9 things to know about ethereum

9 things to know about ethereum

The Ethereum virtual currency is more and more sought after and used, which is why we thought of offering you some information about it.

What is Ethereum

This term is used to define a platform that runs decentralized applications built and launched by users and is used to run smart contacts, the latter being computer codes that run on the blockchain and contribute to the exchange of money, properties, actions etc.

Ethereum is a project owned and manipulated by several people, which is why all users can get a code and see what is happening.

Ether cryptocurrency

In order to work, this system needs a virtual currency. This is called Ether and can be used to make payments within the network. It is listed under the ETH code.

Many people use the name Ethereum when referring to the cryptocurrency of this platform, which is wrong.

9 things to know about ethereum

When it appeared and how it progressed

In 2015, Ethereum was launched on July 30, the founder being Vitalik Buterin, a programmer who in 2013 worked at Bitcoin. The beginning was a slow and progressive one, but in 2017 everything seemed to explode, the price of an Ether reaching from $ 9.76 at the beginning of the year to over $ 1000 at the beginning of 2018.

Now, we are approaching the middle of 2021, and the price for this currency varies around $ 170.

The founder of this platform is still an active member of it, which gives users the feeling that at the head of the system there is an ideological and philosophical leadership, unlike in the case of Bitcoin, for example, where the activity of founder Satoshi Nakamoto is shrouded in mystery. .

Benefits

If we were to pay a little attention to the advantages that this type of project brings, we are talking first of all about the fact that it has the function of intelligent contacts, which allows transactions and executions automatically, when certain are fulfilled. conditions.

Then, we can not overlook the security you have using such a system: the data in the application can not be changed, you can not hide anything, but everything is in sight, increased protection against hackers and fraud, but also optimal operation, which does not involve applications that can create problems, because behind it is a team of competent people who know exactly what to do.

disadvantage

Problems with this network may occur when writing code. If you are not skilled enough to know exactly what you have to do, and enter the wrong code, all kinds of errors can occur.

Some of them can become exploitable and then all sorts of unwanted attacks can take place, which can only be stopped with a network consensus and rewriting the basic code. But this would mean that changes can be made, which is against Ethereum's policy.

How to buy this virtual currency

There are mainly two ways you can get hold of the Ether cryptocurrency. The first is to become a member of the platform, and the second is to trade various currencies and receive Etheri in exchange.

Be very careful to use reliable sites for such acquisitions, to document yourself very well beforehand and not to invest more than you would allow yourself to lose.

Ether mining

Mainly, what you have to do is use the computer you have (specially adapted for this) and sell the computing power of Ether to maintain the blockchain. They are really passionate about such actions, which have mining halls with thousands of graphics cards that do their job and help make a profit.

Users receive 5 ETH if they add a new block, but this value is shared by all miners who contributed to the achievement and who gathered together in pools.

If you are not ready to use this platform yet, you can test how things work through an Ethereum virtual machine (EVM). It is a separate application that does not affect what happens on the main blockchain.

9 things to know about ethereum

Set-up recommended for Ethereum

If you want to deal with earnings with such a currency, you must know that the good part is that the investments are not huge. It's not like in the case of Bitcoin, where a special device is needed for mining, but you can use video cards.

For starters, you will need a rig (computer adapted to deal with mining networks), which will allow you to add more video cards (our list here). We recommend a motherboard with six PCI Express slots, but also four risers that transform PCI-e x 1 into PCI-e x 16.

Then, you will need a powerful processor to cope with these processes (Kaby Lake, Intel), a RAM of at least 8 GB (DDR4) and some high-performance video cards (for example, AMD 480 or AMD 580 ).

To all this is added a storage unit that is preferable to have a small capacity and be of SSD type, but also a very powerful power supply, of at least 1000 W, which is very efficient.

What you need to know before you start mining

The first and most important thing is not to invest in such an activity more than your pocket allows. Any lion you spend for this purpose can bring you profit, but also losses. So, when you buy cryptocurrencies, buy only as much as you are prepared to lose. Success is never guaranteed.

Then consider whether or not you can support such a business. You need a special space to mine, because the boards will be noisy and will provide a lot of heat. You need a specially designed room if you want to do it in the best conditions.

And don't forget one very important thing: research yourself intensely beforehand! Make sure you understand all the terms very well, that you know exactly what you have to do and you know the risks you are exposed to.

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