CryptoURANUS Economics: 2021

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Wednesday, June 2, 2021

Litecoin [LTC]: Defined in CryptoCurrency

Litecoin [LTC]:










What Is Litecoin?


Litecoin is a cryptocurrency that was founded in 2011, two years after bitcoin, by a former Google engineer named Charlie Lee. Measured by market capitalization, Litecoin is the ninth-largest cryptocurrency.

Initially, it was a strong competitor to bitcoin. However, as the cryptocurrency market has become more saturated in recent years with new offerings, Litecoin's popularity has waned.

Litecoin has always been viewed as a reaction to bitcoin. In fact, when Lee announced the debut of Litecoin on a popular bitcoin forum, he called it the "lite version of Bitcoin."1 For this reason, Litecoin has many of the same features as bitcoin, while also adapting and changing some other aspects that the development team felt could be improved.

KEY TAKEAWAYS

  • Litecoin is a cryptocurrency that was founded in 2011, two years after bitcoin, by a former Google engineer named Charlie Lee.
  • Litecoin can be used as an avenue for paying people anywhere in the world without an intermediary having to process the transaction. 
  • Measured by market capitalization, Litecoin is the ninth-largest cryptocurrency.
  • There will never be more than 84 million Litecoins in circulation.
  • On April 17, 2021, the value of one Litecoin was $310.73.

Understanding Litecoin

Like other decentralized cryptocurrencies, Litecoin is not issued by a government, which historically has been the only entity that society trusts to issue money. Instead of being regulated by a central bank and coming off the press at the Bureau of Engraving and Printing, Litecoins are created by an elaborate cryptocurrency procedure called mining, which consists of processing a list of Litecoin transactions.

Unlike traditional currencies, the supply of Litecoins is fixed. There will never be more than 84 million Litecoins in circulation. Every 2.5 minutes, the Litecoin network generates a new block–a ledger entry of recent Litecoin transactions throughout the world.2 3

The block is verified by mining software and made visible to any system participant (called a miner) who wants to see it. Once a miner verifies it, the next block enters the chain, which is a record of every Litecoin transaction ever made.3

There are incentives for mining Litecoin: the first miner to successfully verify a block is rewarded with 12.5 Litecoins.4 The number of Litecoins awarded for such a task reduces with time. In August 2019, it was halved, and the halving will continue at regular intervals until the 84,000,000th Litecoin is mined.5

Mining cryptocurrency at a rate worthwhile to the miners requires a huge amount of processing power, courtesy of specialized hardware. The central processing unit in most personal computers isn’t fast enough to mine most cryptocurrencies. However, Litecoin can be differentiated from the majority of other cryptocurrencies because it can be mined with personal computers.3 Although the greater a machine’s capacity for mining, the better the chance it’ll earn something of value for a miner.

Any currency–even the U.S. dollar or gold bullion–is only as valuable as society thinks it is. If the Federal Reserve started circulating too many banknotes, the value of the dollar would plummet in short order. This phenomenon transcends currency. Any good or service becomes less valuable the more readily and cheaply available it is. The creators of Litecoin understood from the start that it would be difficult for a new currency to develop a reputation in the marketplace. But by restricting the number of Litecoins in circulation, the founders could at least allay people’s fears of overproduction.

The Litecoin Foundation estimates that it will be around 2142 when the maximum of 84 million Litecoins will be reached.6

How Is Litecoin Different than Bitcoin?

The most important distinction between Litecoin and Bitcoin is the different cryptographic algorithms that they employ. Bitcoin uses the SHA-256 algorithm, whereas Litecoin makes use of a newer algorithm, called scrypt.7

Litecoin has some inherent advantages when compared to bitcoin. It was founded with the goal of prioritizing transaction speed, and this is a major reason for its popularity. The bitcoin network’s average transaction confirmation time is currently just under nine minutes per transaction, while Litecoin's is roughly 2.5 minutes. Litecoin's network can handle more transactions because of its shorter block generation time.83

Bitcoin has a significantly greater market capitalization than Litecoin. As of April 21, 2021, the total value of all bitcoins in circulation is around $1 trillion, while the market capitalization of Litecoin is around $18.3 billion. Bitcoin's market capitalization still dwarfs all other digital currencies.9

Both bitcoin and Litecoin have fixed supplies. However, bitcoin's supply is limited to only 21 million coins, while Litecoin's total fixed supply is 84 million coins.1

Goals of Litecoin

Litecoin, like all virtual currencies, is a form of digital money. Both individuals and institutions can use Litecoin to purchase things and to transfer funds between accounts. Participants can make transactions with Litecoin without the use of an intermediary like a bank, credit card company, or payment processing service.

 

Rather than focusing on its functionality, many investors are interested in Litecoin as a potential long-term holding. Similar to investments in any type of currency, investors are speculating that Litecoin will build relative wealth over time.

Litecoin FAQs

What Is Litecoin and How Does It Work?

Litecoin is a peer-to-peer virtual currency, which means it is not governed by a central authority. Litecoin's network offers instant, near-zero cost payments that can be conducted by individuals or institutions across the globe. Bitcoin, Litecoin, and many other cryptocurrencies use the proof-of-work (PoW) algorithm in order to secure their networks. Basically, PoW requires that one party proves to all the other participating parties in the network that a required amount of computational effort has been expended.

What Is Litecoin Used For?

Litecoin can be used as an avenue for paying people anywhere in the world without an intermediary having to process the transaction. 

What Is the Highest Litecoin’s Price Has Been?

On April 17, 2021, the value of Litecoin was $310.73. Previously, the coins high was $237.57, which had been reached in December 2017.10

When Was Litecoin’s Last Halving?

Like bitcoin, the creation of Litecoin tokens involves a process called mining. For participating in the act of mining, miners are rewarded with Litecoin. A Litecoin halving refers to an instance of halving the amount of Litecoin rewards that miners are given for each block.

Litecoin halvings aim to preserve Litecoin’s purchasing power. The last Litecoin halving took place on August 5, 2019. On this date, the mining reward was reduced from 25 Litecoins per block to 12.5 Litecoins per block.11



How Many Litecoins Are Left?

There will ultimately only be 84 million Litecoins in circulation. In. October 2020, there were 66,134,058 Litecoins in circulation.12

The Bottom Line

Once a currency reaches a critical mass of users who are confident that the currency is indeed what it represents and probably won’t lose its value, it can sustain itself as a method of payment. Litecoin isn’t anywhere near universally accepted. But as cryptocurrencies become more readily accepted and their values stabilize, one or two of them–possibly including Litecoin–will emerge as the standard currencies of the digital realm.

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author does not own Litecoins.

Thursday, May 6, 2021

Margin Trading: Defined in CryptoCurrency

Margin Trading: Defined in CryptoCurrency



Margin trading describes a way of investing where you use margin. 



Margin increases your investment power. Margin is a borrowed asset (stocks or cryptocurrencies), usually from the financial services company you are investing with, that allows you to make larger investments in the hopes of making even more money. 


This advantage is known as leverage.

The borrowed assets aren’t free, you must pay back interest on each transaction involving margins.

Margin allows the investor to control much more assets than he actually owns giving him the opportunity to make or lose more money.

Market Capitalization: Defined in CryptoCurrency

Market Capitalization: Defined in CryptoCurrency


Market Capitalization is defined as a way to rank and judge the value and size of a cryptocurrency or stock in a company. 



To get market cap, the total supply (of a stock or cryptocurrency) is multiplied by the price. 


For example, if bitcoin is worth $4,000 and there are 16,500,000 coins in existence, that means its market cap is $66,000,000,000 or 66 billion dollars.

Market Order: Defined in CryptoCurrency

Market Order: Defined in CryptoCurrency


A market order is defined as a request to buy or sell an asset (stock, crypto, etc) at the current available price. A market order’s priority is speed.


A market order is used to immediately purchase or sell an asset. It is best used when your priority is speed rather than hoping to get the best price and maximize your profit.


The risk with market orders is that the price may change rapidly in between the time you place your order and when it is fulfilled. That risk is larger for big orders or with a slow Internet connection.

Masternode: Defined in CryptoCurrency

Masternode: Defined in CryptoCurrency


A masternode is defined as a manager for the Dash cryptocurrency system that performs special jobs and earns Dash as a reward for the work.


A node is defined as any computing device (computer, phone, etc.) that is maintaining a network. 

Cryptocurrencies are supported by a network of computers each keeping a digital record of the data known as a blockchain. 

A computer, a phone, or any other computing device that can receive, transmit, and/or contribute to the blockchain is a node.

A masternode is more than just a node. It has a managing role and special jobs that regular nodes don’t have.
  • A masternode’s managing role is to vote on proposals to improve the Dash system. Every masternode gets one vote.
  • A masternode’s special jobs include creating instant transactions, known as “InstantSend”, and private transactions that hide the fact that you’ve sent money, known as “PrivateSend”.

Anyone can get a masternode, they just need enough money to get 1,000 Dash.

Max Supply: Defined in CryptoCurrency

Max Supply: Defined in CryptoCurrency


Max supply is the maximum number of coins that will ever exist for a cryptocurrency. 


With bitcoin, the maximum supply is 21 million. 


With other cryptocurrencies like EOS, there is no maximum supply, so the number of coins will continue grow

Millibitcoin: Defined in CryptoCurrency

Millibitcoin: Defined in CryptoCurrency




Millibitcoin, also known as the abbreviation mBTC, is one thousandth of a bitcoin or 0.001 of a bitcoin. 


Compare this with Megabitcoin or MBTC which is one million bitcoin or 1,000,000 bitcoin.

Megabitcoin: Defined in CryptoCurrency

Megabitcoin: Defined in CryptoCurrency

 

Megabitcoin, also known as the abbreviation MBTC, is one million bitcoin or 1,000,000 bitcoin. 



Compare this with millibitcoin or mBTC which is one thousandth of a bitcoin or 0.001 of a bitcoin.

MegaHashes: Defined in CryptoCurrency

MegaHashes: Defined in CryptoCurrency

 

Hash rate is defined as the speed that a computer can take any set of information and turn it into letters and numbers of a certain length. Hash rate is also the combined hash speed of every computer in the network. Hash rate is calculated at hashes per second (h/s).



Hash rate is important for computers that mine. Mining is the process of recording and verifying information on the digital record known as the blockchain. The blockchain is made up of a sequence of single recordings known as a block.


To keep the blockchain network running smoothly, only one block can be created at a time. To control when blocks are created, users are required to make their computers solve a math problem involving hashing. The first computer to solve this problem can create a new block and record information on the blockchain.

Miners often purchase very expensive specially designed computers that have higher hash rates to increase their chances of solving the math problem first. These mining computers use tons of electricity to power their computers. This expensive process earns miners a reward in brand crypto plus fees paid by each user for their transactions.


Similar to memory size, hash rate is counted like this:

  • 1 kilo hash per second is one thousand (1,000) hashes per second
  • 1 mega hash per second is one million (1,000,000) hashes per second.
  • 1 giga hash per second is one billion (1,000,000,000) hashes per second.
  • 1 tera hash per second is one trillion (1,000,000,000,000) hashes per second.
  • 1 peta hash per second is one quadrillion (1,000,000,000,000,000) hashes per second.
  • 1 exa hash per second is one quintillion (1,000,000,000,000,000,000) hashes per second.

Merkle Tree: Defined in CryptoCurrency

Merkle Tree: Defined in CryptoCurrency


 

A Merkle tree is defined as a way to organize lots of data in a small, efficient and secure package.


In 1979 Ralph Merkle, a computer scientist, created a patent for Merkle trees. A Merkle tree uses computer technology known as “hashing” to take information and turns it into letters and numbers of a certain length.


Merkle Tree

For example, “I like bitcoin” can be hashed and will equal:

ad3e58f21b94f32dcadca6b71df4c31a18179f38011551a17a80d0ff065d22c5

If I were to capitalize the “b” in bitcoin, so it says, “I like Bitcoin” the hash will be completely different:



d988ca30eaa88c0410ad6e48a5297c0d505dcee572f9884f1a6fa2cbc8dedc86
Hashes cannot be reversed to get the original text. But you can verify the above hashes are correct simply by going to this website and typing in the same text as above: https://www.movable-type.co.uk/scripts/sha256.html

A Merkle tree works like this:

  1. Two units of information are individually hashed. These are known as Merkle leaves.
  2. Those two hashes are then hashed together. These are known as Merkle branches.
  3. Multiple branches are hashed together finally getting one single hash. This is known as a Merkle root.

A Merkle tree is useful because it allows computers to verify information at the bottom of the tree, the leaves, without having to store the entire set of information.

Microbitcoin [uBTC]: Defined in CryptoCurrency

Microbitcoin [uBTC]: Defined in CryptoCurrency


: Defined in CryptoCurrency

The mission of UnitedBitcion is to find a purpose for lost Bitcoin and inactive wallets and create a stable cryptocurrency system through an association of joint credit and smart contracts.


Microbitcoin, also known as the abbreviation uBTC, is one millionth of a bitcoin or 0.000001 of a bitcoin.

Microtransaction: Defined in CryptoCurrency

Microtransaction: Defined in CryptoCurrency


A microtransaction is an online purchase or exchange that worth very little money.

Millibitcoin: Defined in CryptoCurrency

Millibitcoin: Defined in CryptoCurrency




Millibitcoin, also known as the abbreviation mBTC, is one thousandth of a bitcoin or 0.001 of a bitcoin. Compare this with Megabitcoin or MBTC which is one million bitcoin or 1,000,000 bitcoin.

Mining Difficulty: Defined in CryptoCurrency

Mining Difficulty: Defined in CryptoCurrency

Mining difficulty is defined as a measure of how hard it is to maintain and add to the blockchain. 



With bitcoin, users are required to own a computer that runs the blockchain program and compete to solve a complex math problem. The first miner to solve this problem creates a new block and typically, this process happens every 10 minutes.


However, the more computers competing to solve the math problem, the quicker blocks will be discovered. To keep block creation at a fixed speed, every 2,016 blocks (every 2 weeks), mining difficulty is adjusted.

As mining difficulty increases, the amount of work required to create a new block and earn the reward increases.

Mining Pool: Defined in CryptoCurrency

Mining Pool: Defined in CryptoCurrency


A mining pool is defined as a group of people who combine their computing power to solve a complex math problem on the blockchain for a reward.



People join a mining pool to increase their chances of solving the blockchain math problem so they can earn a reward of transaction fees and new coins. 


Once the reward is won, it is split among all of the members of the group. In a pool, you often win the reward frequently but because it is shared, the payout is smaller.

Mining Rig: Defined in CryptoCurrency

Mining Rig: Defined in CryptoCurrency


Mining rigs are defined as computer specially designed to maintain the blockchain, this process is known as mining.



Mining is the process of using computer power to solve a complex math problem, review and verify information, and create a new block so the information can be added to the blockchain.


Mining requires expensive mining and a lot computer power. People buy rigs and pay for lots of electricity so they can earn cryptocurrency. Because rigs are built especially for mining, they do the job faster than other computers and can earn more.

Mixing Service: Defined in CryptoCurrency

Mixing Service: Defined in CryptoCurrency

A mixing service, also known as a “tumbler”, lets you send in your cryptocurrency and get the same amount back, minus fees, from other people. 


The purpose of a mixing service is to improve the privacy and anonymity of digital money by making it harder to track what the cryptocurrency was used for and who it belongs to.

Mnemonics: Defined in CryptoCurrency

Mnemonics: Defined in CryptoCurrency


Mnemonics are memory aids of any kind such as rhymes, abbreviations and songs that help you remember something else. 


Mnemonics comes from a Greek word that meant, “relating to the mind”.  Mnemonics is pronounced: nuh-mon-ics.

Money: Defined in CryptoCurrency

Money: Defined in CryptoCurrency


Money is a system and its units for exchanging value. The value of each unit is agreed to be worth something. 


Money is used to pay for things and services as well as debts. The history of the word money comes from mint, meaning to make coins, medals and tokens out of raw metal. 


Usually money is made out of paper and cheap metals, but sometimes it can be found made out of gold or silver. Which is to say, some money is made out of things that are already valuable.

Mooning: Defined in CryptoCurrency

Mooning: Defined in CryptoCurrency

Mooning is the action of the price of a cryptocurrency going way up, sky high, and to the moon.

Moore’s Law: Defined in CryptoCurrency

Moore’s Law: Defined in CryptoCurrency


Moore’s Law is an observation that computer technology becomes quicker and smaller with time.


This observation was first made by Gordon Moore in 1965. Gordon, a co-founder of the computer company Intel, found that the number of transistors (an electronic device that controls the flow of electricity) in one square inch doubles every year.

Mtgox.com: Defined in CryptoCurrency

Mtgox.com: Defined in CryptoCurrency

Mtgox or Mt. Gox was one of the first websites where bitcoin could be exchanged for regular government issued money like US dollars. 


In 2014, Mt. Gox closed after roughly 850,000 bitcoin was declared lost or stolen. 


Mt. Gox was created in 2006 by Jed McCaleb who named it after Magic: The Gathering Online Exchange where users could cards like stocks. Jed later sold Mt. Gox to Mark Karpel├Ęs in 2011.

Multisignature: Defined in CryptoCurrency

Multisignature: Defined in CryptoCurrency


Multisignature means more than one signature or approval is required before a transaction can take place. 


Multisignature increases the security for cryptocurrencies so that one person cannot take all of the money for himself without approval

Dark Web: Defined in CryptoCurrency

Dark Web: Defined in CryptoCurrency

Dark web is defined as a part of the Internet that is only visible to people with special software that allows them to hide their identities. It is known for providing illegal info and services.


The Internet is often broken down into 3 different parts:

  1. The surface web: What you see in search engines like Google.
  2. The dark web: What Google doesn’t see like password protected pages.
  3. The deep web: The anonymous, slightly complex part of the Internet where illegal activities often occur.

While the phrases “dark web” and “deep web” are often used interchangeable, there is a difference as seen above. 

And while the deep web is known for providing illegal information, services and products (drugs, hackers, etc.) not all is bad.

The deep web is only accessible through the free anonymous browser known as TOR. Though accessing it only through TOR may not be enough to keep you truly anonymous.

Digital Asset: Defined in CryptoCurrency

Digital Asset: Defined in CryptoCurrency


A digital asset is defined as any electronic file (text, picture, audio, etc) that you have the rights to use.


If you do not have the rights to using that file, it is not a digital asset. 


Digital assets can be transported or accessed on many types of technology including CDs, computers, USB drives, blockchain, etc.

Digital Signature: Defined in CryptoCurrency

Digital Signature: Defined in CryptoCurrency

A digital signature is permission and proof done through a computer that an authorized person has agreed to something. 


When a signer authorizes something, they use their private key known only to them, to encrypt information along with a stamp of the time of signing. If the information is somehow modified, the time stamp will be altered and the digital signature becomes void and invalid.


The person receiving or verifying the signed and encrypted information uses the signer’s public key to verify the information came from the signer.

Digital signatures are used by cryptocurrency systems to allow the owner to send and receive money.

Dildo: Defined in CryptoCurrency

Dildo: Defined in CryptoCurrency

A dildo is a long green or red bar found on a graph showing the changes in price of a cryptocurrency. 


Green and red bars of any size are known as candles.

Dip: Defined in CryptoCurrency

Dip: Defined in CryptoCurrency


Dip is defined as a drop in the price of an asset such as a stock or cryptocurrency.

Directed Acyclic Graph [DAG]: Defined in CryptoCurrency

Directed Acyclic Graph [DAG]: Defined in CryptoCurrency

 

A directed acyclic graph or DAG is a structure that is built out in one single direction and in such a way that it never repeats. Here a “graph” is simply a structure of units. 


“Directed” describes the connection between each unit in the structure, and that they all flow the same way. And “acyclic” means describing something that is not circular or repeating.


A good example of a directed acyclic graph is a checklist. In order to do step 10, you must have done step 9, and before you can do step 8, you must have done step 7 and so on. 

If you were to list out these steps on a graph, you would see the flow from 1-10 and that it never repeats itself going back to 1. If it did repeat, it would not be a directed acyclic graph. 

Another example of a DAG is a family tree. Your grandparents had your mom and her brother. Your mom met your dad and had you. Your mom’s brother met his wife and had their kids. In no way does your grandpa or grandma ever show up again beneath you.

Distributed: Defined in CryptoCurrency

Distributed: Defined in CryptoCurrency


Distributed is defined as a type of computer system that is run simultaneously by many computers but run as a single system.


There are 3 separate goals a distributed computing system may be designed for:

  1. Performance: Be able to do a lot of intense computing in a short time.
  2. Scalability: Be able to service many people, in many locations at the same time.
  3. Reliability: Be able to service people even if one fails or is unavailable.

Distributed Ledger [DLT]: Defined in CryptoCurrency

Distributed Ledger [DLT]: Defined in CryptoCurrency


Distributed ledger is defined as a system of independent computers all simultaneously recording data. With distributed ledger technology, identical copies of the recording are kept by each computer.


We can define a distributed system, as one where all computers work independently toward the same goal as one large system. We can define a ledger as a book used to record transactions (money in, money out).


However, distributed ledger technology has evolved beyond recording transactions so that it can record any data. With distributed ledger technology, there is no central authority maintaining the system. 

Instead, updates to the ledger are independently created and then voted on. Once an agreement regarding the update has been reached, a recording is made in the ledger.

The latest version of the ledger, with the new recording, is then saved to each computing system and the process repeats itself. The first type of distributed ledger technology is called the blockchain.

Diversification: Defined in CryptoCurrency

Diversification: Defined in CryptoCurrency


Diversification is defined as a strategy where you buy many different investments as a way to increase your chances of becoming profitable and minimize your chances of losing everything.


Many investors are big fans of diversification, but like anything it can be overdone. By spreading yourself too thin across many different investments, you have a low risk of losing everything, but you also will not make huge profits.


If at the beginning of Facebook, Mark Zuckerberg, the founder had asked you for $5.000 as an investment, would you do it? Of course you would.

As a diversified investor, you might only want to give him $100-500 so you could avoid risking all of your money.
In other words, diversification works well with investments that you have little knowledge or understanding in.

Double Spending: Defined in CryptoCurrency

Double Spending: Defined in CryptoCurrency

Double spending is defined as the action of spending digital money twice. It is meant to cheat the first person out of their money before they’ve received it.


Bitcoin was the first digital money to provide a good solution to prevent double spending. Bitcoin prevents double spending with a permanent, public and digital book of records known as the blockchain. 


This blockchain can record any information. Each page in that book can be considered to be a block.

Because the blockchain public, many people are simultaneously verifying and recording information on it using their computers. After enough users in this network confirm your transaction, the guy who wants double spend cannot.

Dust Transactions: Defined in CryptoCurrency

Dust Transactions: Defined in CryptoCurrency

Dust transactions describes a purchase or sale using a tiny amount of cryptocurrency.

DYOR: Defined in CryptoCurrency

DYOR: Defined in CryptoCurrency


DYOR short for Do Your Own Research and is defined as doing research before making an investment. 


There are many manipulating people who urge others to buy a cryptocurrency so the price will rise and they can sell it for a profit. 


DYOR is advice to do research studying websites, Reddit, forums, and more before making an investment.

Enterprise Ethereum Alliance [EEA]: Defined in CryptoCurrency


Enterprise Ethereum Alliance [EEA]: Defined in CryptoCurrency

















Enterprise Ethereum Alliance also EEA are a group of organizations all working together to learn better ways to grow and build the cryptocurrency known as ethereum.

J.P. Morgan, Microsoft, Intel, Accenture, BP, and Credit Suisse were the founding members creating the Enterprise Ethereum Alliance (EEA) in February 2017.


In July 2017, the number of organizations in the EEA surpassed 150, pushing the EEA into the largest open-source blockchain initiative in the world. Newcomers included Cisco Systems and MasterCard among others.


EEA Specification 1.0 Document (Download Now)

EEA EXPANDS INTO ASIA WITH JAPAN OFFICE:
KAZUAKI ISHIGURO APPOINTED REGIONAL HEAD
(Read More)






Introducing Enterprise Ethereum Alliance:

The Enterprise Ethereum Alliance (EEA) is the industry’s first global standards organization to deliver an open, standards-based architecture and specification to accelerate the adoption of Enterprise Ethereum. 

The EEA’s world-class Enterprise Ethereum Client Specification and forth-coming testing and certification programs will ensure interoperability, multiple vendors of choice, and lower costs for its members - the world’s largest enterprises and most innovative startups. 

For additional information about joining the EEA, please reach out to: membership@entethalliance.org.




Trust, Privacy & Performance:

Ethereum's intrinsically trusted system is the most promising solution for enterprise Blockchain adoption, given its maturity and multi-purpose design. Privacy and Performance improvements will be mandatory to achieve enterprise-ready status and will be the focus of Enterprise Ethereum’s roadmap.







Community & Resources:


In partnership with the dedicated and robust Ethereum community, Enterprises are coming together to produce the industry standard, open source, free to use blockchain solutions that will be the foundation for businesses going forward.



Electrum Wallet: Defined in CryptoCurrency

Electrum Wallet: Defined in CryptoCurrency

 

The electrum wallet is a secure and free wallet that allows people to store bitcoin more quickly and easily. Bitcoin transactions are kept on a digital record, known as the blockchain, and is maintained by thousands of people around the world. 


This digital record is growing larger every day and in 2016, it exceeded 100 gigabytes. A wallet is software that interacts with the network of recordings (blockchain) and lets users receive, store, and send their digital money. 


The benefit of an electrum wallet is that it doesn’t have to download and maintain the entire massive blockchain file.

Emission: Defined in CryptoCurrency

Emission: Defined in CryptoCurrency


Emission, also known as Emission Curve, Emission Rate, and Emission Schedule is the speed at which new cryptocurrency coins are created and released. 


Many cryptocurrencies are set up so that new coins are created on a regular basis, this can be measured by an emission rate. Sometimes a limit is placed on how many coins will ever be created, this is known as the max supply.


Some cryptocurrencies have no limit and so a small emission will continue, forever.

Encryption: Defined in CryptoCurrency

Encryption: Defined in CryptoCurrency

Encryption is the process of locking information in an unreadable form so it can be kept secret. Encryption has existed for thousands of years. 


With the use of computers, encryption has become much more difficult to break without the code.

Escrow: Defined in CryptoCurrency

Escrow: Defined in CryptoCurrency

Escrow is a part of the transaction process where the buyer and seller store money or other valuables with a third-party to minimize risk. 


The escrow service holds onto the valuables and won’t release it until the agreement has been met.

Ethereum-[ETH]


Ethereum [ETH]:



















Ethereum is the second largest cryptocurrency. Ethereum is built with publicly available software that developers can use to build their own cryptocurrency and software.


Some cryptocurrencies built with it include: OMG, Qtum, EOS, and BAT.

Some of the apps built from it include games, social networks, and marketplaces.



Introduction:

Work on Ethereum started in 2013, when its creator Vitalik Buterin failed to get enough support for his proposal to start application development on top of Bitcoin’s blockchain.

Ethereum is above all a platform for decentralized software development.

The value of its associated currency Ether is based on its utility – it is also used as a fuel that powers the decentralized apps (daps) and other functionality (smart contracts).



Ethereum has its own Turing complete or computationally universal internal code – meaning that any software application can be built on top of it, giving the technology a very broad range of use.

Smart contracts are ones allowing to program a contract which executes when given variables are met.

Finally, blocks are mined in a matter of seconds allowing quick transaction times.


The utility of Ethereum goes beyond digital cash and therefore has garnered a lot of attention from investors and institutions.



Its development team is covered by the Ethereum Foundation, a Swiss non-profit organization.


Every aspect of Ethereum is well documented and openly discussed and there is a lot of effort to promote Ethereum’s functionality to software developers and businesses.

Ethereum is well on its way to storm the industry and become the number one platform for decentralized software application.
What are Smart Contracts?

Imagine you want to bet someone a 1000 ETH on who wins the presidential elections.

You both put 1000 ETH on the smart contract, you agree on the data feed for the election results.



Once the president is elected, the winner is automatically rewarded with 2000 ETH from the escrow contract.


This is a very simple example of a smart contract, but many inputs and conditions can be defined so that, automatically executed smart-contracts can be used for will settlement, trust funds, work-contracts, industrial-grade agreements without the need for intermediaries.


Once agreed upon, the smart contracts cannot be altered by one of the parties or a third party. They can’t be hacked or nullified.



Influencers:


Vitalik Buterin:

The main driving force behind Ethereum. On the cryptocurrency scene since its beginning, Buterin proposed and described Ethereum in his 2013 whitepaper when he was seventeen. After seeing the shortcomings of Bitcoin. Ethereum’s co-founder who openly discussed and presented the technical and strategic choices for Ethereum.



Vlad Zamfir:

A long-term member of the Ethereum R&D team, very voiced and often sharing all his findings without sugarcoating them. Very valuable source of information from Ethereum’s development.



Ming Chan:

The Executive Director of the Ethereum Foundation who is paving the way for the blockchain technology by working on legal and regulatory matters and cooperating with key industry players.



Jeffrey Wilcke:

One of the founders and the creator of Ethereum - as in the one who coded it to existence using the Go programming language. Wilcke has been the head developer of the Ethereum platform ever since.



Investors:


International Private-Banking Institutions and Large Corporations, such-as, J.P. Morgan, Microsoft, Intel, Accenture, BP, and Credit Suisse were the founding members creating the Enterprise Ethereum Alliance (EEA) in February 2017.

In July 2017, the number of organizations in the EEA surpassed 150, pushing the EEA into the largest open-source blockchain initiative in the world.

Newcomers included Cisco Systems and MasterCard among others.



Roadmap:


The development of Ethereum was originally divided into 4 stages.

Frontier was the beta stage, which called for user caution; Homestead is the current version launched in March 2016, considered stable;

Metropolis, which is being tested since September 2017, its main focus is to make dap development and the whole EVM environment more user-friendly to promote steep adoption;

Serenity is the final (for now) stage. It aims to improve scalability by adding sharding, offer more privacy for users and to switch from Proof of Work to Proof of Stake; the so-called “virtual mining” which consumes less resources while keeping the network secure and agreeing on a single sequence of blocks.

The Serenity stage is to make the protocol.


“industry-ready”, deadline for Serenity has not been set yet.



Conclusion:


Since Ethereum is a decentralized businesses can create their business logic and thrive with Ethereum. The potential of Ethereum has been recognized by many Fortune 500 companies who participate in its development.

These include J.P. Morgan, the biggest US bank, Microsoft, Intel, BP, Thomson Reuters, the Russian Development Bank, and Russian Bank System. The development of Ethereum is not stopping, and its use is growing.


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