• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: BREAKING: Ripple Scores Yet Another Win As Judge Torres Rejects SEC's Appeal Attempt
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Ripple Scores Yet Another Win As Judge Torres Rejects SEC's Appeal Attempt

Ethereum Launches Frontier; Ether Mining Begins, Trading to Follow

John Bisu Lee by John Bisu Lee
8 years ago
in Altcoin News, Bitcoin, Mining
0

Even for a Bitcoin Maximalist, it’s difficult to ignore the launch of a non-Bitcoin blockchain technology that raised over $18 million on bitcoin alone. Just several days ago on July 30th, the Ethereum development team announced its long-awaited and much-discussed first live release, called “Frontier,” to the general public. While Frontier – lacking any GUI and requiring exclusive use of the command line – is aimed toward developers, the release marks a significant milestone for the Ethereum team, whose goal is to create a new, decentralized Internet ecosystem realized globally via its blockchain.

Also read: Bitcoin Market Wrap Up 7/26 – 8/2: Markets Down, Vanillacoin Takes Lead

The scope of the Ethereum project is indeed difficult to grasp. Bitcoin is a decentralized platform for the secure, trustless facilitation of store-of-value (i.e. money) transfers between individuals. Ethereum, on the other hand, claims to be a decentralized platform to facilitate transactions of any kind. Instead of using a single currency unit like bitcoin and altcoins, Ethereum uses a programmable unit called smart contracts, with which individuals can create DApps (Decentralized Applications) for any programmable services and projects, including the creation of another currency within the Ethereum network. Some interesting and promising projects being built on the Ethereum network are Augur, Traity, and Airlock.

It’s important to note that Ethereum has a similar digital asset like bitcoin in the Bitcoin protocol called Ether. Since distributed networks such as Bitcoin and Ethereum require immense computational power to process all the transactions that occur within, “miners” who facilitate those transactions are rewarded these digital assets. However, Ether differs from bitcoin as a digital asset because it is not meant to be a currency for goods and services. Rather, Ether’s primary purpose is to “fuel” the Ethereum network by paying transaction fees required to operate DApps. Ethers are currently mined under a Proof-of-Work scheme similar (different hashing algorithm) to Bitcoin’s, but the development team speaks of planning to move to a Proof-of-Stake scheme later in the future to avoid concerns of centralization. Both digital assets continue to be treated as investment vehicles by speculators.

So how can you participate in this new technology? The development team encourages non-developers to wait for the “Homestead” or “Metropolis” release, which will come with a more user-friendly GUI. If you would like to acquire some Ether, you can either mine or purchase them when the thawing period ends and crypto-exchanges like Gatecoin and Kraken begin trading Ether. If you are a developer, you can start developing your own DApp!

The Frontier release is an achievement to be lauded and not taken lightly, but Ethereum still has a long, difficult road ahead. Its technical merits continue to be challenged by different parties, and significant development milestones remain. However, to anyone excited by the promises of decentralized blockchain technology, Ethereum is a project that is surely awe-inspiring and, if successful, to be one of the greatest technological feats since the advent of the Internet.

What are your thoughts on Ethereum? Let us know in the comments below!

 

Image courtesy of the Ethereum blog and blog.CEX.io

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

John Bisu Lee

John Bisu Lee

UVA '14 Philosophy | Bitcoin and Ethereum | Questioning, learning, and developing | My journey @jl2fa

Related Posts

Bitcoin

Is Bitcoin The Future Global Currency? EDX Markets CEO Makes A Mind-Blowing Insight

4 hours ago
ETH

ETH Futures ETF Debut – How Did The 1st Day Play Out?

1 day ago
Crypto

A Crypto Recession Looming? Commodity Strategist Raises The Red Flag

1 day ago
Bitcoin Silk Road Ross Ulbricht

10 Years In Prison: How Ross Ulbricht’s Silk Road Accelerated Bitcoin Adoption

2 days ago
Bitcoin

Bitcoin Vs. Ethereum: Trader Who Navigated May 2021 Crash Predicts The Winner

2 days ago
Bitcoin price $30,000

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

5 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Bullrun Forecast: 5 Cryptos Set for 2,500% Rise

    2 hours ago
  • Cardano (ADA) On-Chain Staking Launches on Another Crypto...

    7 hours ago
  • The Next Dogecoin? Scorpion Casino Token vs Wall Street...

    7 hours ago
  • Don’t Miss Out On What Could Be The Next...

    9 hours ago
  • PayPal’s Stablecoin Boosts Crypto Credibility; Ripple...

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.