“I laugh at the idiots who are making such a fuss about bitcoins. This is absolutely useless dummy …” – the phrase of Deputy Finance Minister Alexei Moiseev.
A today’s miner would object to the statement of the respected A. Moiseyev, and would suggest him to pay attention to
Ethereum if he is so uninterested in Bitcoin.
Dear friends, let’s talk about one of the most prospective coins, Ethereum, which you have just heard something about, or have already been mining.
Ethereum showed the whole world how to improve the entire global economy. Very often, Ethereum is called bitcoin 2.0, and this is justified, because at the moment, the Ethereum has become more popular than Bitcoin.
Speaking about Ethereum, we can’t mention its creator, Vitalik Buterin. Before starting work on Ethereum, Vitalik Buterin dealt with various open source projects related to Bitcoin. Unlike the mythical creator Bitcoin Satoshi Nakamoto, whom no one has ever seen, he travels all over the world, giving lectures about the blockchain. In June 2017, Fortune magazine ranked him the tenth in the ranking of the most influential people in the world who have not turned forty yet.
For Buterin Ethereum is not just a business, it is an idea that should improve the life of mankind. The creation of Ethereum was not a matter of money, it was a mission, an idea that makes us follow it.
Vitaliy Buterin says:
“I think that one of the reasons for the adoption of the blockchain is that it is a social revolution wrapped in something smart that can make people rich”
We would like to mention one more V. Buterin’s statement about smart contracts, as well as their improvement:
“The concept with smart contracts is so complex that understanding how to make them safer comes only with experience. It remains for us to wait and let people do projects that sometimes explode. As cars and airplanes became more and more safe with time, so we with experience will understand how to make smart contracts with acceptable level of risk.”
Let’s try to explain the essence of a smart contract in plain language using the example of an apartment rent.
Suppose you rent an apartment, you can do this through the blockchain by paying in cryptocurrency.
You get a receipt where there is your virtual contract; An owner gives you the digital entry key which comes to you by a specified date. If the key doesn’t come on time, the blockchain releases a refund. If the owner sends the key before the rental date, the function holds it releasing both the fee and key to you and flat owner respectively when the date arrives. The system works on the If-Then premise and is witnessed by hundreds of people, so you can expect a faultless delivery. If the owner gives you the key, he is sure to be paid. If you send a certain amount in bitcoins, you receive the key. The document is automatically canceled after the time, and the code cannot be interfered by either of you without the other knowing since all participants are simultaneously alerted.
You can use smart contracts for all sort of situations that range from financial derivatives to insurance premiums, breach contracts, property law, credit enforcement, financial services, legal processes and crowdfunding agreements.
Ukraine became the first country where a deal on the purchase of real estate with the smart contract using was conducted. According to the agreement, the real estate object was exchanged for the cryptocurrency Ethereum.
One of the main features of Ethereum is that it is possible to mine cryptocurrency using a GPU on a PC or a farm with several GPUs connecting to a certain pool. Just such kind of mining most of all also interests users of a network. Any pool for the Ethereum mining is a server that distributes the task among all the participants.
What is the best pool for the Ethereum mining at the moment? There are so many factors many factors that influence choosing a pool, briefly touch upon one of them, multipool uCrypto.net.
Firstly, there is a low commission, only 0.5% and there are no transaction fees for you at uCrypto.net. Secondly, the frequency of payments and the minimum threshold for payments are important. The minimum payout is only 0.01ETH. Also we cannot fail to mention about the newest technologies for maximum efficiency of mining, reliable and high-speed equipment that will bring you pleasure from mining Ethereum and other cryptocurrencies.
As for investing in Ethereum, does it worth in 2018? For those who do not know, the cost of one ETH in early 2017 was 8.5 dollars, and by the end of the year, it costed about $700. Experts believe that by the end of 2018 the value of the coin will have been $1,500, so it’s totally up to you.
Happy mining. Good luck!
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