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Ethereum: Everything You Want To Know Aboutgas

Ethereum: Everything You Want To Know Aboutgas

Gas keeps Ethereum Blockchain alive, thanks to it we can transfer Ether and other Ethereum tokens such as: GameCredits (GAME), OmiseGo (OMG) or Golem (GNT), it also allows to smart contracts to do their job. In this blogpost Im going to explain: what is Gas? how is it used? and why is it so important for the future of Ethereum? Important: Dont be misled by the Token named GAS which is something completely different. Ethereum blockchain is run by nodes that keep the blockchain state but also calculate new blocks. New blocks are needed to change Blockchains state e.g. move Ethereum from one account to another. Calculation of the new block is made by miners, to cover their effort transaction sender must pay a fee. Transaction fee depends on complexity of transaction sender wants to make, if its a regular send Ether transaction or more complex one like create smart contract (smart contract a special kind of the blockchain account, that can not only keep Ether but also computer program with its state). Sending Ether from one account to the other costs 21,000 Gas. On the other hand creating smart contract which is responsible for handling OmiseGo Token costed 1,197,977 Gas. So the more complex transaction, the more Gas we need to pay for its execution on Blockchain. Main complexity factors are: operations performed by the smart contracts code e.g. arithmetical operations data that is stored on blockchain e.g. storing information in the smart contract or updating an amount of Ether on the account We know more or less what Gas is, but how much does it cost? The answer is as always it depends. Each transaction sender (e.g. person who is sending Ether) is defining price of Gas for created transaction (e.g. 1 Gas = 0.000000001 ETH). If the price is high enough, transaction will b Continue reading >>

What Is Ether?

What Is Ether?

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

What Is Ethereum? Here's Everything You Need To Know | Digital Trends

What Is Ethereum? Here's Everything You Need To Know | Digital Trends

Deep-learning algorithms help study brain waves to predict seizures Get today's popular DigitalTrends articles in your inbox: If you follow tech or financial news, youve probably seen the name Ethereum popping up over the last couple years, often in connection with bitcoin. Ethereum is a rising star in the world of cryptocurrencies , entirely digital forms of currency that grew in popularity after the creation of bitcoin by a person or group calling themselves Satoshi Nakamoto in 2009. Demand for Ethereum is so high that it may even be driving up the price of graphics cards , as miners try to generate as much currency as they can. What is Ethereum exactly, and what does it mean for the future of cryptocurrency (and maybe society)? Heres the rundown. People often refer to Ethereum as a cryptocurrency, but that isnt precisely true. It is a platform that allows individuals to conduct transactions and draw up contracts, using a currency called ether. To understand what distinguishes Ethereum from a cryptocurrency like bitcoin, it helps to understand what a cryptocurrency is, as well as the concept of a blockchain. A cryptocurrency is a form of digital currency created through encryption. A cryptocurrency has no physical form like a banknote or coin and it is not issued by a central bank or governmental authority. Units of cryptocurrency exist as data on the internet, and are created and managed through something called a blockchain. A blockchain is essentially a digital ledger, shared amongst any number of computers. When transactions occur, they are recorded in blocks; in order for these blocks to go into the ledger, they must be validated by a certain number of computers on the blockchain network. Crucially, the ledger exists, in the same form, for everyone on the networ Continue reading >>

Beginner's Guide To Ethereum Mining In 2017 - How To Mine Ethereum On Your Pc?

Beginner's Guide To Ethereum Mining In 2017 - How To Mine Ethereum On Your Pc?

Last updated on August 15th, 2017 at 11:06 pm Getting Started with Ethereum Mining the video guide The good news is that getting started with Ethereum Mining is now easier than ever. You do not need to download the full Ethereum blockchain, which is now over 20+ GBs and still growing! You also do not need to manage clunky command line miners with manual instructions. For purposes of this guide, we are going to do a detailed walk-through of setting up and using the very popular Claymore Miner. Get the current version here from Claymores original Bitcointalk thread and then follow along with the steps in this video. The whole process of getting a wallet setup, downloading your miner, configuring things in Windows and setting up your batch file to run should take less than 10 minutes: If youre new to mining Ethereum , this guide covers all the important facts in a simple, low-jargon way. Lets start with some short answers to common questions about Ethereum mining: Q: Whyshould Imine Ethereum tokens (aka ether or ETH)? doesnt mining Ether take up a lot of electricity? A: If done properly, more money is earned by selling mined ETH than is spent on electricity. In other words, its profitable! You can check out the profitability with our Ethereum mining calculator . Q: Can I mine with my CPU (Personal computersprocessor) instead ofan expensive graphics card (GPU)? A: GPUs are so much faster that CPU-mining is no longer profitable or worthwhile. Even entry-level GPUs are about 200 times faster than CPUs for mining purposes. Q: Whats the best GPU to use for getting the most ETH for the least electricity? A: AMD cards tend to edge out similarly-priced NVidia cards in terms of efficiency. We cover the best cards to get under the heading GPU Hardware further down in this post. Q: Continue reading >>

What Is Gas? Gas & Transaction Fees | Myetherwallet Help & Support

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

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 >>

Bitcoin Vs. Ethereum

Bitcoin Vs. Ethereum

/ 9 Comments /in Digital Literacy /by Chris Castiglione Whats the difference between Bitcoin and Ethereum? First, its important to understand that there are two categories of digital coins:Cryptocurrencies (e.g. Bitcoin, Litecoin, Monero, ZCash, etc) andTokens(e.g. Ethereum, Filecoin, Storj, Blockstack, etc.) Bitcoin is a cryptocurrency. Bitcoin and other cryptocurrencies are competing against existing money (and gold) to replace them with a truly global currency. A global currency which allows individuals to own their own money (without having to rely on national banks). Lower fees for transferring money across geographic borders. Financial stability for people who live in countries with unstable currencies. (e.g. In 2016, the Venezuelas currency hit an inflation rate of 800%). In addition, two-thirds of the current global population has no access to banking, or limited access Bitcoin is changing that. Ethereum is a token.What Bitcoin does for money, Ethereum does for contracts. Ethereums innovation is that is allows you to write Smart Contracts: basically any digital agreement where you can say if this happens, then something else happens. For example: If I vote for the President, then my vote is official and no one else can vote as me. If I sign my name on this document, then I own the car, and you no longer own the car. Up until now weve carried out these agreements with a signature at the bottom of a paper document. Ethereum dramatically improves this model because it is digital, and proof of the transaction can never be deleted. Vitalik Buterin; Other co-founders include Gavin Wood and Joseph Lubin Deflationary (a finite # of bitcoin will be made) Inflationary (much like fiat currency, where more tokens can be made over time) 12.5 at the moment. Half at every 210 Continue reading >>

Ethereum Price News: Why Did Ether Hit $500? How Much Is Ethereum Today?

Ethereum Price News: Why Did Ether Hit $500? How Much Is Ethereum Today?

Ethereum price news: Why did Ether hit $500? How much is Ethereum today? Ethereum price news: Why did Ether hit $500? How much is Ethereum today? ETHEREUM soared back up past $500 today as cryptocurrency prices saw a massive spike in a crazy trading hour. Why did Ether hit $500? How much is Ethereum today? The end of an abysmal quarter for cryptocurrencies appears to be closing after a flurry of trades late Thursday night saw a major price spike. In just under an hour, prices soared across all major cryptocurrencies with Ethereum reporting some of the biggest gains in the market. Ether saw a 19.37 percent increase overnight, pushing ETH up to $504.95 as of 9am. The market-wide shift follows several months of steadily sliding prices for Ethereum, which was worth more than $1,300 in January 2018. Bitcoin price: Analyst reveals what Wall Street investment WILL mean An inexplicable flurry of activity hit the markets late on Thursday evening, boosting prices across all major currencies. Traders at8pmsaw bitcoin prices increase by more than $1,000, the coins best volume increase in its history. Ether saw the biggest increase, but other cryptocurrencies soared in price in the hour. Ripple , the third biggest coin by market cap, broke past $0.50, and Litecoin smashed into $131. The flood of green in the market is a welcome relief for traders who had come to expect gloom from cryptocurrencies. Ethereum price news: Why did Ether hit $500? How much is Ethereum today? Q1 of 2018 was the worst period for all cryptocurrencies in the markets entire history, with more than half its value being wiped off in three months. The market has struggled to rebound to earlier predictions that 2018 could be the strongest year ever. Mid-April was expected to be a strong period, with American trad Continue reading >>

Noob Question... How To Check Account Balance?

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 >>

How To Invest In Ethereum? Should You Invest In Ethereum?

How To Invest In Ethereum? Should You Invest In Ethereum?

The world of cryptocurrency is full of coins to invest in, and with so many to choose from, it can be hard to make a decision. Ill assume Ethereum is one of the coins youre most interested in throwing your money in to. But that comes with good reason the second largest cryptocurrency has proved to be an amazing investment over the years. So, what have I got in store for you today? Well, in this guide I am going to teach you about Ethereum, the pros and cons of an Ethereum investment and how to invest in Ethereum. And by the end of this guide, youll have a greater understanding of Ethereum and you will be able to answer the question Is Ethereum worth buying?. 7 How to Invest in Ethereum: So, Is Ethereum a Good Investment or Not? How to Invest in Ethereum: So, Is Ethereum a Good Investment? For many, investing in Ethereum has proven to be a great decision. Back in March 2017, the price of one Ether was $30. The price as of March 2018 is $750. In that one-year period, the value of ETH went up 25 times, or 2500%. So, if you had invested $1000 into Ethereum back in March 2017, right now you would have about $25,000 in ETH. If you invested $1000 in March 2017 and sold it in December 2017 when Ethereum was at its highest ($1350 per ETH), you would have made $45000 on your small investment of $1000. As you can see, Ether has been a good investment so far. Its favored by a lot of investors and has huge support from the crypto industry because it is used by other developers to start new blockchain projects. You can see the growth that Ethereum has experienced over the past few years in the chart below (taken from coinmarketcap.com ) To understand more about Ethereum, lets take a little look at some of Ethereums history. How to Invest in Ethereum: The History of Ethereum The idea Continue reading >>

What Is Ethereum Gas: Step-by-step Guide

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 >>

What Is Ether?

What Is Ether?

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

How Do I Send Or Exchange An Ethereum-powered Asset?

How Do I Send Or Exchange An Ethereum-powered Asset?

How do I send or exchange an Ethereum-powered asset? Some assets currently included in Exodus are powered by Ethereum. To send or exchange these Ethereum-powered (ERC20) assets,your wallet needs asmall amount of Ethereum to pay for the transaction. To send or exchange an Ethereum-powered (ERC20) asset, Exodus requires you to keep a minimum of 0.015 Ethereum (ETH) in your Exodus wallet. We recommend that you keep at least 0.1 ETH in your wallet to keep your fees covered in the long-term. This amount would provide enough padding to send or exchange all Ethereum-powered assets hundreds of times, without worrying you might run out of gas. These Ethereum-powered assets ride on top of the Ethereum network. In a sense, Ethereum is the gas that powers the movements of these assets.If you do not have Ethereum and have an Ethereum-powered asset you want to send or exchange there are a few options you have to manage and exchange these assets: Exchange any regular asset (BTC, DASH, LTC, DCR) for Ethereum. This typically is the easiest way to get Ethereum into your Exodus wallet. Once the exchange is complete, and your Ethereum is deposited, you can begin to manage and/or exchange Ethereum-powered assets. Deposit Ethereum into your Exodus wallet. This requires you have Ethereum sent to your Exodus Ethereum address from an outside source, typically an external wallet or exchange. Ethereum powered assets are grouped into a category called ERC20. This name was derived from the original specification and discussion of Ethereum-powered assets. You can find much more detailed info on how ERC20 assets here: A note for advanced users:Fees for sending Ethereum or ERC20 assets increase if you send them to a 'smart contract' address. Smart contracts are programs that automatically perform tas Continue reading >>

2017 Was Bitcoin's Year. 2018 Will Be Ethereum's

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 >>

How To Sell Ethereum For Usd | Beginners Guide

How To Sell Ethereum For Usd | Beginners Guide

How to sell Ethereum for USD | Beginners Guide Whether youve earned Ethereum through mining or purchased ethereum , there may come a time where you want to cash out some of your stash for goodol fashioned U.S. dollars. I cant blame you. Sometimes you need to pay the bills, and most businesses dont accept crypto as currency (yet.) The easiest and cheapest way to sell Ethereum is by using an exchange with an ETH/USD pairing. In this brief article, Ill walk you through the selling process on three of the most popular exchanges used to sell Ethereum. Coinbase is the simplest platform to sell Ethereum on. They have web and mobile interfaces that you can use to sell, but Im only going to cover the web platform here. The steps to sell on the mobile app are almost identical. First, create a Coinbase account and enter your bank account information. After that, you need to send your Ethereum from its current wallet to your Coinbase wallet. Navigate to the Accounts tab and tap the Receive button for your Ethereum wallet. Youll be shown the public address to which you can send your funds. After sending your Ethereum to your Coinbase wallet, click on the Buy/Sell tab. Then, select the Sell option and make sure your currency is set to Ethereum. From there, you can set how much Ethereum youd like to sell and confirm your transaction. Coinbase charges 1.49% when selling into a U.S. bank account or USD Coinbase wallet. Sales to a PayPal account are hit with a 3.99% fee. Gemini is another exchange you can use to sell your Ethereum for USD. The platform is slightly more complicated than Coinbase and is only on the web. To sell Ethereum through Gemini , you first need to create a profile and attach a bank account.Next, navigate to the ETH deposit section of the platform via the TRANSFER F Continue reading >>

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