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Ethereum

How to use Ethereum?

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Use ethereum: The Ethereum Blockchain is another Blockchain which was introduced, for the development and creation of decentralized applications.

How to use Ethereum?

The Blockchain Technology was introduced to the world with the introduction of Bitcoin in 2009. The only aim of Bitcoin was to create a decentralized cryptocurrency system. But due to some real-world issues regarding cryptocurrency many forks (changes or updates) were done on Bitcoin and cryptocurrencies like Litecoin, DASH, etc were introduced.

 

Introduction – how to use ethereum

When issues started to erupt from these cryptocurrencies as well, the experts from all over the world started looking into the underlying Blockchain Technology.  The Ethereum Blockchain is another Blockchain which was introduced, for the development and creation of decentralized applications. It even incorporates the functionality of a smart contract. The main basic difference between the decentralized application and a normal application is that, in a decentralized application, no third party has access to your data.

It facilitates the users as well as the organizations on different sides to come together without a centralized intermediary apart from just providing a third-party service. One of the earliest decentralized app or Dapp was BitTorrent. Basically, Ethereum incorporates and generalizes the basic features of the peer to peer blockchain technology and allows the developers to create their personalized applications on it. It can be considered as an inbuilt programming language itself.

 

Working

All the internal computations, as well as states, are handled by the Ethereum Virtual machine. Practically speaking the Ethereum Virtual Machine contains millions and millions of accounts on the decentralized computers. They have the ability to store the information, execute the code, and even communicate with each other. There are two types of accounts.

 

  1. Externally owned accounts(EOA)

This particular type of account can be accessed by using a private key. A user gains the right to transfer Ether from/to this particular account if he possesses the private key associated with the account.

 

  1. Smart contracts

A contract is an account which runs on its own code without the need for any private key.

 

In the Ethereum environment, nothing happens on its own. The whole system is triggered by an externally owned account. If the destination of the transaction is another EOA, then the transaction consists of the transfer of Ether. However if the destination is a contract, then a contract is triggered to execute its code and in turn, may call other contracts by communicating with them.

Apart from triggering other contracts a contract can also read or write to its own internal storage and also read the storage of the received message. When a contract calls another subcontract, the completion of tasks happens from the subcontract and then the contract calling it. Hence the whole system once again comes to a standstill until it is again triggered by another transaction.

 

Contracts are generally used in 4 different manners

  1. A contract can be used to store some data which might be useful for another contract or to store some real-world information. For example, a smart contract might hold the currency is required for the other contracts in the system or might hold the information about the members of a particular organization.

 

  1. As forwarding contracts. This particular type of contract is used to simply forward the received information based on the satisfaction of certain conditions. There are also more complex contracts in this domain which have a set of conditions to be met until an action is taken.

 

  1. In the form of an escrow contract. This type of contract basically manages a relationship between two or more individuals or organizations. There can also be open contracts in this domain, for example, a contract can release a reward to a user for achieving some kind of a task.

 

  1. Providing predefined functionalities to other contracts, in other words, serving as a library.

 

Ether, the prerequisite (how to use ethereum)

Before undertaking any of the above-mentioned transactions a particular user needs to have Ether with him. Ether can be bought easily in cities like New York, Toronto, etc. But in the places where the cryptocurrency is lesser known, a user needs to first buy Bitcoins using the Fiat currency respectively according to his place. Followed by which the Bitcoins can be traded with Ethereum.

The functioning of Ethereum blockchain is different from that of the Bitcoin blockchain in a sense that, users can activate smart contract or a collection of smart contracts basically termed as decentralized apps.

In an Ethereum environment, the user doesn’t need to explicitly write the Assembly language like codes, for smart contracts, but use a simple programming language named Solidity to developed the same.

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#Polkadot

Alert: Polkadot Blockchain: A threat to Ethereum?

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Polkadot blockchain is the interpolation of networks that connect the multiple blockchains. It’s a bridge between the collections of blockchains.

Polkadot blockchain is an impending multiple chain structured platform which is technologically designed with the financial aspects to facilitate interoperability and scalability of blockchains which can be stopple into the ‘Relay chain’. Polkadot blockchain is the interpolation of networks that connect the multiple blockchains. It’s a bridge between the collections of blockchains. In technical jargon, it is the parachain. The operation of the parachain is through the minimized trust federation structure.

 

Characteristics of Polkadot Blockchain

Polkadot primarily provides interoperability, security assistance, and scalability. Polkadot creates the relay chain which acts as the nucleus of all the parachains. It connects the all other parachains and operates in coordination along with the transmission of data takes place. This leverage of the interconnections of blockchains is granted to both public and permission blockchains. For the blockchains to be allowed for parachain network must fulfill the following criteria for compatibility.

  1. It should be able to form compact and high-end client evidence.
  2. The authority must be distributed amongst a large number of authorities to standardize any transaction.

Polkadot which has its own consensus has the ability to form bridges with different chains such as Etherum. Polkadot is divided into layers and the lowermost layer of the Polkadot protocol are called Polkadot Runtime environment and stays uniform throughout the complete parachain network. Polkadot is simple language is the consortium of chains which allows numerous blockchains to share secured transactions via the Relay chain. Relay chain is the source of transmission of data. Polkadot connects the public and private blockchains. Polkadot is one of the biggest projects for the future for the accomplishment of the agenda of web decentralization. The transmission of information and data to all the blockchains and the necessary information and operations of the blockchain bifurcated to all the levels. This idea of blockchain data transmission – Polkadot was initially presented by Gavin Wood who is the co-founder of Ethereum and the founder of Parity Technologies. The data to a certain extent is classified. The focused agenda of this multi sharing blockchain technology Polkadot is to make sure that information transmitted stays secure and the transactions initiated must fulfill.

 

Polkadot Coin: DOT

DOT is the token or coin in the Polkadot ecosystem. The bizarre yet most important aspect of DOT is that there is a complete absence of information of limits. Polkadot is the sub technology of blockchain which can take the application of blockchain all together to the new level. It is one of the most ambivalent topics as there is so much of ambiguity in its every aspect.

 

What is Ethereum?

Ethereum is also a digital ledger like bitcoin but it is slightly different as it has a different approach and acts as a platform through which tokens can be created and creation of smart contracts and then directly uploaded onto the blockchain. Smart contracts is the digital code once the delivery of an agreed amount of currency takes place the system automatically transmits the key to unlock. These days our information is not at all 100% concealed. Most of our data is saved on the online accounts even after adding multiple passwords and locks. Still, there are blind spots where someone has the access to your information. The aim of Bitcoin technology is to replace the actual money and money transfer websites like online banking, Paytm and Paypal ethereum seeks to replace all the other third parties of the internet through blockchain. Ether is a form of cryptocurrency whose blockchain is formed by the ethereum platform. Ethereum is the kind of Decentralizing computing machine. Ethereum is divided into divided into two separate blockchains.  Ethereum with the theft reversed (ETH), and the original one being Ethereum classic (ETC). Ethereum prevents the third party from accessing or altering the data in any manner. It provides security to the information. Ethereum also makes the censorship virtually possible. In layman’s language, Ethereum is the best alternative provided for the strict digital base.

 

Is Polkadot a threat to ethereum?

Parity is one of the main clients of Ethereum. Polkadot is somewhat the direct competitor of Ethereumm. Ethereum itself has a potential of being the parachain but it would need a connection through the bridge but the working of a bridge is not clear yet. As ethereum  is an open source system that features smart contract functionality, the Polkadot has come up with the one of its advanced kinds. Even though Etherum is a potential parachain but polkatot is the connection of multiple parachains. As all the parachains cannot be connected to the scope of ethereum in the longer run stays limited. Ethereum is also founded by the Gavin Wood but he left it and founded Polkadot blockchain. Polkadot blockchain is more advanced technology as it is focusing on the transfer of data.

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#Ethereum Price Analysis

Ethereum Price Analysis: ETH going to correct downwards?

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Ethereum price showed strong increases. ETH tested the $150 resistance level which was quite strong so the price may correct downwards.

Technical Indicators

Support Level – $140

Resistance Level – $150

  • Ethereum price broadened the ongoing rally and moved over the $144 and $148 resistances against the US Dollar.
  • There is a bullish pattern line formed with support at $142 on the hourly chart of ETH/USD.
  • There could be a downward correction for the short term. However, a lot of buyers are placed around $140 to push the price upwards again.

Ethereum price showed strong increases against the US Dollar as well as bitcoin. ETH tested the $150 resistance level which was quite strong so the price may correct downwards for a short term before starting a bull run again.

 

Ethereum Price Analysis

Recently, we saw an awful upward move from the $125 swing low in ETH price against the US Dollar. The ETH/USD pair revitalized over the $130 and $136 resistance levels to move into a bullish zone. Afterward, buyers drove the price over the $140 and $142 resistance levels. There was a bearish response noted close to the $148 level and the price plunged towards the $140 support. Sellers could not push the price downwards resulting in a new upward move over the $145 and $148 resistance levels. Ethereum price moved near the $150 resistance and settled well over the 100 hourly SMA.

At present, the price is uniting increases above $145, with a couple of bearish moves. There are numerous supports on the drawback close to the $145, $142 and $140 levels. All the more vitally, there is a bullish pattern line formed with support at $142 on the hourly chart of ETH/USD.

In the event that there is a break underneath the pattern line, the price could test the $140 support territory. Any further misfortunes could start an all-inclusive drawback amendment beneath $138 and $136. To the topside, the $148 and $150 levels are solid obstructions for buyers in the short term.

ETHUSD Price Chart

ETHUSD Price Chart

Taking a look at the chart, Ethereum price is by all accounts confronting a large number of sellers around $150. In this way, there could be several swing moves above $140 before a crisp upward move. Above $150, the next resistance is around $155.

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#Ethereum Price Analysis

Ethereum Price Analysis: ETH strong enough for $200?

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Ethereum price is picking up strength after breaking the major resistance. ETH could soon move towards $145 in the short term.

Technical Indicators

Support Level – $130

Resistance Level – $140

  • Ethereum price picked up strength over the $125 and $130 resistance levels against the US Dollar.
  • There was an appropriate close over the $130 resistance level and the 100 hourly SMA.
  • There is a bullish pattern line formed with support around $129 on the hourly chart of ETH/USD.
  • Ethereum price is probably going to proceed higher towards $140 and $145.

Ethereum price is picking up strength after breaking the major resistance against the US Dollar and bitcoin. ETH is trading above $130 support level and it could soon move towards $145 in the short term.

 

Ethereum Price Analysis

Ethereum price picked up strength and broke numerous resistances between $125 and $130. There was a legitimate close over the $130 resistance level and the 100 hourly SMA. There was a little bearish response from the $130 resistance, yet the $124 level went about as strong support. The price revived and broke the $130 and $132 resistances.

Ethereum price tested the $135 resistance, and later there was a minor drawback adjustment. ETH plunged underneath the $133 level, yet the $132 level went about as good support. There appears to be a lot of supports shaping around $130. There is a key bullish pattern line formed with support at $129 on the hourly chart of ETH/USD.

ETHUSD Price Chart

ETHUSD Price Chart

Taking a look at the chart, Ethereum price is picking up strength over the $132 resistance levels. It will in all probability break the $135 level and expand gains in the coming sessions towards $140 and $145 levels. The major support is around $130, beneath which the price may test the $125 support zone.

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