Abstract:

Online transactions could be made explicitly from one entity to the other using peer-to-peer electronic cash instead of going via a financial institution. The fundamental advantages of digital signatures are lost if a trusted third party is still needed to prevent double-spending. Double spending can be avoided via Proof-of-Stake (PoS) technique. We employ the Ethereum Blockchain, which secures the network and uses proof of work (PoW) validation to confirm the transactions in each block. The goal of this project is to develop a banking system that mimics online payments using smart contracts, as well as a system of rewards for customers who deposit money in the bank. Money can be sent and received between users. In addition, users can cash out their money. Any users who have deposited money into the bank can receive rewards from the bank's owner when they are due. The bank reserves give the owner access to details about every customer who has made a deposit, as well as the amount of money made. Users can deposit and withdraw funds from a virtual bank according to their preferences, processing online transactions and rewarding users without necessitating their faith in a financial organization.

Description:

Blockchain, Smart Contracts, Proof Of Stake (POS), Ethereum, Web3.js, Truffleframework, Ganache, Solidity