Introduction to coursework 4: blockchain state, reorgs and forks

For this last assignment, you can opt for 100% programming or 100% essay

Throughout the module, you will be working on an extended coursework. The coursework is set out in four assignments. In preparing this one, I realised that just implementing the blockchain was a bit light for a whole assignment and that there is still a lot to do to get you up to speed as Zimcoin nodes.

Therefore, this coursework has more in it than I had anticipated being it, allowing us to do more in assignment 4.

(1) Cryptographic Hash Functions

(2) Transactions and Verification

(3) Building the Blockchain: the chain, mining and the consensus mechanism

(4) Maintaining the system: Reorgs and Mempool

The first two assignments will be marked as coursework 1; the second two will be submitted as coursework 2.

As you well know by now, each of the coursework assignments involves two tasks: a programming task and a reflective essay on a related topic. In recognition that your background and interest will lead you to engage with the module in the most appropriate way for you, we are allowing you to choose your assessment route. You can choose, for each assignment, whether you want the ratio of programming/writing marks for the assignment to be 70/30; 50/50; or 30/70. But for this assignment you can also choose 100/0 or 0/100

If you complete all the programming tasks, you will have implemented a new cryptocurrency and the blockchain that supports it. You will also compete to mine the most coins. You can do this thing! We are almost there.

Programming assignment 4

The fourth assignment continues our implementation of Zimcoin: the gateway to our millions. In it, you are asked to define a python class for the state of the blockchain. When people mine blocks and put them on the chain, they will be rewarded with 10,000 zimcoins. Putting blocks on the chain will involve all the mining functions, verifications and data structures from the last two courseworks.

You will also need to implement undoing functions in the block class. This is so we can deal with reorgs.

This coursework very much builds on assignments 2 and 3 the material in topics 6 and 7. As always, the hope is that thinking about the implementation will help cement the understanding of these concepts.

Writing assignment 4

You are to reflect on the question:

The future of cryptocurrencies: store of value, means of exchange, or flash in the pan

There is no end to the material out there to draw from. Everybody has an opinion. You can either be balanced or a strong advocate for one position or another. In any case, you will be marked on the extent of your research and the cogency of your argument. Be creative here!

If you need guidance in answering the above question, you may consider some of the following points.

Reflect on the evolving role of blockchain technology in the financial sector:

•  Is blockchain poised to revolutionise traditional banking systems, or will its impact be limited to niche applications?
• Consider the potential for blockchain to enhance security, transparency, and efficiency in various industries.
• Evaluate the challenges and barriers to widespread adoption of blockchain technology

Examine the intersection of artificial intelligence and blockchain technology:

• Reflect on how AI can enhance blockchain applications, such as smart contracts, supply chain management, and identity verification.
•  Assess the potential risks and ethical considerations associated with AI-driven blockchain solutions.
•  Explore the implications of AI-powered decentralised autonomous organizations (DAOs) on governance and decisionmaking processes.

Consider the role of non-fungible tokens (NFTs) in the digital economy:

•  Reflect on the potential of NFTs as a new asset class and their ability to transform ownership and authentication of digital content.
•  Evaluate the long-term viability of NFTs as an investment vehicle and their impact on traditional markets.
• Discuss the challenges and opportunities for widespread adoption of NFTs across various industries.