Wednesday 27 September 2017
Tuesday 26 September 2017
Etherum Virtual Currency
Coinbase, a bitcoin-only exchange, is planning to add support for ethereum, the company said (May 19). Coinbase exchange users will be able to buy and sell ether, the virtual currency unit behind ethereum starting Tuesday, May 24. Ether is currently trading at about $14 USD (bitcoin is trading at around $448 USD). Sources say Coinbase had been considering adding ethereum for some time. Earlier today, a screenshot of a support page for ether was published by a cryptocurrency trader on Twitter, then appeared on social media site Reddit.
Ethereum is a digital currency similar to bitcoin. Such currencies, based on software, allow people to transact anonymously and freely without a middleman involved.
Created by 22-year-old software developer Vitalik Buterin, ethereum has a particular property that’s excited companies: smart contracts. Smart contracts are essentially agreements between two parties that can execute automatically, without human involvement. Unlike bitcoin, ethereum natively supports smart contracts. Proponents say smart contracts can cut costs and reduce human error. They have gained support from JPMorgan Chase, Barclays, and even the state of Delaware. IBM has explored using Ethereum to help Internet of Things devices interact with each other. Microsoft added support for ethereum to Azure, its cloud computing platform for developers. Marley Gray, director of business development for blockchain at Microsoft, said that the tech giant has added over 40 different partners for Azure platform, 40% of which are based on Ethereum.
Earlier this month, the New York Department of Financial Services approved Gemini, a virtual currency exchange founded by the Winklevoss brothers, to start trading ether. Coinbase hasn’t yet gotten regulatory approval in general in New York, so Coinbase users in New York won’t be able to trade ethereum. The company expects to make ethereum and new products available to New York users once its bitlicense is approved. New York State residents can use the Coinbase exchange and the virtual currency wallet. Coinbase’s support is a vote of confidence for ethereum. The startup has raised $106 million in four funding rounds from investors such as Andressen Horowitz, BBVA Ventures, and the New York Stock Exchange. Adding ethereum will not only help the virtual currency, but could generate more trading on Coinbase’s exchange.
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Created by 22-year-old software developer Vitalik Buterin, ethereum has a particular property that’s excited companies: smart contracts. Smart contracts are essentially agreements between two parties that can execute automatically, without human involvement. Unlike bitcoin, ethereum natively supports smart contracts. Proponents say smart contracts can cut costs and reduce human error. They have gained support from JPMorgan Chase, Barclays, and even the state of Delaware. IBM has explored using Ethereum to help Internet of Things devices interact with each other. Microsoft added support for ethereum to Azure, its cloud computing platform for developers. Marley Gray, director of business development for blockchain at Microsoft, said that the tech giant has added over 40 different partners for Azure platform, 40% of which are based on Ethereum.
Earlier this month, the New York Department of Financial Services approved Gemini, a virtual currency exchange founded by the Winklevoss brothers, to start trading ether. Coinbase hasn’t yet gotten regulatory approval in general in New York, so Coinbase users in New York won’t be able to trade ethereum. The company expects to make ethereum and new products available to New York users once its bitlicense is approved. New York State residents can use the Coinbase exchange and the virtual currency wallet. Coinbase’s support is a vote of confidence for ethereum. The startup has raised $106 million in four funding rounds from investors such as Andressen Horowitz, BBVA Ventures, and the New York Stock Exchange. Adding ethereum will not only help the virtual currency, but could generate more trading on Coinbase’s exchange.
How to Exchange Bitcoin to Ethereum
Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality.It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed."Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
If you want to convert to ethereum, you should first create an Ethereum wallet. Then you can use Crypto currency wallet software Conversion to change Bitcoin to Ethereum. The exchange does not need an account, neither an exchange wallet. Only addresses are given, and the transaction is complete.
Like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capability. Bitcoin offers one particular application of blockchain technology, a peer to peer electronic cash system that enables online Bitcoin payments. While the Bitcoin blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running the programming code of any decentralized application. In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network. Beyond a tradeable cryptocurrency, Ether is also used by application developers to pay for transaction fees and services on the Ethereum network.
Smart contract is just a phrase used to describe computer code that can facilitate the exchange of money, content, property, shares, or anything of value. When running on the blockchain a smart contract becomes like a self-operating computer program that automatically executes when specific conditions are met. Because smart contracts run on the blockchain, they run exactly as programmed without any possibility of censorship, downtime, fraud or third party interference.
How to Change Bitcoin to Ethereum
What is ether used for ethereum?
Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.Is Ethereum similar to Bitcoin?
Like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capability. Bitcoin offers one particular application of blockchain technology, a peer to peer electronic cash system that enables online Bitcoin payments. While the Bitcoin blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running the programming code of any decentralized application. In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network. Beyond a tradeable cryptocurrency, Ether is also used by application developers to pay for transaction fees and services on the Ethereum network.
What is a smart contract?
Smart contract is just a phrase used to describe computer code that can facilitate the exchange of money, content, property, shares, or anything of value. When running on the blockchain a smart contract becomes like a self-operating computer program that automatically executes when specific conditions are met. Because smart contracts run on the blockchain, they run exactly as programmed without any possibility of censorship, downtime, fraud or third party interference.
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