Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Dr. Chicken, a farmer who sells egg, would like to reward his client with his newly created digital cash Eggcoin(EC). He plans to give
Dr. Chicken, a farmer who sells egg, would like to reward his client with his newly created digital cash Eggcoin(EC). He plans to give 0.001EC to his client for every 50 eggs purchased. The ledger of Eggcoin (Table 2.1) is stored in a Dr. Chicken's desktop which he used to browse Internet daily. (20 marks) Date Customer Eggcoin's Balance 1-Jan-2021 2-Jan-2021 3-Jan-2021 10-Jan-2021 Peter Ricky John Ricky John Peter Table 2.1 0.001 0.02 0.3 0.021 0.31 0.003 d. Identify three potential problems/risks of Eggcoin. (6 marks) e. Dr. Chicken decided to adapt the blockchain technologies in managing the Eggcoin, what information must be kept in each block so that it has similar behavior as Bitcoin? Explain each field briefly. (6 marks) f. Assume Dr. Chicken has 100.0EC initially, give a transaction that include all the allocations of Eggcoin in table 2.1. (4 marks) g. Assume John would like to give 0.05EG and 0.07EG to Ricky and Peter respectively, give the corresponding transactions. (4 marks)
Step by Step Solution
★★★★★
3.36 Rating (171 Votes )
There are 3 Steps involved in it
Step: 1
The detailed answer for the above question is provided below d Potential problemsrisks of Eggcoin in...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started