Ethereum is the second-best cryptocurrency, surpassed only by Bitcoin, based on market capitalization. Ethereum is open-source and decentralized with a smart contract.
The native cryptocurrency of the platform is ether. This cryptocurrency started developing in 2014 and later was crowdfunded. On 30th July 2015, the network went live.
At present there is a big discussion open on whether should i stake my Ethereum. Here is the answer to this question Is Ethereum a good investment?
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How Ethereum Started?
Buterin had an argument with Bitcoin core developers about Bitcoin and blockchain technology. He stated that, apart from money, this technology could benefit from other applications.
He said that Bitcoin needed a robust language for the development of the application. This process would lead to real-world assets in the form of stocks and property.
Buterin announced Ethereum at a conference of Bitcoin in North America. Post this announcement, the platform was discussed in a complete sense of what Ethereum can be.
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Who Found Ethereum?
Vitalik Buterin is the founder of Ethereum. He was the co-founder and programmer of Bitcoin Magazine. Buterin was born to Dmitry Buterin and Natalia Buterin in Kolomna, Russia.
At a very young age, his family shifted to Canada for better prospects. He was in a class of gifted children. He was drawn to mathematics, economics, and programming.
He attended Abelard School in Toronto. His father was a computer scientist from whom Buterin learned about Bitcoin. He has been nominated for many awards and recognitions.
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How Ethereum Is Mined?
Ethereum can be mined in three different ways.
1. Solo Mining
Individual mining seems to be quite attractive as compared to other ways. In the case of individual mining pools fees need not be paid. Even the reward would not be shared.
A miner would need dozens of GPUs to solve one cryptographic puzzle in a reasonable amount of time. Thus, solo mining is left to professional miners. These professional miners generally run mining farms.
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2. Pool Mining
Mining in a pool is the simplest way to mine Ethereum. It is also the quickest way to get started. In Pool mining, you collaborate with many other individuals to mine Ethereum.
All the miners in the pool agree to the concept that the cryptographic puzzle can be solved by one person. However, the rewards can be divided among the pool members.
The split of the reward is according to the provided hash power. The size of the pool is measured in terms of hash power. The size of the pool determines the number of blocks found by the group on average. The reward expected in thereof.
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3. Cloud Mining
Cloud mining is the process of paying someone else to mine the cryptocurrency for you. You rent someone else computing power and they would work for you. You need not possess and run your own mining hardware.
You would get mining rewards in return for the rent. The most important point in Cloud Mining is trust in the counterparty. This is more necessary for online services. The guarantee of money being used for running mining equipment is not guaranteed.
The money needs to be paid upfront and no guarantee that such equipment even exists. Cloud mining should be done through trustworthy cloud mining platforms such as Harsh Flare which are long-established.
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How Ethereum Can Be Used?
Ethereum has come a long way to be used in various ways. Here is a list that tells you about the uses of Ethereum.
1. Buy or Sell with Golem
The most recent project, Golem is a decentralised marketplace where you can buy or sell computing power. You can use Golem supercomputers after paying for a native GNT token or earn by letting others use it.
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2. TenX to Pay
TenX can be used by retailers around the world to purchase for customers. TenX is the mediator between traditional payment vehicles and cryptocurrencies. TenX has created its own crypto credit and debit card, which can be recharged with cryptocurrency.
The payment transactions are recorded in the blockchain. It also has a plan for a larger network to communicate with multiple blockchains.
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3. Search Job with Ethlance
Ethlance is a portal for employers and freelancers. This platform can be used to match personal and open jobs. Membership to this platform is free and the zero-fee model is a great resource for the self-employed.
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4. Share thoughts with Ether Tweet
Ether Tweet is a blockchain alternative for Twitter. The main difference is with respect to censorship as all the data is stored in blockchain. Each tweet has its own value, which can be changed based on the current value of ether.
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5. Create a Digital Identity with uPort
You can create a decentralised identity for everyone which can be stored on the Ethereum blockchain. This identity can be used to sign a digital contract. Also, it can be used to interact with validated identities with other services.
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6. IDEX Tokens
IDEX token is used for various platforms. However, this IDEX token needs to be purchased or you can exchange it with cryptocurrency. IDEX has a specialized platform for trading.
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7. Breed and Collect
You can earn crypto kitties to play games on Ethereum-based games. Crypto kitties are collectibles and each is unique. Each crypto kitty has a different value.
8. Aragon managing Decentralised Organisation
Aragon helps in managing a decentralized organization. This platform suffers from a lack of functionality and infrastructure. Aragon Network Token can be exchanged with cryptocurrency.
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9. Augur Crowdsource
Augur is used in the prediction market category. Augur rewards participants with REP tokens which are based on crowdfunding data. This depends on smart contracts and is decentralized which is operated by Ethereum.
10. Gnosis Predicts Future Events
Gnosis uses Ethereum in various innovative ways to predict markets. The alpha version of the platform is the Gnosis Olympia product.
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How to Buy Ethereum
Below is the stepwise guide to buying Ethereum.
Step 1: Ethereum Wallet Creation
You need an Ethereum wallet before you start transactions. Two of the many options to create a wallet are Myetherwallet and MetaMask.
Step 2: GPU drivers Update
You need to install the latest available updates of GPU manufacturers such as AMD or Nvidia to ensure efficient working for GPUs.
Step 3: Ethereum Mining Software Installation
You can download the latest version of mining software. You can have a step-by-step guide for the installation.
Step 4: Mining Pool Selection
You need to select your pool to transact while setting up the software. You have many choices but you need to check criteria such as pool size, pool fee, and minimum pay-out.
Step 5: Collect Rewards
You can check your reward earned on the home page.
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Why Ethereum Is In The News?
The surged prices of Ethereum have kept the cryptocurrency in the news for quite some time. This cryptocurrency has surpassed its rival cryptocurrency Bitcoin.
What Makes Ethereum Spike So High?
The Ethereum software was upgraded to a more environment-friendly blockchain network. After this upgrade, Ethereum has spiked high. This upgrade and development have helped Ethereum to outperform the top cryptocurrency Bitcoin.
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