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Author: Admin | 2025-04-27
By Alfrick OpidiWith the current rise of cryptocurrencies, blockchain is creating a buzz in the technology world. This technology has attracted so much attention mainly because of its ability to guarantee security, enforce decentralization, and quicken processes to several industries—especially to the financial industry.Essentially, a blockchain is a public database that irreversibly documents and authenticates the possession and transmission of digital assets. Digital currencies, like Bitcoin and Ethereum, are based on this concept. Blockchain is an exciting technology that you can use to transform the capabilities of your applications.Of late, we’ve been seeing governments, organizations, and individuals using the blockchain technology to create their own cryptocurrencies—and avoid being left behind. Notably, when Facebook proposed its own cryptocurrency, called Libra, the announcement stirred many waters across the world.What if you could also follow suit and create your own version of a cryptocurrency?I thought about this and decided to develop an algorithm that creates a crypto.I decided to call the cryptocurrency fccCoin.In this tutorial, I’m going to illustrate the step-by-step process I used to build the digital currency (I used the object-oriented concepts of the Python programming language).Here is the basic blueprint of the blockchain algorithm for creating the fccCoin:class Block: def __init__(): #first block class pass def calculate_hash(): #calculates the cryptographic hash of every blockclass BlockChain: def __init__(self): # constructor method pass def construct_genesis(self): # constructs the initial block pass def construct_block(self, proof_no, prev_hash): # constructs a new block and adds it to the chain pass @staticmethod def check_validity(): # checks whether the blockchain is valid pass def new_data(self, sender, recipient, quantity): # adds a new transaction to the data of the transactions pass @staticmethod def construct_proof_of_work(prev_proof): # protects the blockchain from attack pass @property def last_block(self): # returns the last block in the chain return self.chain[-1]Now, let me explain what is taking place…1. Building the first Block classA blockchain comprises of several blocks that are joined to each other (that sounds familiar, right?).The chaining of blocks takes place such that if one block is tampered with, the rest of the chain becomes invalid.In applying the above concept, I created the following initial block class:import hashlibimport timeclass Block: def __init__(self, index, proof_no, prev_hash, data, timestamp=None): self.index = index self.proof_no = proof_no self.prev_hash = prev_hash self.data = data self.timestamp = timestamp or time.time() @property def calculate_hash(self): block_of_string = "{}{}{}{}{}".format(self.index, self.proof_no, self.prev_hash, self.data, self.timestamp) return hashlib.sha256(block_of_string.encode()).hexdigest() def __repr__(self): return "{} - {} -
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