).
A core component of a company is a tamper-resistant transaction log. They use the same methods to ensure the immutability of the log as evidence records used by certificate authorities and other security-critical applications.
The company is geared towards permissioned blockchains. This means that only a limited list of nodes can commit transactions to the platform. Compared to permissionless blockchains (such as Bitcoin), company applications are more local, but at the same time provide greater flexibility and a more controllable environment.
How to create cryptocurrency?
You might have heard of Bitcoin or Ethereum, and maybe even Ripple, but in fact, there are over a thousand different coins and tokens available. In fact, according to Wikipedia, there are over 1,384 cryptocurrencies in use worldwide. That is a huge amount of cryptocurrency! So, why not add to the pack? Well, you might be able to after I teach you how to create a cryptocurrency. Before we get started though, there are three things you need to know:
You need a good idea: Building a token/coin for the sake of building a token/coin is doomed to fail. It needs to have a purpose (it needs to add value to the world).
You need to earn people’s trust: To do this, you need to build a ‘community.’ This is a following for your cryptocurrency. Maintaining a crypto community is hard work, so pay a good amount of attention to this point.
You need to know a little bit about coding and crypto security. Yes, you can hire ‘talent,’ but you need to understand how your token/coin is going to work.
By the end of this guide you’ll understand the basics of how to create a cryptocurrency. The importance of building trust with the people who support your cryptocurrency!
So, if you want the answer to the question, “how to create a cryptocurrency”: read on! Welcome to my how to make your own cryptocurrency tutorial!
How to start it all?
The real ‘getting started’ begins with your idea, but we will get to that later. First, let’s talk a bit about technology.
There are two primary ways of creating a cryptocurrency:
Build your own blockchain — this will have its own ‘coin.’
Use NEO, Ethereum or a similar platform to create an application — this will have its own ‘token.’
So, the first thing you need to decide is whether you’re going to build a “token” or a “coin.” Are you going to start from scratch? Or build a token on technology that is already trusted and available?
Coins and tokens are both cryptocurrencies. The difference is: a coin belongs to its own blockchain, whereas a token is built on an existing blockchain. So, there can be thousands of tokens built onto a blockchain, whereas there can only be one coin.
Here are some of the most popular coins:
Some of these blockchain technologies can be used to help create tokens. The most popular blockchain for building applications and tokens on is Ethereum.
The vast majority of blockchains involve new virtual currencies like Bitcoin. But corporations and governments around the world have also become interested in ways to use the technology to store vast amounts of data reliably.
Many new cryptocurrencies are like Bitcoin and record all transactions on public blockchains that anyone with a computer can help to update, without requiring permission from anyone. All Exonum transactions are anchored on the Bitcoin blockchain.
Bitcoin is the original blockchain-based virtual currency has not lived up to its original goal of being a new online currency, but it has won favor as a scarce digital commodity similar to gold, giving rise to a vast global trading market.
The blockchain can be adapted for a wide variety of uses. It has smart contract technology, for example. Proposed use cases include government registries, e-voting, supply chain management, P2P lending, and more. Now let’s talk about Exonum Features. Here are some of the key features of the Exonum platform:
The company provides means for services to persist their data as scalars, or as data collections. Data storage engine provides powerful abstractions for Merkelized collections. In such a collection, any element can be supplied with an unforgeable cryptographic proof that it belongs to the collection.
Exonum has a “Byzantine Fault Tolerant” consensus algorithm. It excludes any single point of failure, making blockchain resilient to nodes crashes or bad actors.
All received information is validated on the client side with the help of the Exonum light client. It means clients are secured against man in the middle attacks.
Exonum anchors data to the bitcoin blockchain, which means it protects against history revisions. Like other blockchain technologies, Exonum creates an immutable record.
Exonum uses the Rust programming language at its core “to achieve a top-notch level of security, performance, and concurrency,” explains the official website. Rust is known for its speed and security.
Exonum uses a custom Byzantine fault tolerant consensus algorithm to synchronize data among the nodes in the network. There is no single point of failure in the network; the whole process of transaction processing is fully decentralized.
Services for company applications
Services allow specifying the business logic for Exonum applications. They are the main extension points of the framework, which play the same role as smart contracts in some other blockchains.
There are 3 types of service endpoints:
Private APIs represent administrative and maintenance endpoints, generally not accessible to the outside world.
Read requests correspond to GET requests in REST
Transactions correspond to PUT or POST requests in REST
To sum it all up, we would like to say that never stop, move forward to your goals, try yourself in its huge system of the enormous quantity of money! Believe we helped you to understand everything better!