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Ethereum Cryptocurrency Explained

This Giant Infographic Compares Bitcoin, Ethereum, And Other Major Cryptocurrencies

This Giant Infographic Compares Bitcoin, Ethereum, And Other Major Cryptocurrencies

View a high resolution version of this graphic Comparing Bitcoin, Ethereum, and Other Cryptos View the high resolution version of todays graphic by clicking here . Unless youve been hiding under a rock, youre probably aware that were in the middle of a cryptocurrency explosion . In one year, the value of all currencies increased a staggering 1,466% and newer coins like Ethereum have even joined Bitcoin in gaining some mainstream acceptance. And while people like Jamie Dimon of J.P. Morgan and famed value investor Howard Marks have been extremely critical of cryptocurrencies as of late, many other investors are continuing to ride the wave. As weve noted in the past, the possible effects of the blockchain cannot be understated, and it could even change the backbone of how financial markets work . However, even with the excitement and action that comes with the space, a major problem still exists for the layman: its really challenging to decipher the differences between cryptocurrencies like Bitcoin, Ethereum, Ethereum Classic, Litecoin, Ripple, and Dash. For this reason, we worked with social trading network eToro to come up with an infographic that breaks down the major differences between these coins all in one place. Here are descriptions of the major cryptocurrencies, which make up 84% of the coin universe. Bitcoin is the original cryptocurrency, and was released as open-source software in 2009. Using a new distributed ledger known as the blockchain, the Bitcoin protocol allows for users to make peer-to-peer transactions using digital currency while avoiding the double spending problem. No central authority or server verifies transactions, and instead the legitimacy of a payment is determined by the decentralized network itself. Bottom Line: Bitcoin is the original c Continue reading >>

Blockchain, Bitcoin And Ethereum Explained

Blockchain, Bitcoin And Ethereum Explained

Blockchain, Bitcoin And Ethereum Explained Opinions expressed by Forbes Contributors are their own. Despite hundreds of articles being written and discussions being had on this subject, can anyone truly say that they understand everything about blockchain, Bitcoin,and Ethereum? I spoke to Loi Luu, co-founder and CEO of KyberNetwork , a decentralized exchange that allows for the instant trading and conversion of any cryptocurrency. I asked this renowned cryptocurrency, smart contract security and distributed consensus algorithm researcher the questions most regularly asked about blockchain, as well as its impact on the fintech industry. Madhvi Mavadiya: In layman's terms, how would you describe blockchain's impact on the fintech industry? Loi Luu: Revolutionary, because it takes away the middleman to attain the same purposes in transactions. Traditionally, middlemen such as banks and other forms of financial institutions are needed to ensure that a payment goes through. However, these middlemen cost money, and as a result payment transactions become unnecessarily inefficient, bloated and expensive. Additionally, having middle men introduces potential security risks and financial fraud. Blockchain improves the efficiency of a transaction by eliminating the middlemen, and as a result, we could have a more efficient payment system, reducing the cost of money transfer for everyone. Blockchain also makes things more transparent and easily auditable by any third party. Mavadiya: How would you describe Ethereum's impact on fintech? Loi: Ethereum is the first generic blockchain platform that allows users to easily create and deploy their decentralized and trustless applications. It has created incredible opportunities in the fintech space. Its creation and adoption has allowed Continue reading >>

How Ethereum Works - Coindesk

How Ethereum Works - Coindesk

CoinDesk Launches 2017 Year in Review Opinion and Analysis Series Now that we've covered what ethereum is, let's dive deeper into how the platform functions under the hood. Consider the online notebook application described in " What is Ethereum? " Using ethereum, the appdoesn't require one entityto store and control its data. To accomplish this, ethereum borrows heavily from bitcoin's protocol and its blockchain design, but tweaks it to support applications beyond money. Ethereum aims to abstract away bitcoin's design, however, so that developers can create applications or agreements that have additional steps, new rules of ownership, alternative transaction formats or different ways to transfer state. The goal of ethereum's 'Turing-complete' programming language is to allow developers to write more programs in which blockchain transactions could govern and automate specific outcomes. This flexibility is perhaps ethereum's primary innovation, as explained in the guide " How Ethereum Smart Contracts Work ". The structure of the ethereum blockchain is very similar to bitcoin's, in that it is a shared record of the entire transaction history. Every node on the network stores a copy of this history. The big difference withethereum is that its nodes store the most recent state of each smart contract, in addition to all of the ether transactions. (This is much more complicated than described, but the text below should help you get your feet wet.) For each ethereum application, the network needs to keep track of the 'state', or the current information of all of these applications, including each user's balance, all the smart contract code and where it's all stored. Bitcoin uses unspent transaction outputs to track who has how muchbitcoin. While it sounds more complex, the id Continue reading >>

Cryptocurrencies Explained, In Plain English

Cryptocurrencies Explained, In Plain English

Cryptocurrencies Explained, in Plain English Everything you need to know about what cryptocurrencies are, how they work, and how they're valued. By now you've probably heard about the cryptocurrency craze. Either a family member, friend, neighbor, doctor, Uber driver, sales associate, server, barista, or passer-by on the street, has probably told you how he or she is getting rich quick with virtual currencies like bitcoin, Ethereum, Ripple, or one of the lesser-known 1,300-plus investable cryptocurrencies. But how much do you really know about them? Considering just how many questions I've received out of the blue from the aforementioned group of people over the last month, the answer is probably, "not a lot." Today, we'll change that. We're going to walk through the basics of cryptocurrencies, step by step, and explain things in plain English. No crazy technical jargon here. Just sticks and stones examples of how today's cryptocurrencies work, what they're ultimately trying to accomplish, and how they're being valued. Simply put, cryptocurrencies are electronic peer-to-peer currencies. They don't physically exist. You can't pick up a bitcoin and hold it in your hand, or pull one out of your wallet. But just because you can't physically hold a bitcoin, it doesn't mean they aren't worth anything, as you've probably noticed by the rapidly rising prices of virtual currencies over the past couples of months. The number is always changing, but according to CoinMarketCap.com as of Dec. 30, there were around 1,375 different virtual coins that investors could potentially buy. It's worth noting that the barrier to entry is particularly low among cryptocurrencies. In other words, this means that if you have time, money, and a team of people that understands how to write computer Continue reading >>

100 Cryptocurrencies Explained - Quick Summaries

100 Cryptocurrencies Explained - Quick Summaries

The first cryptocurrency, created 2008. Lets you send and receive money without any middlemen like banks. It is community managed, without a central authority or control. A platform for creating and running smart contracts. These are programmable applications that run exactly as promised - without downtime, censorship, or interference. A Blockchain payment system for banks, payment providers, digital asset exchanges, and other companies. Designed to move large amounts of money more quickly and reliably. A fork of Bitcoin that focuses on processing high volumes of transactions differently. Created because of disagreements about how to best grow digital currency. A security-focused Blockchain based on peer-reviewed research. A platform for decentralized applications and smart contracts which allows for formal code verification. An offshoot of Bitcoin with very similar features. However, this cryptocurrency is designed for very cheap and fast transaction. Same goal as Bitcoin - to become digital money. A nonprofit organization thats building an open system where people of all income levels can access financial services. Working with banks to enable text message money transfer. Developing an operating-system like platform upon which decentralized applications can be built. Provides a scalable, plug-and-play toolkit for smart contract developers. A platform for businesses and developers that want to build smart contract applications and connect them to the Blockchain. Offers pre-made tools and functionality for this. A clone (AKA fork) of Bitcoin that focuses on handling high volumes of transactions differently. Similar to Bitcoin Cash and also created because of community disagreements. Decentralized application platform that's building communities in partnership with bank Continue reading >>

Cryptocurrency Trading Explained: What You Need To Know

Cryptocurrency Trading Explained: What You Need To Know

20/11/2017 10:01 AM AEDT | Updated 20/11/2017 7:55 PM AEDT Cryptocurrency Trading Explained: What You Need To Know Here is all the important information on regulations, risks and rewards. Concepts such as 'cryptocurrency' and 'blockchain' have become major buzzwords in the financial world as of late and, even if you aren't from an economics background, people are starting to realise that things like Bitcoin and Ethereum can be major moneymakers. Investing and trading in digital currencies is quickly turning into the newest way to jump on the cryptocurrency bandwagon, and while it isn't too late to join the party , wrapping your head around exactly how to do that is one very daunting task. To give you an idea of how big of a thing this is, a single bitcoin (currently the most popular form of cryptocurrency) was worth almost $8,000 AUD at the time of writing this article. And while blockchain technology is still in its early stages of development and will soon become something we use without really knowing -- for most people, it's like we are back in 1994 when the internet or email was developing. So when it comes to putting your money into what could be the next big step in technology, if you find yourself as confused as the television show hosts above, there's no need to worry -- we've got you covered. What Is Cryptocurrency Investing And Trading? Emma Poposka, the CEO of digital currency management company BronTech , told HuffPost Australia that there is a big difference between investing and trading in cryptocurrencies -- but both are becoming more popular among people around the world. "Literally to invest, in the most layman's terms, is to buy a particular cryptocurrency and to wait for it to increase in price," she said. "To trade cryptocurrencies is similar to th Continue reading >>

What Is Ripple? How Is It Different From Bitcoin And Ethereum? | Digital Trends

What Is Ripple? How Is It Different From Bitcoin And Ethereum? | Digital Trends

Although bitcoin is still the king of the cryptocurrency hill, there are many pretenders to its throne, and some of them are quite different. One of the most intriguing in its diversion from several crypto-norms is Ripple, a much more centralized cryptocurrency in a very decentralized space. What is Ripple? Its still classed as a cryptocurrency , but the way it was founded and the way it operates are very different from some of the others out there. Thats why if youre thinking of investing in Ripple, you need to do your research first and what better place to start, than right here. Want to know what Ethereum is all about too? We have a guide for that as well . Ripple is the catchall name for the cryptocurrency platform, the transactional protocol for which is actually XRP, in the same fashion as Ethereum is the name for the platform that facilitates trades in Ether. Like other cryptocurrencies, Ripple is built atop the idea of a distributed ledger network which requires various parties to participate in validating transactions, rather than any singular centralized authority. That facilitates transactions all over the world, and transfer fees are far cheaper than the likes of bitcoin. Unlike other cryptocurrencies, XRP transfers are effectively immediate, requiring no typical confirmation time. Ripple was originally founded by a single company, Ripple Labs, and continues to be backed by it, rather than the larger network of developers that continue bitcoins development. It also doesnt have a fluctuating amount of its currency in existence. Where bitcoin has a continually growing pool with an eventual maximum, and Ethereum theoretically has no limit, Ripple was created with all of its 100 billion XRP tokens right out of the gate. That number is maintained with no mining Continue reading >>

What Is Ethereum? Everything You Need To Know About Ethereum, Explained

What Is Ethereum? Everything You Need To Know About Ethereum, Explained

What is Ethereum? Everything You Need to Know About Ethereum, Explained At its most basic, Ethereum is an open-source software platform based on blockchain technology. This platform enables developers to build and deploy decentralized applications (dapps) like Status or Metamask on it. All of this is possible because of a breakthrough in blockchain technology (as popularized by Bitcoin), and then Ethereum came along with some new ideas. As the two biggest cryptocurrencies (by market cap), Bitcoin and Ethereum often get mentioned in the same sentence. For the uninitiated, understanding what Ethereum is and how it differs from Bitcoin can be difficult. On the official website under the tagline build unstoppable applications, you will find the following description of Ethereum: A decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. Another common description of Ethereum is that its intended to become a world computer. If none of the above makes complete sense to you, dont worry, thats the purpose of this article. Think of this as Ethereum 101, wherein we answer all the most important Ethereum-related questions, chart its history, provide some technical explanations, discuss pros & cons, and lay out what the future might look like. If youre completely new to cryptocurrency, it may be useful to get acquainted with some essential cryptocurrency terms first. As a starting point, lets think of Ethereum as Bitcoins multi-talented, more versatile younger sibling. Lets go! Ethereum started with one person, and that person is Vitalik Buterin . Unlike Bitcoin, Ethereum has a real name attached to it, a leader if you will. Buterin is a Russian-Canadian program Continue reading >>

What Is Ether?

What Is Ether?

Ether is a necessary element a fuel for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, ether is the incentive ensuring that developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources). If you just want to test the technology, you probably don't need real ether. Download the latest Wallet app and switch to the Test Network Check your ether presale balance safely here: The total supply of ether and its rate of issuance was decided by the donations gathered on the 2014 presale. The results were roughly: 60 million ether created to contributors of the presale 12 Million (20% of the above) were created to the development fund, most of it going to early contributors and developers and the remaining to the Ethereum Foundation 5 ethers are created every block (roughly 15 seconds) to the miner of the block 2-3 ethers are sometimes sent to another miner if they were also able to find a solution but his block wasn't included (called uncle/aunt reward) Note that after the Byzantium update is implemented, the mining and uncle reward is reduced to 3 ethers and 0.625-2.625 ethers, respectively. No. According to the terms agreed by all parties on the 2014 presale, issuance of ether is capped at 18 million ether per year (this number equals 25% of the initial supply). This means that while the absolute issuance is fixed, the relative inflation is decreased every year. In theory if this issuance was kept indefinitely then at some point the rate of new tokens created every year would reach the average amount lost yearly (by misuse, accidental key Continue reading >>

Blockchain - How Would I Explain Ethereum To A Non-technical Friend? - Ethereum Stack Exchange

Blockchain - How Would I Explain Ethereum To A Non-technical Friend? - Ethereum Stack Exchange

How would I explain Ethereum to a non-technical friend? I've recently attempted to explain Ethereum to several non-techy friends. My explanation usually involves starting with a comparison to Bitcoin, but this quickly becomes complicated as I then have to explain the backstory of how the Bitcoin blockchain works, which is similarly technical in nature. Is there a better way to describe the general concepts of Ethereum to non-techies? Are there any analogies I can make to things that are less technical in nature? Or is it just the case that the technology is quite complicated...? Ethereum is a world computer [ 1 ] and might change how we interact, just like the internet did, 20 years ago. Like Bitcoin, it is based on a block chain, but Ethereum is more than just a currency: Secure backbone for e-commerce and the Internet of Things Integrated development environment for debugging, development and deployment of Ethereum applications Free software - all released under the General Public Licence (GPL) The substantive content of your Answer was almost entirely in a linked video and therefore unavailable in this StackExchange. There was no attempt to summarize the salient points of the video. user75798 Jan 20 '16 at 21:25 Brilliant! I was having trouble to understand it myself Zorgatone Jan 21 '16 at 13:44 Many parts of Ethereum software are not released under the GPL. E.g. pyethereum , evmjit . Pawe Bylica Mar 9 '16 at 19:14 This answer isn't that sexy. For us who understand, it says everything. But for someone new: "Transparent, why is that cool? I expect all services to be secure. Paypal is secure and something license." Not being a hater in any way, just trying to find more of a elevator pitch which makes the other person go "Aha!" Jon Ramvi Aug 23 at 12:45 It depends on Continue reading >>

Bitcoin Vs Ether Vs Litecoin Vs Ripple: Differences Between Cryptocurrencies

Bitcoin Vs Ether Vs Litecoin Vs Ripple: Differences Between Cryptocurrencies

By now, you've no doubt heard about the massive bitcoin rally this year . And you may also have read about other cryptocurrencies, such as litecoin and Ethereum , surging too. But there are over 1,300 cryptocurrencies in existence. And while bitcoin dominates the market, several other digital currencies are making waves. CNBC has created a brief guide on how the top five cryptocurrencies by market capitalization, or value in the world, have performed so far this year, and what the differences are between each of them. All market cap and year-to-date rise figures are accurate as of December 14. But because of the frenzy around bitcoin, transaction times have spiked, which could go against the original aims of the cryptocurrency. While Nakamoto referred to bitcoin as electronic cash, many experts have called it "digital gold" and said it could be a long-term store of value. At the moment, some retailers in Japan have begun accepting bitcoin as payment and there are even instances of real estate firms accepting it too . But there is little evidence of widespread use of bitcoin for payments. Ethereum is the name of a blockchain company that has created the digital token ether. But Ethereum and ether are now used interchangeably to refer to the cryptocurrency. Ether is backed by a blockchain, much like bitcoin, but the technology is slightly different and aimed at a specific use case: smart contracts. Take a trade finance deal, for example. This relies on each party in the deal having a paper or digital copy of the contract and needing to update it individually. It's arduous and prone to error. But a smart contract is one that is written in code into a blockchain. Once the terms of the contract are met by each party, a deal will be executed. Many major organizations are exp Continue reading >>

Ethereum Cryptocurrency: Everything A Beginner Needs To Know

Ethereum Cryptocurrency: Everything A Beginner Needs To Know

Ethereum Cryptocurrency: Everything A Beginner Needs To Know By: Sudhir Khatwani In: Ethereum Last Updated: In the cryptocurrency world, if Bitcoin is the king, then Ethereum is the queen. The price of Ethereum (ETH) has risen significantly in past few months, and its one of the most promising cryptocurrenciesright now. In this article I will help you understand everything about Ethereum & you would learn all important things that you should know as a beginner. Before that, Consider you have just booked an Uber ride and a driverless car has come to pick you up. That car takes you to the gasoline station and self-pays for its fuel with the money it earned from the previous ride. Afterward, this car takes you to your destination, and the trip fare is auto-deducted from your Uber wallet. While driving you to your destination, the car also self-paid its annual insurance fee and its monthly liability fee on behalf of its (human) owner. After it drops you off, itdrives itself to a mechanic for some repairs. You might be thinking I am telling you a scene from a Sci-Fi movie. Butto your surprise (and mine), I am not!! Such things are being tested, and the use of cryptocurrencies like Ethererum and technology like the Ethereum blockchain are the reasons that something like this can happen. Such autonomy is the direct effect of the theories behind cryptocurrencies. So to be able to digest this futuristic scenario, lets understand Ethereum. As the official Ethereum project websitesays: Ethereumis a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship, or third-party interference. But whats special about that? All software runs as it was programmed to do so Well, the code written on the Ethereum blockchain cant be altered, Continue reading >>

What Is Ethereum? A Step-by-step Beginners Guide

What Is Ethereum? A Step-by-step Beginners Guide

If you want to know what is Ethereum and how it works and what it can be used for, without going deep into the technical abyss, this guide is perfect for you. Important Note: This guide assumes a basic understanding of blockchain technology. If youre unfamiliar with blockchain, check out this step by step introduction for beginners . Beyond Bitcoin & first generation decentralized applications Although commonly associated with Bitcoin , blockchain technology has many other applications that go way beyond digital currencies. In fact, Bitcoin is only one of several hundred applications that use blockchain technology today. [Blockchain] is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one. Sally Davies, FT Technology Reporter Until relatively recently, building blockchain applications has required a complex background in coding, cryptography, mathematics as well as significant resources. But times have changed. Previously unimagined applications, from electronic voting & digitally recorded property assets to regulatory compliance & trading are now actively being developed and deployed faster than ever before. By providing developers with the tools to build decentralized applications, Ethereum is making all of this possible. At its simplest, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Is Ethereum similar to Bitcoin? Well, sort of, but not really. Like Bitcoin , Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capabil Continue reading >>

The Difference Between Bitcoin And Ethereum Explained

The Difference Between Bitcoin And Ethereum Explained

The difference between Bitcoin and Ethereum explained Dan Guido, co-founder and CEO of Trail of Bits, discusses why more people are starting to use Ethereum, and how companies can use it, too. The blockchain2018's most disruptive, innovative, yet confusing technologies. TechRepublic's Dan Patterson met with Dan Guido, co-founder and CEO of Trail of Bits, to explain how Ethereum works, and why the application-based cryptocurrency is rapidly-emerging as a Bitcoin alternative. Bitcoin and Ethereum are based on the same foundational concept of a global distributed ledger that everyone has access to and validates new transactions on. However, Bitcoin is used for value transfer, while Ethereum is a new way to develop applications. Instead of validating and sharing the transfer of tokens between two parties, Ethereum tracks the state between applications, Guido said. That shared state allows developers to write applications instead of providing someone with a token. SEE: The executive's guide to implementing blockchain technology (PDF download) "Within the next year or two, there will be an application that most humans on earth will have interacted with that uses the blockchain behind it," he said. Though it's easy for companies to want to jump into blockchain technology, there are many vulnerabilities and issues that could come along with it. When you embrace a technology like this, you need to understand the risk you are inheriting, Guido said. "Unlike regular applications, you can patch them. With Ethereum applications, you have to get it right on the first try," he added. Once companies implement this technology, they will receive great value from itso it is worth trying. However, companies need to meet with experts early on in their implementation process so they can dis Continue reading >>

Cryptocurrency Explained - Bitcoin, Ether, Dash & Litecoin

Cryptocurrency Explained - Bitcoin, Ether, Dash & Litecoin

Will any of the other digital currencies on this list be able to draw the fame away from the mighty Bitcoin? A Cryptocurrency is a digital asset that uses cryptography for heightened security during a transaction. Rising popularity has caused a number of variants to emerge in the market, with major exchanges having been set up. The way was paved for other virtual currencies by Bitcoin, the first cryptocurrency to emerge back in 2009. Since then, Bitcoin has experienced numerous remarkable price spikes, and commanded headline news globally. This kind of currency is decentralised, which is potentially beneficial as the currency has the potential to grow beyond those limited by a market cap. Existing separately from banks and other currencies, decentralised cryptocurrencies could play a similar role to gold. Many exciting plans and ideas are emerging regarding digital currency and the blockchain technology that it is based upon, but it has not yet earned the full confidence of investors. Recently Bitcoin experienced a split caused by bitcoin miners, and the hard fork brought a new currency, Bitcoin Cash, into existence. This volatility remains a concern for some, while development is ongoing to secure new use cases as cryptocurrencies soar in popularity. In this list we intend to delve beneath the surface of some of the most recognisable digital currency options. For many the thought of cryptocurrency is synonymous with Bitcoin, as it is the oldest, the best established, and holds the highest profile. Born in 2009, the currency experienced a significant rush in 2013 that sent prices soaring above the $1000 per unit mark. Following this high, the price of the currency plummeted when the Bitcoin exchange Mt. Gox shut down, and numerous users lost money. Despite the predicti Continue reading >>

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