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Elon Musk: Bitcoin Is “Brilliant” And “Paper Money Is Going Away”

Tesla CEO Elon Musk shared his thoughts on Bitcoin and other cryptocurrencies during a podcast interview with ARK Invest.

“Seriously?”

Elon Musk is talking cryptocurrency. The real Elon Musk, not one of those Twitter scammers.

On Tuesday, Tesla’s CEO sat down for a podcast interview with ARK Invest, a tech investment firm. In addition to chatting about electric vehicles and self-driving cars, the interviewers decided to throw Musk an “off-topic” question about cryptocurrencies.

After an initially incredulous response — “Crypto, seriously?” — Musk went on to elaborate on his thoughts about crypto and Bitcoin in particular — and while he sees the value in both, don’t expect Tesla to get involved in the space any time soon.

Pros and Cons

During the interview, Musk admitted that he thinks “the Bitcoin structure is quite brilliant” and that there might be “some merit to Ethereum as well and maybe some others.”

He went on to discuss the uses of the cryptocurrency with ARK Invest founder Cathie Wood, who noted that “there were $1.3 trillion worth of transactions in bitcoin, and we don’t see it here because it’s not for pizza or Coke.”

“It might be for coke,” Musk deadpanned, in an apparent drug joke, prompting laughs from his interviewers.

“We figure it’s business-to-business in Africa where it is prohibitively expensive to convert from one nation’s currency to another,” Wood continued. “It really is very important. It’s money over IP for them. It’s free transmission of money, and that’s really important to opening up the world.”

“It bypasses currency controls,” Musk said. “Paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that’s for sure. That has its pros and cons.”

Tesla Coin

As for whether Tesla would ever get involved in crypto, Musk doesn’t see that happening any time soon.

His company’s primary goal is to “accelerate the advent of sustainable energy,” according to Musk, and as he noted during the interview, mining cryptocurrencies is computationally energy intensive.

“I’m not sure it would be a good use for Tesla resources to get involved in crypto,” he concluded.

“Just to clarify,” ARK Invest analyst Tasha Keeney asked later, “Tesla’s not going to start selling bitcoin anytime soon?”

“No, we’re not,” Musk replied.

READ MORE: Elon Musk Calls Bitcoin ‘Brilliant,’ Better Than Paper Money for Value Transfer [CoinDesk]

More on crypto: Fake Elon Musks Clutter Twitter With Crypto Scams

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Elon Musk: Bitcoin Is “Brilliant” And “Paper Money Is Going Away”

Cryptocurrency News: This Week on Bitfinex, Tether, Coinbase, & More

Cryptocurrency News
On the whole, cryptocurrency prices are down from our previous report on cryptos, with the market slipping on news of an exchange being hacked and a report about Bitcoin manipulation.

However, there have been two bright spots: 1) an official from the U.S. Securities and Exchange Commission (SEC) said that Ethereum is not a security, and 2) Coinbase is expanding its selection of tokens.

Let’s start with the good news.
SEC Says ETH Is Not a Security
Investors have some reason to cheer this week. A high-ranking SEC official told attendees of the Yahoo! All Markets Summit: Crypto that Ethereum and Bitcoin are not.

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Cryptocurrency News: This Week on Bitfinex, Tether, Coinbase, & More

Cryptocurrency News: Vitalik Buterin Doesn’t Care About Bitcoin ETFs

Cryptocurrency News
While headline numbers look devastating this week, investors might take some solace in knowing that cryptocurrencies found their bottom at roughly $189.8 billion in market cap—that was the low point. Since then, investors put more than $20.0 billion back into the market.

During the rout, Ethereum broke below $300.00 and XRP fell below $0.30, marking yearly lows for both tokens. The same was true down the list of the top 100 biggest cryptos.

Altcoins took the brunt of the hit. BTC Dominance, which reveals how tightly investment is concentrated in Bitcoin, rose from 42.62% to 53.27% in just one month, showing that investors either fled altcoins at higher.

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Cryptocurrency News: Vitalik Buterin Doesn’t Care About Bitcoin ETFs

Cryptocurrency News: Bitcoin ETFs, Andreessen Horowitz, and Contradictions in Crypto

Cryptocurrency News
This was a bloody week for cryptocurrencies. Everything was covered in red, from Ethereum (ETH) on down to the Basic Attention Token (BAT).

Some investors claim it was inevitable. Others say that price manipulation is to blame.

We think the answers are more complicated than either side has to offer, because our research reveals deep contradictions between the price of cryptos and the underlying development of blockchain projects.

For instance, a leading venture capital (VC) firm launched a $300.0-million crypto investment fund, yet liquidity continues to dry up in crypto markets.

Another example is the U.S. Securities and Exchange Commission’s.

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Cryptocurrency News: Bitcoin ETFs, Andreessen Horowitz, and Contradictions in Crypto

Ethereum Project

SECURITY WARNINGS

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 following Terms and Conditions (Terms) govern the use of the Ethereum open source software platform (Ethereum Platform). Prior to any use of the Ethereum Platform, the User confirms to understand and expressly agrees to all of the Terms. All capitalized terms in this agreement will be given the same effect and meaning as in the Terms. The group of developers and other personnel that is now, or will be, employed by, or contracted with, Stiftung Ethereum (Stiftung Ethereum) is termed the Ethereum Team. The Platform will be developed by persons and entities who support Ethereum, including both volunteers and developers who are paid by nonprofit entities interested in supporting the Ethereum Platform.

The user acknowledges the following serious risks to any use the Ethereum Platform and ETH and expressly agrees to neither hold Ethereum Stiftung nor the Ethereum Team liable should any of the following risks occur:

The Ethereum Platform and ETH could be impacted by one or more regulatory inquiries or regulatory actions, which could impede or limit the ability of Stiftung Ethereum to continue to develop the Ethereum Platform, or which could impede or limit the ability of a User to use Ethereum Platform or ETH.

It is possible that alternative Ethereum-based networks could be established, which utilize the same open source source code and open source protocol underlying the Ethereum Platform. The Ethereum network may compete with these alternative Ethereum-based networks, which could potentially negatively impact the Ethereum Platform and ETH.

It is possible that the Ethereum Platform will not be used by a large number of external businesses, individuals, and other organizations and that there will be limited public interest in the creation and development of distributed applications. Such a lack of interest could impact the development of the Ethereum Platform and potential uses of ETH. It cannot predict the success of its own development efforts or the efforts of other third parties.

The User recognizes that the Ethereum Platform is under development and may undergo significant changes before release. The User acknowledges that any expectations regarding the form and functionality of the Ethereum Platform held by the User may not be met upon release of the Ethereum Platform, for any number of reasons including a change in the design and implementation plans and execution of the implementation of the Ethereum Platform.

The Ethereum Platform rests on open-source software, and there is a risk that the Ethereum Stiftung or the Ethereum Team, or other third parties not directly affiliated with the Stiftung Ethereum, may introduce weaknesses or bugs into the core infrastructural elements of the Ethereum Platform causing the system to lose ETH stored in one or more User accounts or other accounts or lose sums of other valued tokens issued on the Ethereum Platform.

Cryptography is an art, not a science. And the state of the art can advance over time. Advances in code cracking, or technical advances such as the development of quantum computers, could present risks to cryptocurrencies and the Ethereum Platform, which could result in the theft or loss of ETH. To the extent possible, Stiftung Ethereum intends to update the protocol underlying the Ethereum Platform to account for any advances in cryptography and to incorporate additional security measures, but it cannot predict the future of cryptography or guarantee that any security updates will be made in a timely or successful manner.

As with other cryptocurrencies, the blockchain used for the Ethereum Platform is susceptible to mining attacks, including but not limited to:

Any successful attacks present a risk to the Ethereum Platform, expected proper execution and sequencing of ETH transactions, and expected proper execution and sequencing of contract computations. Despite the efforts of the Ethereum Stiftung and Team, known or novel mining attacks may be successful.

If the Ethereum Platform is rapidly adopted, the demand for ETH could rise dramatically and at a pace that exceeds the rate with which ETH miners can create new ETH tokens. Under such a scenario, the entire Ethereum Platform could become destabilized, due to the increased cost of running distributed applications. In turn, this could dampen interest in the Ethereum Platform and ETH. Instability in the demand of for ETH may lead to a negative change of the economical parameters of an Ethereum based business which could result in the business being unable to continue to operate economically or to cease operation.

If the Ethereum Platform is rapidly adopted, the demand for transaction processing and distributed application computations could rise dramatically and at a pace that exceeds the rate with which ETH miners can bring online additional mining power. Under such a scenario, the entire Ethereum Platform could become destabilized, due to the increased cost of running distributed applications. In turn, this could dampen interest in the Ethereum Platform and ETH. Insufficiency of computational resources and an associated rise in the price of ETH could result in businesses being unable to acquire scarce computational resources to run their distributed applications. This would represent revenue losses to businesses or worst case, cause businesses to cease operations because such operations have become uneconomical due to distortions in the crypto-economy.

Acknowledgment, Acceptance of all Risks and Disclaimer of Warranties and LiabilitiesTHE USER EXPRESSLY KNOWS AND AGREES THAT THE USER IS USING THE Ethereum PLATFORM AT THE USERS SOLE RISK. THE USER REPRESENTS THAT THE USER HAS AN ADEQUATE UNDERSTANDING OF THE RISKS, USAGES AND INTRICACIES OF CRYPTOGRAPHIC TOKENS AND BLOCKCHAIN-BASED OPEN SOURCE SOFTWARE, ETH PLATFORM AND ETH. 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, ETH OR THE Ethereum PLATFORM UNDER ANY CAUSE OF 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 NOR ETHEREUM TEAM SHALL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, INCLUDING FOR LOSS OF PROFITS, GOODWILL OR DATA. 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 OR FRAUD OF Stiftung Ethereum.

We recommend any groups handling large or important transactions to maintain a voluntary 24 hour waiting period on any ether deposited. In case the integrity of the network is at risk due to issues in the clients, we will endeavor to publish patches in a timely fashion to address the issues. We will endeavour to provide solutions within the voluntary 24 hour waiting period.

All disputes or claims arising out of, relating to, or in connection with the Terms, the breach thereof, or use of the Ethereum Platform shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with said Rules. All claims between the parties relating to these Terms that are capable of being resolved by arbitration, whether sounding in contract, tort, or otherwise, shall be submitted to ICC arbitration. Prior to commencing arbitration, the parties have a duty to negotiate in good faith and attempt to resolve their dispute in a manner other than by submission to ICC arbitration. The arbitration panel shall consist of one arbitrator only, unless the ICC Court of Arbitration determines that the dispute is such as to warrant three arbitrators. If the Court determines that one arbitrator is sufficient, then such arbitrator shall be Swiss resident. If the Court determines that three arbitrators are necessary, then each party shall have 30 days to nominate an arbitrator of its choice — in the case of the Claimant, measured from receipt of notification of the ICC Courts decision to have three arbitrators; in the case of Respondent, measured from receipt of notification of Claimants nomination. All nominations must be Swiss resident. If a party fails to nominate an arbitrator, the Court will do so. The Court shall also appoint the chairman. All arbitrators shall be and remain independent of the parties involved in the arbitration. The place of arbitration shall be Zug, Switzerland. The language of the arbitration shall be English. In deciding the merits of the dispute, the tribunal shall apply the laws of Switzerland and any discovery shall be limited and shall not involve any depositions or any other examinations outside of a formal hearing. The tribunal shall not assume the powers of amiable compositeur or decide the case ex aequo et bono. In the final award, the tribunal shall fix the costs of the arbitration and decide which of the parties shall bear such costs in what proportion. Every award shall be binding on the parties. The parties undertake to carry out the award without delay and waive their right to any form of recourse against the award in so far as such waiver can validly be made.

Stiftung Ethereum is finally not liable for:

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Ethereum Project

Ethereum – Wikipedia

blockchain platform with programmable transactions

The Ethereum Project’s logo, first used in 2014

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.

Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed.[3] Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. The virtual machine’s instruction set, in contrast to others like Bitcoin Script, is thought to be Turing-complete. “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 that took place between July and August 2014.

The system went live on 30 July 2015, with 72million coins “premined”. This accounts for about 70 percent of the total circulating supply in 2018.

In 2016, as a result of the exploitation of a flaw in The DAO project’s smart contract software, and subsequent theft of $50 million worth of Ether,[4] Ethereum was split into two separate blockchains the new separate version became Ethereum (ETH) with the theft reversed,[5] and the original continued as Ethereum Classic (ETC).[6][7]

The value of the Ethereum currency grew over 13,000 percent in 2017, to over $1400.[8] By September 2018, it had fallen back to $200.[9]

Vitalik Buterin picked the name Ethereum after browsing Wikipedia articles about elements and science fiction, when he found the name, noting, “I immediately realized that I liked it better than all of the other alternatives that I had seen; I suppose it was the fact that sounded nice and it had the word ‘ether’, referring to the hypothetical invisible medium that permeates the universe and allows light to travel.”

Ethereum was initially described in a white paper by Vitalik Buterin,[10] a programmer involved with Bitcoin Magazine, in late 2013 with a goal of building decentralized applications.[11][12] Buterin had argued that Bitcoin needed a scripting language for application development. Failing to gain agreement, he proposed development of a new platform with a more general scripting language.[13]:88

At the time of public announcement in January 2014, the core Ethereum team was Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, and Charles Hoskinson. Formal development of the Ethereum software project began in early 2014 through a Swiss company, Ethereum Switzerland GmbH (EthSuisse).[14][15] Subsequently, a Swiss non-profit foundation, the Ethereum Foundation (Stiftung Ethereum), was created as well. Development was funded by an online public crowdsale during JulyAugust 2014, with the participants buying the Ethereum value token (ether) with another digital currency, bitcoin.

While there was early praise for the technical innovations of Ethereum, questions were also raised about its security and scalability.[11]

In March 2017, various blockchain start-ups, research groups, and Fortune 500 companies announced the creation of the Enterprise Ethereum Alliance (EEA) with 30 founding members.[16] By May, the nonprofit organization had 116 enterprise membersincluding ConsenSys, CME Group, Cornell University’s research group, Toyota Research Institute, Samsung SDS, Microsoft, Intel, J. P. Morgan, Cooley LLP, Merck KGaA, DTCC, Deloitte, Accenture, Banco Santander, BNY Mellon, ING, and National Bank of Canada.[17][18][19] By July 2017, there were over 150 members in the alliance, including recent additions MasterCard, Cisco Systems, Sberbank and Scotiabank.[20][21]

Legend:

Old version

Older version, still supported

Latest version

Latest preview version

Future release

Several codenamed prototypes of the Ethereum platform were developed by the Foundation, as part of their Proof-of-Concept series, prior to the official launch of the Frontier network. “Olympic” was the last of these prototypes, and public beta pre-release.

The Olympic network provided users with a bug bounty of 25,000 ether for stress testing the limits of the Ethereum blockchain. “Frontier” marked the tentative experimental release of the Ethereum platform in July 2015.[22]

Since the initial launch, Ethereum has undergone several planned protocol upgrades, which are important changes affecting the underlying functionality and/or incentive structures of the platform.

[23][24]

“Homestead” was the first to be considered stable.

It included improvements to transaction processing, gas pricing, and securityand the soft fork occurred on 31 July 2015.[13]:87

The “Metropolis Part 1: Byzantium” soft fork took effect on 16 October 2017, and included changes to reduce the complexity of the EVM and provide more flexibility for smart contract developers.[24] Byzantium also adds supports for zk-SNARKs (from Zcash); with the first zk-SNARK transaction occurring on testnet on September 19, 2017.

In 2016 a decentralized autonomous organization called The DAO, a set of smart contracts developed on the platform, raised a record US$150 million in a crowdsale to fund the project.[25] The DAO was exploited in June when US$50 million in Ether were taken by an unknown hacker.[26][27] The event sparked a debate in the crypto-community about whether Ethereum should perform a contentious “hard fork” to reappropriate the affected funds.[28] As a result of the dispute, the network split in two. Ethereum (the subject of this article) continued on the forked blockchain, while Ethereum Classic continued on the original blockchain.[29] The hard fork created a rivalry between the two networks.

After the hard fork related to The DAO, Ethereum subsequently forked twice in the fourth quarter of 2016 to deal with other attacks. By the end of November 2016, Ethereum had increased its DDoS protection, de-bloated the blockchain, and thwarted further spam attacks by hackers.

Ether is a fundamental cryptocurrency for operation of Ethereum, which thereby provides a public distributed ledger for transactions. It is used to pay for gas, a unit of computation used in transactions and other state transitions. Mistakenly, this currency is also referred to as Ethereum.

It is listed under the code ETH and traded on cryptocurrency exchanges, and the Greek uppercase Xi character () is generally used for its currency symbol. It is also used to pay for transaction fees and computational services on the Ethereum network.[30]

As with other cryptocurrencies, the validity of each ether is provided by a blockchain, which is a continuously growing list of records, called blocks, which are linked and secured using cryptography.[31][32] By design, the blockchain is inherently resistant to modification of the data. It is an open, distributed ledger that records transactions between two parties efficiently and in a verifiable and permanent way.[33] Unlike Bitcoin, Ethereum operates using accounts and balances in a manner called state transitions. This does not rely upon unspent transaction outputs (UTXOs). State denotes the current balances of all accounts and extra data. State is not stored on the blockchain, it is stored in a separate Merkle Patricia tree. A cryptocurrency wallet stores the public and private “keys” or “addresses” which can be used to receive or spend Ether. These can be generated through BIP 39 style mnemonics for a BIP 32 “HD Wallet”. In Ethereum, this is unnecessary as it does not operate in a UTXO scheme. With the private key, it is possible to write in the blockchain, effectively making an ether transaction.

To send ether to an account, you need the public key of that account. Ether accounts are pseudonymous in that they are not linked to individual persons, but rather to one or more specific addresses.

Owners can store these addresses in software, on paper and possibly in memory (“brain wallet”).

Ethereum addresses are composed of the prefix “0x”, a common identifier for hexadecimal, concatenated with the rightmost 20 bytes of the Keccak-256 hash (big endian) of the ECDSA public key. In hexadecimal, 2 digits represents a byte, meaning addresses contain 40 hexadecimal digits. One example is 0xb794F5eA0ba39494cE839613fffBA74279579268, the Poloniex ColdWallet. Contract addresses are in the same format, however they are determined by sender and creation transaction nonce.[34] User accounts are indistinguishable from contract accounts given only an address for each and no blockchain data. Any valid Keccak-256 hash put into the described format is valid, even if it does not correspond to an account with a private key or a contract. This is unlike Bitcoin, which uses base58check to ensure that addresses are properly typed.

Ether is different from Bitcoin (the cryptocurrency with the largest market capitalization as of June 2018) in several aspects:

The total supply of ether was 100 million as of June 2018. In 2017, mining generated 9.2 million new ether, corresponding to a 10% increase in its total supply. Casper FFG and CBC are expected to reduce the inflation rate to between 0.5% to 2%. There is no currently implemented hard cap on the total supply of ETH.

Ether can be traded by regular currency brokers, cryptocurrency exchanges, as well as many online cryptocurrency wallets.[35]

The Ethereum Virtual Machine (EVM) is the runtime environment for smart contracts in Ethereum. It is a 256-bit register stack, designed to run the same code exactly as intended. It is the fundamental consensus mechanism for Ethereum. The formal definition of the EVM is specified in the Ethereum Yellow Paper.[34][36] On February 1, 2018, there were 27,500 nodes in the main Ethereum network.[37] Ethereum Virtual Machines have been implemented in C++, Go, Haskell, Java, JavaScript, Python, Ruby, Rust, and WebAssembly (currently under development).

Ethereum’s smart contracts are based on different computer languages, which developers use to program their own functionalities. Smart contracts are high-level programming abstractions that are compiled down to EVM bytecode and deployed to the Ethereum blockchain for execution. They can be written in Solidity (a language library with similarities to C and JavaScript), Serpent (similar to Python, but deprecated), LLL (a low-level Lisp-like language), and Mutan (Go-based, but deprecated). There is also a research-oriented language under development called Viper (a strongly-typed Python-derived decidable language).

Smart contracts can be public, which opens up the possibility to prove functionality, e.g. self-contained provably fair casinos.[38]

One issue related to using smart contracts on a public blockchain is that bugs, including security holes, are visible to all but cannot be fixed quickly.[39] One example of this is the 17 June 2016 attack on The DAO, which could not be quickly stopped or reversed.[26]

There is ongoing research on how to use formal verification to express and prove non-trivial properties. A Microsoft Research report noted that writing solid smart contracts can be extremely difficult in practice, using The DAO hack to illustrate this problem. The report discussed tools that Microsoft had developed for verifying contracts, and noted that a large-scale analysis of published contracts is likely to uncover widespread vulnerabilities. The report also stated that it is possible to verify the equivalence of a Solidity program and the EVM code.[40]

Ethereum is written in Turing complete language, which includes seven different programming languages.[41] Developers use the language to create and publish applications which they know will run inside Ethereum.[42][43] It’s a cumbersome system, but that’s not deterring developers from writing Ethereum programs.[44]

Ethereum blockchain applications are usually referred to as DApps (decentralized application), since they are based on the decentralized Ethereum Virtual Machine, and its smart contracts.[45] Many uses have been proposed for Ethereum platform, including ones that are impossible or unfeasible.[46][30] Use case proposals have included finance, the internet-of-things, farm-to-table produce, electricity sourcing and pricing, and sports betting. Ethereum is (as of 2017) the leading blockchain platform for initial coin offering projects, with over 50% market share.

As of January 2018, there are more than 250 live DApps, with hundreds more under development. Some application examples include: digital signature algorithms, securitized tokens, digital rights management, crowdfunding, prediction markets, remittance, online gambling, social media platforms, financial exchanges and identity systems.

Ethereum-based customized software and networks, independent from the public Ethereum chain, are being tested by enterprise software companies.[47] Interested parties include Microsoft, IBM, JPMorgan Chase,[30][48] Deloitte,[49] R3,[50] Innovate UK (cross-border payments prototype).[51] Barclays, UBS and Credit Suisse are experimenting with Ethereum blockchain to automate Markets in Financial Instruments Directive (MiFID) II requirements.

Ethereum-based permissioned blockchain variants are used and being investigated for various projects.

In Ethereum all smart contracts are stored publicly on every node of the blockchain, which has costs.[56] Being a blockchain means it issecure by designand is an example of a distributed computing system with highByzantine fault tolerance. The downside is that performance issues arise in that every node is calculating all the smart contracts in real time, resulting in lower speeds.[56] As of January 2016, the Ethereum protocol could process 25 transactions per second.[56] In comparison, the Visa payment platform processes 45,000 payments per second leading some to question the scalability of Ethereum.[57] On 19 December 2016, Ethereum exceeded one million transactions in a single day for the first time.[58]

Ethereum’s blockchain uses Merkle trees, for security reasons, to improve scalability, and to optimize transaction hashing.[62] As with any Merkle tree implementation, it allows for storage savings, set membership proofs (called “Merkle proofs”), and light client synchronization. The Ethereum network has at times faced congestion problems, for example, congestion occurred during late 2017 in relation to Cryptokitties.[63]

In October 2015,[64] a development governance was proposed as Ethereum Improvement Proposal, aka EIP, standardized on EIP-1.[65] The core development group and community were to gain consensus by a process regulated EIP. A few notable decisions were made in the process of EIP, such as EIP-160 (EXP cost increase caused by Spurious Dragon Hardfork)[66] and EIP-20 (ERC-20 Token Standard).[67] In January 2018, the EIP process was finalized and published as EIP-1 status turned “active”.[64]

Izabella Kaminska, the editor of FT Alphaville, has pointed out that criminals are using Ethereum to run Ponzi schemes and other forms of investment fraud.[68] The article was based on a paper from the University of Cagliari, which placed the number of Ethereum smart contracts which facilitate Ponzi schemes at nearly 10% of 1384 smart contracts examined. However, it also estimated that only 0.05% of the transactions on the network were related to such contracts.[69]

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Ethereum – Wikipedia

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Ethereum – Investopedia

DEFINITION of Ethereum

Launched in 2015, Ethereum is a decentralized software platform that enables SmartContracts and Distributed Applications (Apps) to be built and run without any downtime, fraud, control or interference from a third party. The platform is also the basis for its own virtual currency, Ether. Ethereum is not just a platform but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish distributed applications. The potential applications of Ethereum are wide ranging.

The applications on Ethereum are run on its platform-specific cryptographic token, ether. During 2014, Ethereum had launched a pre-sale for ether which had received an overwhelming response. Ether is like a vehicle for moving around on the Ethereum platform, and is sought by mostly developers looking to develop and run applications inside Ethereum. Ether is used broadly for two purposes, it is traded as a digital currency exchange like other cryptocurrencies and is used inside Ethereum to run applications and even to monetize work. The current market cap of ether (ETH) is now more than Ripple and Litecoin although its far behind bitcoin (BTC).

According to Ethereum, it can be used to codify, decentralize, secure and trade just about anything. One of the big projects around Ethereum is Microsofts partnership with ConsenSys which offers Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure so Enterprise clients and developers can have a single click cloud based blockchain developer environment.

In 2016 Ethereum was split into two separate blockchains – Ethereum, and Ethereum Classic, after a malicious actor stole more than $50 million worth of funds which had been raised on The DAO, a set of smart contracts originating from Ethereum’s software platform. The new Ethereum was a hard fork from the original software intended to protect against further malware attacks. As of July 2018 Ethereum was the second-largest virtual currency on the market, behind only Bitcoin. It is much faster to acquire ether currency than bitcoin (about 14 or 15 seconds to bitcoin’s near-uniform 10 minutes) and there are far more ether units in circulation than there are bitcoin.

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Ethereum – Investopedia

Buy and Sell ETH With The Peer-to-Peer Ethereum Marketplace …

Buy and Sell ETH With The Peer-to-Peer Ethereum Marketplace LocalEthereum

You need to enable Javascript in your web browser settings to access localethereum.com’s marketplace.

LocalEthereum is how people exchange ETH peer-to-peer

Money in your account within minutes.* Use any payment method in 130+ countries.

A trading interface built for all audiences. No KYC requiredbegin trading in 30 seconds!

The only marketplace thats self-custodial and end-to-end encrypted.

Choose from more than 30 payment methods.

* Most trades complete in a few minutes, however this largely depends on the chosen payment method.

LocalEthereum is the fast and secure way to make Ethereum trades.

Thanks to LE, I can earn money securely and save myself from hyperinflation.

Consider the offers. Anyone in the world can post a bid to buy or sell ETH. Offers can be filtered by payment method, currency, location and popularity.

From bank transfers to gift cardsevery payment method is allowed.

Find an offer youre happy with and open a trade with the user. Choose the amount you want to buy or sell, and lock the rate in.

After the seller puts the ETH in an escrow account, the buyer pays the seller outside the platform. Payment details are discussed using encrypted messages.

Once the seller confirms payment, the ETH is released from escrow to the buyer.

The escrow account is a decentralized Ethereum smart contract. Rather than trusting a centralized authority to hold your ETH, LocalEthereum’s escrow system is trust-free.

Every conversation is protected by a unique secret key which self-destructs after completion. We can only decrypt your messages if the key is volunteered; e.g. during a payment dispute.

Optionally, you can log in without a password by using a compatible Ethereum wallet. Most popular wallets including imToken, MetaMask and Ledger are compatible.

Tested with these Ethereum wallets.

Stay up to date with the latest crypto-news and connect with other traders and staff in our official Telegram groups.

LocalEthereum

More here:

Buy and Sell ETH With The Peer-to-Peer Ethereum Marketplace …

Ethereum – reddit

Welcome!

I would like to welcome everyone to r/ethereum. Please protect this community’s philosophy by respecting our rules (see sidebar or scroll down). Let me quote the most important ones here for reference:

Keep price discussion and market talk to subreddits such as /r/ethtrader.

Keep mining discussion to subreddits such as /r/ethermining.

Keep ordinary ICO advertisements to subreddits such as r/ethinvestor.

Feel free to use this thread to say ‘Hi, I’m new!’ or ‘Hi, I’m not!’. If you have a question, feel free to comment and ask it below. But first make sure you are fully synchronized and have a look at FAQ on Ethereum Stack Exchange. Need help finding resources for beginners or have lots of questions and don’t know where to start? Check out /r/ethereumnoobies! 😀

Don’t forget to check out /r/ethdev for the Ethereum developer community and post your diamond-shaped cat findings on r/ethsightings (don’t forget to subscribe!). Thanks for flying with r/ethereum! 🙂

Ethereum is a cutting-edge blockchain-based distributed computing platform, featuring smart contract functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), that can execute peer-to-peer contracts using a crypto-fuel called Ether.

You want to start by getting yourself set up with a wallet. You have some choices:

Get Ether, write smart contracts, build DApps, and dive into Ethereum:

The annual Ethereum Developer Conference (Devcon):

Other conferences, workshops, meetups, or tutorials:

List of protocol updates and hard-forks:

Olympic pre-release (Testnet, Chain #0 – May 9, 2015)

Frontier public release (Ethereum Genesis, Chain #1 – July 30, 2015)

Homestead (Block #1,150,000 – March 14, 2016)

DAO Fork (Block #1,920,000 – July 20, 2016)

Tangerine Whistle (Block #2,463,000 – October 18, 2016)

Spurious Dragon (Block #2,675,000 – November 22, 2016)

Byzantium (Block #4,370,000 – October 16, 2017, Metropolis part #1)

Constantinople will be scheduled around January 16, 2019 (Metropolis part #2).

Istanbul will be scheduled for summer 2019 (Metropolis part #3).

Serenity will be scheduled for 2020 (the proof-of-stake and sharding fork)

List of bridged networks or sidechains:

List of public testnets:

Olympic, pre-release public test network with ID #0 (replaced by Morden)

Morden, Frontier-based public test network with ID #2 (replaced by Ropsten)

Ropsten, Homestead-based public test network with ID #3 (recently revived, Network Status)

ConsenSys, Proof-of-Work public test network

Kovan, Proof-of-Authority public test network (Parity-Ethereum only, Network Status)

Rinkeby, Proof-of-Authority public test network (Geth only)

Grli, a cross-client Proof-of-Authority public test network (Geth, Parity-Ethereum, Pantheon, etc., Network Status, Mirror)

Below are the rules that Reddit users on /r/ethereum must follow to participate. These can be used as reasons to remove posts/comments and ban users.

You are expected to treat everyone with a certain level of respect and refrain from inappropriate behavior. Examples of inappropriate behavior include:

If you can’t play nice with others, you will not be allowed to post here.

Discussion related to the price of ether, buying, trading, market speculation, or any other price/market talk should be posted on /r/ethtrader, a third-party Subreddit not moderated by us. Besides, keep mining discussion to Subreddits such as /r/EtherMining and obvious ICO advertisements to r/ethinvestor or similar.

Duplicate threads may be deleted. It is up to the discretion of the mods.

Spamming will lead to post deletion and a possible ban. Posts created by accounts that self-delete immediately will be deleted right away – no drive by posting.

Creating multiple accounts to get around Reddit or Subreddit rules is not allowed and will likely result in a permanent ban.

Posts with purposely misleading or unsubstantiated titles will be removed.

All post submissions should be made from accounts at least ten days old with a minimum of 20 comment karma. This is to keep trolls and spam-bots to a minimum. Exceptions may be made on a discretionary basis; please do not message the mods for more information.

/r/ethereum is a place for the open discussion about the Ethereum software, protocol, distributed applications, and related technologies. As moderators, we are here to make sure the conversation stays civil and productive. We will not censor posts based on personal ideology and welcome constructive discourse.

Please utilize the up-vote and down-vote buttons. This is a built-in moderation tool that is very powerful.

If you submit a report about a post or comment, please provide as much detail as possible to help us more quickly sort through our reported posts/comments.

Please dont report posts or comments you disagree with, only about things that break the rules.

We welcome discussions about other crypto-currencies and Ethereum implementations, but if the topic is already being extensively covered by other threads, we kindly ask you to consider posting it to a more specific Subreddit. You can check an extensive (but not comprehensive) list of Ethereum-related Subreddits on the “All Ethereum” Multireddit.

The moderation logs are public and available for review here.

See more here:

Ethereum – reddit

Ethereum Price Analysis: ETH Breaks Down, Turned Sell on …

Ethereum price made a sharp bearish turn against the US Dollar and bitcoin. ETH/USD is now trading in a bearish zone and it could continue to move down towards $104.

In the weekly analysis, we discussed the next possible break in ETH price either above $120 or below $114 against the US Dollar. The ETH/USD pair failed to gain momentum above the $116 and $118 resistance levels. As a result, there was a bearish reaction below the $114 support. The pair even broke the $112 support and traded well below the 100 hourly simple moving average. The decline was such that the price even traded below the $110 level and formed a new low near $109.

At the moment, the price is consolidating losses near $110, with a bearish angle. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $117 high to $109 low. More importantly, there is a major bearish trend line formed with resistance at $112 on the hourly chart of ETH/USD. It wont be easy for buyers to clear the trend line resistance and $112. The next hurdle is near the $113 level. It coincides with the 50% Fib retracement level of the recent decline from the $117 high to $109 low.

Looking at the chart, ETH price is clearly trading in a bearish zone below the $114 and $112 levels. If there is an upside correction, the price is likely to face a lot of sellers near $112, $113 and $114.

Hourly MACD The MACD for ETH/USD is now placed heavily in the bearish zone.

Hourly RSI The RSI for ETH/USD is currently placed in the oversold area, but with no major sign of a recovery.

Major Support Level $104

Major Resistance Level $112

Read more:

Ethereum Price Analysis: ETH Breaks Down, Turned Sell on …

What is Ethereum? | The Ultimate Beginners’ Guide – CoinCentral

Ethereum is an open-source blockchain-based platform that essentially enables hundreds of decentralized cryptocurrencies and projects to be built and deployed without having to build their own blockchains.

With the second largest market cap in the cryptocurrency world, Ethereum has drawn a lot of attention from investors and crypto enthusiasts alike.

Ethereum not only presents a significant change to the status quo, it also allows for the quick development and deployment of new applications presenting niche solutions for various industries.

While Ethereums utility is obvious to programmers and the tech world at large, many people who are less tech-savvy have trouble understanding it. Weve designed this guide to appeal to both crowds and expose anyone from complete crypto beginners and intermediates to this potentially world-changing cryptocurrency.

If youre interested in Ethereum, chances are you have some sort of foundational knowledge of Bitcoin.

All cryptocurrencies inevitably get compared to Bitcoin, and it frankly makes understanding them much easier.

Bitcoin launched in 2009 as the worlds first cryptocurrency, with the single goal of creating a decentralized universal currency. This currency would not require any intermediary financial institutions, but would still ensure safe and valid transactions. This was made possible by a revolutionary technology called the blockchain.

The blockchain is a digital ledger, continuously recording and verifying records. Its used to track and verify Bitcoin transactions. Since the global network of communicating nodes maintains the blockchain, its pretty much incorruptible. As new blocks are added to the network, they are constantly validated.

Similar to Bitcoin, Ethereum is a distributed public blockchain network. While both Ethereum and Bitcoin are cryptocurrencies that can be traded among users, there are many substantial differences between the two.

Bitcoin, for example, utilizes blockchain to track ownership of the digital currency, making it an extremely effective peer to peer electronic cash system. Ethereum, on the other hand, focuses on running the programming code of an application. Application developers largely use it to pay for services and transaction fees on the Ethereum network.

Both Bitcoin and Ethereum are decentralized, meaning they have no central control or issuing authority. Respective miners run each network by validating transactions to earn either bitcoin (for Bitcoin) or ether (for Ethereum).

If youre still having trouble making the distinction, the words of Dr. Gavin Woodone of Ethereums Co-Foundersmight help:

Bitcoin is first and foremost a currency; this is one particular application of a blockchain. However, it is far from the only application. To take a past example of a similar situation, e-mail is one particular use of the internet, and for sure helped popularise it, but there are many others.

Ethereum is simply the application of blockchain technology for a completely different purpose.

Simply put, Ethereum is a blockchain-based decentralized platform on which decentralized applications (Dapps) can be built.

Ethereums appeal is that its built in a way that enables developers to create smart contracts. Smart contracts are scripts that automatically execute tasks when certain conditions are met. For example, a smart contract could technically say, pay Jane $10 if she submits a 1000 word article on goats by September 15, 2018, and it would pay Jane once the conditions are met.

These smart contracts are executed by the Turing-complete Ethereum Virtual Machine (EVM), run by an international public network of nodes.

The cryptocurrency of the Ethereum network is called ether. Ether serves two different functions:

If youre still a little confused, dont worry. The underlying technology is complicated even at a surface level.

By the end of this guide, youll have a better understanding of Ethereum than 99.999% of people out there and thats a pretty good start!

Well go over things such as how Ethereum functions, Ethereums history, and some of the exciting dapps running on the Ethereum platform.

In 2011, a 17-year-old Russian-Canadian boy named Vitalik Buterin learned about Bitcoin from his father.Buterin became a co-founder of Bitcoin Magazine and a leading writer for the publication.Buterin currently serves on the Editorial Board of Ledger. As a peer-reviewed scholarly journal, Ledger publishes original research articles on cryptocurrency and blockchain technology. The publication shows interest in any topics relating blockchain to mathematics, computer science, engineering, law, and economics.

In 2013, after visiting developers across the world who shared an enthusiasm for programming, Buterin published a white-paper proposing Ethereum.

In 2014, Buterin dropped out of the University of Waterloo after receiving the Thiel Fellowship of $100,000 to work on Ethereum full-time.

In 2015, the Ethereum system went live.

In 2017, Ethereum hit a cap rate of $36 billion dollars.

Whether youre looking at this from an investment standpoint, tech perspective, or witness to history; Ethereum is extremely exciting.

Buterins goal was to bring the same decentralization from Bitcoin to more than just currency. This could be accomplished by building a fully-fledged Turing-complete programming language into the Ethereum blockchain.

The Ethereum white paper goes into detail for some of the potential use cases, all of which could be built through decentralized apps on the Ethereum network. The list goes on and on:

By building these apps on the Ethereum network, these dapps can utilize Ethereums blockchain instead of having to create their own.

The core Ethereum founding team in 2014 consisted of Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, and Charles Hoskinson, additionally attracting the attention of Joseph Lubin to join the team. Lubin moved on to found the now near 1,000-employee Brooklyn-based venture production studio ConsenSys.

Rumored to be one of the top buyers in the Ethereum crowdsale, Lubin, who had been funding ConsenSys with his stash of Bitcoins, says he began selling some of his Ethers last year to fund the firms development

Early blockchain applications like Bitcoin only allowed users a set of predefined operations. For example, Bitcoin was created exclusively to operate as a cryptocurrency.

Unlike these early blockchain projects, Ethereum allows users to create their own operations. The Ethereum Virtual Machine (EVM) makes this possible. As Ethereums runtime environment, the EVM executes smart contracts. Since every Ethereum node runs the EVM, applications built on it reap the benefits of being decentralized without having to build their own blockchain.

Smart contracts are strings of computer code capable of automatically executing when certain predetermined conditions are met.

Instead of requiring a single central authority to say yay or nay, these contracts are self-operated. This not only makes the entire process more effective, it also makes it more fair and objective.

For example, a simple smart contract use case would be:

Using the smart contract, theres no need for Jim and Sarah to trust each other. They just have to trust the data feed.

Keep in mind that this is only a very simple example. Many smart contracts are extremely complex and can work wonders.

The takeaway: Smart contracts can automate a variety of tasks, without requiring intermediaries. All a smart contract needs is the arbitrary rules written into it.

Handling financial transactions alone presents hugely complex problems in terms of reliability and security. And since the Ethereum network comprises a general purpose blockchain that handles assets other than money, more complex challenges arise beyond mere financial transactions. Moving into the future, Ethereum confronts issues of scalability, energy consumption, security, privacy, and decentralization.

As a general purpose blockchain, Ethereum needs a mechanism to represent assets other than money. The ERC-721 standard has been created to transact unique items of value. The ERC acronym stands for Ethereum Request for Comment and provides a formal process for the Ethereum Foundation to improve its product. The ERC-721 standard originally drove the development of the highly successful CryptoKitties collectibles, but it allows for the representation of any digital asset.

Any blockchain relies on a trustworthy, fair, secure, and reliable consensus protocol for placing transactions onto the system. Like Bitcoin, Ethereum uses a Proof of Work (PoW) approach, but the Ethereum blockchain plans to implement a Proof of Stake (PoS) algorithm.

The Casper finality gadget implements PoS as an independent module. As an independent module, Casper lives on top of the current PoW system, making the Ethereum network a hybrid system of both PoW and PoS. Also as an independent module, this allows the PoW portion of the network to be removed at a later date.

The Casper PoS protocol utilized game theory incentives to maintain the integrity of the system. It also provides benefits of greater security and reduces the massive energy consumption required by PoW mining.

Scaling presents a great challenge for Ethereum, as it does for other blockchains. Scaling defines a systems ability to handle a large and growing workload without showing strain or stress to the system. Think of this both as a systems power and efficiency to complete tasks and also as a user experience challenge. If a user waits too long for a response after clicking a button, frustration results, and users give up on the system.

The web confronted this problem in the early days as well. In the first web applications, every action a user took on a web page resulted in the entire page having to be reloaded from the server and rendered again on the clients browser. Web 2.0 came along, introduced the ability to refresh only the relevant part of the page, and responsive user interfaces became the norm on the internet.

Vitalik Buterin identifies scaling as a primary concern that needs to be addressed in blockchain technology. He made the following comments in September 2017 in an interview with Naval Ravikant at the Disrupt SF 2017 conference.

Bitcoin is currently processing a bit less than three transactions a second; and if it goes close to four, its already at peak capacity. Ethereum over the last few days, its been doing five a second. And if it goes above six, then its also at peak capacity. On the other hand, Uber on average 12 rides a second, PayPal several hundred, Visa several thousand, major stock exchanges tens of thousands. And if you want to go up to IoT, then youre talking hundreds of thousands

What the Lightning Network brings to Bitcoin, Plasma brings to Ethereum. Joseph Poon (the creator of the Lightning Network protocol) and Vitalik Buterin jointly design and architect Plasma.

Efforts like Lightning and Plasma ease stress on the network by taking work offline to a side chain. Users engage in multiple transactions over time on a channel on the side chain without utilizing the main blockchain at this point. After a number of transactions complete, the final state of these transactions moves over to the main blockchain as a single transaction with a single fee. Multiple interactions to process thereby reduce to a single action on the blockchain, consequently reducing strain on resources and improving scalability.

Computer science boils down to the art of putting something somewhere, then retrieving it when you want it. Storing only what you require in a manner that makes retrieval simple and elegant, and retrieving only what you need, and doing it all as quickly as possible defines efficiency. Sharding presents a technique for storing data in an efficient manner to improve retrieval. And efficiency determines scalability.

Sharding basically defines ways to break data into separate pieces and store them separately. Consequently, you only have to deal with the small piece containing the data you are interested in and not wade through every piece of data contained in the entire system. Database technology has long utilized sharding to increase scalability, and now the Ethereum Foundation researches how sharding can improve blockchain technology.

Similarly, Raiden also presents side chain capability similar to Lighting and Plasma. Raiden is not a project of the Ethereum Foundation but a product of an independent company.

Most of us have a pretty good understanding of what an application (app) is. An application is formally defined as a program or piece of software designed and written to fulfill a particular purpose of the user. We use apps every day: Apps allow us to check our bank balance, scroll through a live feed of pictures, or even launch a Flappy Bird into oblivion.

Now take this definition and ~*~decentralize~*~ it. Dapps serve similar functions, but run on an entire network of nodes rather than a central source. The fact that they are decentralized gives dapps an enormous advantage over traditional apps.

You know when Instagram is down because the server is down? This doesnt happen with dapps. How about when Zomato got hacked and exposed the information of 17 million people? This doesnt happen either.

Moreover, Dapps are:

In many cases, front-end users cant even distinguish dapps from regular apps. Dapps typically use HTML/JavaScript web applications to communicate with the blockchain, appearing the same to users as many applications youre already using today.

While Bitcoin provides a network for financial transactions, Ethereum aspires to provide a platform for decentralized application development. Ultimately, a programming platform requires good applications built on it to be taken seriously. CryptoKitties gained popularity for a while, but we continue to wait and see how well Ethereum serves as a foundation for application development.

Quartz asked Vitalik Buterin What decentralized apps do you find interesting? on September 14, 2017. He answered as follows:

There are a few categories that are flourishing already. Some of them are various financial applications, financial contracts, derivatives, things like Maker. Games are another one. In the non-financial space, identity verification is getting to be a big one. With prediction markets, Augur and Gnosis are going to be fairly successful. Also in the not-quite financial space theres an interesting thing called Akasha. Its an Ethereum-based forum that uses ether-based cryptocurrency mechanisms to manage things like upvote and downvote and spam prevention.

Fasten your seatbelts and get your Twitter-fingers ready, its finally time for the most exciting part of this guide.

Ethereums intersection with the real world is paved with innovation and disruption. There are already a huge number of projects, both live and in development, built on the Ethereum network. Here are just some of the most successful and promising of these dapps.

Golem: The Golem project aims to make a global supercomputer easily accessible to anyone. Its essentially the first decentralized sharing economy of computing power. As a global market, users would be able to make money by renting out their idle computing power, or spend money to have access to a supercomputer. Hold up, have you ever used a supercomputer? Supercomputers cost between a million dollars and a good fraction of a billion dollars. The modern Tianhe-2 Supercomputer has the power of roughly 18,400 Playstation 4s. Golems goal is to make this sort of power easily accessible anywhere in the world at an infinitesimal cost.

Check out our Golem Beginners Guide.

Augur: Augurs goal is to utilize a decentralized network to create a powerful forecasting tool using prediction markets. Augur would reward users for correctly predicting future events. While at a surface level it may just seem like a decentralized betting platform (which is still worth a lot), Augur could potentially provide powerful predictive data for virtually any industry. Prediction markets are more accurate at forecasting than individual experts, traditional opinion polling, and surveys.

Check out our Augur Beginners Guide.

Civic: Civic aims to protect users identities and provide blockchain-based, secure, low-cost, on-demand access to identity verification. This would not only prevent and provide users with assistance for identity fraud, but it would also remove the need for constant personal information and background verification checks. Think about how many times youve left your social security number with someones assistant and you can see the benefits of Civic.

Check out our Civic Beginners Guide.

OmiseGO: OmiseGO vision is to solve the problems and inefficiencies of financial institutions, processors, and gateways by enabling decentralized exchange on a public blockchain at a lower cost and high volume. This means anyone will be able to conduct financial transactions such as payments, payroll deposits, B2B commerce, supply-chain finance, asset management, and loyalty programs without having to rely on a single server and without exorbitant fees! The system is built in a way that allows the best currency (whether fiat or decentralized) to win.

Check out our OmiseGO Beginners Guide.

Storj: Storjs aim is to make it possible for users to rent out their excess hard drive space in exchange for the crypto STORJ. Users could therefore also use Storj to rent additional hard drive space.

These are only a handful of different dapps all running on the Ethereum platform. What really stands out with dapps is how their founder are able to raise real capital by selling tokens. Whereas traditional apps have to seek outside investment or IPO, a dapp can simply ICO and raise the capital they need to build their company. While this removes friction from the financing processes, it has unfortunately also made it possible for many sub-par dapps to ICO and take advantage of eager speculators.

Check out our Storj Beginners Guide.

For more dapps, check out the State of the Dapps.

Now that you have a decent understanding of what Ethereum is and how it functions, its useful to revisit how it compares to Bitcoin at a technical level.

While the two cryptocurrencies serve different purposes, Ethereum provides a number of benefits over Bitcoin:

Ethereum arguably currently functions better than Bitcoin as a currency. With Ethereum, you can reliably send transactions faster, pay lower transaction fees, and mine at a more profitable rate (although it still has its downfalls for miners).

Read: Is Ethereum Mining Profitable?

However, Bitcoin does have a relatively more stable priceand therefore functions as a better value storage optionfrom a trading and value storage perspective. Ethereum is much younger but has covered a substantial amount of ground in recent years. Although Ethereum certainly shows promise as a currency, its true potential lies in features nonexistent in Bitcoins code.

The most famous DAO was simply known as The DAO. The nearly identical name causes a lot of confusion for people and gives DAOs a bad reputation.

The DAO was a decentralized autonomous organization primarily functioning as its own investor-directed venture capital fund. It didnt have the conventional management structure or board of directors, was not tied to any particular government, and instead ran on open source code. The DAO was set up to give funders the power to vote for which dapps deserved investment through DAO tokens.

Dapps had somewhat of an approval process:

The DAO is most famous for the largest crowdfunding campaign in history, raising over $150 million in ether from more than 11,000 investors. The DAO is also most infamous for getting hacked for $50 million. This hack inevitably caused a split in the Ethereum community, creating what we now know as Ethereum (ETH) and Ethereum Classic (ETC).

The hack happened because of The DAOs Split Function. Funders who wanted to exit The DAO could use its Split Function, which would give them back the ether they had invested. The only stipulation was that existing funders had to hold their ether for 28 days before they could withdraw them.

On June 17th 2016, an unknown person or group of people took advantage of a lapse in the Split Functions security with a simple recursive function. This frustratingly easy hack allowed the hacker(s) to repeat their request to withdraw the same DAO tokens multiple times before the system registered it as $50 million.

The news of this hack created chaos in the Ethereum community. While this hack had nothing to do with the Ethereum platform and everything to do with The DAO platform, many members of the Ethereum community were invested in The DAO. The community as a whole had 28 days to come up with a solution, which ended up being to forkstop the current blockchain entirely and create something new from scratch.

The new Ethereum (ETH) is the result of the fork, and is essentially the blockchain before the hack. The old Ethereum (Ethereum Classic ETC) is still running the original blockchain with the hack included.

The vast majority of the Ethereum community including the Ethereum founders pivoted along with ETH, with a small minority staying loyal to the original blockchain.

Software never stops changing until people stop using it. The Ethereum Foundation follows a roadmap of future modifications and enhancements to the system. No system ever runs fast enough, so scaling continues to develop. Privacy remains paramount, and research into zero-knowledge proofs continues. Decentralized systems demand constant attention to security. Many aspects of the future remain unknown. Some new and popular application not yet on the market may well demand new capabilities from the system. As the world changes, Ethereum continues to evolve.

See the original post here:

What is Ethereum? | The Ultimate Beginners’ Guide – CoinCentral

Ethereum Project

SECURITY WARNINGS

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 following Terms and Conditions (Terms) govern the use of the Ethereum open source software platform (Ethereum Platform). Prior to any use of the Ethereum Platform, the User confirms to understand and expressly agrees to all of the Terms. All capitalized terms in this agreement will be given the same effect and meaning as in the Terms. The group of developers and other personnel that is now, or will be, employed by, or contracted with, Stiftung Ethereum (Stiftung Ethereum) is termed the Ethereum Team. The Platform will be developed by persons and entities who support Ethereum, including both volunteers and developers who are paid by nonprofit entities interested in supporting the Ethereum Platform.

The user acknowledges the following serious risks to any use the Ethereum Platform and ETH and expressly agrees to neither hold Ethereum Stiftung nor the Ethereum Team liable should any of the following risks occur:

The Ethereum Platform and ETH could be impacted by one or more regulatory inquiries or regulatory actions, which could impede or limit the ability of Stiftung Ethereum to continue to develop the Ethereum Platform, or which could impede or limit the ability of a User to use Ethereum Platform or ETH.

It is possible that alternative Ethereum-based networks could be established, which utilize the same open source source code and open source protocol underlying the Ethereum Platform. The Ethereum network may compete with these alternative Ethereum-based networks, which could potentially negatively impact the Ethereum Platform and ETH.

It is possible that the Ethereum Platform will not be used by a large number of external businesses, individuals, and other organizations and that there will be limited public interest in the creation and development of distributed applications. Such a lack of interest could impact the development of the Ethereum Platform and potential uses of ETH. It cannot predict the success of its own development efforts or the efforts of other third parties.

The User recognizes that the Ethereum Platform is under development and may undergo significant changes before release. The User acknowledges that any expectations regarding the form and functionality of the Ethereum Platform held by the User may not be met upon release of the Ethereum Platform, for any number of reasons including a change in the design and implementation plans and execution of the implementation of the Ethereum Platform.

The Ethereum Platform rests on open-source software, and there is a risk that the Ethereum Stiftung or the Ethereum Team, or other third parties not directly affiliated with the Stiftung Ethereum, may introduce weaknesses or bugs into the core infrastructural elements of the Ethereum Platform causing the system to lose ETH stored in one or more User accounts or other accounts or lose sums of other valued tokens issued on the Ethereum Platform.

Cryptography is an art, not a science. And the state of the art can advance over time. Advances in code cracking, or technical advances such as the development of quantum computers, could present risks to cryptocurrencies and the Ethereum Platform, which could result in the theft or loss of ETH. To the extent possible, Stiftung Ethereum intends to update the protocol underlying the Ethereum Platform to account for any advances in cryptography and to incorporate additional security measures, but it cannot predict the future of cryptography or guarantee that any security updates will be made in a timely or successful manner.

As with other cryptocurrencies, the blockchain used for the Ethereum Platform is susceptible to mining attacks, including but not limited to:

Any successful attacks present a risk to the Ethereum Platform, expected proper execution and sequencing of ETH transactions, and expected proper execution and sequencing of contract computations. Despite the efforts of the Ethereum Stiftung and Team, known or novel mining attacks may be successful.

If the Ethereum Platform is rapidly adopted, the demand for ETH could rise dramatically and at a pace that exceeds the rate with which ETH miners can create new ETH tokens. Under such a scenario, the entire Ethereum Platform could become destabilized, due to the increased cost of running distributed applications. In turn, this could dampen interest in the Ethereum Platform and ETH. Instability in the demand of for ETH may lead to a negative change of the economical parameters of an Ethereum based business which could result in the business being unable to continue to operate economically or to cease operation.

If the Ethereum Platform is rapidly adopted, the demand for transaction processing and distributed application computations could rise dramatically and at a pace that exceeds the rate with which ETH miners can bring online additional mining power. Under such a scenario, the entire Ethereum Platform could become destabilized, due to the increased cost of running distributed applications. In turn, this could dampen interest in the Ethereum Platform and ETH. Insufficiency of computational resources and an associated rise in the price of ETH could result in businesses being unable to acquire scarce computational resources to run their distributed applications. This would represent revenue losses to businesses or worst case, cause businesses to cease operations because such operations have become uneconomical due to distortions in the crypto-economy.

Acknowledgment, Acceptance of all Risks and Disclaimer of Warranties and LiabilitiesTHE USER EXPRESSLY KNOWS AND AGREES THAT THE USER IS USING THE Ethereum PLATFORM AT THE USERS SOLE RISK. THE USER REPRESENTS THAT THE USER HAS AN ADEQUATE UNDERSTANDING OF THE RISKS, USAGES AND INTRICACIES OF CRYPTOGRAPHIC TOKENS AND BLOCKCHAIN-BASED OPEN SOURCE SOFTWARE, ETH PLATFORM AND ETH. 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, ETH OR THE Ethereum PLATFORM UNDER ANY CAUSE OF 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 NOR ETHEREUM TEAM SHALL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, INCLUDING FOR LOSS OF PROFITS, GOODWILL OR DATA. 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 OR FRAUD OF Stiftung Ethereum.

We recommend any groups handling large or important transactions to maintain a voluntary 24 hour waiting period on any ether deposited. In case the integrity of the network is at risk due to issues in the clients, we will endeavor to publish patches in a timely fashion to address the issues. We will endeavour to provide solutions within the voluntary 24 hour waiting period.

All disputes or claims arising out of, relating to, or in connection with the Terms, the breach thereof, or use of the Ethereum Platform shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with said Rules. All claims between the parties relating to these Terms that are capable of being resolved by arbitration, whether sounding in contract, tort, or otherwise, shall be submitted to ICC arbitration. Prior to commencing arbitration, the parties have a duty to negotiate in good faith and attempt to resolve their dispute in a manner other than by submission to ICC arbitration. The arbitration panel shall consist of one arbitrator only, unless the ICC Court of Arbitration determines that the dispute is such as to warrant three arbitrators. If the Court determines that one arbitrator is sufficient, then such arbitrator shall be Swiss resident. If the Court determines that three arbitrators are necessary, then each party shall have 30 days to nominate an arbitrator of its choice — in the case of the Claimant, measured from receipt of notification of the ICC Courts decision to have three arbitrators; in the case of Respondent, measured from receipt of notification of Claimants nomination. All nominations must be Swiss resident. If a party fails to nominate an arbitrator, the Court will do so. The Court shall also appoint the chairman. All arbitrators shall be and remain independent of the parties involved in the arbitration. The place of arbitration shall be Zug, Switzerland. The language of the arbitration shall be English. In deciding the merits of the dispute, the tribunal shall apply the laws of Switzerland and any discovery shall be limited and shall not involve any depositions or any other examinations outside of a formal hearing. The tribunal shall not assume the powers of amiable compositeur or decide the case ex aequo et bono. In the final award, the tribunal shall fix the costs of the arbitration and decide which of the parties shall bear such costs in what proportion. Every award shall be binding on the parties. The parties undertake to carry out the award without delay and waive their right to any form of recourse against the award in so far as such waiver can validly be made.

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Ethereum Project

What is Ethereum? The Most Comprehensive Beginners Guide

Ethereums core innovation, the Ethereum Virtual Machine (EVM) is a Turing complete software that runs on the Ethereum network. It enables anyone to run any program, regardless of the programming language given enough time and memory. The Ethereum Virtual Machine makes the process of creating blockchain applications much easier and efficient than ever before.

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What is Ethereum? The Most Comprehensive Beginners Guide

Ethereum Price Index Real-time Ethereum (ETH) Price Charts

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Ethereum – Investopedia

DEFINITION of Ethereum

Launched in 2015, Ethereum is a decentralized software platform that enables SmartContracts and Distributed Applications (Apps) to be built and run without any downtime, fraud, control or interference from a third party. The platform is also the basis for its own virtual currency, Ether. Ethereum is not just a platform but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish distributed applications. The potential applications of Ethereum are wide ranging.

The applications on Ethereum are run on its platform-specific cryptographic token, ether. During 2014, Ethereum had launched a pre-sale for ether which had received an overwhelming response. Ether is like a vehicle for moving around on the Ethereum platform, and is sought by mostly developers looking to develop and run applications inside Ethereum. Ether is used broadly for two purposes, it is traded as a digital currency exchange like other cryptocurrencies and is used inside Ethereum to run applications and even to monetize work. The current market cap of ether (ETH) is now more than Ripple and Litecoin although its far behind bitcoin (BTC).

According to Ethereum, it can be used to codify, decentralize, secure and trade just about anything. One of the big projects around Ethereum is Microsofts partnership with ConsenSys which offers Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure so Enterprise clients and developers can have a single click cloud based blockchain developer environment.

In 2016 Ethereum was split into two separate blockchains – Ethereum, and Ethereum Classic, after a malicious actor stole more than $50 million worth of funds which had been raised on The DAO, a set of smart contracts originating from Ethereum’s software platform. The new Ethereum was a hard fork from the original software intended to protect against further malware attacks. As of July 2018 Ethereum was the second-largest virtual currency on the market, behind only Bitcoin. It is much faster to acquire ether currency than bitcoin (about 14 or 15 seconds to bitcoin’s near-uniform 10 minutes) and there are far more ether units in circulation than there are bitcoin.

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Ethereum – Investopedia


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