Literature Review On Challenges Of The Crypto-currency Security Assignment Sample

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Introduction of Literature Review On Challenges Of The Crypto-currency Security Assignment

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Today is the era of digitization, and in pursuance of it, technology also affects the environment highly. Crypto currency in the sound of blockchain is gaining a high level of interest worldwide (Subramanian and Jeyaraj, 2018). The technology that is related to the block chain in the present day’s gives assistance to the crypto currency is secured to a certain level. But there is also a chance to be hacked by the fraudsters. Crypto currency makes its name in the market on account that it makes use of encryption in order to verify the transaction that maybe happened during the trade. These features of the crypto currency imply that the usage of coding is done in the case of storing as well as passing on the data

Empirical Study

In accordance with the author Ghosh, et al. 2020 crypto currency has gotten a lot of attention worldwide in today's era of technology. It has a big sphere of uses, from the banking sector to the healthcare sector. It is also responsible for the upliftment of social services and has had a significant impact on the new corporate world. As long as block chain technology is becoming more integrated into e-commerce businesses, crypto currencies are gaining popularity. Cannot say that it is unknown. It is very common to all. Bit coin and Ethereum are two examples of crypto currencies that have been used in the character of decentralization of the Block chain. A distributed database can be thought of as a type of block chain (Ghosh, et al. 2020). It is a system with rigid archives that have so many chances to be attacked by hostile individuals at any time. Although the advantage of digital currency has evolved from the beginning to the present smart contract, and block chain has been utilized, the novel technology must trust the cryptography in order to have functioned. So many reports are there that focus on the weaknesses and security of the internet. However, there is a lack of not only a comprehensive but also a methodical assessment of both block chain and crypto currency. connected to block chain, including taxonomies and scenarios in which a particular block chain is used. Concentrating on the structure the author states that there are numerous types of consensus protocols, smart contracts, and other related topics. Forks are consensus-building tactics. Thorough block chain taxonomy, as well as its characteristics and practical uses, are also examined. Furthermore, the existing key hyper ledger is a block chain platform for crypto currency.

The value challenges are mostly related to incentive issuance and distribution. Consider bitcoin.

In accordance with the author Lin and Qiang, 2018 an incentive model, for instance, combines reward and consensus. On account of the profit, it makes certain the subtlety of the present market on account of Bitcoin being layed up by those seeking capital. As a result, in the instance of the price of tokens, ensuring market liquidity and cashing outsoaring or plummeting is happen. In case of the parent chain's direction can be possible to control anyway then it signifies that a single centralized mining pool is in charge. Therefore the chain's value of the parent will be diluted. If the pool of miners where private miners possess more than a third of the land the money obtained can be better if the total processing power is increased than the cost calculation, The logical miners kept coming in as late as the occupation of computing, the private mining pool power of more than 50%.

In order to carry off the reduction of the vitality as well as the negotiable concurrency, new crypto currency launches use consensus algorithms like PoS. To make certain that the safety of the parent chain, Miners who are operating in the parent chain have an unspoken realization that related to maintaining their own safety and interests in the parent chain-designed philosophy is natural in terms of Proof of Work (Ylianttila, et al. 2020). Connection of the economic model and the data value. Actively aware of computational nodes by application designers keeping network security decentralized It appears to be costly for nodes to obtain consensus in a shared, open, and transparent environment. dynamic peer-to-peer network Consensus procedures already in place have flaws of their own. To avoid a situation like this, It is critical to ensure that mining pools converge. and give a scalable consensus algorithm design paradigm that is entirely possible in daily life.

In accordance with the author Mercan, et al. in the year 2020 the Internet of Things (IoT) has been used in a variety of fields, but its full potential has yet to be realized due to challenges such as scalability, security, and privacy. Another place where IoT devices are widely used is in the field of business as well as commerce (Mercan, et al. 2020). At what time the product or service is purchased in the sense in the case of car charging, parking fees, and the vending machines, IoT devices will eventually require. To collect and send payments made with crypto currency in order to provide increased privacy and security for both persons. It protects both parties by concealing the payee and payer identities. Since the transactions are encrypted, there are no frauds. Non-repudiation is provided via the Block chain ledger. A conflict situation consensus mechanism like Bit coin is used in Block chain technology. If it is told about the network which ground root is nothing but the crypto currency junction that reach an agreement on a transaction block by demonstrating that they are sufficiently invested in the network system. Proof of work that is commonly known as PoW is employed, for example, in the widely used Bit coin Hash cash. The basic mechanism is that a miner node collects transaction requests into a block and then begins to process them. This paper will be presented at IEEE ICC BIoTCPS, Dublin, Ireland, in 2020. The final hash should be less than a value calculated using all of the miners' combined computational power. The miner seeks to find a suitable solution by adjusting the nonce value. When a block is discovered, it is immediately disseminated to the other nodes when additional nodes interact.

In accordance with the author Sabry, et al. 2020 in the last three years, interest in not only bit coin but also other kinds of crypto currencies as a form of financial assets has been blown up. This happened after the Bit coin price hit around 20,000 USD at the end of 2017. Observers and traders must work with “bit coin or crypto currency” analysis and tell in advance about the prices to achieve high trade-in crypto currencies (Sabry, et al. 2020)

. The words price prediction and price foretell are sometimes possible to exchange in order to refer to the task in reference to anticipating a price guess based on the prior history of the concerned price list and other descriptive variables. The phrase "prediction" is more generic, referring to either present or future price predictions, whereas forecasting relates to creating estimates. pricing or trends in the future Because scholars frequently use the term "prediction," it is used all over the rest of this survey. Few factors that can be known as markers or indicators or features or variables can be responsible to influence the price of bit coin, in addition to the connection between demand, supply, and investment appeal. The present swing in forums, social networks, as well as in search engines, and the country's political stability, all influence these aspects. Past fluctuations in the price of crypto currencies or either the growth or the decline of trading can be utilized in order to identify prospective forecasts and trends of what might happen in the future. The most important factors but not alike the previous may influence crypto currency values to include the pricing of other crypto currencies, gold, block chain data, silver, and oil prices, as well as stock market indicators such as the S&P 500 index. The data is then analyzed, and correlations between various variables and the bit coin price are discovered. In order to take in a model from the given information that has the possibility to be changed in the latter for sake of prediction, supervised machine learning is used. The forecast about the price may become a time-series prediction challenge whenever different variable histories are used. In order to anticipate the value of the price based on a set of indications can be described as an issue of regression. By encoding the crypto currency price time series output variable in terms of rising and falling, it can also be treated as a categorization issue in order to forecast whether there may be a rise or chance of fall or otherwise no change in the value of a coin.

According to a famous researcher Zheng, et al. block chain technology is gaining appeal among not only the practitioners but also the researchers, thanks to the rise in the popularity of crypto currencies. The number of wallet users had surpassed 42 million by the end of 2019. Despite the vast number of alternative coins as well as Bit coin is by far the most popular, having a market valuation of approx 130 billion dollars. During the time when crypto currencies are still the most common use of technology used in block chain, there is a lot of progress being made in both researches as well as the industries (Zheng, et al. 2019). Block chain proponents believe the technology has the capacity to change the world. Swan discusses the most specific stages of block chain evolution that can be divided into three parts: Block chain as a digital economy, Block chain as a digital currency, and Block chain as a distributed ledger technology. Ivanov and Roschin analyze block chain’s all-encompassing impact and suggest applications in the realms of science, and art, along with this education. These are primarily applicable to bit coin users, although they may be useful in understanding how people engage with other block chain technology. According to our results, all users understand the necessity of keeping their crypto currency safe. However, their approaches to achieving this differ from the others. Few users follow the rigorous type of strategy that is popular as the "not your keys, not your crypto" phenomenon, relying solely on solutions that are originally self-managed, at the same time when others outsource management entirely to a custodial provider. In the course of time when some users advocate for offline storage in hardware wallets, others users prefer to use internet-connected devices or web-based platforms to administer them. In accordance with the researcher Clavin, et al., it can be revealed three major sources of risk that can result in cryptocurrency losses. Users must cope with three types of risks: the first is human error, the second is betrayal, and the third is malicious attacks. Previously, Sas and Kahiruddin interviewed 20 Malaysian Bitcoin users and highlighted the following concerns with an emphasis on transactions: Risks from User Password Challenges that can be denoted as R1, Risks from Hacker Malicious Attacks that can be denoted as R2, Risks from Failure to Recover from Human Error of Malice that can be denoted as R3, and Risks from Dishonest Transaction Partner that can be expressed as R4 (Clavin, et al. 2020). Our definitions differ in that they apply to cryptocurrency usage in general rather than just transactions. Human Error Risk encompasses all risks related to the user.

Literature gap

There is so much research done on the topic of security of the crypto currency. But, the two keys are most important. There are mainly two pathways through which the crypto currency can be at hand the hackers. First is the process of stealing in a direct manner. The second is with the help of a special kind of scheme can say tricks in a better way to cheat the common users. In accordance with the recent survey, the hackers who hacked crypto wallets generally have stolen a huge amount of almost 3.2 billion US dollars. Although there is so much research as well as journals that can give the way to be safe from such kinds of cheaters. But the best way in order to protect the crypto investment is to secure the wallet. No matter whether it is a cold or physical wallet. The USB drives type physical crypto wallet is very safe to secure the investment. But it need to be mentioned here that there is no such scope to get crypto wallet fully secured in a standardized way.

Reference list


Fröhlich, M., Gutjahr, F. and Alt, F., 2020, July. Don't lose your coin! Investigating Security Practices of Cryptocurrency Users. In Proceedings of the 2020 ACM Designing Interactive Systems Conference (pp. 1751-1763).

Ghosh, A., Gupta, S., Dua, A. and Kumar, N., 2020. Security of Cryptocurrencies in blockchain technology: State-of-art, challenges and future prospects. Journal of Network and Computer Applications163, p.102635.

Khan, F.A., Asif, M., Ahmad, A., Alharbi, M. and Aljuaid, H., 2020. Blockchain technology, improvement suggestions, security challenges on smart grid and its application in healthcare for sustainable development. Sustainable Cities and Society55, p.102018.

Limba, T., Stankevi?ius, A. and Andrulevi?ius, A., 2019. Towards sustainable cryptocurrency: Risk mitigations from a perspective of national security.

Lin, F. and Qiang, M., 2018. The challenges of existence, status, and value for improving blockchain. IEEE Access7, pp.7747-7758.

Mehedi, S.K., Shamim, A.A.M. and Miah, M.B.A., 2019. Blockchain-based security management of IoT infrastructure with Ethereum transactions. Iran Journal of Computer Science2(3), pp.189-195.

Mercan, S., Erdin, E. and Akkaya, K., 2020, June. Improving sustainability of cryptocurrency payment networks for IoT applications. In 2020 IEEE International Conference on Communications Workshops (ICC Workshops) (pp. 1-6). IEEE.

Sabry, F., Labda, W., Erbad, A. and Malluhi, Q., 2020. Cryptocurrencies and artificial intelligence: Challenges and opportunities. IEEE Access8, pp.175840-175858.

Subramanian, N. and Jeyaraj, A., 2018. Recent security challenges in cloud computing. Computers & Electrical Engineering71, pp.28-42.

Zheng, X., Zhu, Y. and Si, X., 2019. A survey on challenges and progresses in blockchain technologies: A performance and security perspective. Applied Sciences9(22), p.4731.

Clavin, J., Duan, S., Zhang, H., Janeja, V.P., Joshi, K.P., Yesha, Y., Erickson, L.C. and Li, J.D., 2020. Blockchains for government: use cases and challenges. Digital Government: Research and Practice1(3), pp.1-21.

Ylianttila, M., Kantola, R., Gurtov, A., Mucchi, L., Oppermann, I., Yan, Z., Nguyen, T.H., Liu, F., Hewa, T., Liyanage, M. and Ijaz, A., 2020. 6g white paper: Research challenges for trust, security and privacy. arXiv preprint arXiv:2004.11665.

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