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Ethereum Transaction Breakdown

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 >>

Ethereum Development Tutorial

Ethereum Development Tutorial

The purpose of this page is to serve as an introduction to the basics of Ethereum that you will need to understand from a development standpoint, in order to produce contracts and decentralized applications. For a general introduction to Ethereum, see the white paper , and for a full technical spec see the yellow papers, although those are not prerequisites for this page; that is to say, this page is meant as an alternative introduction to Ethereum specifically targeted towards application developers. Ethereum is a platform that is intended to allow people to easily write decentralized applications (apps) using blockchain technology. A decentralized application is an application which serves some specific purpose to its users, but which has the important property that the application itself does not depend on any specific party existing. Rather than serving as a front-end for selling or providing a specific party's services, a app is a tool for people and organizations on different sides of an interaction used to come together without any centralized intermediary. Even necessary "intermediary" functions that are typically the domain of centralized providers, such as filtering, identity management, escrow and dispute resolution, are either handled directly by the network or left open for anyone to participate, using tools like internal token systems and reputation systems to ensure that users get access to high-quality services. Early examples of apps include BitTorrent for file sharing and Bitcoin for currency. Ethereum takes the primary developments used by BitTorrent and Bitcoin, the peer to peer network and the blockchain, and generalizes them in order to allow developers to use these technologies for any purpose. The Ethereum blockchain can be alternately described Continue reading >>

Ethereum Vs. Bitcoin, Is One Cryptocurrency Better Than The Other? | Digital Trends

Ethereum Vs. Bitcoin, Is One Cryptocurrency Better Than The Other? | Digital Trends

Cryptocurrencies can be a little confusing. Are they digital money or more like gold? Are they a new way to pay for things online or a way to store value? Those arent easy questions to answer when youre talking about hundreds of different cryptocurrencies, some old, some new, and some very different from the rest. When you focus Ethereum vs. bitcoin, though, there are some stark, obvious differences. Their age is the most obvious, with bitcoin having entered this world as the very first global cryptocurrency in 2009 and Ethereum only showing up in 2015 as a potential alternative. Although it is less proven than its predecessor, Ethereum does have a few nifty features which give it a lot more potential than its older sibling in some key areas. For the purpose of this guide, well look at two shared aspects of the cryptocurrencies: Their ability to act as a store of value and as transactional mediums. Well also take a look at some of the unique features which make them stand apart. If you want a more general look at cryptocurrencies, or the steps for how to buy , sell or trade bitcoin and Ethereum, have a read of some of our other guides. The most successful cryptocurrency for storing value continues to be bitcoin. As the most valuable coin in the world by quite some margin and the progenitor of the entire cryptocurrency revolution bitcoin has proven itself. Its far more recognized than any of its peers, and that makes it easier to buy, store, and sell. Thats not to say that Ethereum and its coin, Ether, have been ineffective. For such a young currency, Ethereum has proved to be one of the most popular. At the time of writing its market value and 24-hour trading volume are second only to Bitcoin. The actual monetary value for a single ETHhowever, is less than five percent Continue reading >>

Network Transaction Fees Crypto Voices

Network Transaction Fees Crypto Voices

Green area: Total transaction fees per day, in US$; Blue line: Average transaction fee, in US$. Green area: Total transaction fees per day, in coins; Blue line: Average transaction fee, per byte of data accepted into each block, in coin's smallest denomination (except in Ethereum's case). Note that Ethereum's total network "transaction fees" are calculated by a two-step process. First, you need to understand the "gas"price. This is an extremely small figure, intended to be decoupled from ether's market price. Here we are measuring it in szabos, which amounts to 0.000001 ether per 1 szabo. Ethereum's denominations actually go much smaller than this, down to something called wei. One ether would amount to 1e18 wei; or a 1 with 18 zeros behind it. In any event, after the average gas price is understood, one would need to multiply this price by the total amount of gas units purchased in each block. Users must purchase any number of "gas" units to run different computations and contracts on Ethereum's network. The market history of both these figures is graphed below. Here, we can also see the dynamic limit that Ethereum places on gas units which can be purchased in each block. This limit is set dynamically by miners. Both are reflected in the right axis. As discussed in the network cost / block reward section, the "block reward"is essentially a revenue item for miners, and a cost item for the rest of us. Remember, it usually compromises both inflation (newly "mined" coins) and some form of transaction fees. This section isolates and graphs transaction fees only. Typically, miners choose which transactions they want to include in each block, based on how high their transaction fees are. The higher the transaction fee, the more likely your transaction is to be included and e Continue reading >>

What Does It Mean To Issue A Token On Top Of Ethereum?

What Does It Mean To Issue A Token On Top Of Ethereum?

What does it mean to issue a token on top of Ethereum? Understanding how Ethereum-based tokens work and their relationship to Ether. Even for those with an understanding of cryptocurrencies, Ethereum and other advanced open blockchain networks can be confusing, especially when people start talking about launching their new cryptocurrency or token on top of Ethereum. How can one valuable digital item run or be launched on top of another valuable digital item? This backgrounder will answer that question, but first we need to cover a fair amount of background material. Much of the confusion stems from the cryptocurrency communitys unfortunate habit of using the same name to describe multiple different things; so, to start, well try to disambiguate a few terms. Bitcoin is a peer-to-peer network. Bitcoin is a computer protocol for electronic cash. Bitcoin is a provably scarce token that will have a positive value if there is demand for it. All of these are true statements, which means that Bitcoin, the word, is used to describe three different things: (1) a group of networked computers on the Internet, (2) a set of rules and procedures for passing data between computers, and (3) valuable tokens that exist as a consequence of these networked computers running that Bitcoin protocol software. Those valuable tokens, bitcoins, in turn perform at least three functions: (1) people who dedicate computing resources to making the network work (i.e. miners) are rewarded with bitcoins, (2) users of the network can send bitcoins to other users as a payment medium, and (3) users can (and often must) pay fees in bitcoin in order to use the network. Many people interested in open blockchain networks started with Bitcoin and never had this distinction entirely spelled-out for them. So, when Continue reading >>

The Ultimate Guide To Understanding & Using Ethereum Gas

The Ultimate Guide To Understanding & Using Ethereum Gas

The Ultimate Guide to Understanding & Using Ethereum Gas Posted by Staff | Sep 29, 2017 | Ethereum | 0 If you want to create or take advantage of Ethereum smart contracts in any way, shape, or form you will need a good understanding of Ethereum Gas. Gas is the rather inaccurate name used for the metering and pricing of services in Ethereum. A mechanism like gas is needed because Ethereum is actually a massive cloud-based, open-source, operating system for a wide variety of solutions and applications. The cryptocurrency commonly called Ethereum, ETH, or Ether is simply one of many solutions operating in that system. In fact, there are actually a wide variety of cryptocurrencies operating in Ethereum. Any initial cryptocurrency offering (ICO) that bills itself as ERC-20, will operate on or through Ethereum. Many companies are using Ethereum ICOs to raise money for future operations or expansion. Ethereum-based applications such as smart-contracts need a certain amount of blockchain space within that ecosystem to operate. Unfortunately, the amount of space in ethereal is limited. Gas was created as a mechanism to measure the amount of space so it can be priced and sold to users. The term Ethereum Gas is used because of the Ethereum Virtual Machine. The Virtual Machine is the engine which operates Ethereum and creates Ethereum applications Gas is the fuel for the machine. If you want to use the Virtual Machine to create something like a Smart Contract, you will need to buy Gas to operate it. The best analogy for how Ethereum Gas functions is kilowatt hours, the mechanism utilities use to determine your electric bill. This makes Ethereum Gas more like electricity or the natural gas you might use to heat your home than the fuel for your car. The power company charges you for Continue reading >>

Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa Or Paypal?

Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa Or Paypal?

Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa or PayPal? Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa or PayPal? Cryptocurrency bag holders often boast that their network transaction speeds are faster than mainstream payment methods, such as Visa or Paypal. As cryptocurrencies continue to rise in popularity, it will be important to determine which blockchain payment networks could eventually become the new Visa. While both sides continue to debate their arguments, we jumped through the hard data and created a unique visual to highlight transaction speeds across several different payment networks. We chose to compare the transaction speeds of some of the largest cryptocurrencies by market-cap relative to Visa and PayPal. Each payment network is ranked largest-to-smallest based on the size of their balloon, which equates to the number of transactions per second. The larger the balloon, the more transactions their payment network can process per second. This allows for a clear and concise visual to show once and for all how some of the most popular crytpocurrencies stack up to more traditional payment methods. Ripple Shows Potential, But Visa is Still the King of Speed As you can see, Visa still has the fastest transaction speeds over any other payment networks measured, with 24,000 transactions per second. It was surprising to see Ripple come in second and beat out PayPal by a whopping 1,307 transactions per second. This shows that Ripple may have the capability to be a viable payment solution on a much larger scale. PayPal had 218 million active users during the third quarter of 2017. PayPal is still among the most popular and well-known digital peer-to-peer platforms out there, but Ripples transaction speed dominance could be the key to Continue reading >>

Guide To Ethereum: What Is Gas, Gas Limit And Gas Price?

Guide To Ethereum: What Is Gas, Gas Limit And Gas Price?

Guide to Ethereum: What is Gas, Gas Limit and Gas Price? Smokescreen no more By Aziz, Founder of Master the Crypto No responses Home Ethereum Guide to Ethereum: What is Gas, Gas Limit and Gas Price? This article breaks down the concept of gas, gas limit and gas price, which is a central feature of the Ethereum (ETH) Blockchain and ecosystem. If youve performed a simple transfer of Ether (ETH) from one place to another or participated in an Initial Coin Offering (ICO) , then chances are youre exposed to the concept of gas in the Ethereum network. Understanding the mechanics of gas and the associated terms gas limit and gas price is a crucial element to executing your ETH transactions. But before delving into the details of gas, its important to have a basic understanding of Ethereum. (Read more: Coins, Tokens & Altcoins: Whats the Difference? ) Ethereum is a giant network consisting of a huge number of computers connected together. This large, interconnected web of computers is called the Ethereum Virtual Network (EVN) essentially a global, supercomputer where all transactions occurring in the Ethereum network are updated and recorded into each computer. Ether (ETH) is the native currency of the Ethereum blockchain and is used as the fuel for the network. ETH is not to be confused with Ethereum Classic ; the latter is a fork of the Ethereum Blockchain. Heres a guide to understanding forks, hard forks and soft forks . A revolutionary functionality of the Ethereum blockchain was the introduction of smart contracts. Smart contracts are any contracts that have been pre-programmed with a set of definitive rules and regulations that are self-executing, without the need of any intermediaries. Therefore, with any given inputs, there will be a known output. As they say: Heres si Continue reading >>

A Hacker Stole $31m Of Etherhow It Happened, And What It Means Forethereum

A Hacker Stole $31m Of Etherhow It Happened, And What It Means Forethereum

A hacker stole $31M of Ether how it happened, and what it means forEthereum Yesterday, a hacker pulled off the second biggest heist in the history of digital currencies. Around 12:00 PST, an unknown attacker exploited a critical flaw in the Parity multi-signature wallet on the Ethereum network, draining three massive wallets of over $31,000,000 worth of Ether in a matter of minutes. Given a couple more hours, the hacker couldve made off with over $180,000,000 from vulnerable wallets. Having sounded the alarm bells, a group of benevolent white-hat hackers from the Ethereum community rapidly organized. They analyzed the attack and realized that there was no way to reverse the thefts, yet many more wallets were vulnerable. Time was of the essence, so they saw only one available option: hack the remaining wallets before the attacker did. By exploiting the same vulnerability, the white-hats hacked all of the remaining at-risk wallets and drained their accounts, effectively preventing the attacker from reaching any of the remaining $150,000,000. To prevent the hacker from robbing any more banks, the white-hats wrote software to rob all of the remaining banks in the world. Once the money was safely stolen, they began the process of returning the funds to their respective account holders. The people who had their money saved by this heroic feat are now in the process of retrieving their funds. Its an extraordinary story, and it has significant implications for the world of cryptocurrencies. Its important to understand that this exploit was not a vulnerability in Ethereum or in Parity itself. Rather, it was a vulnerability in the default smart contract code that the Parity client gives the user for deploying multi-signature wallets. This is all pretty complicated, so to make th 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 >>

Remix - What Is The Difference Between Transaction Cost And Execution Cost In Browser Solidity? - Ethereum Stack Exchange

Remix - What Is The Difference Between Transaction Cost And Execution Cost In Browser Solidity? - Ethereum Stack Exchange

What is the difference between transaction cost and execution cost in browser solidity? What is the difference between transaction cost and execution cost as seen after contract instantiation in browser solidity? I don't think it matters, but here is my contract: contract DepositCounter { uint deposits = 0; function() { deposits++; }} Some related comments from a gitter conversation that I found helpful: "The difference between execution cost and transaction cost is the overhead of creating a transaction, which includes the cost of the payload, AFAIK. One is useful if you want to know how much it will cost for someone to call you from another contract, the other if you want to know how much it will cost to send a transaction to that method." Raine Jan 16 '17 at 17:29 "Transaction cost isn't specific to deployment. Every transaction has a transaction cost, deployment just happens to include the cost of the full bytecode of the contract." Raine Jan 16 '17 at 17:29 Transactions cost "68 gas per nonzero byte and 4 gas per zero byte in the transaction payload. ...[Comparing transactions that deploy contracts vs normal contracts,] there's an additional fee of 32k gas for contracts that create transactions, plus a fee for the storage of the contract data in state. Other than that, they're the same." Raine Jan 16 '17 at 17:31 var getGasUsedOutput = function (result, vmResult) { var $gasUsed = $(''); var caveat = lookupOnly ? '(caveat)' : ''; if (result.gasUsed) { var gas = result.gasUsed.toString(10); $gasUsed.html('Transaction cost: ' + gas + ' gas. ' + caveat); } if (vmResult.gasUsed) { var $callGasUsed = $(''); var gas = vmResult.gasUsed.toString(10); $callGasUsed.append('Execution cost: ' + gas + ' gas.'); $gasUsed.append($callGas Continue reading >>

Account Types, Gas, And Transactions

Account Types, Gas, And Transactions

code execution is triggered by transactions or messages (calls) received from other contracts. when executed- perform operations of arbitrary complexity (Turing completeness)- manipulate its own persistent storage, i.e., can have its own permanent state- can call other contracts All action on the Ethereum block chain is set in motion by transactions fired from externally owned accounts. Every time a contract account receives a transaction, its code is executed as instructed by the input parameters sent as part of the transaction. The contract code is executed by the Ethereum Virtual Machine on each node participating in the network as part of their verification of new blocks. This execution needs to be completely deterministic, its only context is the position of the block on the blockchain and all data available.The blocks on the blockchain represent units of time, the blockchain itself is a temporal dimension and represents the entire history of states at the discrete time points designated by the blocks on the chain. All ether balances and values are denominated in units of wei: 1 ether is 1e18 wei. Contracts in Ethereum should not be seen as something that should be fulfilled or complied with; rather, they are more like autonomous agents that live inside of the Ethereum execution environment, always executing a specific piece of code when poked by a message or transaction, and having direct control over their own ether balance and their own key/value store to store their permanent state. The term transaction is used in Ethereum to refer to the signed data package that stores a message to be sent from an externally owned account to another account on the blockchain. a signature identifying the sender and proving their intention to send the message via the blockchain Continue reading >>

A Beginner's Guide To Ethereum, The Next Bitcoin

A Beginner's Guide To Ethereum, The Next Bitcoin

A Beginner's Guide To Ethereum, The Next Bitcoin Ever since Craig Wright said, but couldn't prove , he was mysterious Bitcoin creator Satoshi Nakomoto, the world of cryptocurrency has been relatively silent. To most, it's a bunch of people with too many graphics cards creating value from nothing in order to anonymously spend money around the web. So, you'd be forgiven if you saw the price of Ethereum jump some 2,300 percent this year , and assumed this was more internet hype once again mixing with the volatility of magic internet money. So, just what is this Ethereum thing ? Will it really make our current monetary system obsolete? Are we all gonna be rich? The answer is, well, just maybe. Well, sort of. Both Bitcoin and Ethereum run off of a technology called blockchain . As you might remember from past cryptocurrency explainers, a blockchain is just a public record of actions. For Bitcoin, it's a public record of bitcoin transactions, in which computers connected to the blockchain are constantly verifying those transactions and are rewarded with bitcoin of their own. It all has this recursive logic to it, which can be a little confusing! But Consensys , a blockchain venture capital firm, lays it out simply enough : All bitcoin transactions are broadcast to the entire network, and these transactions are collected by miners who verify those transactions validity (essentially using the method described previously) and include all valid transactions into a block. The contents of the block are then hashed with an incrementing random number (called a nonce) until the resulting output contains a certain number of leading zeroes. The network dynamically adjusts the requisite number of leading zeroes (or the difficulty) so that a block is mined every 10 minutes on average. Be Continue reading >>

Ethereum Gas And Transaction Fees Explained!

Ethereum Gas And Transaction Fees Explained!

Ethereum Gas and Transaction Fees Explained! What is mining and whats the difference between PoW and PoS mining? Basic knowledge of programming terms (variables, loops) might also come in handy. When sending a Bitcoin transaction, its fee is proportionate to its size. The more inputs and outputs , the more expensive it is. Add to that the factor of pending transactions , and transaction fees can skyrocket based on those two factors alone. With Ethereum, given that were talking about a programming language within the protocol, its possible to be very computationally demanding with very little text or code (something which would be very cheap in the BTC-verse). Lets look at this loop for example: This loop means "for as long as i is smaller than 1000, increase it by 1 and then sum up i and j and write the result into j, then do it all again." This loop will execute 1000 times if i is 0 or more if it's a negative number. To pay for this computational cost in a fair way - since it has to be executed on all miners' machines at once and they spend their resources and time on it - the concept of gas was introduced. Gas is used to pay for the execution of these so called smart contracts (Ethereum programs) inside the EVM. For example, i + j above is a summation operation which costs 3 gas every time it's executed, so 3000 gas if executed 1000 times. To explain gas properly, let's first cover the EVM. EVM stands for Ethereum Virtual Machine. But what is a virtual machine anyway? A virtual machine is software running on a specific computer which contains another operating system completely encapsulated inside the main one. A virtual machine allows you to, for example, run Windows inside of Linux, Linux inside of Windows, Windows on OS X like in the image below, or any other comb Continue reading >>

How To Read An Ethereum Transaction

How To Read An Ethereum Transaction

Last updated on October 30th, 2017 at 08:01 am Although 99Bitcoins has been around for a while, it just occurred to me that weve never really covered the basics of Ethereum transactions even though weve discussed Ethereum itself. So this post is aimed at all of the Ethereum newbies out there: lets understand how to read an Ethereum transaction. The first thing youre going to need in orderto read a transaction is an Ethereum block explorer. A block explorer is a search engine that allows you to search inside the Ethereum blockchain for transactions, addresses, and other interesting information. In this case, well use EtherScan , one of the most popular Ethereum block explorers out there today. Lets take a look at a random Ether transaction via EtherScan. Now lets break down the data that are displayed: TxHash Also known as the transaction ID, TxHash is a way to look up a specific transaction on the Ethereum blockchain. Block Height The block number in which the transaction was included (for an in-depth explanation of blocks, watch this video ) Time Stamp The time the transaction entered the blockchain (i.e., the time the block was mined) From/To The sending and receiving Ethereum addresses Value How much Ether was sent and the equivalentUSD value Before we move to the rest of the terms, lets look at a short explanation of gas. Gas in Ethereum is somewhat similar to transaction fees in Bitcoin . Each operation on the Ethereum network requires a fixed amount of gas (adding two numbers costs 3 gas, calculating a hash costs 30 gas, and sending a transaction costs 21,000 gas, for example). Gas is paid in Ether, but you cant own gas. Its just calculated at a fixed gas/ether exchange rate when you send a transaction on the Ethereum blockchain. Well talk more about gas in a dif Continue reading >>

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