Connect with us

Ethereum

How to use Ethereum?

Published

on

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.

Continue Reading
13 Comments

#Ethereum

Ethereum 2.0 Serenity: All you need to know

Published

on

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.

Continue Reading

#Ethereum

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

Published

on

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.

Continue Reading

#Ethereum Price Analysis

Ethereum Price Analysis: Can ETH recover back?

Published

on

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

Continue Reading
Advertisement blockonix.com

Live Crypto Prices

  • BTC
  • USD
  • AUD
  • CAD
  • EUR
  • BTC
    Bitcoin(BTC) 5638.85559385
  • ETH
    Ethereum(ETH) 178.457965616
  • BCH
    Bitcoin Cash(BCH) 437.319255269
  • EOS
    EOS(EOS) 4.5827626399
  • LTC
    Litecoin(LTC) 43.2597682986
  • ADA
    Cardano(ADA) 0.0613514576
  • TRX
    TRON(TRX) 0.018763162
  • DASH
    Dash(DASH) 139.81454573
  • XEM
    NEM(XEM) 0.0938614751

Trending