An Exploratory Study of Python's Role in the Advancement of Cryptocurrency and Blockchain Ecosystems

An Exploratory Study of Python's Role in the Advancement of Cryptocurrency and Blockchain Ecosystems

Agrata Gupta, N. Arulkumar
Copyright: © 2023 |Pages: 17
DOI: 10.4018/978-1-6684-7100-5.ch012
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Abstract

Blockchain is the foundation of cryptocurrency and enables decentralized transactions through its immutable ledger. The technology uses hashing to ensure secure transactions and is becoming increasingly popular due to its wide range of applications. Python is a performant, secure, scalable language well-suited for blockchain applications. It provides developers free tools for faster code writing and simplifies crypto analysis. Python allows developers to code blockchains quickly and efficiently as it is a completely scripted language that does not require compilation. Different models such as SVR, ARIMA, and LSTM can be used to predict cryptocurrency prices, and many Python packages are available for seamlessly pulling cryptocurrency data. Python can also create one's cryptocurrency version, as seen with Facebook's proposed cryptocurrency, Libra. Finally, a versatile and speedy language is needed for blockchain applications that enable chain addition without parallel processing, so Python is a suitable choice.
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Literature Review

The blockchain technology was described in 1991 by the research scientist Stuart Haber and W. Scott Stornetta. They wanted to introduce a computationally practical solution for time-stamping digital documents so that they could not be backdated or tampered. In 1992, Merkle Trees were incorporated into the design, which made blockchain more efficient by allowing several documents to be collected into one block. In 2004, computer scientist and cryptographic activist Hal Finney introduced a system called Reusable Proof of Work (RPoW) as a prototype for digital cash. It was a significant early step in the history of cryptocurrencies. In 2008, Satoshi Nakamoto conceptualized the theory of distributed blockchains. The words block and chain were used separately in Satoshi Nakamoto's original paper but were eventually popularized as a single word, the Blockchain, by 2016.

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