Tuesday, October 17, 2017

What’s ETHEREUM (smart Contracts)

What’s ETHEREUM



ETH Founded By the Vitalik Buterin in 2014. ETHEREUM we call as ETH in Crypto Currency trading. So we will use the term of ETH. ETH same as BTC coin there are some difference as well as Similarities. ETH is open source smart contact thing. Special thing is ETH Based on Smart contract platform , BIT coin is based on Block chain platform.
Mr vitalick buterin also worked with Block chain technology (BIT coin network) in his early stages, he got to know what are difficulties in block chain technology, so he implemented smart contract based ETH.
What is Smart Contract , Yes I will describe in a simple way, Smart contract is decentralized platform and no intermediate to perform the activities. Peer to peer transaction only. As an example if you need to buy a car you have to enter the details, if the seller the matches your requirement s  the transaction automatically executed.  For the Transaction there is a fee that’s called GAS.
Formula is
Transaction Fee = Gas Limit * Gwei power
If you put higher Gas Limit the transaction fee is very high, and also transaction will be high.
 
Currently ETH used for New Crypto currency tokens and Coins. Smart Contracts normally speed than the BIT Coin Technology.  
In Crypto Currency world, ICO now very popular among the Investors, you can see all the ICO’S based on ETHEREUM Technology. I will describe you later in detail about the Initial Coin Offerings.








 

Ref- Ethereum Cryptocurrency: Everything a Beginner Needs To Know

You can See the Differences Between ETH and BTC .  In current Market capitalization BIT Coin Have over 40 Billion USD and ETH 19 Billion USD.  In the Block Size 1 Mega Byte Fixed Amount in BTC and ETH has Dynamic ( Depends On GAS)

Types OF Ethereum Wallets

There are two types of wallets there,
1 . Wallets without Private Key
2. Wallets Control over the Private Key.

Wallets Without Private key
 Here private keys are with the Company (Main Server) so we as customers we don’t have private keys , so risk is there if a hack person enter to the main server and can get the all the private keys enter to wallets.  
Examples for wallets(control without private key) – coin base ,jaxx , exodus
Online wallets like coinbase is very security wallet , I highly recommended coin base wallet.

Wallets Control over the Private Key

Special thing is we have the private key, so more control over there. But make you keep your Private key in a safe place.  I highly recommended Myetherwallet
But when you do a transaction you must have ETH , because I told GAS needed for the transactions.

Ethereum Transaction can be track on the http://etherscan.io and bit coin transactions can be track on blockexplorer.com
In 2016 Eth came to Fork, it’s a hard fork Ethereum and Ethereum classic. You can see the current prices of the Coins in  coinmarketcap.  

Good Luck.






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