Ethereum (ETH) News – How can Ethereum (ETH) smart contracts and social media go hand in …

The only social networks who have stood the test of time are the ones that have evolved on a consistent basis. That is why, if social networks need to …
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The only social networks who have stood the test of time are the ones that have evolved on a consistent basis. That is why, if social networks need to stay relevant, they need to grow on a continuous basis. Only when they evolve on a constant basis, it will be possible for them to remain relevant. In this regard, smart contracts will inevitably fail.

How can Ethereum (ETH) smart contracts and social media go hand in hand?

Many social networks still do not allow to pay for the advertisements in cryptocurrencies. The truth is that many entities and individuals would like to advertise on the social networks. They can certainly pay in cryptocurrencies, but since most of the social networks do not support the same, it is tough to advertise for such individuals. It is high time that social networks consider accepting cryptocurrencies as a payment mode.

Moreover, the use of cryptocurrency in the gaming world is also consistently going up. Many of the social networks offer games as well. It is time that they integrate cryptocurrencies into their games so that the gamers can buy in-game assets quite easily. Many gamers prefer to pay in cryptocurrency. That is because they already have cryptocurrency portfolios. That is why, if the social networks integrate payment in cryptocurrencies for the games, the in-game purchases will surely rise. The social media networks can even use blockchain technology to verify these payments. As a result, the payments can be verified in no time at all.

The next paradigm for the social networks is the blockchain technology and cryptocurrencies. The faster they integrate with the blockchain world, the easier it will be for them to stay relevant and grow their user base. Once it happens, it will be easy for them to increase the user base at a consistent pace and ensure that none of the other social networks which offers such integrations get ahead of them.

The integration of social media networks with the smart contracts by Ethereum (ETH) will not just help the social media networks but also Ethereum (ETH). It will validate the effectiveness of the Ethereum (ETH) smart contracts. When that happens, Ethereum (ETH) will be able to gain back much more users which it has lost in the recent times to the other blockchains. It is time that social media networks evolve and think about integrating cryptocurrencies and blockchain technology to make it easier for users to advertise.

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How To Buy and Sell Ethereum on LocalEthereum?

While the market place makes use of the Ethereum network’s escrow service to hold the funds until the transaction is complete. Escrow can be viewed …

Jan 24, 2019 03:30&nbspUTC

| Updated:

Jan 24, 2019 at 03:30&nbspUTC

By&nbspPrashant Jha

LocalEthereum is a worldwide peer-to-peer marketplace which anyone can use to buy or sell their Ether(ETH). It is considered to be one of the best and more secure options to trade your Ether token.

So, you have decided to invest into the second largest cryptocurrency by market cap and zeroed upon LocalEthereum to do the trade. well, then you have arrived at the right place as this article would serve as your guide on how to buy and sell Ethereum on LocalEtherum?

You May Also Read: How To Invest In Ethereum in 2019?

What is LocalEthereum?

LocalEthereum is a peer-to-peer market place to trade your Ether. It’s quite simple to use and can be used from anywhere in the world. The market place is famous because of the ease of trade it offers.

Anyone trying to buy or sell Ether can list their requirements and a peer who agrees with the terms can send you an offer. The marketplace is known for its convenience since it allows you to find a trader in your local currency.

If you are in the United States, you may use US dollars, if you are in India, you can look for people trading in INR. The security factor is also in favor of LocalEthereum as Exchanges around the world are prone to cyber attacks.

While the market place makes use of the Ethereum network’s escrow service to hold the funds until the transaction is complete. Escrow can be viewed as smart contracts with preset conditions, which when fulfilled the trade commences.

The Ethereum powered escrow service make use of end-to-end encryption so that the buyer and the seller can be assured of total privacy.

Some of the payments methods which you can use to trade on the LocalEtherum market place include,

  • Bank transfer
  • Cash in person
  • PayPal
  • Money transfer services

You May Also Read: 5 Popular Use Cases of Ethereum Smart Contracts

How Does Trading Happen on the LocalEtheeum Marketplace?

In order to start trading on the worldwide market place powered by Ethereum, you must have an Ethereum compatible wallet. Once you have that, you can start trading, here are a few steps involved in the trading process.

  1. Find a buyer/seller who can fulfill your needs and requirements over pricing and the amount of Ether you want to buy/sell.
  2. Once the agreement is reached, the seller put the said amount of Ether in the Ethereum powered escrow or smart contract. This works as a proof of funds and assures the buyer that the seller indeed possesses the amount they are promising.
  3. The buyer initiates the payment which is held in the escrow and once the seller confirms it, the trade is completed.

As you can see the trading is that simple, and the best part you can find a peer near you or the one who is ready to deal in the local currency.

What if I am unhappy with the trade I have decided upon, or I feel cheated, will the escrow accept it after the Transaction confirmation?

Generally, either party has a couple of hours to cancel the trade and withdraw their funds if either of the parts is not satisfied with it. The use of escrow helps the network to regulate irreversible transactions.

In case any dispute arises after the completion of the transaction, the network brings in a third party arbitrator and gives them the keys to decrypt the communication between the parties. The arbitrator reaches a decision after going through the communication between both the seller and the buyer.

You May Also Read: How To Buy Ethereum?

The Transaction fee, Time and Limits

Transaction Fee

The transaction fee on the network comes in two main forms, 0.25% ‘maker fee’ and 0.75% ‘taker fee’. The maker fee is for the seller who lists their offers on the market place while the taker fee is for those who respond to that listed offer.

Other than that, your payment service provider might have their own charges like the bank transfer, but the main fee is only the one mentioned above.

Transfer Time

The transaction time may vary from a couple of minutes to a couple of days, depending upon the mode of transactions you have chosen. For example, bank transfers may take a couple of days, and the escrow won’t proceed with the transaction unless the funds have been submitted.

Transaction Limit

The LocalEthereum network has put the limit of one transaction at $5 or any other currency equivalent to that amount. This has been done to ensure that the escrow contracts do not fall victim to any double-spending attacks.

Pros & Cons of LocalEtherum Market Place

Pros:

  • Competitive fees
  • Operates worldwide
  • Lets you choose your own payment options
  • Encrypted communications and a proven escrow service offer security
  • Relatively straightforward and easy to use

Cons:

  • you may not be comfortable with peer-to-peer transactions
  • May require some knowledge of how Ethereum works
  • You’ll need to compare the listing value next to current market value

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Prashant Jha

As a content writer Prashant believes in presenting complex topics in simple laymen terms. He is a tech enthusiast and an avid reader.

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What is The Difference Between Ethereum and Ether?

Ethereum has been in the cryptocurrency realm since 2014, when the founder Vitalik Buterin, a Russian programmer presented the white paper at the …

Jan 24, 2019 01:30&nbspUTC

| Updated:

Jan 24, 2019 at 01:30&nbspUTC

By&nbspPrashant Jha

Ethereum has been in the cryptocurrency realm since 2014, when the founder Vitalik Buterin, a Russian programmer presented the white paper at the Bitcoin Conference in Miami.

Even after dominating the trade markets ever since it was introduced, there is a confusion, i.e What is the difference between the Ethereum and Ether?

The confusion is quite similar to the Bitcoin’s, where people often confused the Bitcoin with the technology underneath i.e. blockchain technology. I would try to make things as simple as it can get so that at the end of it, there is no confusion.

You May Also Read: How To Invest In Ethereum in 2019?

What is Ethereum?

Ethereum is a complete blockchain ecosystem which provides various use cases and blockchain based solutions. While people who are either new or not informed consider the platform and the token the same thing.

Ethereum network allows for the creation of smart contracts, a platform to launch new DApps and even support tokenization, all on the same platform. So, when someone asks you what ethereum is? Instead of telling them that it is the second largest cryptocurrency, tell them its the first complete blockchain based ecosystem.

Ethereum got famous for its smart contracts earlier, which is a hardcoded program with preset requirements. Which if fulfilled the contract can self-execute itself, without the need of any human intervention.

Smart contracts became a rage and it’s still one of the preferred ways of making any new deal in the blockchain realm. However, you must not confuse the traditional contracts with the smart contracts as both of them are quite different. You can learn about the differences between the traditional contracts and smart contracts from our website.

So, Ethereum is not just another cryptocurrency but a complete ecosystem cum platform providing support for different Blockchain use cases.

You May Also Read: 5 Popular Use Cases of Ethereum Smart Contracts

What is Ether?

Ether or ETH is the cryptocurrency which is a must for making any kind of transaction on the Ethereum network. It acts as a fuel or entity of exchange on the Ethereum Blockchain.

Imagine you are a citizen of the United States, so in order to live and go on with your daily routine, you need US Dollars to purchase things. Imagine Ethereum as the United States and the Ether as the currency that you need to operate or live in that ecosystem.

Similarly, Blockchain is a technology and cryptocurrency is one of its use cases. In the past, people have often confused Bitcoin with blockchain or many think both are same.

Ether can be seen as the fuel required for the Ethereum network, it can be used for smart contracts, Dapps or for any kind of transaction you make on the network.

You May Also Read: How To Buy Ethereum?

Ethereum vs Ether

  • Ethereum is the ecosystem and Ether is the fuel or a token of exchange to operate within the Ethereum ecosystem.
  • You can buy, sell and trade Ether, not Ethereum.
  • Ethereum has different uses while the Ether has only one i.e act as an entity of exchange on the platform.

Conclusion

Blockchain Technology, the core of every cryptocurrency and altcoins have various different use cases. However, the technology got overshadowed by the success and noise around the trade market value of Bitcoin.

While Bitcoin Blockchain was invented as a financial entity and form of exchange only, Ethereum focused on building a platform as the founders saw the potential the technology rather than just creating another token. Ethereum focused on creating a true decentralized and Distributed ledger based network, fueled by Ether.

So remember, Ethererum is an ecosystem and Ether is a token of exchange on the Ethereum network

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Prashant Jha

As a content writer Prashant believes in presenting complex topics in simple laymen terms. He is a tech enthusiast and an avid reader.

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It’s Raining Cryptos in Disneyland!

It might not be of much use currently but its good to keep it on your list. It could very well become a contender in the smart contract’s market.

Although we admit that we’re a little late to this fantasy but back in 2014, Disney came up with its own blockchain called Dragonchain. Many of you might not be aware of it, or at least that’s what I’m hoping, but it was developed for internal purposes. Their reason for developing was similar to most; transparency.

These new and exciting applications of blockchain remind us that there is more than just one way to use this innovative technology.

What is it used for?

It’s quite similar to Ethereum as the basic function remains the same that it can be used by companies to secure transactions and protect their date. However, this is easier to work with as it allows developers to work on existing coding languages like Java, Python, Node, etc.

Apart from that, Dragonchain is built in a way that you can test out new projects before implementing them. It also operates as a marketplace where smart contracts allow easy flow between the vendors, experts, and resources. Some of the ways it can be used in are; ticketing system, legal contracts, loyalty programs, online booking system and etc.

Is Dragonchain a currency?

Now here is where I was confused as well but to clear any doubts, it is a blockchain network and not a currency. However, it is powered by a token called Dragon (DRGN) which can be exchanged on the network in order to complete certain tasks.

Although, the value of the token does increase and decrease much like any other crypto coin.

Can you buy anything with it?

Well… this isn’t cut out for that function. If you really looking for something like that then you must check out Bitcoin, Ethereum, Litecoin etc.

However, there are other ways you can make use of it in such as identity systems, ticketing, decentralized processing, computing and storage framework, voting systems, smart contracts, reporting and compliance, funding and accountability, and even reservations. This platform could really help those suffering from frauds and scams.

What do YOU do then?4

While you can’t use Dragonchain to buy a cup of hot chocolate but you can use them for the products and services built on the Dragonchain blockchain. They are used to grant more voting power in certain projects.

To put it simply, the number of Dragons you have and the amount you hold it for determines the amount of voting power you possess in Dragonchain projects. The voting power is referred to as Slumber Score.

But they are more useful to the programmers working on active projects in the blockchain.

It might not be of much use currently but its good to keep it on your list. It could very well become a contender in the smart contract’s market.

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Enterprise Blockchain Platform Records 10K Transactions per Second in Testnet Launch

Enterprise blockchain platform Insolar (INS) has successfully launched its testnet on Jan. 22, recording over 10,000 transactions per second (TPS), …

Enterprise blockchain platform Insolar (INS) has successfully launched its testnet on Jan. 22, recording over 10,000 transactions per second (TPS), according to data from its block explorer Insolar Explorer.

As the company announced on Sunday, Insolar set up its private testnet launch in order to prove its scalability and speed, with the goal to reach at least 10,000 TPS.

The original Bitcoin (BTC) blockchain is able to process about 7 TPS, while the network of another major coin Ethereum (ETH) can process 20 TPS, as recently reported by Cointelegraph. Ripple (XRP), the second biggest crypto by market cap, “consistently handles” 1,500 TPS, but can purportedly scale up to 50,000 TPS.

In the recent testnet announcement, Insolar has also set the release date for its technical white paper for Jan. 30.

Insolar notes that its node operating system differs significantly from other systems, claiming that a certain node does not both compute and validatie transactions simultaneously, which ensures maximum speed and scalability of the Insolar blockchain. The firm states:

“On Insolar, each smart contract is delegated to a single ‘Executor’ node. After it processes a transaction, a few other nodes (called Validators) confirm it. As a result, the throughput capacity increases almost linearly with the addition of each new node, since with each of them, more smart-contracts (for transaction processing) can be delegated to more nodes.”

While the Insolar blockchain explorer shows a TPS max of 10,229, at press time the network is recording 73 TPS.

In 2017, Insolar announced a project to decentralize the grocery industry which would purportedly make grocery shopping cheaper and more secure by cutting out middlemen. The company reportedly signed deals with major global grocery manufacturers such as Unilever .

The blockchain scalability problem is one of the main problems plaguing the industry. Recently, a professor at Massachusetts Institute of Technology (MIT) claimed that blockchain has a potential to create a borderless economy if blockchain systems simultaneously match three major properties — security, decentralization and scalability.

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