In the previous class, 15, we explained how proof of work (POW) blockchains such as Bitcoin (BTC) and Ethereum Classic (ETC) will be the base layer of the blockchain industry because of their security and qualities as digital gold. However, ETC has a unique combination of attributes because it is not only a proof of…
Just as Bitcoin (BTC) has the “halving” event every four years, Ethereum Classic (ETC) has the “fifthening” event every two years. Also, like Bitcoin, it is an important event in the history of ETC each time there is a fifthening because it brings the issuance rate lower, and a lower issuance rate means harder money….
What Do Nodes Do? Of all the machines participating in the network, a subgroup are what are called “nodes”. Nodes are the ones that receive the new transactions all the time, they resend them to all other nodes, they store the replicated blockchain, and verify that transactions and blocks are correct before including them in…
The Right to Split One of the main protection forms that POW blockchains as ETC have is that whenever new rules or arbitrary changes are introduced or proposed to the system, any group of nodes or participants may choose not to follow those rules and split from the network. POW is very particular in this…
Ethereum currently has a faster mine rate compared to Bitcoin. When it began, mining and Proof of Work were the critical technologies used, specifically to attract miners who kept the network running. However, that is subject to change since developers in the network are working on swapping from Proof of Work to Proof of Stake…
These peer-to-peer contracts act as a means of collateral. The main goal of Ethereum services was to support smart contract deals. The smart contract eliminates the need for intermediaries, thus optimizing the system. Smart contracts have enabled the renewal and closure of incapacity to work certificates in the healthcare system and prescription of drugs. ERC-20…
Most of the emerging tokens are launched in Ethereum for their Initial Coin Offering sales. Over three-quarters of ICO sales are hosted on the blockchain. A majority of the ICOs are built on ERC-20.
Bitcoin remains the most recognized virtual coin, but the growth of Ethereum seems to be closing in on it. Bitcoin’s market cap is known to have a fixed amount of available currencies. The goal of Bitcoins is to mine 21 million coins, then no more. Ethereum does not have an actual cap. It’s only limit…
Ethereum allows users to work for it or build off it using Solidarity, the network’s programming language. Using this language, developers can create their own cryptocurrency and Dapps without downtime, fraud, regulation, or interference from third parties. The Ethereum community is ready to assist those willing to work with them. It is alleged that the…
Perceiving Ethereum as simply another cryptocurrency is ignorance. Its role surpasses that of the average Altcoin. It is an entire platform that supports decentralized applications, and it has its tokens. What’s more interesting is that it allows developers and users to issue their own digital items within the network. For clarity, Ethereum is a crypto…
