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How did Ethereum get its name?

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Going through an anecdote of Vitalik Buterin to find out the reason for his project name to be Ethereum. How did Ethereum get its name?

Going through an anecdote of Vitalik Buterin to find out the reason for his project name to be Ethereum

Opening remarks

If Bitcoin can be considered the world’s first global shared accounting ledger then Ethereum can be considered the world’s first shared computing system. It is the second most valuable cryptocurrency in today’s market is because of its widespread application and development of decentralized applications (DApps) and smart contracts. A smart contract is a precise methodology which is applied in almost any Initial Coin Offering where the tokens are released to the users once the investment is completed.

 

The origins

In 2013, Ethereum was founded by Vitalik Buterin, with the intention of providing a template to all the programmers and developers around the world to facilitate the creation of decentralized applications. A decentralized application uses nothing but small pieces of automatically executing codes known as smart contracts which in turn uses the cryptocurrency of the network. Born in 1994 buterin was exceptionally well at mathematics and programming in his earlier days itself.  However, a number of abnormal incidences are related to his life.

Today the number of decentralized applications is more than ever and the transactions executed on those applications sometimes seem to clog the Ethereum network itself. Weak at social interaction Buterin was introduced to cryptocurrencies through his father. He realized the potential of the decentralized technology and cited the amazing 15 years of constant getaways, by Torrent from the government censorship due to its decentralized behavior.

Vitalik Buterin along with Mihai Alisie had also co-founded Bitcoin magazine in 2012, which is considered to be one of the most reliable sources for news articles in the cryptocurrency space. In the year 2013, he dropped out from his University of Waterloo to convert his passion into a full-time profession.

In January 2014 when the team members publicly announced the network there were only 4 members rigorously working on the project. They were Vitalik Buterin, Mihai Alisie, Charles Hoskinson, and Anthony Di Iorio. In July 2015, with 11.9 million Ether coins, the whole network was launched.

 

How did it get the name?

Once, as geeky Buterin, was scrolling through a list of science fiction elements on Wikipedia he came across the word Ethereum. That was when his heart skipped a beat and decided to name his project as Ethereum. Surprisingly, the subset, Ether refers to an invisible hypothetical medium which seems to cover the entire universe and allows light to pass through it. The tetrahedron which is the symbol used for the Ethereum network is also regarded as the most stable and strong form of dimensions in nature. However, it is difficult to state whether this is a mere coincidence or the outcome of the mastermind plans of Buterin. Nevertheless, everything seems to be going in resonance with each other.

 

Advance features of the network

The decentralized Turing complete virtual machine known as Ethereum Virtual Machine is capable of running smart contracts on international nodes with much easiness. A Gas which is also known as the powerHouse of Ethereum is nothing but an internal measuring unit of a transaction. The gas value of a transaction is decided by the sender. On the other hand, the miners look for gas values to prioritize the transactions for verification. Higher the gas value of a transaction, faster it gets verified. Sometimes due to increased traffic, there is a lot of competition between the senders, and unknowingly increasing the transaction fee.

 

Changing Paths

The original Ethereum network was split into Ethereum (new) and Ethereum Classic (original) due to a DAO hack in 2016. In order to prevent the further loss of Ether, the community had to implement a hard fork. Many people, unhappy with the decision stayed loyal to the original Blockchain, Ethereum Classic, while a majority of the key people on the network switched to the Ethereum network. It is less probable that any updates are released on the Ethereum Classic network because all the key developers are on the new Ethereum network. As the hard fork doesn’t support backward compatibility, Ethereum Classic users can’t enjoy the updates of the new Ethereum network.

 

Closing words

Not a single thing can be predictable in this highly volatile cryptocurrency market. So it would be preferred for us to stay safe from all kinds of irregularities and fluctuations in the outside world.

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Ethereum 2.0 Serenity: All you need to know

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According to Ethereum Founder Vitalik Buterin, the Ethereum 2.0 Senerity is a realization of the research that ethereum is spending time on from 4 years.

Main Features of Ethereum 2.0

– Proof of Stake (Casper)
– Scalability (Sharding)
– VM Improvements (EWASM)
– Improvements to cross-contract logic
– Improvements to protocol economics

 

Serenity Begins

What is Serenity?

According to Ethereum Founder Vitalik Buterin, the Senerity is a realization of the research that ethereum is spending time on, over the last 4 years. Serenity is a new blockchain in the sense of being a data structure which will have to link to the existing proof of work chain. So the proof of stake chain will be aware of the block hashes over the proof to work chain and the users will be able to move ETH from the proof of work chain into the proof of stake chain.

 

Expected Phases of Ethereum 2.0

Phase 0: Beacon Chain Proof of Stake
Phase 1: Shards as data chains
Phase 2: Enabling state transitions
Phase 3: iterate, improve and adding technology

 

Expected Feature of Ethereum 2.0

– Pure proof of stake consensus
– Faster time to synchronous confirmation )only 8-16 seconds)
– Economic finality
– Fast Virtual Machine execution via EWASM
– 1000X higher scalability

 

Ethereum 2.0 Post Serenity Innovation

– Layer 2 execution engines
– Privacy
– Cross-shard transactions
– Semi-private chains
– Proof of stake improvements

 

However, Vitalik Buterin did not define the timeline as to when the Ethereum 2.0 will be released and the users will be able to see all these improvements.

One of the lead developers and researchers with the ethereum foundation Justin Drake said in an interview with CNBC that there have been mistakes by the ethereum community for overpromising which is mostly because of miscommunication and underestimating the complexity of things. In reality, the research on moving ethereum to a proof of stake consensus has been moving really fast in accordance to the blockchain space. He also told that the Ethereum 2.0 Phase 0 that is between the mainnet and the testnet will be released in 2019, the Phase 1 that is Sharding will be seen in 2020, the Phase 2 will be live in 2021.

Erik Voorhees, the CEO of Shapeshift wallet and exchange said in the Ethereum Devcon that he believes that Ethereum will be one of the main chains as it has the network effect and more developers than any other blockchain in the world. He also said that Vitalik does not personally control Ethereum and if Vitalik disappeared someday, the ethereum blockchain will still prevail forever despite that fact that the ETH market might crash for a month or so.

 

What is your take on Ethereum 2.0? Will it boost the price of ETH back to four figures? Tell us in the comments section below.

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Ethereum Updates: Proof of Stake, Zero Proof Prototype, JP Morgan and more

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The Ethereum Dev Con in Prague has just wrapped up in a flurry of news and announcements. Vitalik has made some tantalizing announcements about ethereum.

The Ethereum Devcon in Prague has just wrapped up in a flurry of news and announcements. Vitalik Buterin has made some tantalizing announcements about ethereum stating that Proof of Stake is not far away. The serenity updates will see Ethereum moving from a Proof of Work to a Proof of Stake system which will be exciting.

Estimates predict a possible 1000X increase in ethereum speed brings it up to 15000 transactions per second. The updates will also include improvements to the ethereum virtual machine, cross chain contract logic and much more.

 

Ernst & Young ETH Zero-Proof Prototype

Ernst & Young made an announcement on 30th October about the launch of EY Ops Chain Public Edition Prototype which is the first ZERO Knowledge Proof Technology on Ethereum Blockchain. According to sources, the prototype aims to improve the current barriers that prevail in the transactions.

– Company’s ability to conduct transactions on the Public Blockchain securely.
– Improving Blockchain Adoption
– Enabling a traceability trail of the private transactions.

The prototype is set to launch in 2019 and could prove to be highly significant for the upcoming security token industry.

 

JP Morgan ‘big believers’ in Ethereum

Jamie Dimon, the CEO and Chairman of JP Morgan who had earlier said that he did not give a s**t about Bitcoin has recently endorsed Ethereum of having the abilities to provide practical applications to the financial world.
The JP Morgan team is developing a product named as ‘Quorum’ which is defined as an enterprise-focused version of Ethereum. A significant use of the product will be the tokenization of gold bars.

 

Bancor: Ethereum and EOS Cross-Chain DEX

BancorX, a new platform by the Bancor decentralized exchange is now live and enables the conversion between ethereum and EOS based tokens on the blockchain. Currently, it allows the conversion of more than 110 tokens on both Ethereum and EOS blockchain. The BancorX project was established in collaboration with LiquidEOS, an EOS block producer. The project uses BNT tokens (Bancor Tokens) for the transactions. The BNT Token works on both EOS and Ethereum blockchain.

The working: When you convert an Ethereum token into an EOS token, it is first converted into BNT Token. After this, the BNT Token is transfered to the EOS blockchain and gets converted into an EOS Token.

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#Ethereum Price Analysis

Ethereum Price Analysis: Can ETH recover back?

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Ethereum Price Key Features

  • Ethereum price rectified lower strongly in the wake of exchanging over the $222 level against the US Dollar.
  • There is a key bullish pattern line set up with support at $208 on the 4-hours outline of ETH/USD.
  • The pair is probably going to move higher as long for what it’s worth over the $208 and $206 support levels.

Ethereum price is merging late misfortunes versus the US Dollar and Bitcoin. ETH/USD may maybe move higher above $220 on the off chance that it remains over the $206 support.

 

Ethereum Price Analysis

This previous week, we saw a strong bullish wave over the $202 and $210 resistances in ETH price against the US Dollar. The ETH/USD pair picked up pace over the $220 level and settled over the 100 straightforward moving normal (4-hours). The pair exchanged as high as $223 and later began a drawback remedy. It declined underneath the $220 and $210 support levels, however, purchasers showed up close to the $206 support.

All the more essential, there is a key bullish pattern line set up with support at $208 on the 4-hours diagram of ETH/USD. The pattern line support, $206, and the 100 straightforward moving normal (4-hours) are imperative. The price is as of now merging above $206 and it as of late moved over the $210 resistance. There was a break over the 23.6% Lie retracement level of the ongoing drop from the $223 high to $206 low. Also, there was a push over the 23.6% Lie retracement level of the ongoing decay from the $223 high to $206 low. Be that as it may, purchasers attempted to pick up force over the $212-214 resistance.

 

ETHUSD 5 day chart 11 November

ETH/USD 5 day chart

 

The above outline demonstrates that Ethereum price is as of now exchanging pleasantly over the $206 support and the 100 SMA. For whatever length of time that there is no nearby underneath $206, the price could skip back above $215 and $220.

4-hours MACD – The MACD is going to move into the bullish zone.

4-hours RSI – The RSI is right now level close to the 50 level.

Real Support Level – $206

Real Resistance Level – $220

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