Ethereum-based Ondiflo Consortium Tackles Oil And Gas Industry
Major Oil Company is Using Ethereum Blockchain to Process Gas The number of use cases for blockchain is quite substantial. It is evident there are a lot of opportunities waiting to be explored. Amalto SA and ConsenSys are teaming up for a new joint venture. The goal is to use the Ethereum blockchain to automate ticket-based processes of oil and gas. It is a pretty interesting concept well worth looking into. This new venture will be known as Ondiflo and aims to revolutionize the energy industry as a whole. Using the Ethereum blockchain for oil and gas-related services makes a lot of sense. Both Amalto SA and ConsenSys are confident this venture will be successful. As of right now, the ticketing-based processes in these industries are time-consuming and cumbersome. A more streamlined and simplified solution is of great interest to all parties involved. Ondiflo, as this venture will be called, will leverage pre-existing products developed by both companies. Ondiflo Will Make use of Ethereums Blockchain Building this new venture on the of the Ethereum blockchain will serve many purposes. It automated all steps of the order-to-cash process associated with field services. Additionally, it helps further validate the Ethereum blockchain as a powerful and scalable technology stack. It is good to see more use cases outside of the traditional financial industry in this regard. The oil and gas supply chain industry can benefit from innovative ideas like this one. ConsenSys Founder Joe Lubin comments as follows: As one of our first ventures into the oil and gas supply chain industry, Ondiflo will offer a solution where all operators and service companies can benefit from digitization, automation and the seamless exchange of data and immutability of their records, made possible by Continue reading >>
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 >>
Using Machine Learning To Understand The Ethereum Blockchain
A blockchain venture production studio building decentralized applications on Ethereum. Go to www.consensys.net and subscribe to our newsletter. Using Machine Learning to Understand the Ethereum Blockchain Find out how ConsenSys projects like Alethio and Rakr are using AI to make sense of decentralized data. by Paul Lintilhac , Quantitative Developer at ConsenSys A hotbed field of study in data science analysis at the moment is machine learning, a form of AI that uses algorithms to study large sets of data. Its used for everything from sequencing DNA to studying financial markets and brain-machine interfaces. There are many different kinds of machine learning, with differing data requirements and objectives. In the past year, ConsenSys has made a push to develop its analytics and data science capabilities with projects like Alethio , an analytics platform helps users visualize, interpret, and react to blockchain data in real time. The immutable, public records and decentralized nature of blockchain networks provide an exciting sandbox for data scientists, offering whole new world of data to analyze and patterns to recognize. To begin understanding how we go about pulling meaning out of this seemingly chaotic data environment, well begin by describing two main categories of machine learning that are being developed by data scientists at Consensys, and give a few examples of how each can be applied in practice. Unsupervised Learning involves finding patterns in a large data sets and using them to extract meaning. Unsupervised learning models are not predictive in nature though they could play a role in a larger predictive modeling system. Rather, unsupervised learning seeks to reduce a large and complex dataset to simpler high-level patterns or themes. These themes can t Continue reading >>
The Future Of Betting Using Blockchain And Ethereum : Ethtrader
Hi guys, there has been a lot of hype about blockchain changing the world but no one has really talked about the future of betting using blockchain so I decided to write about it, going over betting in history, social betting, betting during the age of the internet, and blockchain social betting like Bethereum. Starting with rolling animal bones in the prehistory, gambling has always been a part of human culture. After that, the first six-sided dice was found in Mesopotamia, gambling houses in China were around since atleast the first millenium BC and playing cards appeared in the 9th century. Before that the Romans and Greeks gambled on sports, gladiators and more.Most historic betting and gambling was social with other players, usually friends, for entertainment and a shot at making money. Today friendly bets between friends somewhat exist although low attention span and entertainment at everyones fingertips has made it almost non existant. The internet changed the betting and gambling scene rapidly, everyone with an internet connection and computer could now gamble internationally with relatively low set up costs. Although the internet definitely gave a boom to betting and gambling, it wasnt all positive. Not only did the social element make place for individualism, broker websites had and have lots of problems. Ranging from hidden fees to skewed odds to withdrawal delays, or simply no withdrawal whatsoever. This is mostly because the websites are based on small offshore countries with low regulation and no transparency. With blockchain and smart contracts, people will be able to bet and gamble with no trust involved in any party, provably fair odds, instant payouts and transparency. No more sketchy websites that may or may not pay out the earned amount or have hidd Continue reading >>
How Do Ethereum Smart Contracts Work?
Like many ideas in the blockchain industry, a general confusion shrouds so called 'smart contracts'. A new technology made possible by public blockchains, smart contracts are difficult to understand because the term partly confuses the core interaction described. While a standard contractoutlines the terms of a relationship (usually one enforceable by law), a smart contract enforces a relationship with cryptographic code. Put differently, smart contracts are programs that execute exactly as they are set up to by their creators. First conceived in 1993, the idea was originally described by computer scientist and cryptographer Nick Szabo as a kind of digital vending machine. In his famous example , he described how users could input data or value, and receive a finite item from a machine, in this case a real-world snack or a soft drink. In a simple example, ethereum users can send 10 ether to a friend on a certain date using a smart contract (Seeour guide" What is Ether? "). In this case, the user would create a contract, and push the data to that contract so that it could execute the desired command. Ethereum is a platform thats built specifically for creating smart contracts. But these new tools arent intended to be used in isolation. It is believed that they can also form the building blocks for 'decentralized applications' (See: " What is a Dapp? ")and even whole decentralized autonomous companies (See:" What is a DAO? ') Its worth noting that bitcoin was the first to support basic smart contracts in the sense that the network can transfer value from one person to another. The network of nodes will only validate transactions if certain conditions are met. But, bitcoin is limited to the currency use case. By contrast, ethereum replaces bitcoin's more restrictive langu Continue reading >>
How To Use Ethereum - Coindesk
The thought of using ethereum might sound intimidating, but it could be rewarding. If the 'unstoppable world computer' develops according to plan, it could provide alternatives to the Facebooks and Googles that many people use everyday(as explained in " What is Ethereum? "). Ethereummight not be as intuitive as the web as we know it today, but still, anyone with a computer or a smartphone can try the platformout as long as they own ' ether 'unique pieces of code that allow updates to the blockchain's ledger. First, you need a place to securely store your ether (or at least a place to store your private keys). This brings us to ethereum 'wallets'. One caveat is that losing your private key is a much bigger deal than misplacing a password: it means losing your ether, forever. Removing trusted partiesis a two-edged sword. While intermediaries are no longer needed to verify transactions, there's no help desk to turn to for help recovering your secret key. With that in mind, there are plenty of options for wallets to store cryptocurrency: desktop wallets, web wallets, hardware wallets and paper wallets. Choosing one depends on your preferences for convenience and security. Usually these two concepts are at odds with one another: the more convenient, the worse the security (and vice versa). Desktop wallets run on your PC or laptop. One option is to download an ethereum client (a copy of the entire ethereum blockchain). There are a few ethereum clients written in different programming languages and with different performance tradeoffs. This process can take up to a couple days, and will only increase as ethereum grows. The wallet then needs to stay in sync with the latest transactions on the blockchain. Mobile clients, or 'light' clients, require less data to be downloaded to Continue reading >>
What Is Ethereum? A Step-by-step Beginners Guide
If you want to know what is Ethereum and how it works and what it can be used for, without going deep into the technical abyss, this guide is perfect for you. Important Note: This guide assumes a basic understanding of blockchain technology. If youre unfamiliar with blockchain, check out this step by step introduction for beginners . Beyond Bitcoin & first generation decentralized applications Although commonly associated with Bitcoin , blockchain technology has many other applications that go way beyond digital currencies. In fact, Bitcoin is only one of several hundred applications that use blockchain technology today. [Blockchain] is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one. Sally Davies, FT Technology Reporter Until relatively recently, building blockchain applications has required a complex background in coding, cryptography, mathematics as well as significant resources. But times have changed. Previously unimagined applications, from electronic voting & digitally recorded property assets to regulatory compliance & trading are now actively being developed and deployed faster than ever before. By providing developers with the tools to build decentralized applications, Ethereum is making all of this possible. At its simplest, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Is Ethereum similar to Bitcoin? Well, sort of, but not really. Like Bitcoin , Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capabil Continue reading >>
Canada Trialing Use Of Ethereum Blockchain To Enhance Transparency In Govt Funding
Canada trialing use of Ethereum blockchain to enhance transparency in govt funding By Rahul Kalvapalle National Online Journalist Global News The National Research Council Canada office in Halifax, N.S., Aug. 10, 2015. For the trial, the National Research Council (NRC) is using the Catena Blockchain Suite, a Canadian-made product built on the Ethereum blockchain, to publish funding and grant information in real time. When the NRC creates or amends a grant, the pertinent information is stored on the Ethereum blockchain, andposted on an online database that Canadians can peruse. READ MORE: Federal government exploring blockchain technology to boost innovation economy Blockchains provide the ultimate in transparency and trust, making this technology a brave new world for organizations that strive to conduct transparent business, the NRC said in a blog post . These are early days yet, but the experiment is expected to provide constructive insight into the potential for blockchain technology and how it may be used for more open and transparent function of public programs. As the NRC website explains, On the simplest level, blockchains are public ledgers that record transactions shared among many users. Once data is entered on a blockchain, it is secure and unalterable, and provides a permanent record. The high level of security comes from storage of data in encrypted blocks that are decentralized, or stored on a network of computers around the world.This combination of encryption and decentralization ensures that data is practically impenetrable. The most well-known manifestation of blockchain technology is Bitcoin , a digital currency that stores all transactions and amounts on a decentralized public ledger. But while Bitcoins meteoric rise has garnered it much hype,its ut Continue reading >>
How Does Companies Using Ethereum Blockchain For Smart Contracts Improve Eth Value As A Currency?
How does companies using Ethereum blockchain for smart contracts improve ETH value as a currency? The concept of how Ethereum works for smart contract stems from the concept of gas which guys at Ethereum have introduced. Gas is required for any computation with respect to smart contract which you build on Ethereum dapps (decentralised applications) platform. For gas, you need to pay a price in Ethers which depends on miners who actually would be mining the block having your contract. Depending on demand-supply equation gas prices will fluctuate. However, as Sumukh pointed out there is some consistency in gas prices, since there is both an upper limit to gas price and a lower limit as well. Note that Miners set the minimum gas price they are willing to accept a transaction to be mined and Transaction creators set the maximum price of gas they would be willing to pay. Lets also look at it with an aim of deploying smart contracts and their complexity. As many number of computation steps do your contract require, that much amount of gas would would have to expend. Example is a simple (rather simplistic) contract which declares the owner of a contract and also self-destructs on owners behest. Gas Used (gasUsed in the console) for running self-destruct function under this contract is 10811. Contrast this with a bit complicated contract like a bank, which customers can withdraw money from. Here the Gas used (gasUsed in the console) for executing a withdraw function is 23559. Now, Ether (and its production in the future) is limited and in order for all these companies building dapps on Ethereum ultimately executing several and ever more complicated smart contract, they require Ethers to pay for the gas used in computation. Ergo, value of ETH would sure go up. However, there is Continue reading >>
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 >>
Getting Started With Ethereum Using Azure Blockchain
In this post, Senior ADM Mike Finley discusses how to get started with Ethereum and Azure Blockchain. What is Blockchain? At the most basic level of understanding, blockchains are a simple approach to a distributed database. A blockchain is a peer-to-peer system with no central authority managing data flow. One of the key ways to removing central control while maintaining data integrity is to have a large distributed network of independent users. You can think of blockchains as distributed databases that a group of individuals controls and that store and share information. The most popular form of a blockchain implementation out there is BitCoin which is a cryptocurrency. A blockchain is a data structure that makes it possible to create a digital ledger of data and share it among a network of independent parties. There are three main categories of blockchains: Public, Private and Permission. Each type uses cryptography to allow each participant on any given network to manage the ledger in a secure way without the need for a central authority to enforce the rules. The removal of central authority from database structure is one of the most important and powerful aspects of blockchains. How can Azure help customers with their blockchain needs? Microsoft is bringing blockchain to the enterprise, working with customers, partners, and the blockchain community to continually advance its enterprise readiness. Our mission is to help companies thrive in this new era of secure multiparty collaboration by delivering platforms and services that any company (ledger startups, retailers, health providers, and global banks) can be used to improved shared business processes. As an open, flexible, and scalable platform, Azure supports a rapidly growing number of distributed ledger techno Continue reading >>
Ethereum Development Walkthrough (part 2: Truffle, Ganache, Geth Andmist)
Dapps, web, and games developer. Interested in AI, blockchain, and smart contracts. You can reach me at [email protected] or @dev_zl Ethereum Development Walkthrough (Part 2: Truffle, Ganache, Geth andMist) We have seen in the first part of this tutorial series what a smart contract is, and how it works. Now, we will deploy it to two kinds of test networks. The most prominent tools at the moments are: Truffle: A development environment, testing framework and asset pipeline for Ethereum. In other words, it helps you develop smart contracts, publish them, and test them, among other things. You can read the docs of the Truffle suite for more informations. Ganache: It was called TestRPC before, if you have read a tutorial from a few months ago, chances are they use TestRPC with Truffle, but it was renamed upon the integration of TestRPC within the Truffle Suite. What Ganache does is simple, it creates a virtual Ethereum blockchain, and it generates some fake accounts that we will use during development. Mist: Its a browser for decentralized web apps. It seeks to be the equivalent of Chrome or Firefox, but for Dapps. Its still insecure and you shouldnt use it with untrusted dapps as of yet. Ethereum wallet: Its a version of Mist, but only opens one single dapp, the Ethereum Wallet . Mist and Ethereum Wallet are just UI fronts. And we need a core that will connect us to an Ethereum blockchain(It could be the real Ethereum blockchain, or a test one). Geth: Is the core application on your computer that will connect you to a blockchain. It can also start a new one (in our case we will create a local test blockchain), create contract, mine ether etc. We will start by using Truffle and Ganache, and then use Truffle with geth and Mist. The requirements for this tutorial are that y 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 >>
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 >>
The Hitchhikers Guide To Smart Contracts Inethereum
The Hitchhikers Guide to Smart Contracts inEthereum Updated Oct 6th 2017, for Truffle v3.4.11 and Solidity v0.4.15. Ive been working with smart contracts for 4 years , mainly in the Bitcoin blockchain. Some projects I participated in are Proof of Existence , bitcore , and Streamium . In the past months, Ive been exploring and working with the Ethereum platform. Ive decided to compile a short guide to ease the way of future programmers learning Ethereum smart contract development. Ive divided the guide in two sections: how to get started building smart contracts in Ethereum, and a quick note on smart contract security. Getting started with Smart Contracts onEthereum This guide assumes you have a basic level of technical understanding on how cryptocurrencies and blockchains work. If you dont, I recommend skimming over Andreas Antonopoulos Mastering Bitcoin book , Consensys Just Enough Bitcoin for Ethereum guide , or at least watching this short video by Scott Driscoll . To continue ahead you should know what a public and private key are, why a blockchain needs miners, how decentralized consensus is reached, what a transaction is, and the concepts of transaction scripting and smart contracts. Two other important and related concepts youll need to understand before working with Ethereum are the Ethereum Virtual Machine and gas. Ethereum was designed as a smart contract platform. Its origin is actually linked to a critique made by Vitalik Buterin on bitcoin as a very limited smart contract platform. The Ethereum Virtual Machine (EVM) is where smart contracts run in Ethereum. It provides a more expressive and complete language than bitcoin for scripting. In fact, it is a Turing Complete programming language. A good metaphor is that the EVM is a distributed global computer wh Continue reading >>