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Ethereum

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.

#Ethereum Price Analysis

Ethereum Price Weekly Analysis: ETH/USD negative zone.

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Ethereum price neglected to stay in a positive zone. ETH/USD settled beneath $300 and is confronting resistances close $311 and $320.

Ethereum Price Key Features

  • Ethereum price adjusted higher as of late and exchanged above $310 and $315 against the US Dollar.
  • There is a key associating bearish pattern line set up with current resistance at $311 on the 4-hour chart of ETH/USD (information feed by means of Kraken).
  • The match needs to break the $311 and the $320 resistance levels for more upsides in the close term.

Ethereum price neglected to stay in a positive zone versus the US Dollar and Bitcoin. ETH/USD settled beneath $300 and is confronting resistances close $311 and $320.

Ethereum Price Resistances

In the wake of shaping a base close to the $249-250 zone, Ethereum price began an upside amendment against the US Dollar. The ETH/USD match exchanged higher and broke the $275 and $300 resistance levels. It even moved over the $315 level and exchanged as high as $322. Afterwards, purchasers lost the control, bringing about a new decay. Ethereum price dipped under the 23.6% lie retracement level of the last wave from the $249 low to $322 high.

All the more imperatively, it declined back underneath the $300 level, which is definitely not a decent sign. Be that as it may, the drawback move was ensured by the $285 support. It speaks to the half-lie retracement level of the last wave from the $249 low to $322 high. Ethereum price is at present solidifying over the $285 level and is planning for the following move. In the event that merchants drive Ethereum price underneath $285, it could build offering weight. The following supports are $279, $275 and $262. On the upside, there is a key associating bearish pattern line set up with current resistance at $311 on the 4-hour chart of ETH/USD.

ETHUSD Weekly Price Chart 19 August

ETHUSD Weekly Price Chart 19 August

The above chart shows that Ethereum price must break the pattern line and $320 to pick up energy. The following resistance is close to $340 and the 100 basic moving normal (4-hours).

4-hours MACD – The MACD is hinting at shortcoming in the bearish zone.

4-hours RSI – The RSI is right now just underneath the 50 level.

Real Support Level – $285

Real Resistance Level – $320

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#Blockchain

Ethereum Name Service. How to buy Ethereum Domains Explained

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Using Ethereum Name Service, One can send Ether to anyone by using their Ethereum name instead of the complex and ambiguous hexadecimal address.

How to avail an Ethereum name through the Ethereum Name Service.

Opening remarks

The blockchain technology has developed cryptocurrencies along with many and other industrial domains. The cryptocurrencies are secured with the amazing cryptographic principles, which in turn contains sets of confusing strings that need to be remembered in the form of public or private keys. Therefore, recalling those public addresses each and every time, while initiating any kind of transaction is highly challenging. Especially, in the case of the Ethereum network, as there are provisions available even for the Decentralized Applications and Smart Contracts. The complexities, in this case, are increased by a number of folds and therefore needs special attention. Intelligently, the experts are trying to attach domain names to each and every address through a decentralized initiative discussed below. Let’s understand Ethereum Name Service and its usage.

 

The Ethereum name service Dapp

Widely popular as Ethereum name service is the paradigm incorporated by the experts in order to eliminate the need of remembering long hexadecimal addresses. By utilizing the amazing functionalities provided by the service, one can send Ether to anyone across the world by using their Ethereum name instead of the complex and ambiguous hexadecimal address. For example instead of remembering the address, ‘0x4cbe5826c0480…’ one can easily replace it with ‘tonystark.eth’. This link establishment between two entities is nothing but Ethereum name service and one needs to buy Ethereum names for their respective addresses, as there might be a lot of competition for the same Ethereum name.

 

What is Ethereum name service actually?

ENS is nothing but an Ethereum based Decentralized applications which launched its main net in May 2017. The decentralized applications offer Ethereum name service which absolutely functions with the assistance of smart contracts.  In brief, the ENS, abbreviation of Ethereum name service, has similar goals to that of the Domain name service of the internet but is completely blockchain-based with a different set of capabilities and requirements.

 

Understanding the process of Ethereum name service

Series of steps must be followed by a cryptocurrency enthusiast, in order to obtain the Ethereum name for the wallet or Smart contract. Ethereum name service is obtained by the users through an auction process. The auction process applied, in this case, is a Vickrey auction process. It is nothing but a variant of sealed bid options where the bidders bid a certain amount on a particular Ethereum name without actually knowing the bid amount of other bidders. In this way, the users are open for an opportunity to bid and avail a precise value of the commodity. The steps to avail Ethereum name service is explained below.

1. The first step of the auction, the user bids a certain amount on an Ethereum name that he/she wishes to buy. This process triggers a three-day window time frame. The Other bidders within the community can bid their respective amount on a number of Ethereum names of their choice within this three day period. It is worth mentioning here that none of the bidders knows about each other, the amount, and the Ethereum names they are betting on. In simple words, the process is completely anonymous.

2. After the first step of obtaining an Ethereum name service is completed reveal period of 2 days is put forth before the bidders when they need to reveal their respective biddings. It is important to reveal their biddings and if they fail to do so, it would result in the complete loss of their amount.

3. After a waiting period of 2 days, the highest bid wins the competition and has to pay the second highest amount, and all the remaining bidders who had revealed their biddings would receive back their amount with a deducted fee of 0.5%. As the whole system is powered by Smart contracts, the funds of the winner are stored in a smart contract until he/she is under the control of that particular Ethereum name.

Interestingly, the winner can hold the Ethereum name under the control and when released back to the ecosystem can avail their complete amount refunded back.

Interfaces offering the Ethereum name service

In order to facilitate, the ease of using the Ethereum name service a number of initiatives have been proposed which can be approached to obtain Ethereum names. Some of the most popular ones which assist the users in utilizing the Ethereum name services are as follows.  

  1. registrar.ens.domains
  2. My Ether Wallet
  3. ETHTools’ ENS integration, etc

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#Blockchain

How to Smartly invest in Ethereum? Explained.

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There are a number of strategies that are applied by professionals in order to invest in Ethereum which would indirectly maximize the return on investment.

Comprehending best tactics to invest in Ethereum

Intro

The decentralized applications, as well as smart contracts, were some of the new functionalities that came into the picture with the initiation of Ethereum Blockchain. These features have opened up opportunities for many cryptocurrency enthusiasts, in order to make the best use of these applications for a better financial system. Although the cryptocurrency market is highly fluctuating in nature, the Investments are estimated to be rising as the time passes by. Invariably it is the investments in the cryptocurrency space itself which would assist the market in gaining maturity. But with keeping regulatory concerns in mind, one must be watchful with their investments based on the geographical location. Let’s see how to smartly invest in Ethereum.

Invest in Ethereum

The world’s second largest cryptocurrency coin, Ethereum has proven to be the most reliable option for the cryptocurrency investment for both the long as well as short-term purposes. The cryptocurrency project is fuelled by the visionary, Vitalik Buterin with an ambition of democratizing the development and sustainment of the decentralized form of apps through the smart contract functionalities. Therefore if one chooses to invest in ethereum then he or she is certainly betting on the decentralized cryptocurrency platform of the future.  

There are a number of strategies that are applied by the cryptocurrency professionals in order to invest in Ethereum which would indirectly maximize the return on investment. There are a number of methods available in the cryptocurrency space in order to invest in Ethereum, by buying them through the broker exchanges or peer to peer exchanges.

 

Broker exchanges to invest in Ethereum

A Broker exchange is a professional cryptocurrency marketplace where the users can effectively invest in ethereum bye buying Ethereum with their traditional Fiat currency. One of the most predominant broker exchange which is most commonly used by the Crypto community is Coinbase. It follows a series of seamless steps in order to invest in Ethereum.

The users need to register themselves with the exchange, verify the identity, deposit funds into their account through the traditional wire transfer method and finally, they would be enabled to buy Ethereum through these funds. Choosing this way to invest in Ethereum is highly preferred as the exchanges are highly experienced, reliable, as well as user-friendly in nature. Therefore, it is one of the perfect places for the beginners to invest in Ethereum.

 

Invest in Ethereum through peer-to-peer exchanges

On the other hand, we have peer-to-peer exchanges which can be opted to invest in Ethereum cryptocurrency. This kind of a marketplace is completely end to end encrypted in nature, as the exchange itself is not involved in the process to invest in Ethereum. In this case, both the buyers and the sellers use the peer to peer exchange, in order to undertake the transaction. Major advantages of this method of invest in Ethereum is that there is no identity verification procedure required, unlike the broker exchanges.

 

Invest in Ethereum little by little at dips

Nevertheless, one of the best strategies ever applied and is also a closely guarded secret by some of the most professional Ethereum investors, is to invest in Ethereum in bits and pieces. According to the experts, the users must not invest in ethereum at once but should be carefully looking out for opportunities to invest in Ethereum. The best situation that one can choose to invest in Ethereum is buying Ethereum at its dips.

The readers are recommended to invest in Ethereum during its fall as the cryptocurrency market would certainly recover over time. Now how am I able to say that with such confidence? It is because Ethereum is the second largest cryptocurrency and whose use case would continue to rise, due to its amazing decentralized applications as well as smart contract facilities.

 

Pro top – decentralized exchanges to invest in Ethereum

There are also decentralized cryptocurrency exchanges which can which can be applied in order to invest in Ethereum. They are usually 100% automated as they completely depend on the smart contract functionalities for all of its uses. It is worth mentioning that, Blockonix is one of the most reliable and safest decentralized Crypto exchange that one can count on.

 

Disclaimer

All the investments are subjected to the market risks. As the crypto market is highly volatile, one must invariably conduct an extensive background check and must be taking only the amount of funds they are willing to lose.

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