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 >>
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 >>
Ethereum Number Of Users - Crypto Mining Blog
All About BTC, LTC, ETH mining as well as other alternative crypto currencies Ethereum (ETH) is still relatively new alternative crypto currency, even though it has been in development for quite a while, the formal launch of the mining phase happened just about two and a half months. For all that time the total mined Ether coins is roughly a little bit over 2 Million with another 72 Million already available from the crowdsale and various other rewards and incentives. We are keeping a close eye on the development of Ethereum and another reason why we are seeing a decline in the value of a single Ether coins could be due to the still relatively small user base when compared to the total number of coins available. Looking at the number of unique wallet addresses that have left a trace in the Ethereum blockchain shows a bit disappointing number, a bit less than 25 thousand . With less than 4 thousand new ones being added in the last 30 days, growing steadily, but slowly with just about 100-200 average new ones every day. That does not mean that the total number of users or actually generated wallet is this small, it is larger in reality as addresses that have not sent or received any transaction are not listed, but then again you cannot say these are active Ethereum users either. So what Ethereum desperately needs is to increase the rate of growth with more new users that it is currently getting and that includes not only miners Ethereum Still With Little Users, Yet Showing Big Potential Do you wonder how big is the number of Ethereum users roughly about one month after the official start of the alternative crypto currency? There is an interesting chart over at Etherscan (Ethereum block explorer website) that shows the growth of the number of unique Ethereum addresses (wa Continue reading >>
How Many People In The World Own Bitcoin Or Ethereum?
How many people in the world own bitcoin or ethereum? In the traditional financial sector, it is easy to come up with the number of account holders or service up takers. That is not the case with cryptocurrencies. Users of cryptocurrencies, like bitcoin and Ethereum, are pseudo-anonymous. The identities they assume while transacting, and which end up on the public ledger, are not directly connected to their real-world identities. Indeed, one is not required to provide names and other personally identifying data in order to buy, mine, own or send bitcoin. All one needs is to generate a wallet and share its public key as the address to receive money and keep the corresponding private key as the signature to proof ownership. The public keys are all on the blockchain for everyone to see. Therefore, the number of wallets in use is the best metric available to gauge the number of people using cryptocurrencies. Coindesk, a leading blockchain news site, has been tracking the number of wallets in use. It publishes this data in its quarterly state of the blockchain report. In 2016, it reported that close to 14 million wallets had been in use. On its part, Ethereum, according to EtherScan, a Block Explorer and Analytics Platform, has a little over a million wallets that have been used since its inception. However, these numbers should be taken with a pinch of salt. First, a user can have as many wallets as they want. Indeed, as a security precaution, it is recommended to create different wallets for different use cases. While one individual holding many commercial bank accounts might invite suspicion, having as many as ten cryptocurrency wallets at the same time is the norm. Second, these numbers also include wallets that have been abandoned. Long after one has used a public addr Continue reading >>
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.  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.  "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.   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.  The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale.  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).    Ethereum was initially described in a white paper by Vitalik Buterin ,  a programmer involved with Bitcoin Magazine , in late 2013 with a goal of buildin Continue reading >>
Exponential Growth: Number Of Bitcoin Users To Reach 200 Million By 2024
Exponential Growth: Number of Bitcoin Users to Reach 200 Million by 2024 According to RT, analysts expect the number of bitcoin users to reach 200 million by 2024, within the next seven years, given the current exponential growth rate of bitcoin. A Cambridge study conducted by Dr. Garrick Hileman and Michel Rauchs in March of 2017 revealed that the number of active users of bitcoin wallets was in the range of 2.9 million and 5.8 million. However, since then, proportional to the market valuation and price of bitcoin, the cryptocurrencys user base has grown at a rapid rate. Coinbase alone, the global markets largest bitcoin brokerage and wallet platform, serves more than 13 million active users. In November alone, Coinbase recorded 1.2 million users. Coinbase User Growth Table Provided by Alistair Milne, Bitcoin Investor and Partner at Altana Digital Currency Fund Major regional bitcoin exchanges such as Japans Bitflyer and South Koreas Bithumb also have nearly one million users on each platform. If the hot wallets or bitcoin addresses on bitcoin exchanges are included, the number of unique bitcoin users is likely over 10 million. Driving Factors of Bitcoin Mainstream Adoption Essentially, with 200 million active users, bitcoin will penetrate the mainstream market, and the vast majority of investors and casual consumers will embrace bitcoin as a robust store of value and a digital currency. The listing of bitcoin futures by CBOE and CME in mid-December will drive adoption of bitcoin in the traditional finance market, amongst large-scale institutional investors, retail traders, hedge funds, and investment firms. As tens of billions of institutional money move into the bitcoin market, casual consumers and investors will follow, creating a domino effect. Then, more financia Continue reading >>
How Many In-use Accounts Does Ethereum Have?
how many in-use accounts does Ethereum have? How many accounts does Ethereum have right now with any activity? And how many of those belong to contracts and how many to humans? Is there any statistics I can check in real time? Or at least some recent report on this data? Ethereum 'accounts' or key pairs are generated independent of the blockchain itself. For example, I can go and create 1,000 Ethereum accounts right now and no central address registry will be able to know (because there isn't one). I remember asking myself a similar question for Bitcoin. I found this website that clearly collated some statistics from a Bitcoin block explorer. It gives you an idea of the amount of accounts that actually own coins. The same website has yet to create a similar tool for Ethereum but I'd suspect they will soon (as they've done it for litecoin etc). It's quite simple to tell if an account is an externally owned account or a contract account . You'll notice compiled source code along with it in various block explorers such as Etherscan . Etherscan have already classified the different accounts on their platform. Right now, I'm not aware of any similar analysis on the Ethereum blockchain. But I'd imagine it's done the same way Bitcoin and other cryptocurrencies have been. Hope this helps and I'm open to some links for research that's been conducted in this area. UPDATE: Etherscan provides in depth analysis as mentioned in the comments. Continue reading >>
How Many People In The World Own Bitcoin Orethereum?
How Many People in the World Own Bitcoin orEthereum? In the traditional financial sector, it is easy to come up with the number of account holders or service up takers. That is not the case with cryptocurrencies. Users of cryptocurrencies, like Bitcoin and Ethereum, are pseudo-anonymous. The identities they assume while transacting, and which end up on the public ledger, are not directly connected to their real-world identities. Indeed, one is not required to provide names and other personally identifying data in order to buy, mine, own or send bitcoin. All one needs is to generate a wallet and share its public key as the address to receive money and keep the corresponding private key as the signature to proof ownership. The public keys are all on the blockchain for everyone to see. Therefore, the number of wallets in use is the best metric available to gauge the number of people using cryptocurrencies. Coindesk, a leading blockchain news site, has been tracking the number of wallets in use. It publishes this data in its quarterly state of the blockchain report. In 2016, it reported that close to 14 million wallets had been in use. On its part, Ethereum, according to EtherScan, a Block Explorer and Analytics Platform, has a little over a million wallets that have been used since its inception. However, these numbers should be taken with a pinch of salt. First, a user can have as many wallets as they want. Indeed, as a security precaution, it is recommended to create different wallets for different use cases. While one individual holding many commercial bank accounts might invite suspicion, having as many as ten cryptocurrency wallets at the same time is the norm. Second, these numbers also include wallets that have been abandoned. Long after one has used a public addre Continue reading >>
Bitcoin, Ethereum And Other Cryptocurrencies Have Millions Of Users
Bitcoin, Ethereum and other cryptocurrencies have millions of users Cryptocurrencies like Bitcoin and Ethereum are receiving more and more attention, but the fact of the matter is, the market is still in its infancy. To put things into perspective, its capitalization is currently about six times lower than Google -- and even less compared to Apple, which is the most valuable publicly-traded company in the world. What we do not know exactly is how many people own cryptocurrency. It may be a small market in the grand scheme of things, but according to new report from Cambridge Judge Business School, between 2.9 and 5.8 million people in 38 countries use Bitcoin, Ethereum and other cryptocurrencies. The market cap I mentioned earlier is based on the coins that are in circulation (available to buy, more exactly), so that would mean that users have, on average, between $18,966 and $37,932 in cryptocurrencies. That is a pretty substantial sum, if you consider how volatile and young this market is. Another tidbit from the report is the number of people that are full-time employees in the cryptocurrency sector. That would be at least 1,876. The report states that it may be "likely well above two thousand when large mining organizations and other organizations that did not provide headcount figures are added." Most work at exchanges. In my article How to buy Bitcoin and Ethereum I implied that exchanges do care about the legal aspect of trading, hence all the verification involved before being allowed to buy coins. The report confirms that, saying that 52 percent of the small exchanges have a government license. When it comes to large exchanges, that figure drops to 35 percent. To learn more about what's in the report, you can read it in full here . Continue reading >>
Ethereum Users Are Losing Money And Devs Don't Quite Know What To Do
Ethereum Users Are Losing Money and Devs Don't Quite Know What to Do Feb 7, 2018 at 09:00 UTC|UpdatedFeb 8, 2018 at 05:11 UTC Ethereum is once again at a familiar crossroads. As the price of its cryptocurrency ether has soared (and then corrected) in 2018, one thing has remained constant - users continue to lose money due to hacks, faulty code and human error. It's an issue that in the past has split the platform into rivaling forces and left lingering debates - and, as recent activity on GitHub shows, tensions are escalating again. Pumping new life into the debate is the resurgence of a chat channel formed in the wake of the loss of 513,000 ether by startup Parity last year. In particular, the forum has reignited with the release of a sketch for how fund recovery proposals could be standardized to make them easier to implement. It's the second major action the team has taken, after first helping arrive at possible methods to return the lostParity funds, a proposal that was hotly rejected . Led by developer Dan Phifer from Musiconomi (an ICO issuer that saw 16,475 ether lost in the Parity freeze) and two developers from a startup called Tap Trust, the document offers a way to make it easier for ethereum clients to implement so-called state changes, or system-wide upgrades that would require all users to upgrade their software to versions reflecting redistributed fund balances. Yet, some vehemently disagree that such a mechanism is needed, going so far as to suggest the idea is out of line with the guiding ethos of the world's second-largest blockchain protocol. Already, it has been rejected by ethereum creator Vitalik Buterin, prominent developer Yoichi Hirai and communications manager Hudson Jameson - three of the six that manage the ethereum repository and thereby ha Continue reading >>
Scaling Ethereum To Billions Ofusers
Previously co-founder @Coinbase, trader @GoldmanSachs, computer science @DukeU. Tokens are selling at valuations which imply theyll have millions of users. But can the blockchain support it? If not, how far away are we? Requirements to building scaled decentralized applications (dApps) There are two requirements to building scaled dApps: Having all of the necessary parts of the dApp developer stack . Id say we are 70% to a shaky first version of each. 2. Scalability of these components. I think this will be the main limiting factor and what will be discussed in this post. Lets do the math on running something like Facebook. Facebook handles about 175k requests per second (900k users on the site in any given minute, assume an action is taken every 5 seconds). And this probably doesnt include API requests, which are a better analogue and probably 34x higher . First, a note: I am not an Ethereum maximalist, but I think Ethereum is the furthest along and best suited for thinking about scalability right now. At the moment, Ethereum can handle about 13 transactions per second, which cuts in half to about 7 transactions per second for tokens (4.7m gas limit, 21k avg gas price for standard txn = ~220 standard txns every block, current avg block time 17s = 13 txns/sec, gas requirement roughly doubles for token transactions ). And this doesnt include more expensive smart contract execution. By this estimate were roughly 250x off being able to run a 10m user app and 25,000x off being able to run Facebook on chain. And since these systems are open rather than proprietary, well see applications bigger than Facebook. This estimate isnt perfect because the dApp stack functions differently in places than the current Web 2.0 stack. But I believe its in the right ballpark. This is why I Continue reading >>
What Is Ether? Is It The Same As Ethereum?
What Is Ether? Is It the Same as Ethereum? By Nathan Reiff | Updated January 24, 2018 11:22 AM EST As digital currencies have become increasingly popular, youre likely to have encounteredterms and names that may have been unfamiliar just a short time ago. This industry is an exciting and fast-changing one, but it canbe difficult to stay on top of all of the terminology and to understand the technology thatunderlies the virtual currency world. Ethereum is a name that comes up often in discussions of the digital currency space, and with good reason. Alongside mentions of ethereum, you may also encounter the term ether." In this explainer, well take a look at the differences between ethereum and ether, providing clarification onhow they differ. Put simply, ethereum is a technology which makes use of the blockchain development that has undergirded most cryptocurrencies in the past several years. Before we can look at what makes ethereum unique, though, it will be helpful to explore some foundational concepts related to blockchain. In the modern, internet-focused era, we store all types of information (passwords, personal data, and financial details) on clouds and servers which are owned by major providers like Google and Facebook. There are a number of reasons for this; these companies allow the storage and retrieval of data for low costs and help to prevent the hassle of hosting and uptime. On the other hand, having personal data stored on someone elses computer makes that data vulnerable to hacking or other modes of intrusion. This is the basis of what is referred to as the centralized internet; it is one in which individuals are connected in myriad ways. Recent years have brought the advent of a decentralized internet movement, with technologies like blockchain looking Continue reading >>
'accidental' Bug Froze $280 Million Worth Of Ether In Parity Wallet
'Accidental' bug froze $280 million worth of ether in Parity wallet Millions of dollars' worth of ether, the digital token of the ethereum blockchain, could be frozen on a cryptocurrency wallet because one individual "accidentally" triggered a bug. Parity, a cryptocurrency wallet provider, said in a security alert Tuesday that it had discovered a "vulnerability" in its wallet that allowed users to change code and become the owners of wallets that didn't belong to them. The company said that one person "suicided" the wallet, deleting its code and freezing all ether tokens contained within. Users are now unable to move funds out of the wallet. "We are analyzing the situation and will release an update with further details shortly," Parity said in the security alert. The coding "accident" affects all of Parity's "multisignature wallets" wallets that require one user to sign another's transaction before it is added to the ethereum blockchain which were created after July 20. Although Parity didn't disclose how much ether is currently frozen, French hacker Matt Suiche said in a blog post Tuesday that the code wipeout means that more than $280 million worth has been locked. Continue reading >>
'$300m In Cryptocurrency' Accidentally Lost Forever Due To Bug
'$300m in cryptocurrency' accidentally lost forever due to bug User mistakenly takes control of hundreds of wallets containing cryptocurrency Ether, destroying them in a panic while trying to give them back We are analysing the situation and will release an update with further details shortly, developer Parity told users.Photograph: Thomas White/Reuters '$300m in cryptocurrency' accidentally lost forever due to bug User mistakenly takes control of hundreds of wallets containing cryptocurrency Ether, destroying them in a panic while trying to give them back Last modified on Wednesday 8 November 2017 09.25EST More than $300m of cryptocurrency has been lost after a series of bugs in a popular digital wallet service led one curious developer to accidentally take control of and then lock up the funds, according to reports. Unlike most cryptocurrency hacks, however, the money wasnt deliberately taken: it was effectively destroyed by accident. The lost money was in the form of Ether, the tradable currency that fuels the Ethereum distributed app platform, and was kept in digital multi-signature wallets built by a developer called Parity. These wallets require more than one user to enter their key before funds can be transferred. On Tuesday Parity revealed that, while fixing a bug that let hackers steal $32m out of few multi-signature wallets, it had inadvertently left a second flaw in its systems that allowed one user to become the sole owner of every single multi-signature wallet. A cryptocurrency is a form of digital asset, created through a canny combination of encryption and peer-to-peer networking. Bitcoin, the first and biggest cryptocurrency, is part of a decentralised payment network. If you own a bitcoin, you control a secret digital key which you can use to prove to Continue reading >>
What Is Ethereum? Everything You Need To Know | Finder.com
More than a currency exchange. More than a simple coin. This is the power of Ethereum. There is no way youve missed seeing Ethereum mentioned if youve been involved in any way with cryptocurrencies. And with good reason. Ethereum began out of a need to see bitcoins underlying technology the blockchain used for something greater than simply sending currency from one user to another. Vitalik, the creator of Ethereum, built the system to be a world computer incorporating a virtual machine (EVM), a Turing-complete language (Solidity, Viper), a token (ETH), and fuel (gas). In this guide, well look at all these aspects, how they relate to each other, and why Ethereum is taking the world by storm. When most people talk about Ethereum, they are really talking about Ether (ETH), the underlying token currency of the Ethereum platform. This confusion stems from the fact that bitcoin and its underlying technology, the blockchain , were never really defined separately when bitcoin launched. The idea was that the blockchain would be little more than the system that allows the transfer of BTC between users, and Satoshi, the creator of bitcoin, intentionally limited the blockchains capabilities for security purposes. But the coin and the blockchain are two very different things, capable of acting and being used independently. Ether, traded under the code ETH, can be purchased at exchanges and used to pay for products and services at most merchants that accept cryptocurrencies. After all, its the second biggest cryptocurrency by market cap at the time of writing. Ether is also used to pay for transaction fees and for computational services when using the Ethereum network. Ether is mined similarly to bitcoin , i.e. you set your computer to attempt to solve the question present on a part Continue reading >>