What Is Ethereum? Here's Everything You Need To Know | Digital Trends
Posted on January 31, 2018 - 12:00PM 1.31.18 - 12:00PM With more than 1,300 cryptocurrencies out there, Ethereum has risen to the top of the pile, with its name often mentioned in the same breath as bitcoin. Although its value is no way near that of the flagship cryptocurrency, its great for trading and some of its more advanced features give it some exciting potential for the future. But what is Ethereum, and what does it mean for the future of cryptocurrency (and maybe society)? Heres the rundown. If youd rather not learn everything there is to know about Ethereum and just want to buy some, heres our guide on how to do so . Although it does have its differences, on the surface at least, Ethereum functions as a cryptocurrency much like most others. Ethereums token, Ether, works in a similar manner tobitcoin . You can buy and sell it, with confirmations for transactions handled over the blockchain . Its entirely decentralized, with no banks providing the confirmations needed to validate transactions. Instead, miners around the world fulfill that role by running powerful computational algorithms. Completing them rewards Ether, much like mining bitcoin rewards bitcoin. In that way, the broad strokes of Ethereum are similar to bitcoin and other cryptocurrencies. It means owners can use Ether for conducting transactions online, or save it and potentially make money from its growing value it grew fromaround $10 per Ether at the start of 2017, to more than $1,100 at the start of the next. As much as Ethereum and bitcoin do share some similarities though, the two platforms have different goals. Where bitcoin is strictly a digital currency, designed to function as a means of payment or a store of value, Ethereum takes a grander approach. Ethereum functions as a platform throug Continue reading >>
2017 Was Bitcoin's Year. 2018 Will Be Ethereum's
2017 Was Bitcoin's Year. 2018 Will Be Ethereum's Dec 27, 2017 at 12:45 UTC|UpdatedDec 27, 2017 at 20:58 UTC Jez San is CEO of FunFair Technologies, an ethereum-powered casinoplatform. A vocal supporter and critic of blockchain technologies, San wasalso a pioneer in real-time, 3D games. The following article is an exclusive contribution to CoinDesk's 2017 in Review series. As a long time investor in bitcoin and cryptocurrencies, 2017 has been remarkable. But it's important to remember, this is really just the beginning. Despite the valuations, major protocols remain deficient in delivering value to users. Bitcoin with it'shigh fees and slow transaction times is hardly suitable for payments - spending the same fee whether you buy a coffee or send $100,000 is a joke and thepromise of scaling solutions such as the Lightning Network hasn't been fulfilled. Suffice to say, its new positioning as a store of value is precarious, even if,judging by the huge uptick in bitcoin price, the store of value narrative is winning for now. While there's no shortage of old and new believers to keep the party going, along with plenty of developers working to create better, forked versions of bitcoin, I'm betting my chips on a more flexible alternative. The door is wide open for blockchains that use smart contracts , like ethereum, and I believe their potential market dwarfs that of "store of value" chains. Platforms like ethereum are an operating system for decentralized finance and commerce. Think of bitcoin as DOS and ethereum as Windows or Mac OS. There is nothing wrong with DOS. It came first and was an essential part of the computer's success. Us geeks grew up on DOS, but computers only went mainstream when Windows and Mac OS appeared.DOS is difficult to learn, tricky to program and fe 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 >>
How To Buy & Store Ethereum The Newbie Guide
If youre new to the crypto-currency space, you may find the idea of how to buy and store Ethereum is quite disconcerting. Youre not wrong, it might be confusing. The good news is, youre in the right place! First, you need to understand Ethereum you can start over here . Now that you are sure you want to buy some Ethereum, lets explore your options. WHERE AND HOW TO BUY ETHEREUM WITH FIAT CURRENCY There are several ways you can purchase Ethereum directly with fiat currency such as USD, EUR or GBP. All you need is a debit or credit card or just a bank account that facilitates international transfers. You simply register an account on one of the recommended exchange platforms below, verify your identity, add a method of payment and youre good to go to buy some Ether. I will discuss how to store your Ether safely below. The verification process that you have to go through in order to buy Ethereum takes now much quicker that it used to and the purchasing process is slowly becoming hassle-free. Just two years ago, you had to take extreme measures to buy Ether. For example, you had to purchase Bitcoin first; then create an ETH wallet; then convert your BTC to ETH seems like its not too complicated, but then you would have to reverse this process if you wanted to convert your Ether into fiat currency. All these conversions would have costed you dearly in transaction and exchange fees (and of course time!) Now, all you have to do is just open an account on one of these recommended exchange platforms to purchase your ETH: The most popular choice is Coinbase as it allows to use your credit card to buy Ethereum directly on the website. Coinbase is a major crypto-currency exchange that offers other services as well. Apart from Ether, you can purchase Bitcoin and Litecoin you can al Continue reading >>
What Is Ethereum Gas: Step-by-step Guide
Ethereum Gas is the lifeblood of the Ethereum ecosystem , there is no other way of putting that. Gas is a unit that measures the amount of computational effort that it will take to execute certain operations. Every single operation that takes part in Ethereum, be it a simple transaction, or a smart contract , or even an ICO takes some amount of gas. Gas is what is used to calculate the amount of fees that need to be paid to the network in order to execute an operation. In this guide, we are going to understand how gas works. But before we do so, there are several concepts that we must learn. So, without further ado, lets begin our deep dive on Ethereum Gas. Bitcoin, Ethereum, and the Advent of Smart Contracts Bitcoin was created because everyone was asking the same questions. Will it be possible to create a form of money which can be transferred between two people without any middleman? Will it be possible to create a decentralized money which can function on something like the blockchain? Satoshi Nakamoto answered these questions when he created bitcoin . We finally had a decentralized monetary system which can transfer money from one person to another. However, there was a problem with bitcoin which is a problem with all first generation blockchains. They only allowed for monetary transactions, there was no way to add conditions to those transactions. Alice can send Bob 5 BTC, but she couldnt impose conditions on those transactions. Eg. She couldnt tell Bob that he will get the money only if he performed certain tasks. These conditions would need extremely complicated scripting. Something was required to make the process more seamless. And that something was a smart contract. Smart contracts help you exchange money, property, shares, or anything of value in a transpa Continue reading >>
3 Simple Ways To Buy Ethereum Instantly - A Complete Beginner's Guide
Last updated on December 14th, 2017 at 08:16 am Note:If youre looking to buy Ethereumfor trading purposes only you may want to check out Plus500 Ethereum CFD trading. Keep in mind that when trading CFDs your capital is at risk. Lately there has been a lot of talk about the hottestaltcoin in the community Ethereum. Ethereum is a cryptocurrency and a blockchain platform with smart contract functionality. Its basically a decentralized platform for developers to build apps on top of and it was invented by Vitalik Buterin in 2013. Ethereum can be used to codify, decentralized, secure and trade just about anything: voting, domain names, financial exchanges, crowdfunding, company governance, contracts and agreements of most kind, intellectual property. Well, Ether is the currency of the Etherium platform. Etherwill be required by anyone wishing to build upon oruse the Ethereum platform. Just like BItcoin, Ether can be traded around the web and mined. In a second Ill show you exactly where you can buy it. Most people use the term Ethereum to refer to the currency instead of Ether and thats why it can get so confusing. The total supply of ether and its rate of issuance was decided by the donations gathered on the 2014 presale of the currency. 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 15-17 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 wasnt included (called uncle/aunt reward) The founders of Ethereum state that Ether is not a currency as much Continue reading >>
How To Issue Your Own Token On Ethereum In Less Than 20minutes.
Living The Crypto Future | Building Tenzorum | Making Blockchain Accessible to Everyone. The only way to survive a mad world, is to embrace the madness. How to issue your own token on Ethereum in less than 20minutes. Alright bro, are you telling me that I can issue my own Token, make an ICO, get gazilions of dollars and live the crypto-dream in less than 20 minutes? The answer is yes, but hopefully you will do better than that. With the latest news about the Blockchain, Bitcoin, Ethereum, cryptocurrencies, and ICO popping up left, right and center, this Blockchain business is garnering quite a lot of attention. So Ive put together a tutorial so that you can understand the technology much better and you can become a part of the booming crypto-economy! This is the first of a series of tutorials to help people better understand how to leverage Blockchain technologies and crypto-currencies to build meaningful applications and nurture the network. In this tutorial my objective is to walk you through the steps of setting up your account through to issuing your first token on the Ethereum network using a single smart contract and MyEtherWallet . The token will be a standard ERC20, it will have the main functions and can be used as a general base for more sophisticated applications than just transferring them (many half-serious ICOs have extremely similar contracts) WARNING: With great powers come great responsibilities. Im not responsible for you not being cautious with your ETH, or using these powers for the evil side of force. I truly hope you do good and feel empowered by the potential that this technology puts in the hands of people. There are a few different components you will need in order to build your own token. For this tutorial we will use a test network to issue t Continue reading >>
How Do I Buy Ethereum?
By Nathan Reiff | July 6, 2017 11:32 AM EDT In 2017, Ethereum has grown at an incredibly rapid pace . In fact, the second-largest cryptocurrency by market capitalization may be poised to take over the top of the list, displacing Bitcoin to become the most prominent cryptocurrency in the world in a phenomenon known as the "Flippening." (See also: "The Flippening": Will Ethereum Take Bitcoin's Place? ) Additionally, Ethereum's coin, ether, has grown in value by dozens of times since the beginning of the year, and some analysts believe the cryptocurrency market still has new heights to achieve in the weeks and months to come. For all of these reasons, more and more investors are becoming interested in adding Ethereum to their portfolios. Here is how you can incorporate Ethereum into your investments. Like other cryptocurrencies, Ethereum must be purchased and sold via an exchange online. There are a number of these services that are available and are considered highly reputable. Some of the most popular include Coinbase, Kraken, Bitstamp, and Gemini. Before you can get started trading Ethereum, you'll need to pick an exchange and create an account. Any reputable exchange will require that you verify your account in one or more ways. You'll likely need to upload a number of documents to verify your identity and ensure that your account passes regulatory muster. Verification will typically take a day or two, depending on how popular and busy the exchange you've selected is. You'll next need to deposit fiat currency into your account, typically via bank or wire transfer. This may take another few days in order to ensure that the money clears. With a verified account and money deposited into that account, you'll be able to begin purchasing Ethereum and other cryptocurrencies Continue reading >>
What Is Gas? Gas & Transaction Fees | Myetherwallet Help & Support
When you hear gas, the person is either talking about: The total cost of a transaction (the "TX fee") is the Gas Limit * Gas Price. Typically, if someone just says "Gas", they are talking about the "Gas Limit". You can think of the gas limit like the amount of liters/gallons/units of gas for a car. You can think of the gas price as the cost of that liter/gallon/unit of gas. With a car, it's $2.50 (price) per gallon (unit). With Ethereum, it's 20 GWEI (price) per gas (unit). 21000 units of gas at 20 GWEI = 0.00042 ETH. Therefore, the total TX fee will be 0.00042 Ether. Sending tokens will typically take ~50000 gas to ~100000 gas, so the total TX fee increases to 0.001 ETH - 0.002 ETH. You can use our tool to calculate GWEI <-> WEI <-> USD here , which can be helpful when you want to know your TX fee in ETH, rather than GWEI. The gas limit is called the limit because it's the maximum amount of units of gas you are willing to spend on a transaction. This avoids situations where there is an error somewhere in the contract, and you spend 1 ETH....10 ETH....1000 ETH..... going in circles but arriving no where. However, the units of gas necessary for a transaction are already defined by how much code is executed on the blockchain. If you do not want to spend as much on gas, lowering the gas limit won't help much. You must include enough gas to cover the computational resources you use or your transaction will fail due to an Out of Gas Error. All unused gas is refunded to you at the end of a transaction. So if you go to MyEtherWallet, send 1 ETH to our donation address ( ? ), and use a gas limit of 400000 you will receive 400000 - 21000* back. However, if you were sending 1 ETH to a contract and your transaction to the contract fails (say, the Token Creation Period is already Continue reading >>
Ethereum "gas" - How It Works
Understanding how gas works is crucial for Ethereum users interested in participating in ICOs, using smart contracts, and even making simple transfers between wallets. In this post, I hope to explain what gas is and how it works. Skip to the end for a simple summary of things. To start off, we need to understand some basics about the Ethereum Virtual Machine. The Ethereum Virtual Machine (EVM) is a major part of the Ethereum ecosystem, but I'll be heavily glossing over this so we can focus on how it relates to gas. In short, the EVM is an environment where arbitrary code of smart contracts and other operations can be executed. Every node in the Ethereum network executes operations within the EVM to ensure redundantly correct execution and relies on consensus to agree on the answer. All transactions, from simple transfers to ICO smart contracts, require some amount of operations to perform. Each of these operations has an associated cost in gas. Thus, simple transactions like transfers will require less gas to perform than more intense smart contracts. For example, a simple operation like if(var > 1) may cost 1 gas, but a more complex operation to store a variable could cost 100 gas. The cumulative sum of all the operations is the total gas cost for the transaction. When on a site like MyEtherWallet, you're going to see a field called Gas Limit. This corresponds the the MAXIMUM amount of gas you are willing to spend on the transaction. Different types of transactions will require different amounts of gas to complete Providing too little gas will result in a failed transaction, the fees are kept by the miner Extra, unspent gas is refunded automatically What happens if I specify too little gas? Your transaction will start to be executed, but will eventually run out of gas Continue reading >>
How To Do An Ethereum Transaction, & Check Your Balance? | Cryptocompare.com
How to make an Ethereum Transaction, & check your balance? Once you have managed to set up an Ethereum Miner using either your GPU or your CPU its time to start checking your balance and start trading. Were going to show you how you can check your balance in Command Prompt, how to convert between all the different values of Ether , such as the base unit Wei, and how to make your first transaction! Once you have set up your miner via running the Geth program and Ethminer program (see our guide here on how to get started), you need to open up a third Command Prompt Window. Step 1: This can be done by right clicking on the command prompt in the taskbar at the bottom of your screen and then clicking on the command prompt that appears at the top of the menu. A third command prompt should now be open. Step 2: You now need to tell this Command Prompt where to look to get up and running. Usually the command Prompt window opens looking at your user profile. If this is the case you need to tell Command Prompt to go to wherever you installed geth. In our guide we installed it straight on the C Drive so we need to tell command prompt to get back to the C Drive which we do by typing in cd C:\ and pressing enter. Step 3: You then need to tell Command Prompt what to do. In this case you need to tell it to attach to Geth. So all you type in is geth attach which should look like this C:/>geth attach and then press enter. You now have a console up and running talking to geth so you can start asking it questions or telling it to do things. Remember for"geth attach" to work you need to have anotherCommand Prompt Window runningwith "geth --rpc". If you want to find out your address you type in eth.coinbase. This should look like this C:/>eth.coinbase. Press enter and you should see your ad Continue reading >>
It Is No Longer Worth It To Build An Ethereum Mining Rig
It Is No Longer Worth It To Build An Ethereum Mining Rig Building an Ethereum mining rig hasnt been worth it for months, and soon they will be completely obsolete. Goodnight, sweet prince. Image: Daniel Oberhaus/Motherboard Back in May I wrote a guide explaining how to build an Ethereum mining rig , a special type of computer that forms the backbone of the Ethereum network and earns ether, the digital currency native to the network, for its owner. Shortly thereafter, Motherboard also made a video documenting this process . Since then, Ive received countless emails from readers inquiring about my mining rig. Ive received three such emails this week. The most common question voiced by these readers is whether or not it is still worth it to build a mining rig. The answer to this question is no. Building an Ethereum mining rig hasnt been worth it for months and a few months from now, mining ether will be completely obsolete. Read More: An Idiot's Guide to Building an Ethereum Mining Rig Arguably, building an Ethereum mining rig wasnt even worth it when I built my machine in May, and many readers let me know this when the article and video first came out. This is somewhat true, but there is a necessary caveat here. Mining ether also wasnt worth it for about the first year and a half of the cryptocurrencys existence. The price of ether hovered around $10 from 2015 until early 2017, when it saw a spike to $25. This was important because it meant the value of the ether being mined was higher than the cost of the electricity that was needed to mine it. In other words, until that point small scale mines were operating at a loss in the belief that the tokens they were mining would someday be worth a lot more money. In hindsight, these early miners were rightthe price of ether has Continue reading >>
Noob Question... How To Check Account Balance?
I'm working out my mining rig.. Been mining for about 12 hours.. I'd like to check my account balance to verify that transfers are happening to my account but I can't seem to figure out how to check the account balance. I'm pool mining at ethpool if that makes any difference. I did put my account ID in the config file and my bat file. So I know the account is attached to my mining instance. So.. what is the way to check account balance? Continue reading >>
Bitcoin Block Metadata Size How Much Ethereum Hashing Power Do I Have
Bitcoin Block Metadata Size How Much Ethereum Hashing Power Do I Have The interface is basically a command line, but future versions of Ethereum network are expected to Bitcoin And Inflation How To Mining Ethereum Antminer a more user-friendly interface. If you have any further queries, please contact: Any different character would result in Neo Cryptocurrency Microsoft Project Make 10x Money Crypto different hash, hence Alice would easily find out if ABC fails to post the correct transaction. Because bitcoin is for designed for currency with out central authority. So how do stale rates affect centralization? Why does that matter? Posts and comments must be made from an account at least 10 days old with a minimum of 20 comment karma. On the other hand, Bitcoin transactions are limited by the maximum block size, which stands at one MB, and they compete Track Bitcoin Online Ethereum Wallet Error Ia32 with one. Author Sergio Demian Lerner Posted at Only the block that matter is the one where reveal is called, and it can be any block after the bets are closed. Even though Bitcoin is still the most dominant and valued cryptocurrency in existence, certain problems are plaguing the network. It makes no difference that the winning is less than block reward, attacker can repeat the procedure automatically until casino contract is essentially. It is important to realize that in the previously discussed use cases no data files are physically stored on the blockchain. Toward a second Block Time Introduction. This way of using the blockchain is referred to as Bitcoin 2. Approximately every seconds, a miner finds a block. So, in my opinion, it's a tradeoff game, and we would have to see how different cryptos take different paths and how it pans Cryptocurrency Platform Ethereum Send Continue reading >>
Mining - What Is The Total Supply Of Ether? - Ethereum Stack Exchange
In Bitcoin, the total supply is capped at 21 million BTC. Is the total supply of Ether capped? How much will be mined before the Proof of Stake (POS) transition, and how will POS affect the issuance model? I'm not sure anyone really knows the answer, as it hasn't been decided, AFAIK. Tjaden Hess Jan 25 '16 at 20:42 Thanks. Was afraid of that. Hope that gets decided soon - would vastly prefer a fixed money supply at time of Proof of Stake with mining paid for by transaction fees only. Matthew Light Jan 25 '16 at 21:02 To clarify, homestead and PoS start are not necessarily the same milestone. Makes things a little close, but in my mind that means these are not the same question. Jeff Coleman Jan 26 '16 at 5:39 60 million + 12 million + 18million = ~90million60 million - is the Pre-sale.12 million - is the dev fund, 0.2coins per 1 coin sold in the crowdsale.~18 million - 1 million coins mined per month for 18 months prior to going from POW to POS. Update #1: 91,018,773.78 (April 25, 2017). After a while, 15,626,576 ether won't represent much of the total ether available, making the system dis-inflationary (i.e., inflation perpetually trending towards 0 but never reaching it). is there inflation after all coins are mined? Patoshi Feb 2 '16 at 20:55 @duckx i dont think, because the value will be high and it will keep increasing hopefully niksmac Feb 3 '16 at 2:34 @NikhilM we've seen this story before: if it doesn't take much Ether to actually create a contract then absent other drivers for demand the value will plummet. The rallies are driven purely by the low float, which is great for perception, but one must look at the risk factors for both the economics and their associated investment. Cryptocurrencies make this difficult due to the need to own them as an asset thereby Continue reading >>