Study in View of Development of a National Cryptocurrency
American Journal of Computer Science and Technology
Volume 3, Issue 3, September 2020, Pages: 46-56
Received: Jun. 19, 2020; Accepted: Jul. 9, 2020; Published: Jul. 23, 2020
Views 188      Downloads 79
Authors
Georges Bell Bitjoka, Department of Telecommunications, National Advanced School of Engineering, University of Yaoundé I, Yaoundé, Cameroon
Bouetou Thomas, Department of Computer Science, National Advanced School of Engineering, University of Yaoundé I, Yaoundé, Cameroon
Ferdinand Yves Mbarga, Department of Computer Science, National Advanced School of Engineering, University of Yaoundé I, Yaoundé, Cameroon
Article Tools
Follow on us
Abstract
The study of cryptocurrencies doesn’t clearly propose different approaches that provide cryptocurrency development. The purpose of this paper is to determine approaches to cryptocurrency development, in which we select one to develop a national cryptocurrency that will be able to bring out Cameroun from CFA Franc. Developing a national cryptocurrency or bringing out Cameroun from CFA Franc is a monetary issue which is generalized in the problem of commodity exchange. This problem focuses on how to exchange goods and services while ensuring stakeholder satisfaction. To this end, after a brief literature review on the commodity exchange system, money and Bitcoin, we first explored possible approaches to the development of cryptocurrencies. The study in these approaches has enabled us to determine four different solutions: firstly by token development, secondly by hard fork development, thirdly by fork of source code development, and at last by fork of software development. For each approach, we make a summary presentation which lists its stages of development. The comparison of these approaches in terms of development time, development cost dependence on a blockchain platform and solution to exit from the CFA Franc led us to choose fork of software approach. The fork of software approach of cryptocurrencies development best solves our problem, since it offers us a cryptocurrency development solution, but also proprietary currency which is independent of blockchain platforms. Fork of software is a fork approach that observes behavior of existing software, in view to implementing it again and/or customizing it. We proposed an explorative development method which combines: the iterative and incremental method with evolutionary prototype, for application of the development approach retained above.
Keywords
Commodity Exchange System, Currency, Cryptocurrency, Bitcoin, Cryptocurrency Development Approach
To cite this article
Georges Bell Bitjoka, Bouetou Thomas, Ferdinand Yves Mbarga, Study in View of Development of a National Cryptocurrency, American Journal of Computer Science and Technology. Vol. 3, No. 3, 2020, pp. 46-56. doi: 10.11648/j.ajcst.20200303.12
Copyright
Copyright © 2020 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
References
[1]
Beatrice Hibou; The CFA franc seen from Italy, France and Africa; Societes politiques comparees; 47; January/April2019.
[2]
Alain Faujas; Exit of the CFA Franc: whattheprojectfrenchlawsays; Jeune Afrique; 21mai 2020; https://www.jeuneafrique.com/985419/economie/sortie-du-franc-cfa-ce-que-dit-le-projet-de-loi-francais/.
[3]
Bernard Lietaer; What is the problem with our curren tmoney system? 17 September 2010; http://www.lietaer.com/2010/09/what-is-the-problem-with-our-current-money-system/.
[4]
A. S. Siddiqui; Comprehensive Economics XII; Laxmi Publications; 2011.
[5]
Ross M. Starr; The Structure of Exchange in Barterand Monetary Economies; The Quarterly Journal of Economics; Vol. 86, No. 2 (May, 1972), pp. 290-302.
[6]
M. Simonson; Study of a Cashless Service Exchange System; Digital or Visual Products; 2006.
[7]
Jerome Blanc, Cyrille Ferraton; Social currency? Local Exchange Systems (SEL) and solidarity economy; 2005; pp. 83-98.
[8]
Jean-Yves Capul and Olivier GARNIER; Dictionary of Economics and Social Sciences; Hatier; third edition; 1996.
[9]
Seraphin PraoYao; The CFA franc, acurrency that delays Africa; Bibliotheca; Vol. XII, Issue 3; 2011; pp. 145-162.
[10]
Andreas Antonopoulos, Mastering Bitcoin; O’Reilly; Second edition; July 2017.
[11]
Imran Bashir; Mastering Blockchain; Packt Publishing; Second edition; March 2018.
[12]
Hussain Ali M. et al.; Implementation of national cryptocurrency using ethereum development platform; Periodicals of Engineereing and Natural Sciences; Vol 7, No. 3September2019; pp. 1021-1019.
[13]
Adam Abdullah et al.; A Framework of Development of a National Crypto-Currency; International Journal of Economics and Finances; Vol. 10, No. 9; 2018.
[14]
Fabian Vogelstellerand Vitalik Buterin; ERC-20 token standard; 2015; https://github.com/ethereum/EIPs/blob/master/EIPS/eip-20.md.
[15]
Nick Webb; A Fork in the Blockchain: Income Tax and the Bitcoin/BitcoinCash Hard Fork; North Carolina Journal of Law & Technology; Janary 2018.
[16]
Linus Nyman; Understanding Code Forkingin Open Source Software, An examination of code forking, its effect on open source software, and how it is viewed and practiced by developers; EditaPrimaLtd; 2015.
[17]
Anne-Marie Hugues; Different life cycle models; december 2002; https://studylibfr.com/doc/2662740/2.differents-modeles-de-cycles-de-vie/.
ADDRESS
Science Publishing Group
1 Rockefeller Plaza,
10th and 11th Floors,
New York, NY 10020
U.S.A.
Tel: (001)347-983-5186