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Ethereum

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Ethereum.png

No doubt that many of you have heard about this 'crypto/token'

In the crypto world - many refer to Bitcoin as 1.0, Ethereum as 2.0 and some newer crypto's as 3.0's

This is from Wiki:

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. Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. "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 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 split into two separate blockchains – the new separate version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC). The value of the Ethereum currency grew over 13,000 percent in 2017.




Ethereum also became very popular because of it's ease of hosting ICO's (Initial Coin Offerings) on their platform, they are usually referred to as dApps (Decentralized Applications).

Features of Dapps:
  • Open Source. Ideally, it should be governed by autonomy and all changes must be decided by the consensus, or a majority, of its users. Its code base should be available for scrutiny.
  • Decentralized. All records of the application’s operation must be stored on a public and decentralized blockchain to avoid pitfalls of centralization.
  • Incentivized. Validators of the blockchain should be incentivized by rewarding them accordingly with cryptographic tokens.
If we adhere to the above definition, the first Dapp was in fact Bitcoin itself. Bitcoin is an implemented blockchain solution that arose from problems revolving around centralization and censorship. One can say Bitcoin is a self-sustaining public ledger that allows efficient transactions without intermediaries and centralized authorities.

I can definitely say that sending Ether (using GAS) is cheap and fast. A whole lot faster than Bitcoin (for the moment). There have been some issues with Ethereum - scaling (sharding) is being worked on at the moment. Ethereum is also to get zk-Snarks and Ring signatures (like Monero - total privacy)


Proof-of-Work
Most blockchains run on ‘proof-of-work’ which means that miners solve cryptographic puzzles to mine a block to the blockchain. These puzzles get harder over time and requires a lot of energy and computing power.

The problem with ‘proof-of-work’ is that it’s becoming more and more centralized. This means that a few mining companies control the hashrate of Bitcoin. As of right now, 71.2% of the hashrate is controlled by five mining pools.

As the cryptographic puzzles become more challenging, it requires more hardware and energy which is also very expensive. This makes it harder for anyone to mine, which further centralizes to a few mining pools.

Why is this bad? If these five mining pools coordinated, they can unleash a 51% attack. The attackers would be able to prevent new transactions from gaining confirmations, allowing them to halt payments between users. An event like this could possibly even legitimize a different blockchain such as Bitcoin Cash.


Proof of Stake
Ethereum’s solution to this is to move towards ‘proof-of-stake’. This means that validators (instead of miners) will have to put up Ether as a stake and then ‘validate’ blocks by placing a bet on it. If the block gets appended, you will get a reward proportional to your stake. If you bet on the wrong block, your stake will be taken away.

Proof-of-stake also helps solves some of the problems with proof-of-work. It helps achieve decentralization, energy efficiency, and helps Ethereum scale.


Casper
This is the name of the ‘proof-of-stake’ protocol for Ethereum. There are two version of Casper. One is being led by Vlad Zamfir who has been at the forefront of Ethereum’s development. The other is called FFG (friendly finality gadget) that is being led by Vitalik Buterin.

Similarly, there will be stakers who “stake” their coins by locking them down in special wallets. These stakers will be rewarded through an annual dividend of ether. So, the more ETH you stake, the larger your dividends will be.

In PoS, no matters what happens, you will always win and have nothing to lose. The only way to lose your stake is if you maliciously validate wrong blocks.

Casper moves towards a “proof of stake” consensus which prevents a 51% attack from ever happening. Temporary and sustained 51% attacks hold key implications for Ethereum’s future. Casper secures it further.


Transaction Chart
Screen Shot 2018-03-23 at 12.47.37 pm.png

Price Chart

Screen Shot 2018-03-23 at 12.42.57 pm.png


Transactions can also be checked on the blockchain

https://etherscan.io/


https://ethplorer.io/

MyEtherWallet is also a great site that is an interface for the Ether blockchain


https://www.myetherwallet.com/

There have been lots of phishing attempts on addresses. Please, please, please do not fall for these. Always double-check the address and bookmark it. Google has recently stopped crypto searches and there are more and more scam addresses popping up. Binance was also the victim of a highly orchestrated hack that was caught before it could be executed. Binance have put out a $250,000 bounty that leads to arrests of anyone involved.



I would also recommend an app called Cryptonite that l'm using in Chrome.

This extension protects you from phishing sites. The MetaCert shield turns green when you visit certified Cryptocurrency websites.

The green padlock is meaningless because SSL certs are free and automatically issued to phishing sites.
Here is one of my Ether wallets (nothing in it) if you want to search it in etherscan and have a play around. Public address is :


0xe1d6D1fC5fbb8D86C9097226088977446056C79A​

 
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Jackson does great youtube clips on various cryptos. He was involved in Dogecoin


 
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I see you have been talking to yourself about Ethereum.
Did a search, and this is the only thread with it in the the title.

With the markets moving to crypto's lately, ETH can back to mind from when I did research into Bitcoin some years ago.
At the time, I decided not to invest, it would've been an investment for the long term with BTC increasing in value. BTC has since nearly doubled, so hindsight says it would have been ok then.

This leads me to remembering that I thought ETH was going to be the other main crypto moving into the future.
Considering the money side getting tied up.
Thinking of treating it like a medium/ long term trade and putting a position into it of around $4000...
No idea how to go about buying it? Digital wallets etc.
ETH chart from birth.
1 month bars. Has really jumped up over the last week or 2.

Screenshot_20201124-210058.png
 
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This leads me to remembering that I thought ETH was going to be the other main crypto moving into the future.
Considering the money side getting tied up.
Thinking of treating it like a medium/ long term trade and putting a position into it of around $4000...
No idea how to go about buying it? Digital wallets etc.
I didn't buy. Goodbye boat.

Screenshot_20210104-210701.png
 
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“Ethereum’s top 10 non-exchange whale addresses are now holding the most combined supply of ETH tokens (16.86M) since July, 2016. On March 1st, a single-day addition of 1.03M tokens was added among these addresses, the highest one-day jump in 6 weeks!“
 
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Ether has now become the 24th largest asset in the world, vaulting the project above blue-chip names like Mastercard, NVIDIA, Walt Disney, Bank of America, and Home Depot, according to data from Infinite Market Cap. This strong performance in Ether has also brought back murmurs of Ethereum flippening Bitcoin (BTC).
 

moXJO

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I'm into eth. Simply because of the utility of the coin. All these games, nfts, and various other digital crap uses the etc network.

I'm learning a lot from the nft market and it's a completely different world. It reminds me of the internet in the 90s. There is some hot stuff coming through and I'm slowly understanding the system and networks.
 
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moXJO

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Part of the rise may be linked to increasing institutional interest in the asset. This week, a Coinshares report said that institutions bought over $30 million in ETH at the end of April. Money managers are thought to now own $13.9 billion in ETH or ETH vehicles.
Majority of nfts run off eth network. To tell you the truth bitcoin looks done from a utility point of view. Perhaps it will remain a store of wealth, but I can't really see the point of it.

The coin you want to invest in now is one that makes eth network cheaper or does it better than eth. I don't think eth is a fantastic system either as the gas fees are ridiculous. But better than bitcoin. Wouldn't surprise me if bitcoin money filters to eth.

I was loaded up on eth and matic before the current pump.
 
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Santiment says the largest Ethereum wallets that are not owned by crypto exchanges are holding a total of 21.3 million ETH this week, shattering a five-year high. At the time of writing, the supply held by Ethereum mega whales is worth about $48.9 billion.

Ethereum live chart: https://uk.advfn.com/p.php?pid=staticchart&s=COIN^ETHUSD&t=1&p=0&dm=0&vol=0&width=300&height=165&max_pre=0&min_after=0
 

Garpal Gumnut

Ross Island Hotel
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According to the GoFundMe page, the family is raising $250,000 to pay for the legal battle.
I took this problem to the Probability Committee at the Early Session this morning here at the hotel.

They took in to account the historicity of the claim, the availability of legal expertise and the fact that the VB tap was giving cloudy pots.

Their conclusion was that pigs might fly over his urn before old Yukiko gets his wallet back.

gg
 
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Go fund me, so if i understand well, i can pay so that they can pay lawyers and become filthy rich.
Hummm i will pass
 
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moXJO

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Nft market is going insane. The big returns are in this market currently.
 
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