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Bitfinex And Tether Break Silence, Go On Media Blitz

Bitfinex And Tether Break Silence, Go On Media Blitz

Bitfinex and Tether Break Silence, Go on Media Blitz Dec 1, 2017 at 04:30 UTC|UpdatedDec 1, 2017 at 12:00 UTC After months of radio silence, Bitfinex, the world's largest cryptocurrency exchange, and Tether, the issuer of a dollar-pegged cryptocurrency, are responding to accusations of mismanagement. In a statement emailed late Thursday to reporters, Ronn Torossian, a newly hired outside spokesman for both companies, blamed "questionable actors" for raising doubts about their financials and controls. Notwithstanding critics, he wrote, Bitfinex is "committed to becoming the most transparent crypto exchange in the industry." Specifically, he called out "Bitfinex'd," the pseudonymous blogger who has thrown shade on the exchange in a series of lengthy Medium posts and YouTube videos . "Who is Bitfinex's biggest critic? An anonymous online Twitter user who throws allegations around without ever revealing his or her own identity," Torossian wrote, adding: "[W]henever someone lobs accusations and attacks behind the veil of anonymity, one has to question their motives." By contrast, Torossian went on to say, "[f]ar from hiding in anonymity, Bitfinex is led by a strong management team."However, his statement did not name any of the managers, and as of Thursday evening they were still not listed on Bitfinex's website. The company is run by CEO Jan Ludovicus van der Velde, Chief Strategy Officer Phil Potter and Chief Financial Officer Giancarlo Devasini, Torossian said in a email. The statement is also noteworthy for acknowledging that Tether is "related" to Bitfinex. The link between the two organizations was long the subject of speculation but only recently confirmed by documents contained in the leaked Paradise Papers , which showed that Potter was a director and Devanisi a sh Continue reading >>

Ethereum Gas And How Itworks

Ethereum Gas And How Itworks

Ethereum allows for decentralized apps and smart contracts. Common questions that have come up recently from newbie investors have been asking what ethereum gas is, what it is used for, and what happens to it after the transfer is complete. So, I wanted to offer an explanation that is simple to understand and an answer these basic questions. Before we can go into what gas is, we have to understand what Ethereum actually is beyond being one of the most popular coins and also a higher valued coin by the market place. Developers at Ethereum are working to build a world computer that can essentially decentralize the existing client-server model. Ethereum wants to take the information of the people back from big companies like Google or Apple and give it back to the people. One example is if you look at a smartphone app store and choose to download a certain app but then Apple or Google decides to not support that app anymore. You then lose all of your information and access to that app. Ethereum is trying to make apps that are decentralized so that you can always have access to them as a user, even if they get deleted from a particular service provider. The team behind Ethereum wants to give the power back to the user and to the author/creator of the content. And one cool part is that if you make a change it gets backed up onto every node in the network so you cant really lose your data. Keep in mind that this is a very simple explanation of some of the features of Ethereum. The EVM is a virtual environment where smart contracts and other such operations may be conducted. All transactions that become listed on the Ethereum network require some amount of operation in order to perform the transaction. Each transaction that is conducted requires gas in order to carry it out. Continue reading >>

Life Cycle Of An Ethereum Transaction

Life Cycle Of An Ethereum Transaction

Learn How an Ethereum Transaction is Created and Propagated to theNetwork Transactions are at the heart of the Ethereum blockchain (or any blockchain for that matter). When you interact with the Ethereum blockchain, you are executing transactions and updating its state. Have you ever wondered what exactly happens when you execute a transaction in Ethereum? Lets try to understand it by looking at an example transaction. In this post, we will cover the following. An end to end traversal of an Ethereum transaction starting from your browser/console to the Ethereum network and back to your browser/console Understand how transactions work when you use a plugin such as Metamask or Myetherwallet instead of running your own node What to do if you are too paranoid and dont trust any plugins to execute your transaction? This post assumes that you have a basic understanding of Ethereum and its components such as accounts, gas and contracts. Here is a good explanation of these concepts. If you are a developer new to Ethereum, you might find this helpful. You can also learn to build a simple dapp here . This post will make more sense if you have executed few transactions yourself. An example of a transaction is you sending some ether to another person or a contract. Another example is if you have interacted with a dapp. For example, if you go here and buy some tokens, that would be a transaction. If you vote for a candidate, that would be another transaction. 1. End to end overview of an Ethereum transaction Lets take the following contract call as an example and traverse through the entire flow of how this function call/transaction gets executed and gets permanently stored on the blockchain. You can find the entire contract here . At a high level, its a voting contract where you i Continue reading >>

How Wetrust Works Under The Hood Part1

How Wetrust Works Under The Hood Part1

This is the first of a four part series describing in detail how the WeTrust distributed App (dApp) works! WeTrust is a collaborative insurance and savings platform on the blockchain. It was created to enable groups of people to create their own savings and insurance blockchain organizations on the blockchain. These organizations, known as Trusted Lending Circles and as Rotating Savings and Credit Associations (ROSCAs), have been used in many parts of the world, providing financial services to people who do not have access to traditional financial institutions. But how does the WeTrust platform actually make this Trusted Lending Circle magic happen? The WeTrust Trusted Lending Circle dApp is composed of the smart contracts which implement the rules of a Trusted Lending Circle, an optional WeTrust frontend that simplifies the creation of and participation in Trusted Lending Circle contracts, and a WeTrust backend that makes checking the status of a Trusted Lending Circle more efficient. Lets explore the different parts in more detail. The WeTrust Trusted Lending Circle Smart Contract The most important part of the WeTrust dApp is the smart contract which implements the rules of a Trusted Lending Circle. The contract is written in Solidity, an object oriented programming language developed specifically for writing contracts on the Ethereum network. When contracts are deployed to the Ethereum blockchain, they are given a unique address, which consists of a bunch of hexadecimal characters. Within each contract, function declarations implement the defining rules of the smart contract. Solidity also provides language constructs specifically targeted at logging on the blockchain, such as the event primitive and the indexed keyword. A Solidity program is eventually compiled in Continue reading >>

This Is How Ethereumworks

This Is How Ethereumworks

The Ethereum blockchain is probably the most evolved yet complex blockchain system ever created. If you are not familiar with blockchain technology, and even less with Ethereum, feel free to read Ethereum how the internet will be in which I explain the capabilities of Ethereum and the benefits in the decentralised Internet of the future. Despite the complexity of the protocol and the security mechanisms that have been designed so far (for some of them formal proofs have been provided too), a full Ethereum node is composed of three essential parts A blockchain is nothing more than a series of blocks that are chained to each other in specific order and such that breaking any one block b will also break all its successors b+1, b+2, b+n In each block, a number of transactions is stored together with the hash of the previous block, and the proof-of-work of the current block. The proof-of-work is the result of an intensive computation that finds the first number (called nonce) that, together with the content of the block returns a certain hash. Such a hash usually starts with a number of 0s that increases according to a parameter called difficulty. The higher the difficulty the longer it takes to find a hash starting with a higher number of 0s. As each block is connected to the previous block (the hash of the previous block is part of the content of the current block), it is very hard to break the chain. Breaking a chain means forging a special block at any position in the chain, such that all the next blocks stay unchanged. If, by absurd, such a block existed, it would be extremely hard to convince the rest of the network that such a chain is a legitimate one. Which brings us to the second component: the peer-to-peer network Every Ethereum node is connected to other nodes t Continue reading >>

Ethereum - Wikipedia

Ethereum - Wikipedia

This article has multiple issues. Please help improve it or discuss these issues on the talk page . This article relies too much on references to primary sources . Please improve this by adding secondary or tertiary sources . Some of this article's listed sources may not be reliable . Please help this article by looking for better, more reliable sources. Unreliable citations may be challenged or deleted. The Ethereum Project's logo, first used in 2014 Ethereum is an open-source , public, blockchain -based distributed computing platform featuring smart contract (scripting) functionality. [2] It provides a decentralized Turing-complete virtual machine , the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. [3] "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network. [2] [4] Ethereum was proposed in late 2013 by Vitalik Buterin , a cryptocurrency researcher and programmer. Development was funded by an online crowdsale between July and August 2014. [5] The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale. [6] This accounts for approximately 13 percent of the total circulating supply. In 2016, as a result of the collapse of The DAO project, Ethereum was forked into two separate blockchains - the new forked version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC). [7] [8] [9] Ethereum was initially described in a white paper by Vitalik Buterin , [10] a programmer involved with Bitcoin Magazine , in late 2013 with a goal of buildin Continue reading >>

History Of Ethereum: How It's Set To Overtake Bitcoin By 2018

History Of Ethereum: How It's Set To Overtake Bitcoin By 2018

History Of Ethereum: How It's Set To Overtake Bitcoin By 2018 Enter your email address to receive regular updates History Of Ethereum: How It's Set To Overtake Bitcoin By 2018 Ethereum has been characterised by a lot of volatility in recent times. At the moment this guide is being written this cryptocurrency has just suffered one more 'shock' that saw its price fall sharply and rise again in a short period of time (less than 24 hours). But what is ethereum? Why is it that we need to start paying attention to it? And why is it set to overtake bitcoin by 2018? In this guide we will answer these questions and more. We need to start in the beginning. The infographic below traces the history of Ethereum and identifies the key events that lead it to emerge as one of the most important cryptocurrencies. Starting in 2013, the infrastructure started to be built that would allow this new coin to pose a major threat to the main 'rival': bitcoin. Let's then trace the origins and evolution of Ethereum - and lay the foundations for why, in our opinion, Ethereum is set to overtake bitcoin by 2018. How Ethereum is Set to Overtake Bitcoin in 2018 In order to understand how ethereum is set to overtake bitcoin we will introduce key ethereum concepts first. Once this is done we will address the core issue of concern in this guide: why we think ethereum will be the most important cryptocurrency in 2018. Ethereum' a term that often works the tongue while pronouncing it. But yet, it is a word that we must become accustomed to in the new found world of blockchain technology. By definition, Ethereum is a decentralized platform that runs smart contracts. The platform was developed by Ethereum Foundation, a Swiss non-profit, with some expert advice from great minds across the globe. The platform Continue reading >>

How Does Ethereum Work,anyway?

How Does Ethereum Work,anyway?

Odds are youve heard about the Ethereum blockchain, whether or not you know what it is. Its been in the news a lot lately, including the cover of some major magazines, but reading those articles can be like gibberish if you dont have a foundation for what exactly Ethereum is. So what is it? In essence, a public database that keeps a permanent record of digital transactions. Importantly, this database doesnt require any central authority to maintain and secure it. Instead it operates as a trustless transactional system a framework in which individuals can make peer-to-peer transactions without needing to trust a third party OR one another. Still confused? Thats where this post comes in. My aim is to explain how Ethereum functions at a technical level, without complex math or scary-looking formulas. Even if youre not a programmer, I hope youll walk away with at least better grasp of the tech. If some parts are too technical and difficult to grok, thats totally fine! Theres really no need to understand every little detail. I recommend just focusing on understanding things at a broad level. Many of the topics covered in this post are a breakdown of the concepts discussed in the yellow paper. Ive added my own explanations and diagrams to make understanding Ethereum easier. Those brave enough to take on the technical challenge can also read the Ethereum yellow paper. A blockchain is a cryptographically secure transactional singleton machine with shared-state. [1] Thats a mouthful, isnt it? Lets break it down. Cryptographically secure means that the creation of digital currency is secured by complex mathematical algorithms that are obscenely hard to break. Think of a firewall of sorts. They make it nearly impossible to cheat the system (e.g. create fake transactions, erase tr Continue reading >>

The Mystery Behind Blocktime

The Mystery Behind Blocktime

Identity Evangelist, Author, Blogger, Developer, Blockchain Enthusiast, Senior Director of Security Architecture at WSO2, Apache WS Committer, Axis PMC Member Block time defines the time it takes to mine a block. Both in bitcoin blockchain and ethereum blockchain, there is an expected block time, and an average block time. In bitcoin, the expected block time is 10 minutes, while in ethereum it is between 10 to 19 seconds. Both bitcoin and ethereum, at the time of this writing use a proof of work based distributed consensus algorithm (ethereum is planned to move to a proof of stake based algorithm with its serenity release). The expected block time is set at a constant value to make sure, miners cannot impact the security of the network by adding more computational power. The average block time of the network is evaluated after n number of blocks, and if it is great than the expected block time, then the difficulty level of the proof of work algorithm will be reduced, and if it is less than the expected block time then the difficulty level will be increased. Thats the core design principle behind block time, but you will see as we proceed, how bitcoin and ethereum differentiate themselves from each other. The level of difficulty varies with the time, as per the following formula. It tries to evaluate the speed of the mining network and find out how much it deviates from the expected level. The expectation is to mine a block in 10 minutes. For example, if the average speed of mining the last 2016 blocks is 8 minutes then the new difficulty factor will be greater than one, so the current difficulty level will be increased. In case the average is above 10 minutes, then the factor will be less than 1 and the difficulty level will be decreased for the next 2016 blocks. The d Continue reading >>

Understanding Ethereuma Fullguide

Understanding Ethereuma Fullguide

Interested in the challenges between blockchains and the law founder of www.lawandblockchain.eu Ethereum is the subject of a lot of hype lately. It is praised by some as the new internet or the worlds computer and criticised by others as a platform that enables widespread scams and ponzi schemes to thrive. I see badly informed articles about Ethereum, smart contracts, DApps, DAOs, ICOs and tokens on the daily so it is time to analyse the subject. I will present the argument that Ethereum might form the main protocol enabling the internet of value. It is time to take a closer look at what Ethereum is, what it enables and what role it could play in the future. But first, we have to backtrack a bit. Time for a small reminder about the value of distributed ledger technologies. To put it briefly, a blockchain is a database that is secured and maintained by a large number of nodes worldwide. Data is stored in blocks, which are time-stamped and linked to each other to form a chain. The blockchain makes sure that all data stored in the chain is secure and immutable forever, which is what makes the blockchain so interesting. Through its consensus mechanism, the blockchain is trustless , which means that one does not have to rely on the trustworthiness of a counterparty. For the first time, the blockchain enabled a safe way to send value on the internet without needing a trusted third party. This led to the rise of Bitcoin and other cryptocurrencies. In essence, a Bitcoin transaction is just the execution of a piece of code stating that person A sent X amount of Bitcoin to person B. This transaction is self-enforcing. To execute, it first checks if there is enough Bitcoin in person As digital wallet and then sends the money to Bs wallet. In itself, this transaction is a piece of Continue reading >>

Ethereum Project

Ethereum Project

You are responsible for your own computer security. If your machine is compromised you will lose your ether, access to any contracts and possibly more. You are responsible for your own actions. If you mess something up or break any laws while using this software, it's your fault, and your fault only. You are responsible for your own karma. Don't be a jerk and respect the rights of others. What goes around comes around. The user expressly knows and agrees that the user is using the Ethereum platform at the users sole risk. The user acknowledges that the user has an adequate understanding of the risks, usage and intricacies of cryptographic tokens and blockchain-based open source software, eth platform and ethereum The user acknowledges and agrees that, to the fullest extent permitted by any applicable law, the disclaimers of liability contained herein apply to any and all damages or injury whatsoever caused by or related to risks of, use of, or inability to use, ethereum or the Ethereum platform under any cause or action whatsoever of any kind in any jurisdiction, including, without limitation, actions for breach of warranty, breach of contract or tort (including negligence) and that neither Stiftung Ethereum (i.e. Ethereum Foundation) nor Ethereum team shall be liable for any indirect, incidental, special, exemplary or consequential damages, including for loss of profits, goodwill or data that occurs as a result. Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for certain types of damages. Therefore, some of the above limitations in this section may not apply to a user. In particular, nothing in these terms shall affect the statutory rights of any user or exclude injury arising from any willful misconduct Continue reading >>

The Case For Ethereum Maximalism

The Case For Ethereum Maximalism

Ethereum is going to win it all, the markets just havent realized ityet I have opinions. You have opinions. Our opinions might not be the same. Thats ok. There is no need to tell me how stupid or evil I am. If you feel a visceral reaction to this blog post, you might explore the possibility that you hold a tribalist attachment to your cryptocurrency views and wonder whether this is really healthy or truth-tracking. So far, three cryptocurrenciesBitcoin, Ripple, and Ethereumhave hit a market cap of $100B. Notably, they all did so within three months of each other. These cryptocurrencies first hit market caps of $10B in 2013, 2017, and 2017, respectively. Bitcoin reached the $10B milestone almost four years before any other cryptocurrency, but the $100B milestone only three months before its competitors. At least by this one admittedly imperfect metric, Bitcoin is losing its lead. Bitcoin losing its lead makes sense to me. What doesnt make sense is that Bitcoin still has a lead at all and that it still has so many proponents. In terms of actual utility, Bitcoin is inferior in almost every way to several other cryptocurrencies, most dramatically Ethereum. I find myself inexorably drawn to a position not publicly articulated or even necessarily held by Ethereums founders and most active developersEthereum maximalism. My cryptocurrency portfolio is invested accordingly, and I dont need to justify my beliefs, but I am writing out my rationale for the benefit of friends and followers who are interested. Take it for what its worth. The economics of cryptocurrency competition My mental model of cryptocurrency competition is still the one Jerry Brito and I developed for our 2014 article on cryptocurrency in the New Palgrave Dictionary of Economics (heres an ungated version , rel Continue reading >>

Ethereum

Ethereum

use the following search parameters to narrow your results: include (or exclude) results marked as NSFW Welcome to r/Ethereum , the front page of the Web 3. No inappropriate behavior. This includes, but is not limited to: personal attacks, threats of violence, gossip, slurs of any kind, posting people's private information. Keep price discussion and market talk, memes & exchanges to subreddits such as /r/ethtrader Keep plain ICO advertisements to subreddits such as r/ethinvestor . Keep mining discussion to subreddits such as /r/EtherMining . No creating multiple accounts to get around Reddit rules. English language only. Please provide accurate translations where appropriate. Posts and comments must be made from an account at least 10 days old with a minimum of 20 comment karma. Exceptions may be made on a discretionary basis. Continue reading >>

A Beginners Guide Toethereum

A Beginners Guide Toethereum

According to the Ethereum website , Ethereum is a decentralized platform that runs smart contracts. This is an accurate summary but in my experience when first explaining Ethereum to friends, family, and strangers it helps to compare Ethereum to Bitcoin since a lot of people have at least heard about Bitcoin before. This beginners guide should help those who are new to Ethereum to understand the high level differences between the two. Simply put, Bitcoin can be described as digital money. Bitcoin has been around for eight years and is used to transfer money from one person to another. It is commonly used as a store of value and has been a critical way for the public to understand the concept of a decentralized digital currency. Ethereum is different than Bitcoin in that it allows for smart contracts which can be described as highly programmable digital money. Imagine automatically sending money from one person to another but only when a certain set of conditions are met. For example an individual wants to purchase a home from another person. Traditionally there are multiple third parties involved in the exchange including lawyers and escrow agents which makes the process unnecessarily slow and expensive. With Ethereum, a piece of code could automatically transfer the home ownership to the buyer and the funds to the seller after a deal is agreed upon without needing a third party to execute on their behalf. The potential for this is incredible! Think of the numerous applications that act as a third party to connect you with others based on some set logic (e.g. Uber, Airbnb, eBay). Many of the centralized systems we use today could be built in a decentralized manner on Ethereum. With Ethereum you can make these transactions trustless which opens up an entire world of dec Continue reading >>

How Does Ethereum Work, Anyway?

How Does Ethereum Work, Anyway?

Here's a great in depth introduction on how Ethereum works. Basic concepts like state, accounts, transactions, blocks, gas, mining etc. are explained. It is a quite long read but as someone who is just getting into this field I really enjoyed it. Continue reading >>

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