Performance of Network and Transport Protocols in the Implementation of a New Cryptocurrency
Abstract: It has been suggested that some cryptocurrencies have potential to take the role as a global digital payment system. However, as the current technology stands, all cryptocurrencies have shortcomings which are growing when scaling parameters. This emphasizes the importance of fast and reliable data transmissions when implementing network protocols to handle the transactions. However, little research has been conducted to specifically support the development of cryptocurrencies regarding protocol performance comparison. This study will be assisting the development of a new cryptocurrency, proposed by HAJ Enterprise. The report uses a theoretical framework of economic perspectives to investigate if the proposed cryptocurrency could take the role as a form of good money. Furthermore, the main purpose of the study is to identify which existing transport protocol with appurtenant parameters would be the most suitable in an implementation of the proposed cryptocurrency. To answer these questions, the study measures latency, throughput and reliability of protocols in a test simulating a real case of long distance data transmission. These results are then compared to findings from similar studies. From the results, it was suggested that proposed cryptocurrency satisfies the requirements of good money, as intrinsic value was found through the monetary policy. Moreover, it was found that TCP IPv6 showed the best performance regarding data transmission. However, considering the current state of the IPv6 adoption rate into consideration, it is suggested that TCP IPv4 with a packet size in the range of 1024-2048 would be beneficial. Further research in different settings is required for more nuanced results.
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