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The document outlines the importance of writing a problem statement in software engineering, specifically for an NFT marketplace using DummyCoin. It identifies key issues in existing NFT platforms, such as high transaction costs and security vulnerabilities, and proposes solutions to enhance user experience and accessibility. The document also details the desired outcomes and technologies to be utilized for addressing these problems.

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abdul wahab
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3 views

experiment1

The document outlines the importance of writing a problem statement in software engineering, specifically for an NFT marketplace using DummyCoin. It identifies key issues in existing NFT platforms, such as high transaction costs and security vulnerabilities, and proposes solutions to enhance user experience and accessibility. The document also details the desired outcomes and technologies to be utilized for addressing these problems.

Uploaded by

abdul wahab
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Practical No.

- 1
Aim : Writing Problem Statement for System of Relevance

A Problem typically refers to a challenge, issue, or obstacle that affects the


development, maintenance, or operation of software systems.

A problem statement in software engineering clearly defines a specific issue that needs
to be addressed through a software solution. It typically includes:
1. Current Situation – What is happening now?
2. Problem Description – What is wrong or inefficient?
3. Impact – How does this problem affect users or the business?
4. Desired Outcome – What should be achieved by solving this problem?

Steps:
 Identify the problem.
 Analyze the problem.
 Give solution corresponding to every problem.

Importance of Problem Statement:


 Clear Understanding of the Problem
 Guides the Development Process
 Defines Scope and Constraints
 Facilitates Better Communication
 Supports Efficient Resource Utilization

Example:
Title : NFT Marketplace usinf DummyCoin
Definition :
NFT stands for "Non-Fungible Token." These are unique digital assets that exist on a
blockchain, which is a type of digital ledger. Unlike cryptocurrencies like Bitcoin, which are
fungible (meaning each unit is exactly the same as another), NFTs are one-of-a-kind. They're
often used to represent digital art, collectibles, music, virtual real estate, and even memes!
Problems in Existing NFT Marketplaces
1. High Transaction Costs:
Blockchains like Ethereum have become the backbone of many NFT platforms, but
high gas fees deter small-scale creators and collectors from participating in the
ecosystem.
2. Network Congestion:
As the number of users and transactions increases, some blockchain networks
become congested, resulting in long confirmation times and poor user experiences.
3. Lack of Payment Flexibility:
Many marketplaces restrict transactions to a limited set of cryptocurrencies,
excluding potential users who prefer alternative tokens.
4. Centralized Metadata Storage:
Storing NFT metadata on centralized servers creates a single point of failure,
increasing the risk of data loss, manipulation, or censorship.
5. Security Vulnerabilities:
Inadequate smart contract audits and poor wallet integration expose users to
potential fraud, asset loss, and hacking attempts.

Problem Statement:
Problem:
The current NFT marketplace landscape is plagued by high transaction costs, network
congestion, limited payment flexibility, centralized metadata storage, and security
vulnerabilities. These issues prevent many creators and collectors from fully participating in
the NFT ecosystem.
Impact:
These inefficiencies result in high entry barriers for small-scale creators, poor user
experience due to network congestion, exclusion of users preferring alternative tokens, risk
of data loss or manipulation, and exposure to fraud and asset loss. As a result, the potential
of NFTs as a democratized digital asset is not fully realized.
Desired Outcome:
1. Reduce Transaction Costs: Leverage Solana's blockchain to minimize transaction fees,
making the platform accessible to all users.
2. Alleviate Network Congestion: Utilize Solana's high-performance infrastructure to
ensure fast and reliable transactions.
3. Enhance Payment Flexibility: Allow transactions with DummyCoin and potentially
other cryptocurrencies to accommodate a broader user base.
4. Decentralize Storage: Use IPFS for secure and resilient storage of metadata and
digital assets.
5. Strengthen Security: Implement carefully audited smart contracts to protect users
from vulnerabilities and fraud.

Technology Used:
1. Front-end Technologies: HTML, CSS, JavaScript.
2. Programming Languages: Rust, Solana's smart contract language.
3. Blockchain Technology: Solana for high throughput and low transaction costs.
4. Cryptocurrency: DummyCoin (DUM) as the native currency.
5. Decentralized Storage: IPFS (InterPlanetary File System) for storing metadata and
digital assets.
6. Wallet Integration: Phantom wallet for secure user authentication and account
management.

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