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Blockchain Archive

What Sets Ethereum Apart From Other Cryptocurrencies?

We all know that Ethereum has a massive impact on blockchain development since its founding in 2015. As such, nowadays it is really hard to imagine what blockchain and cryptocurrency would be like today without it.

What makes Ethereum different is its technology. Ethereum is not just another cryptocurrency; it is a ledger technology that helps many companies to build projects. Ethereum is also a platform that is most involved with smart contracts. These are being one of the most dynamic tools in technology today – and 94% of the top 100 tokens based on the market cap built on Ethereum. There are more than 35,000 developers and more than 500 startups embracing the platform. Big companies like BP and Microsoft are also using it.

All of this makes Ethereum the largest blockchain developer community. Many foundations, organizations, businesses, and startups have joined alliances to benefit from the Ethereum ecosystem which is the most visible ever since it expanded to more than 500 members in one year, becoming The Ethereum Enterprise Alliance.

Regarding the transactions time, the creator of Ethereum on one occasion said: “Bitcoin is currently processing a bit less than three transactions per second and if it goes close to four, it is already at peak capacity. Ethereum has been doing five per second and if it goes above six, then it is also at peak capacity. On the other hand, Uber on average does 12 rides per second, PayPal several hundred, Visa several thousand, major stock exchanges tens of thousands, and in IoT, you’re talking hundreds of thousands per second.’’

Ethereum has a massive potential and an obviously bright future ahead.

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Blockchain Archive

What Is The Best Way To Store BTC?

As you can see, Bitcoin’s popularity grew in the past few years which led to a great price surge. Many cryptocurrencies followed this path. Of course, this was a great opportunity for hackers to get their hands on this new technology. The attacks increased as the time went by.

A lot of money is invested daily into digital currencies and there are also a lot of new investors on the market that unfortunately don’t know how to keep their investments as secure as possible.

It’s really important to know that when storing your bitcoins you aren’t really storing them physically. They are an encrypted address on the blockchain. In order to reach them, you will need a unique key for a special and unique bitcoin location.

Here are some of the ways for best storing of your bitcoins.

  1. Electronic Wallet

These wallets can be downloaded as software or on a cloud. They usually have a very easy-going and user-friendly interface but there is a third party involved since you will trust your private keys to them.

  1. Software Wallet

In order to use it, you will need to download it to your computer. Most of them are free and have an easy configuration. The negative side is that they don’t require lot maintenance for backups so if your laptop gets stolen, for example, you will lose your bitcoins.

  1. Online Wallet

Online wallets are really convenient. You can access your bitcoin from many different devices using your passwords. They are easy to use and mostly free. They are however with a lower level of security.

  1. Hardware Wallets

These are the best wallets to use. They are usually as big as a USB flash drive, they are very secure and since they are offline they are hack free. Just be careful not to lose it. It’s best to keep it safe in a bank.

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Blockchain Archive

10 Of The Funniest Crypto Memes We Saw This Month

Last year was an all-Bitcoin year. It hit the mainstream, it reached almost 20.000$, it crashed to 6000$, overall it was an intense period for the Bitcoin community. Also, we saw another plunge in price the last month. During this hype, many found the opportunity to share their hilarious opinions on Bitcoin. It’s not only Bitcoin that was at the center of attention. Ethereum and Litecoin also found themselves in the hot spot of making fun. Having a little fun is always a good idea. You can find many websites, blogs, and even social media platforms where people share their opinions on all the cryptocurrencies. Whether you are a crypto-enthusiasts or a serious long-term investor, these memes can make you laugh for sure.

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Blockchain Archive

Proof-Of-Work Algorithm Explained

PoW is the consensus algorithm that works in the Blockchain network. This algorithm is used in the blockchain for transaction confirmation and for production of а new block. Miners are basically are working as in a competition and are trying to complete tasks on the network so they can get a reward from that.

Its main goal is to deter cyber-attacks such as DDoS attacks which are most dangerous and they work by sending tons of fake requests to a computer system. It’s hard to locate whether the PoW concept existed before Bitcoin but we can say for sure that Bitcoin was the first cryptocurrency that used this algorithm.

In fact, Proof-of-Work mechanism originates back in 1993 when the term itself first shows up in a document in 1999 by Markus Jakobsson and Ari Juels.

The great thing about PoW is the ability to provide a distributed consensus. This means that if you want to receive or send some money to someone, you will not require a third-party service. With traditional methods of payment, you need to use a bank or a credit card issued by a bank. They all have a private storage and register where they keep all of the transactions history data. With Bitcoin, however, everyone owns a copy of the blockchain and anyone can directly verify the information.

In order for this mechanism to function, you will need an expensive computer that has the ability to mine in order to create trustless transactions, better known as a block. The mining makes possible to verify how legitimate a transaction is and also helps to create new currencies by rewarding the miners for completing the previous task.

The important thing is that PoW is used by the bitcoin blockchain but also by the ethereum one and many other too!

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Blockchain Archive

Ethereum’s Smart Contracts Real Life Applications

Smart Contracts have the ability to authenticate documents via the blockchain technology. The great thing about it is that it avoids relying on third-party systems and allows the process to be entirely automated. They also allow a completely automated, easier process. Here are all the possible ways you can benefit from smart contracts. By using smart contracts, users can control all their personal data and reputation. Users are given the opportunity to choose whether to share this data with other parties, making the entire process much safer. Users won’t need to give away their identity when verifying transactions.

  1. Banking

The financial sector including the banking sector as a subsector in the financial one can have huge benefits from the smart contracts. They can be used when taking mortgages, bonds, settlements, payments, and insurance.

  1. ICOs

ICO token sales can be much more effective and efficient using smart contracts. This way they become more transparent and fair.

  1. Digital Identity

With smart contracts, digital identities are much easier to be managed and with them, they can solve the most important problem of identity theft.

  1. Record Keeping

This is possibly the best advantage that larger industries can have. Using smart contracts, industries can improve the speed and security of record keeping and shearing. One of the industries that might benefit the most is the healthcare one. The current healthcare system contains millions of patient medical record in their computers. Huge amounts of money are put into these systems to keep them up to date and running. The data is much more vulnerable on those systems and this is why there has to be an improvement done. Blockchain technology can help in storing the data safe and encrypted.

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