Nandhi: Design and Implementation of a Deflationary Cryptocurrency Token on Ethereum Blockchain

Nandhi: Design and Implementation of a Deflationary Cryptocurrency Token on Ethereum Blockchain

NIKHIL REDDY M , PREKSITH V, JEEVAN V, JAGADEESHAN G, HARISH M.G, DR MARIMUTHU K

CSE,PRESIDENCY UNIVERSITY
BANGALORE-560064

Abstract— Blockchain technology has completely changed how we think about data storage and financial transactions. Numerous cryptocurrencies, each with its own special characteristics and advantages, have been developed using the idea of a decentralised and distributed ledger that records transactions in a secure and transparent manner. In this article, we propose the development of the "Nandhi" coin, a new cryptocurrency based on blockchain technology. Nandhi is made to provide a safe and open platform for transactions, with a focus on effectiveness and efficiency. It is built on the Ethereum blockchain, one of the most popular blockchain infrastructures worldwide.The sacred bull from Hindu mythology, which is viewed as a representation of strength and might, served as the inspiration for the name "Nandhi." We chose this name because we think Nandhi will exhibit these characteristics and provide users with a solid and trustworthy platform for transactions. Nandhi will be a deflationary cryptocurrency, which means that the total quantity of tokens will be constrained and that there will eventually be fewer tokens in circulation. As a result, there will be a shortage of tokens, which will increase the value of Nandhi.We will provide staking rewards to further entice people to hold Nandhi. Users can receive incentives by staking, which involves locking up their Nandhi tokens for an extended length of time. This will motivate users to keep their Nandhi tokens for longer periods of time, ultimately reducing the supply and raising the value of the tokens. We will provide liquidity benefits in addition to staking prizes. A portion of the transaction fees made by the Nandhi platform will go to liquidity providers as compensation. As a result, the Nandhi platform will have more users contributing liquidity, boosting its liquidity and enhancing its usability.Nandhi will be built with a focus on efficiency and economy. Nandhi will have minimal transaction fees, which will make it more widely usable than other cryptocurrencies that have large transaction fees. This will also make it a desirable choice for companies who wish to conduct business on a safe and dependable platform without paying a hefty price. We will put into place more sophisticated security measures, like multi-factor authentication and encryption, to further safeguard the security of transactions.Nandhi's success will depend on its capacity to draw users and establish a robust community. To do this, we will provide an intuitive interface that will make it simple for anybody to purchase, exchange, and trade Nandhi. Additionally, we will interact with the bitcoin community and actively advertise Nandhi on social media and other platforms.

Keywords— Blockchain technology, cryptocurrency, Nandhi, Ethereum, deflationary cryptocurrency, staking rewards, liquidity benefits, transaction fees, security measures, community building, intuitive interface, bitcoin community, social media.