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Ethereum for beginners reddit

Октябрь 2, 2012

ethereum for beginners reddit

Hey all, just wrote a simple beginner's guide to Ethereum. I was getting a lot of questions from new comers over the past few months. Our guide reviews the best cryptos to buy now based on Reddit sub trends Crypto Project with Huge Backing from Reddit; Ethereum (ETH). Reddit offers a more thorough guide on its website here. Reddit's MOON token showcases yet another promising use case for Ethereum — and cryptocurrency. DUBAI WORLD CUP CARNIVAL BETTING TRENDS

Note that this will just be a state root and an EVM interpreter along with eth balances. Users will be able to call into this contract by providing merkle witnesses of the required state. A: A key consideration to future proof your contract code for Ethereum 2. It's known as "storage rent" and "storage maintenance fees".

A: Avalanche is interesting to me because it's a fresh approach. Looking forward to seeing how it plays out with Bitcoin Cash. Successes there can be ported to Ethereum via L2 infrastructure. How would one go about that? A: The key security guarantee of sharding comes from frequently shuffling validators into randomly-sampled committees known as "crosslink committees". The hope is that this fast shuffling resists bribing attacks, in both the "honest majority" and the "slowly-adaptive rational majority" security models.

Am I thinking about this wrong? A: Every shard gets security with the same notional value. Value validator collateral gets spread evenly across shards. This seems inefficient to me. Depending on how the distribution of value shakes out across shards, potentially materially inefficient? A: This seems inefficient to me.

Oh I see! Interesting point. We consider every shard equal, and provide high security for all shards. The breakdown of even a single shard namely, an unavailable or invalid crosslink would likely be catastrophic for the whole system. Is this basically a brand new chain that has only one connection to ethereum: Proof of Burn?

In many ways this is akin to the FFG contract and sharding contract proposals that were previously deprecated but the organization breaks clean from the EVM to allow for a radically new design and increased efficiency. If they run the beacon chain, they can then sync whatever shard chains they want.

The connection at first is just an economic connection -- use the existing economics and community to seed validation in the beacon chain. Beyond that, we expect the beacon chain to be used to finalize the pow chain in the short to medium term.

In the end, there are a number of proposals to either fork the eth1. If people run nodes at home on consumer hardware with a normal internet connection they can be taken offline easily with DDOS attacks or am I interpreting this wrong? A: It is the responsibility of a validator to remain online to fulfill their responsibilities and gain rewards. A validator's inactivity penalties are also minimized if their being offline is dis-correlated from other validators. This incentivizes to utilize different node and validation software from the majority so that in the case of a ddos attack vector against a particular node implementation, your offline losses are minimized.

The validator's protocol level identity and it's node's network identity are completely decoupled. This allows for a validator to create any type of obfuscated network setup that serves their purposes.

I expect many tools and best practices to arise for home validators in the coming months. Will this be possible with Ethereum 2. A: Formal verification of smart contracts is awesome and super valuable IMO. Formal verification will be possible in eth2. I believe the WASM semantics are already available in K which will provide some good opportunities for contract verification. Opening up more languages by using WASM will also allow for utilization of more restricted languages that are more amenable to FV.

Or just good book recommendations in general A: I don't read many books nowadays. I mostly consume academic papers, whitepapers, podcasts, videos, blog posts, Reddit, Twitter, etc. Basically will there be resharding? If so, how is resharding done? How are you solving the fast state syncing problem if nodes need to be reshuffled around shards?

A: How do you prevent single shard corruption attacks? By randomly shuffling validators across shards. Right now crosslink committees are shuffled every epoch 6. Crosslink committees are critical, hence why there are shuffled fast. See this answer also. Which problems of Phase 1 and 2 are still left to be solved? A: The short answer is there are no big fundamental problems for phases 0, 1, 2. The more detailed answer is that for phase 0 we need locally-computable shuffles.

For phase 2 we need to figure out sustainable storage. A: Storing data on Ethereum is expensive per byte. Infrastructure like Filecoin may prove to be a good trustless storage solution. For privacy, just encrypt the data. Unfortunately those likely won't be ready for phase 0.

For true decentralization it is required to get more people on board that understand the full process. A: ETH—at least when Ethereum 2. Fungibility is a key design goal. Is there is centralized server? A: This is an implementation detail. Some clients may have a hardcoded list of "bootstrap node" IPs and ports. A: Nothing final. Ultimately the community will have to make a tradeoff between low inflation and high security. A: Very high. No fundamental problems unsolved.

The tricky part is getting everything to fit together cleanly. And what do I do with it in the mean time? A: I tend to be critical of that class of systems. A: Yes, there are already a number of experiments in eth1. Check out miximus for privacy and roll up for scalability both by barry whitehat! A: ETH 2. The reason we have phases 0, 1, 2 is to break things down conceptually, and in terms of incremental releases to limit risk.

Are there any efforts to translate research specifications into other languages? A: Are there any efforts to translate research specifications into other languages? Once the spec is more mature I expect the community to pick this up, somewhat similar to how Andreas's books get translated. English seems to be the a lingua franca for research and development.

A: When your validator gets penalised it is automatically deregistered to prevent further damage. We have a mechanism called "partial slashing". The idea is that, if something goes wrong with your validator it only gets penalised a bit if not many other validators also mess up around that time.

So in the optimistic case of a lone hack you should recover most of your funds with your withdrawal key kept secure, e. A: That will likely be unlocked with abstraction which includes gas abstraction. A: Rough ballpark figures. Since Vitalik already said 'research is done', what are developers' incentives to push things forward? Are there any specific measures taken to ensure a smooth transition?

A: I expect the beacon chain the core PoS chain to launch late Ideally the spec should be close to final in Q1, cross-client testnets in Q2, security audits in Q3, mainnet launch in Q4. As a rule of thumb, launching in December is hard because of the holiday season. So November and January would be my two best guesses. Having the Ethereum 2. For example: private eth network run in a shard connected to main eth network from which it takes just security from validators.

Private transaction with ZKsnarks shard s. Encrypted data shards. Erc20 like coin launched on ETH 2. A: Every shard has the same data availability layer, and the option to use EVM2. That's common base-layer infrastructure. At the application layer contracts can be powered by non-EVM2. There's also a huge L2 design around state channels, plasma, cross-shard communication, etc. So at the application layer I expect lots of non-homogeneity across shards, as well as a lots of homogeneity thanks to standardisation.

How much thinking is being devoted to the greater infrastructure requirements of Eth 2. A: Ethereum 2. Note that storing shard blocks since genesis is not required. A: PoS enables goodies such as economic finality and sharding. It is also much cheaper in terms of inflation cost for hodlers, as well as ecologically than PoW. A: I really honestly think that there are no unsolved research challenges at this point. It's mostly "how do we make this thing more elegant and take up fewer lines of code and have fewer edge cases" on the research side.

There is really great work being led by both the EF eWASM team and the Consensys Quilt team to better understand the design space and active build prototypes to vet ideas. Do you feel this date is realistic and achievable? A: Thanks for noting its informality. We need: long-running test nets however that is defined , formal verification of the deposit contract, and clients to be ready for prime time, but right now it looks like everything will come together in time.

We also don't want to rush clients into developing buggy software just to be ready by an arbitrary date. If anything, I think BLS standardisation efforts are the most likely to slow us down. We as a greater blockchain community are trying very hard to have a standardised signature scheme for better interoperability between all the chains.

There is a high degree of consensus on this already, but establishing a new standard is always a slow process. I expect exciting progress to be made in the coming months, but I also expect that the last mile might be long. Early is realistic and still the target. A: I don't think it's productive for us to worry about the absolute numbers at this point; the network will launch, and either the rewards will prove sufficient or they won't. The other thing worth worrying about is centralization incentives, but that's difficult to work out "in theory land"; much of the result in practice has to do with how lazy people are.

A: Composability between shards is definitely unchartered territory but there are reasons to be optimistic: The shards are designed for homogeneity unlike, say, Polkadot or Cosmos to facilitate cross-shard communication. There are design patterns which abstract away the boundaries between shards. For example, one could consider shards 0 and 1 as a combined data availability substrate for an execution engine which requires more bandwidth.

These design patterns will be more easily exploitable in the context of programmable execution engines. The shards are designed to be friendly to "fast optimistic finality" thanks to shard attestations which are somewhat analogous to block confirmations in the context of Eth1. What this means that is, in practice, the shards may act as one logical blockchain thanks to quick probabilistic finality of individual shards.

The UI layer is also an opportunity to abstract away the boundary between shards. A: My best guess is early See here. A: In order for Eth2 to finalise Eth1, 2 things are needed, Eth2 must vote on Eth1 as is implemented as you point out and Eth1 must change its fork rule to follow the finalised blocks on Eth1. The latter requirement requires an Eth1 hardfork. It is therefore easier to just have validator finalise the things you mention for now and later on add in Eth1 finalisation.

Additionally, it is safer to launch without Eth1 finalisation in case of a Eth2 black-swan event in the early days. A: It got considerably simpler over the last year. If you do a word count on the spec, it seems to be considerably smaller than the yellow paper at this point.

There's a lot of things in eth2 that are much simpler than eth1. But there's definitely lingering complexity and I deeply care about minimizing it. Expect more educational material highlighting the simplicity of the current design. I expect phases 1 and 2 to be lines of code combined assuming WASM as primitive. That's just the phase 0 consensus deposit contract, beacon chain state transition function, and beacon chain fork choice rule.

I understand the point of client diversity but don't you think 6 clients seem to be pushing it? Supporting so many clients would also divide the resources in terms of funding. Which clients do you see as the geth and parity of eth2. A: A few notes on client diversity: There's more than 6 clients being developed—it's closer to 8. I expect consolidation—a bunch of clients may not survive I expect specialisation—one can focus on the browser e.

Lodestar , resource-constrained devices e. Nimbus , the enterprise e. Artemis , prototyping e. Trinity , etc. A minimum of two production-ready clients are necessary for launch. I expect the first-mover advantage to be strong. All the above have, to an extent, historically happened on Eth1. I expect a power law distribution, and it's definitely likely that some of the clients will not survive to see significant usage on mainnet.

I'm pleased that there are so many great teams doing the hard work, but recently, I've been more focused on finding contributors to do value-add work outside of the core client implementation. Formal verification, academic analysis of protocols, testing, light clients, web3 interfaces and developer tooling, validator clients with great UX that plug into any underlying node, etc, etc. For example, will Prism ever get merged to Geth?

Other than the language Go , Prysm and Geth have very little in common. A: Validators get kicked out when they get slashed. There is another ejection mechanism if your balance goes below 16 ETH from accumulating non-slashing penalties.

The minimum being set to 1 ETH currently. There is an additional penalty related to the number of other slashable offenses that have occurred in the recent time period. If more validators have been slashed recently, you lose more ETH. This highlights the importance of having a discorrelated validator setup from other nodes and potentially having some fault tolerance setup with yourself before you sign things.

A: There are micro-penalties for not voting to finalise the same blocks as other validators and the inactivity penalty for offline validators for when the chain is not finalising for an extended period of time. A: I think you are conflating two thigs here, slashing and the inactivity leak. Inactivity leak If your validator node goes offline for 18 days, and the beacon chain is not finalizing, then your balance will be reduced by "up to Slashing If a validator behaves provably maliciously, then they are slashed by having their balance reduced.

Assuming client software is written well, this should be basically impossible to happen to you. Minimum penalty is 1 ETH, but it goes up linearly in the number of people slashed at the same time as you. See here for more [Carl] Important to note that if you are offline, but the chain is still finalizing you only stand to lose approximately the same as you would have gained.

Another reason to have a discorrelated setup from the rest of the network! A: The execution engine abstraction in phase 2 is quite exciting, taking account abstraction to the next level. It allows for the consensus part of execution to be an ultra thin layer of abstraction on top of data availability. Assuming WASM as a black box, it may be on the order of lines of code to specify. There's an initial proposal from Vitalik here. The idea is that even the notion of a "transaction" is an application-layer detail which can be specified as WASM code.

I understand theres an effort to spread the cost out among various communities, but I think many people feel this might just end up being an expensive science project where the rewards dont justify the costs and if you itemised Eth 2. Binance is the largest exchange by trading volume and lists a wide number of altcoins paired against Bitcoin which enable traders to speculate with their Bitcoin.

It is often recommended to newcomers as one of the easiest ways to acquire their first Bitcoin. On January , Bitstamp chose to suspend its service for about a week after it was hacked for 19, bitcoins. Depositing and withdrawing is free for all cryptocurrencies. Binance offers its users two types of user interface, Basic and Advanced.

Next step will be to add the bank account you want to use to deposit, as bank transfers and wires are the only deposit methods currently accepted at Gemini. With daily average visits regularly going near thousand visitors and daily trade volume shooting over 10 million euros it is rightfully considered among the biggest exchanges out there.

Binance is the exchange with the largest amount of trading volume. Thes also allow the usual customer-related measures like the two-factor authentication and confirmation emails. For some time Coinbase has been involved in a long tug-of-war with the American IRS during which, to somewhat of a credit to them, they decided to stand behind their customers. More recently, Bitfinex, another Bitcoin exchange lowest commissions cryptocurrency reddit ethereum holders by percentage, was hacked forBitcoin in Currently they support trading with over different cryptocurrencies and are working daily on adding new ones.

All in usb crypto token ethereum white paper the complete list of fees is impressive and a bit daunting, but if you take a look at the industry average fees Bitstamp is on the cheap end of total fee are bitcoins both physical and digital bittrex lost 2fa. Following the crackdown in the mainland of all exchanges, Binance relocated to Hong Kong and has since seen spectacular growth.

Talking about Bitstamps location can be a bit confusing, as they us bitcoin services buy litecoin with ethereum gdax their headquarters a few times in the past. The removal of 10 Bitcoins from both the bids and the orders estimates the spread would increase to 0. Once users deposit their funds with an external entity, this entity now has the ultimate control of the funds.

It is a good exchange to consider for Bitcoin for a number of reasons. When you deposit Bitcoin or fiat currency with an exchange, it can be difficult to know what the exchange is doing with that money. More on that later. The fees start at 0. Customers from all walks of crypto can make their transactions on Gemini knowing that their funds are very well protected. Read our Full Binance Review Here.

Once an account is set-up, chase coinbase transaction function graph bitcoin will require some personal details such as earn ethereum square stock bitcoin photo of your ID card standard procedure on every exchange platformusers can how to redeem bitcoin price maximum bitcoin in circulation choose the amount of Bitcoin they wish to buy and have a number of payment methods. By signing up you will automatically get the tier 0 account. It certainly behaves more like a bank, which, according to a large part of crypto community, is against the fundamental nature of a decentralized cryptocurrency.

When compared to Coinbase, it is slightly more expensive. The option to purchase with a debit or credit card is an attractive feature which is not offered by many exchanges. There is a lot of people that like kucoin but use binance just for stop-limit feature, if kucoin added it, it will bring a lot of users to their platform.

Bitstamp allows users to access their website via either regular browsers or mobile applications. The different tiers also expose you to different fees. For a full instruction on how to verify your credit card, check here. This enables users to purchase cryptocurrencies is a wide variety of local currencies. Despite the fees being higher to use debit and credit cards, the ability to pay through this method is an attractive feature for a lot of users as it enables them to purchase in a wide variety of local fiat currencies.

Binance has recently moved their headquarters to Malta to take action towards being more regulated. Best Ethereum Exchanges The different tiers also expose you to different fees. Depositing through bank transfer and cryptos is free. Hopefully this list will help you, a crypto-trader in making, decide which exchange can help you the most in your future crypto endeavors. Btc faucet xapo is it better to buy ripple in usd or bitcoin on Kraken can utilize margin trading to both increases their exposure to long positions or take short positions.

The quoted amounts are recalculated every two minutes. One of the most common complaints is that it lowest commissions cryptocurrency reddit ethereum holders by percentage a long time for deposits to be shown in the user account, if they ever show up at all. Even though there is an extensive list of positives related to Coinbase, they come accompanied by tax rate on ethereum cryptocurrency for walmart somewhat large list of controversies as.

Bittrex is a US based cryptocurrency exchange that has launched its initial operations in December Depositing and withdrawing is free for all cryptocurrencies. TradingView is a must have tool even for a hobby trader. Even though it has had a fair share of issues in the past, Coinbase is still a useful tool, maybe even the best available one to get started with the world of cryptocurrency.

This allows users to speculate on the movements of altcoins against Ethereum and grow their Ethereum holdings if they speculate correctly. One of the only drawbacks is there is still a limited amount of support for cryptocurrencies. CEX is an exchange which makes purchasing Ethereum easy for beginners and also offers more advanced trading features. You can disable footer widget area in theme options - footer options.

It is not clear at this time if they will resume this offer. Kraken exchange offers five types of accounts which are separated into special tiers. The regulation situation may concern some but Kraken has always been clear and communicative with its clients regarding any concerns. At present, Binance offers a total of trading pairs according to coinmarketcap.

Kucoin, on the other hand, is quite famous for its lightning fast customer service. Sign Up for CoinDesk's Newsletters There it grabbed a large piece of Japanese market share and has kept on growing ever since. In reaction to them, Bitstamp implemented security precautions to ensure that something similar wont happen in the future. Notify me of new posts by email. The main difference between these two interfaces is that the Advanced view, while being somewhat less pleasing to the casual eye, offers deeper insight into the value and the trade history of the presented coins.

It also implements features like automatic funds borrowing and negative balance protection which make margin trading more beginner friendly. The key strengths of Kraken include its level of liquidity, being the largest exchange facilitating Euro trading, and its security measures and auditing practices. Bittrex has implemented a number of competitive features and practices which launched into the top of the crypto exchange market.

There will be strict limits applied to how much they can buy but if they wish to extend their limits, they can choose to verify their account further. It is also possible to customise the amount of Bitcoin to be purchased. The fees for margin trading range from 0.

The main drawback would be the inability to trade with fiat currencies but Binance has announced that they will be adding this. With Binance not operating with fiat currencies, they remain largely unregulated. Coinbase Pro also has lower fees than Coinbase so any experienced trader will prefer conducting his trading there.

Trading on imbalances is tricky and there are plenty of stories about people losing money on it. The exchange is incorporated in the British Virgin Islands and their executive team is based around the world. Signing up with Bittrex is a pretty straightforward process.

No widgets added. There is also the option to purchase with a debit or credit card. It currently operates in USA, Canada and a couple of other countries with plans to expand their services to a larger user base. There are over products offered on Binance which can be traded against Ethereum. Coinbase simplify the complicated cryptocurrency concepts such as wallets and transactions to make it easy for the first time user to understand. The key drawback is the high fees compared to competitors.

While this does allow for it to be free from heavy government regulations it does limit the liquidity of assets which are tradable on it. Ethereum has been the largest altcoin by market capitalization for the majority of Ethereum has also reached a position where it is an important dash coin satoshi why is the pivx website not in english cryptocurrency. Kraken conducts proof of reserves audits to communicate to clients that they have the reserves to cover all of the necessary balances.

So far Gemini only offers trades for Bitcoin and Ethereum. At that time, even though UK was yet to regulate the cryptocurrency-related businesses, it was still a more fertile ground clean bitcoin files ethereum smart contracts windows growing such a business than Slovenia.

Other top sources include the United Kingdom 4. Similar to Poloniex, Kraken is a centralized exchange which holds the private keys of their users on-exchange wallets. Share this story. If this purchase is completed through debit or credit card, there will be a further payment processing fee. Coinbase has a heavy focus on compliance with regulations. That being said, Gemini is often cited as the example of how quality customer support should be ran, as they have a history of quick and efficient handling of support tickets.

Gemini also offers other services such as custody solutions. Even though they faced complaints for slow responses to support tickets, accounts being disabled, verification issues and poor treatment of non-US members, they buy bitcoin via blockchain pay bills with bitcoin canada a plethora of measures designed to increase customer experience. Currently gpu for mining siacoin gpu mine minerd support trading with over different lowest commissions cryptocurrency reddit ethereum holders by percentage and are working daily on adding new ones.

The vast majority of coins are also stored in cold storage offline which is a high level of security. Additionally, it supports two-factor authentication, and we could not find any reports suggesting that individual accounts are being hacked. Trading interface is simplistic and intuitive with full charting toolkit for the most advanced traders how to bit mine for bitcoin mining bitcoins in iceland.

Since then, it has steadily grown into one of the most preferred altcoin exchanges on the market. Furthermore the initial imbalance creator may have set a limit price for his order, above in the case of buying he does not want to participate. The suite of tools offered includes an order book, trade history, price chart, and depth chart. However, we have found several points which should be made note of regarding security at Binance.

We have recently noticed Binance phishing websites popping up on various search engines. Most of the challenges it faced it handled admirably so if you are looking for a secure and reliable exchange with good liquidity, high trade volume and a robust infrastructure, then Bitstamp is a good choice.

The exchange displays a professional and intuitive user interface which makes the process for purchasing cryptocurrencies as straightforward and easy as possible. There are not many restricted areas where Coinbase does not operate. LocalEthereum is another service which tackles some of the problems with traditional exchanges. Overall, CEX is a great online exchange for beginners because of its options which enable users to buy Ethereum quickly and easily.

The fact that they only accept crypto deposits and withdrawals mine btc reddit mining most profitable coin Poloniex to be one of the cheapest exchanges to use. Just make sure to transfer this currency to a private wallet because you never know how moody the Coinbase algorithms will be on the day. At where can i ripple stock cheap way to mine litecoin same time many commentators have complained about a lack of decentralization in the way the Coinbase operates.

This exchange is crypto-only. This again just goes to show how important two-factor authentication is when storing cryptocurrency on a website or exchange, even for a short amount of time. Bitfinex also offers a customizable interface that allows you to personalize your workstation. Gemini is an exchange which is more tailored towards institutional clients. This means the sign-up process involves users submitting numerous pieces of personal information along with lowest commissions cryptocurrency reddit ethereum holders by percentage their identity through documentation.

Always do your own research before participating in any cryptocurrency business. Holders of the token may also be able to get a lower transaction fee rate, however, we were not able to verify this completely due to some conflicting reports. Although the default option is Bitcoin, this can be easily changed to Ethereum. These auctions give buyers and sellers a period of high liquidity and usually include high volume transfers. Even with such why does ethereum take so long to confirm best indicators for day trading crypto high number of coins available Bittrex offers no margin trading or lending, unlike other major exchanges.

Account creation process is similar to that of other industry caveats. Both sell litecoin uk ledger nano set up person putting up an offer to buy or sell the maker and the person picking and accepting an offer the taker pay transaction fees. It has since added three new cryptocurrencies, namely Ripple, Litecoin and Etherum. Users of the exchange are required to store some Nectar in their accounts.

Although the maker fee is not as attractive as Coinbase Pro, this is overall an attractive fee schedule. Alongside various customers reporting withdrawal issues this has resulted in plenty of negative reviews online, especially on websites like Reddit and Trustpilot. Love the daily payout for holding KuCoin. Generally, this is good news, as most every exchange is under constant attack from hackers attempting to fraudulently withdraw or misappropriate cryptocurrency assets.

When compared to other industry standouts, the website design is louded as one of the best available. Signing up for an account on Kraken is similar as with most online exchanges. Categories Alternatively it has a very serviceable browser interface. It complies with all the relevant regulations in the United States and the other jurisdictions in which it operates. Among their stand out features are their fixed, transparent fees which stand at 0. Ease of access to various types of currency, near-instant transfer of value and low transaction fees are a must for any experienced currency trader out there.

Coinbase Pro has become almost synonymous with cryptocurrency. Users can purchase Ethereum online on the Coinbase exchange platform through a variety of payments methods.

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