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Should you invest in ethereum in 2018?

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invest in ethereum in 2018

If you wish to know the details of Ethereum without delving into highly technical depths of it, this is your best option. It is vital to understand the basic underlying principles of the working of Ethereum and how it is different from other cryptocurrencies. Just like Bitcoin, Ethereum uses the technology of blockchain and is an open source platform enabling distributed computing to feature smart contracts. These smart contracts run exactly as programmed and do not fall prey to any network downtime, fraud, system failure or third party interventions.

Blockchain has been reconfigured to allow developers to build smart markets, store logs of liabilities and move capital in accordance with long given instructions. This powerful shared global infrastructure helps in exchanging value and displaying ownership. Developed voluntarily for Ethereum Foundation, a Swiss non profit organisation, this platform is supported by several operating systems including Linux, Windows, MacOS, POSIX, Raspbian. Applications such as electronic voting, trading, digital record of property assets are being developed and deployed at faster rates and brilliant customer satisfaction.

In even more simpler words, Ethereum is an open source and public platform developed upon the concepts of blockchain to help users create smart decentralized applications.

 

How does Ethereum differ from Bitcoin?

Both Bitcoin and Ethereum are decentralized, distributed open source, public blockchain networks however, there are major differences in its potential and purpose. Bitcoin is a peer-to-peer electronic cash system that enable transactions and purchases via Bitcoin payments. The Distributed Bitcoin network keeps a track of the ownership of each and every Bitcoin in the community. On the other hand, the focal point behind the concept of Ethereum is to run the programming code of a  decentralized application. Just like E-mail was one of the most particular and spectacular use of the Internet, it wasn’t the only use and many more applications were developed based upon its concept. Similarly, Bitcoin was the foremost application of the Blockchain technology but isn’t the only one application.

 

In the Bitcoin community, Bitcoins are mined. However, a different form of cryptocurrency is used in Ethereum called Ether. Users do not mine Ether but earn them and make transactions and purchases on the Ethereum network using this Ether. Settlements on Bitcoin take an average of 10 minutes to pull through, however, Ethereum aims at an even faster processing time of just 12 seconds. Unlike Bitcoin mining which has a notoriously energy consuming process and is recommended only on industrially large scales, Ethereum works on a ‘proof of work’ algorithm which enables and encourages even individuals towards decentralized mining.

Another feature to take note of is that the internal code of Ethereum is Turing complete. In simple terms this means that as long as one has enough computer power and time anything on the network can be computed. This gives developers innumerable possibilities to work with.

 

Currency and Fuel of Ethereum, should you invest in ethereum?

Ethereum in itself is not a digital currency but an open source decentralised platform which no single point of control. All operations are not run by a central governing authority but a group of volunteers all around the world. The computational asset used to pay for services on this network is Ether. Not only are transactions settled using Ether, but it is also used to make any changes in any applications on the Ethereum network. This is a sort of transaction fees one needs to pay for successful processing of changes and thus Ether acts as a ‘fuel’ in the Ethereum network too.

 

Why should you invest in Ethereum in 2018?

Owing to the decentralised nature of the Ethereum network, it is immutable. Censorship is impossible and it is corruption and tamper proof. With no point of central control and secure cryptographic methods used, it is immune to fraud and hacking activities. The distributed network is run by a group of dedicated volunteers worldwide owing to which there is no scope of network downtime or network failure.

Any and all centralized service or application can be turned into a decentralized application. The only limitation one encounters while working with Ethereum is their own personal creativity. Anything from bank loans to voting systems and regulatory compliance and much more can be executed on Ethereum. One can also build a DAO – Decentralized Autonomous Organisation. Run on an ensemble of smart contracts written on Ethereum’s blockchain, DAOs are run on a code which replaces a traditional structure. This eliminates the need of a single regulatory body.

 

What does one mean by a smart contract?

A smart contract is simply a code which enables exchanges with respect to money, property or anything that holds some value on the Ethereum network. Once run, it acts like a self operating program when required conditions are favorable. Ethereum gives its users the flexibility of doing whatever sort of operations they wish to.

 

How to access Ethereum?

If one has educated themselves with the basic working and principles of Ethereum (which is the most important step before starting any venture), one would now obviously want to know where they could actually do all this work.

One of the simplest ways to get started is using the ‘Mist’ browser. Not only does it provide a user friendly interface to build smart contracts but also provides you a digital wallet. A digital wallet or Ethereum wallet is where one holds and secures their Ether and/or other digital assets that have been developed using Ethereum which are basically your smart contracts. Needless to say, it is important to keep the private key of your digital account wallet in a safe and secure location to avoid any unfortunate incidents.

Another option available is the MetaMask browser extension available on Google Chrome. One could easily get it from the Chrome Web Store here.

 

How to get Ether?

The next obvious step for a user would be to learn about how to get Ether. One of the most easiest and convenient sources to buy Ether is from a cryptocurrency exchange. There are several options one could explore such as Bitstamp, Coinsquare, Coinbase, Kraken, Cex.io, Shapeshift, Poloniex, Coinmama. It is important to choose the exchange which falls under your area of jurisdiction i.e. one which is not illegal in your country since you wouldn’t be wanting to face any criminal charges. Simply set up an account on either of these exchanges and use you money – hard cash via wire transfers or money in your bank accounts, to buy your Ether tokens. Always make sure that you store your assets in a secure digital wallet which is mostly always provided by these exchanges too.

One could also get their Ether tokens via peer-to-peer trading or by mining. However, the supply of Ether is virtually unlimited unlike Bitcoins (where only 21 million Bitcoins are available), users usually get their Ether tokens via a secure exchange. Once you have as many tokens as you wish or require, you can start building your own decentralised applications on the Ethereum platform.

 

What next?

Ethereum has slowly gained mainstream attention and more and more people are now actively considering building smart contracts using this decentralised platform. Ethereum is an invention which is here to stay and would soon change the way the Internet works. Ethereum is set to revolutionise the way industries work and the way services and products are provided to their users.

If one is still unsure about working with the Ethereum platform, there are several online courses one could make use of. Blockgeeks is one such option one could look into for assisted guidance. There have recently been several books in both paperback and Kindle editions, which could guide you and clear your doubts regarding Ethereum. Introduction to Ethereum and Solidity by Chris Dannen, Ethereum: A look into the world of Ethereum and how to trade and invest this cryptocurrency! by Ben Abner, Investing in Ethereum: The Ultimate Guide to Learning and Profiting from Cryptocurrencies  by Oscar Flynt a few books one could look into.

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Adoption

Fortnite using Cryptocurrency: ERC20, ERC721 and more, good or bad?

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Incorporation of ERC20 and ERC721 tokens by Fortnite would effectively enable the players around the world, to utilize the cryptocurrency realistically.

Estimating the probability of introduction of cryptocurrencies within Fortnite.

Cryptocurrencies have become an integral part of the gaming industry

Cryptocurrencies have been quite popular and are actively being incorporated in almost all the domain, which entails some or the other kind of financial asset. Interestingly, the cryptocurrencies are also a crucial part of the gaming community where they are utilized by the users, to buy or sell the commodities in the virtual world. Although developed to revolutionize the real world economy of the world, the cryptocurrencies don’t stay back, when it comes to their popularity amongst the gaming community. Even Satoshi Nakamoto wouldn’t have imagined the way cryptocurrencies are being incorporated these days, apart from the economic perspective.

 

It all started with the Ethereum network

Notably, with the discovery of the Ethereum Protocol, Vitalik Buterin opened tons of gates for the Developers, Gamers, Investors, Entrepreneurs, and various other people to utilize the blockchain based template and, specifically enable the developers to develop their custom cryptocurrency project based on the Ethereum blockchain. The ERC20 protocol is effectively being used by various Decentralised applications which were designed to trade the virtual assets with real monetary value.  

 

Some favorite games using Crypto tokens

Currently, there are a lot of games which incorporate the use of cryptocurrencies within them, and the users can play games to earn cryptocurrencies. Some of the most popular ones in the list are Ever Dragon, Crypto baseball, Cropbytes, etc. However, the trend got escalated when Cryptokitties became popular, as it had blocked the entire Ethereum network. Followed by which, all the strategy and game building genre of games incorporated cryptocurrencies especially the Ethereum’s ERC20 based protocol tokens.

 

The Ethereum community is concentrated towards developing their protocols

Ethereum was a pioneer in developing non-fungible tokens which are predominantly used by the gaming community. The network has even focused upon the development of advanced versions of ERC20 protocol and hence improved the ERC721 tokens. However, much lesser known ERC1155 protocol has also been developed by the Ethereum team. The fungible tokens in games like Cryptokitties are used to buy or sell various in-game assets.

 

Should Fortnite use cryptocurrencies?

Take one of the most popular games of the current generation, Fortnite for instance. With millions of players playing Fortnite at any point in time throughout the world, they always seem to be dealing with the in-game assets due to the way they are designed. Traditionally, the users need to utilize the in-game currency known as V bucks to purchase things. But there are practical problems of liquidity, fungibility, and ownership which persist in the game, which can effectively be solved by cryptocurrencies.

 

ERC20 & ERC721 Protocols

Incorporation of ERC20 and ERC721 tokens by Fortnite would effectively enable the players around the world, to utilize the cryptocurrency realistically. Currently, the business model of Epic Games, which owns Fortnite, is concentrated towards its profit, as it controls the scarcity of the costumes, skins, cosmetics, etc. in the game. The data analysts at Epic, observe the demand and supply of various commodities within the game and respectively change them.

 

Reasons point towards a downward probability of such initiatives

Therefore, the incorporation of ERC20 or ERC721 tokens, in Fortnite might take quite a lot of time as the business model of the company is at stake. Epic might even ban the users who use the in-game assets in the secondary market. There are also various reasons pointing towards the inefficiencies, by incorporating cryptocurrencies in Fortnite. First of all, the tokens are well suited for decentralized applications such as Cryptokitties, Decentraland, etc. and as Fortnite was not predominantly developed within this genre, it would be quite challenging, to incentivize the entire game with blockchain based currencies in the upcoming updates.

 

Future of cryptocurrencies if Fortnite considers it

But, if the developers are serious about introducing the Cryptos, within Fortnite, then it would invariably take the crypto community by storm, as the vast customer base from Fortnite, would also be made available for the Crypto world. The cryptocurrencies would gain access to a broader market of the audience through this initiative and are better for the democratization of the global economy towards a bright future.

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Blockchain Uses

Ethereum, EOS and TRON: A detailed comparison from a development perspective

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Understanding the differences in the development of smart contracts at technical levels for ethereum, eos and tron smart contracts and their coding.

Understanding the differences in the development of smart contracts at technical levels.

 

The smart contract based Crypto projects are ruling currently

Many cryptocurrencies have flourished based on their respective use cases, but some of the cryptocurrencies projects have chosen similar use cases, but with a slight difference between each other. Therefore, it has become highly challenging for the investors and the usual community members to choose one among them for all the Crypto operations. When it comes to Decentralized applications and smart contracts, Ethereum, EOS, and Tron are the three names which invariably crosses by, our mind. Most of them assume that all the three projects are based on the Smart Contracts development and Decentralized Applications, but there is a thin line between them.

 

Ethereum is like a parent to Tron and EOS

The precise difference between EOS and Ethereum network is that the former one is well known for its implementation of the protocol in its own way, and is regarded to be more efficient than the Ethereum.  However, the Tron blockchain doesn’t seem to concentrate to overtake EOS or Ethereum but has its own set of use cases which the blockchain project is working upon, since its inception. The main aim of the Tron Blockchain is very different. Interestingly, soon after the announcement of EOS and Tron, their tokens were ERC20 powered, but none of them were satisfied with the blockchain protocol and launched their mainnet soon.

 

Differences in the consensus mechanism

The Tron Blockchain looks forward to a futuristic web interface by the incorporation of the blockchain technology, whereas EOS on the other hand, looks forward to trading any asset with some inherent value in an easy and efficient manner. The Ethereum Blockchain strives for the democratization of the Smart Contract and Decentralised applications. However, technically the consensus algorithm of the EOS blockchain platform revolves around 21 dedicated delegates which take part in the confirmation of blocks and when it comes to Ethereum, it is far more decentralized than EOS. Lastly, one of the largest so-called, operating system or the Tron blockchain platform, incorporates a mechanism where 21 supernodes manage the entire ecosystem, who are indirectly elected by the TRX token holders.

 

Programming languages required for the development of smart contracts

When it comes to the developmental perspectives, the EOS blockchain platform requires C++, as a programming language in order to enable the developers to develop smart contracts on this particular blockchain platform. On similar lines, when we consider Ethereum, the blockchain platform requires usage of a relative newer programming language, called Solidity. The Tron blockchain platform is predominantly developed using the Java programming language.

 

Below are some of the code snippets from the GitHub repository of the respective blockchain platforms.  

 

1. Ethereum

func CompileSolidityString(solc, source string) (map[string]*Contract, error) {
if len(source) == 0 {
return nil, errors.New(“solc: empty source string”)
}
s, err := SolidityVersion(solc)
if err != nil {
return nil, err
}
args := append(s.makeArgs(), “–“)
cmd := exec.Command(s.Path, append(args, “-“)…)
cmd.Stdin = strings.NewReader(source)
return s.run(cmd, source)
}


2. EOS

int main( int argc, char** argv ) {
  setlocale(LC_ALL, “”);
  bindtextdomain(locale_domain, locale_path);
  textdomain(locale_domain);
  context = eosio::client::http::create_http_context();
  wallet_url = default_wallet_url;

 

3. TRON

public SolidityNode(Manager dbManager, Args cfgArgs) {
   this.dbManager = dbManager;
   this.cfgArgs = cfgArgs;
   lastSolidityBlockNum = dbManager.getDynamicPropertiesStore().getLatestSolidifiedBlockNum();
   ID.set(lastSolidityBlockNum);
   databaseGrpcClient = new DatabaseGrpcClient(cfgArgs.getTrustNodeAddr());
   remoteLastSolidityBlockNum = getLastSolidityBlockNum();
 }

 

The pros and cons of utilizing C++ over the other programming languages

The programming languages of the respective blockchain projects can be recognized from the above snippets. when comes to the development and perspective Solidity is an easier programming language when compared to C++ or Java. It must be understood by the developers that C++ enables the developers with a lot more low (hardware) level privileges which may not be possible in case of Solidity. It effectively monitors or gives access for garbage collector which is not the case for Solidity. Effective memory management is one of the key characteristics that a developer must keep in mind, prior to developing smart contracts in any of the above-mentioned blockchain platforms.

 

Disclaimer

According to cryptocurrency experts, it has also been estimated that the technologies and programming language paradigms applied currently, might become obsolete within 6 months or even a year, as the blockchain advancements are undertaking at very rapid paces. Therefore, the developers must always be ready to update themselves with respect to smart contract development.

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#Blockonix

Blockonix releases its updated roadmap, might shift its dApp to EOS or Tron

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Decentralized ethereum exchange Blockonix announced its new roadmap today mentioning about its plans to shift to other dApp platforms like EOS or TRON.

Decentralized ethereum exchange Blockonix announced its new roadmap today mentioning about its plans to shift to other fast and cheap dApp platform like EOS or TRON.

Blockonix Exchange currently runs on the ethereum network blockchain and lets the users trade Ethereum and Ethereum based tokens in a decentralized environment without the involvement of any third party.

The article posted by Blockonix reads:

The team is researching blockchains such as EOS, TRON, STRATIS, CARDANO and some others where the main point of concern is the adoption of the particular blockchain by users across the world.

 

roadmap

 

Blockonix roadmap as published here.

0% earning for Blockonix: Complete Decentralization

The Blockonix Exchange is one of a kind decentralized exchange which has every function from token listing to trading; on the blockchain, the company owns no wallet or functions of the exchange. Not only this, but the company works on a revenue-free model with all the fee earned through trading and listing of new tokens burnt automatically every day through an Ethereum Smart Contract. Apart from this Blockonix offers a tremendous amount of discount (70%) if the user pays the trading fees in BDT Tokens (The native token of the Exchange).

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