Abstract:

The paper observes a method of generating the original crypto currency based on the well-established blockchain technology coupled with a new approach of unrelated third-party payments receipt and double-layer encryption for security reasons. At the first stage, the scholars studied and reviewed blockchain operating principles for using them in the crypto currency being developed. The researchers chose an optimal method of encrypting the transmitted data based on the irredundant SHA-256 algorithm that answered the required encryption complexity. The authors used the Proof-of-work method for cybercrime defences and block verification. The next step for the scholars was to develop and test a distributed database for storing information about coins, users, keys, transactions made and being processed. This database includes MySQL database management system, which has an application programming interface API and connectors for numerous programming languages, a library for NET platform languages. Double-layer encryption was added to the resulting system in order to improve data crypto reliability (soundness). Specialized applications for generating user keys and validating operations were actualized. 6000 coins were generated for that purpose. Finally, a graphical web-interface was designed for users’ work with coins in PHP scripting programming language, simulations were performed, and all maintained processes were tested. The presented stages allow the developers to introduce their own crypto currencies with various additional features, which can be limited only by their own imagination and technological means, and can be launched on the cryptomarket.