Have you heard about Ethereum?

Have you heard about Ethereum?

Now that all the hubbub about bitcoin has died down and the king of cryptocurrencies is vacillating around a respectable $5000, the focus has turned to another cryptocurrency called Ethereum.

What is Ethereum?

Ethereum is a blockchain technology that creates a cryptocurrency called ether which functions like bitcoin and can be used for transactions. Like bitcoin, the blockchain is decentralized and does not require any banks or governing bodies’ validation for the transactions.

This cryptocurrency depends on smart contracts and there is no place for any third party here. So basically, what happens is that a code is created and uploaded to the blockchain. Whenever the conditions on the contract are met a trade is executed and it is stored in the public ledger granting access to everybody. This serves three functions – it prevents duplication of records, altering records and makes a transaction completely hack resistant. What makes this technology even more attractive is the lack of middlemen which not only cuts corruption but also saves money.

Besides just creating ether this ledger technology can be used in various fields to build new programs.

Created by Vitalik Buterin in 2013, Ethereum can be the game changer in the Internet of Things programs in the not so distant future. Its ability to be more than just a cryptocurrency is what has got the world excited and several fortune 500 companies are investing in it.

Cryptocurrency and the market

Though Ethereum is promising people have not stopped focusing on bitcoin and other cryptocurrencies. The cryptocurrency market in fact never sleeps and hence those trading in them are always on tenterhooks as they are not aware of what fate awaits them each morning. The market is highly volatile but very lucrative and that is why people are drawn to it.

Automated trading Robot like the Ethereum Code has become very popular among cryptocurrency lovers. These robots can stay awake all the time and monitor the market when the owners can sleep in peace each night. They are quick and more efficient than humans and will not be influenced by emotions. They work on preprogrammed algorithms that can execute trades and with the stop-loss order in place, the reigns of the trade remain in your hands at all times.

While the market is huge and there is an innumerable number of trading bots around that are free or charge a fixed rate, there is an equal number of scams around that you must be wary of.  You must do your research before you invest in any trading bot.

 

 

 

Casper: the new buddy of Ethereum

Casper: the new buddy of Ethereum

The regular user of the cryptocurrency must have come across the question of long-term scalability which is a major issue that crypto world is facing today. The network congestion that happened in the Ethereum network recently has heated up the question in a big way.

Casper is the potential up gradation of Ethereum network; it is the incremented implementation of proof of work consensus system. Casper is in the alpha testing stage to get implemented in the Ethereum network. Casper has the ambition to provide Ethereum platform with scalability and security. Once Casper gets implemented into the Ethereum network its consensus will shift from proof of work to proof of stake.

The test work on the Friendly Fidelity Gadget, Casper is running since 2014. The test model of Casper is a hybrid of POW and POS consensus. The final model that is going to be implemented is an overlay of POS on POW consensus; it is to give an added layer of protection to the Ethereum network. This design of Casper will replace miners with “validators”.  The function of validators will be basically same as miners but it has to pass through the staking system of validator fund. In this process, the validators will have to stake their own ETH as collateral to act honestly in the network.

Casper will have a profound advantage for the Ethereum network. With its implementation, the scalability of the network will largely increase for the long term. The model will lower the energy consumption required to run the network. High energy required for running these Cryptocurrencies like Bitcoin is a major area of concern for the people in the crypto world and people out of it as well.

Casper is also focusing on sharding of Ethereum database, sharding means to segregate large database into small and more manageable parts. This will lower the processing time for the information. Casper will eliminate miners from the network so the problems that the miners are facing in the network will also be eliminated. Casper is the hard fork up gradation of Ethereum.

The developers are hoping with the release of Casper Ethereum network will have a blockbuster change. The change will be for a better Ethereum network than what the users are experiencing at present.

The developers are in the hope that the whole new perspective of Ethereum will attract many new users to the network. Click here to find out more about Casper.