Building and Deploying Modern Web 3.0 Blockchain Application

Abstract

Today, most people use digital payment methods to pay for most of their daily transactions and growth of digital payment is booming every year. However, drawbacks to these traditional transaction platforms includes lack of transparency and traceability, leading to increased costs and delays, susceptibility to cyber-attacks. In this project, I proposed an application that remedies all of these drawbacks through use of the Ethereum Blockchain platform. Blockchain, the technology behind Bitcoin, is changing the internet by allowing secure and transparent sharing of information without central authority. This creates new trustworthy, efficient, and cost-effective online services. What makes it a powerful tool for digitalizing everyday services is the introduction of Smart Contracts, as in the Ethereum platform. Ethereum and its network is one of the most suitable ones, due to its consistency, widespread use, and provision of Smart Contracts logic. A transaction system must be secure, as it should not allow the transactions to be altered and be fully transparent, while protecting the privacy of the user. The application was developed using the Solidity programming language and the algorithm used is Proof of Stake(PoS). The application’s functions were contained within an Ethereum Smart Contract, which wasthen migrated to the Ethereum network. The user’s input was read through a web interface and sent to the Ethereum network via the web3.js API. Statistics about the application were gathered on the Goerli test network. Contract creation times for the application were shown to be less than a second. A transaction time comparison and performance evaluation of algorithm was then conducted. The comparison showed that Proof of Stake(PoS) is susceptible to all of the attacks.