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Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed. Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014.  The system went live on 30 July 2015, with 11.9 million coins “premined” for the crowdsale. This accounts for approximately 13 percent of the total circulating supply.

In 2016, as a result of the collapse of The DAO project, Ethereum was split into two separate blockchains – the new separate version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC). The value of the Ethereum currency grew over 13,000 percent in 2017.

thereum was initially described in a white paper by Vitalik Buterin, a programmer involved with Bitcoin Magazine, in late 2013 with a goal of building decentralized applications. Buterin had argued that Bitcoin needed a scripting language for application development. Failing to gain agreement, he proposed development of a new platform with a more general scripting language.

At the time of public announcement in January 2014, the core Ethereum team was Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, and Charles Hoskinson.Formal development of the Ethereum software project began in early 2014 through a Swiss company, Ethereum Switzerland GmbH (EthSuisse). Subsequently, a Swiss non-profit foundation, the Ethereum Foundation (Stiftung Ethereum), was created as well. Development was funded by an online public crowdsale during July–August 2014, with the participants buying the Ethereum value token (ether) with another digital currency, bitcoin. While there was early praise for the technical innovations of Ethereum, questions were also raised about its security and scalability.

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Community Cryptocurrencies by Bancor Set for Launch in Kenya

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Communities are very essential to blockchain projects who have relied on them to shoot into the limelight. However, Bancor Network is leveraging on that as it recently announced its plans to launch its plans of blockchain-based community currencies in Kenya. Bancor has a plan to create a project in the East African country that will enable communities to curb poverty. The plan includes increasing peer-to-peer collaboration, sensitizing those at the grassroots level of the use and benefits of cryptocurrencies.

The Bancor project has a new Director of  Community cryptocurrencies, Will Ruddick, who has lived in Nairobi for some years now. He explained, “When communities have the same right as nations to create and manage currencies, they will unlock their full potential.” Ruddick currently runs a non-profit organisation called Grassroots Economics. The organisation focuses on overseeing community currency programs and already does that from six different locations in Kenya. The Bancor Protocol will be used to further drive Grassroots’ existing paper currency system into an expansion built on the blockchain with the capability to reduce poverty and build stable markets through the use of local currencies.
This new project will enable communities within the East African nation to create and manage their own digital tokens, through the utilisation of blockchain technology, thereby, closing the barriers that have historically existed to prevent the use of community currencies. Ruddick, together with his team, will make use of the Bancor Protocol to expand Grassroots’ existing paper currency system into a blockchain-based network that intends to decrease poverty and build stable markets through the use of local currencies.

On the other hand, Co-founder of Bancor, Galia Benartzi explained his positive belief in Bancor. He explained, “We have seen the crypto world generate roughly $400 billion for new currencies, and we believe the same mechanics can be applied to help communities create wealth on a local level through the use of blockchain-based community currencies that fill regional trade gaps, enable basic income and food security, and promote thriving local and interconnected global markets.”

Bangor already has plans to seed for the first time in June 2018. The Bancor Network has already tested pilot projects In Kibera and Kawangware kenya’s largest towns. The network also gives one the opportunity to create cryptos that have one or more balances in a connected currency. With this, integrated currencies can be replaced with each other without the need for a counterparty. Bancor Network is one of the numerous efforts by blockchain projects to create grassroot participation.

 

 

 

 

 

What do you think of Bancor Network? Share your opinion with us in the comment section below.
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The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Cryptocurrency Terms Every crypto-Newbie Should Know

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The cryptocurrency space can be a bit overwhelming  for persons who are new to it. Having to deal with a lot of languages and words that you are not familiar with will only compound issues. So, here are some terms you should get familiar with;

ICO: Initial Coin Offering is a form of crowdfunding done on the ethereum platform. It is similar to an IPO– initial public offering where a private company raises capital  by offering the public its stock for the first time. However, an ICO involves creating a new token and raising money for it.

Airdrop:  A blockchain project or ICO can distributes free tokens or coins to the crypto community after its network or fork goes live. Basically, airdrops refer to free tokens.

Bitcoin: it is known as world’s first cryptocurrency, it is a decentralised, distributed form of electronic payment that utilizes peer-to-peer transaction without the need for a financial intermediary.
Altcoin / Alt: Alternative coins refer to any coin that isn’t Bitcoin.

Crypto: Cryptocurrencies are generally referred to as crypto.

FIAT: It is a government backed legal tender such as the US dollar. In other words it is simply paper money.

Token: Cryptocurrencies can also be referred to as tokens. Although, tokens are usually a means of crowdfunding, created and distributed to the public through an ICO and released to fund project development. A token is a unit of value of any cryptocurrency.

Satoshis (Sats): This refers to the smallest unit of a Bitcoin. If a Bitcoin is broken down to a  hundred millionths, it is known as Satoshis.

Satoshi Nakamoto: When Bitcoin was created, an anonymous personality simply known as Satoshi Nakamoto published the white paper. Although Satoshi created Bitcoin nobody knows who he is and why he chose to remain anonymous.

FOMO:  An acronym for the Fear Of Missing Out. Usually people will buy tokens as a result of emotional impulses. They do not want to miss out of the opportunity to own such tokens even when they are at their all-time high.

All Time High (ATH): Like the name implies, it is the highest price a particular cryptocurrency has seen so far. It is usually not an ideal time to buy an asset.
FUD: This refers to Fear, Uncertainty, and Doubt. FUD might cause an economy depression as people are emotional about bringing down the price of a coin down. Although they are sometimes unnecessary, but it is sometimes smart to react to one.

Bearish / Bullish: When the price trend in the Market is stagnant or downward it is called Bearish. But when the when the price trend is upward, it is called a Bull market.

HODL:  On a Bitcointalk Forum, someone mistakenly spelt HOLD as HODL and it has come to mean “Hold On for Dear Life.”  One can choose to hodl a cryptocurrency when the market trend is down rather than selling it off.

Buy Low, Sell High / Buy High, Sell Low: To make profit, the aim is to buy a particular cryptocurrency at a low price and then Sell High. You could also Buy High, Sell Low to avoid total loses or just simply HODL.
Lambo: There is an assumption that when crypto traders become wealthy they buy a Lamborghini. The term “Lambo” has come to refer to what people will do when they become wealthy.

Whale:  When someone owns a large amounts of cryptocurrency.

 

 

 

What other crypto terms do you know? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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What You Need to Know About a Cryptocurrency Wallet

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What do you think of when you hear the words cryptocurrency wallet- a wallet you can slip right into your back pocket pops into your mind right? Well a cryptocurrency wallet is not a physical wallet but a software program that holds  the private and public keys of an individual’s cryptocurrency account and it interacts with various blockchain to enable sending and receiving digital currencies and gives the user an opportunity to monitor their balance. To make use of any cryptocurrency, you need a cryptocurrency wallet.

How do these wallets work?

Cryptocurrency wallets do not store physical currencies like your pocket wallets. Instead of currencies it stores your public and private keys and interfaces with various blockchain. This ensures that users can check their balance, send and receive money etc. In other word all that exists are records of transactions stored on the
blockchain.

Types of Cryptocurrency Wallets

There are basically three categories of cryptocurrency wallets –software, hardware, and paper.

Software Wallets

These wallets are like software programs or applications that can be downloaded on desktop, mobile or online. Wallets installed on a PC or laptop can only be accessed from the single computer in which they are downloaded and they are the most secure wallets. You could also have an Online wallet which runs on the cloud and can be accessed from any computing device. But then, online wallets are more vulnerable to hacking attacks and theft. You could also make use of a mobile wallet that will run on an app on your phone.

Hardware Wallets

Instead of storing your private keys online, you can store them on a hardware device like a USB. You can also make transactions online with your hardware wallets. Since they stored offline, they promise increased security. All you need to do to carry out a transaction with your hardware wallet is to simply plug in your device to an internet-enabled computer, enter a pin, send and confirm currency.  


Paper Wallets

Although paper wallet refer to a physical copy of your public and private keys, they could also be a piece of software that can be used to safely generate a pair of keys which can then printed. Paper wallets are not only easy to use, they also provide a very high level of security.

How to Keep Your Cryptocurrency Wallets Safe

  • You should always remember that no matter the wallet you use,you will lose your money if you lose your private keys. Also you’d lose your money if your wallet gets hacked. You cannot reclaim lost currency or reverse transactions you made so if you send money to a scammer it’s gone. You must be very careful when transacting. You can take these steps to protect your currency.
  • Ensure you backup your wallet. You can keep the bulk of your funds in a cold storage such as a paper or hardware wallet. This will ensure that you are protected in the event of a computer failure and you can recover your wallet if it gets lost or stolen. However you will not be protected against determined hackers.
  • Update your software to ensure you have the latest updated security available. Update the software of your wallet and your computer or mobile.
  • You should also add extra security layers such as setting long and complex passwords. You could also ensure that all withdrawal of funds requires a password. Also ensure to use reputable wallets that provide extra layers like two-factor authentication.

 

 

What wallet do you use? Share your opinion with us in the comment section below.
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Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Women are Taking Over the Crypto Market

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The crypto space has majorly been dominated by men but women are changing that notion now as recent findings from, AltcoinTrader revealed that women cryptocurrency owners are on the rise. The South Africa cryptocurrency exchange had revealed that more women are owning cryptocurrency unlike before and the ages of men who own cryptocurrency are between the ages of 18 and 40.

This is a remarkable feat as it will cause a great deal of diversity and inclusion in the crypto space. What we want is financial inclusion for everyone right? Then it’s a great thing that women are getting involved in the space. Richard de Sousa a partner at AltcoinTrader, say: “We think that the growth in this market is still at its infancy and as more regulatory frameworks get developed over time in this space, more people will get into it. There will definitely be an increase in our records across all of these generations as the market evolves.”

The report also showed that,“the group is a culmination of the Xenial and Generation Y or “millennials”. They are born between 1978-1988 and are dominating this space owning bitcoin or other cryptocurrencies. Although there are more men generally internationally in the cryptocurrency market, there is a high rise of women in various age groups. The cryptocurrency exchange revealed, “As cryptocurrencies such as bitcoin are still a new phenomenon, we are starting to see more South Africans get into this space.”

Although women dominated the space in the category of women aged 30-40, Males dominated the category of 18-30 year category. Women also dominated in the 40 to 80 age account groups. For the last six months, the number of women investing in cryptos has risen from 6 percent to 13 percent. African women are moving towards financial inclusion and liberty in the world and cryptocurrencies offer that freedom. It is not difficult to find out why more women are investing in cryptocurrencies.

 

 

 

What do you think about more women getting into the crypto space? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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