Some Ethereum Knowledge

in #ethereum6 years ago

Well most of you know about Ethereum, but how much do you really know about holding and transferring it?

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Well first off you should know that many of the tokens that are available have been built on the Ethereum (Ether) framework. Just to give you an idea of how many of the token out there are build on the Ether framework, here is a list of the top 50 Ether tokens https://ethplorer.io/top.
With that being said most of the ICO's are also build on the Ether frame work, so why is this all important?
Well in my opinion, everyone should have an Ether wallet, because with your Ether wallet you can store all of these tokens. Now with other (Non Ether Based) Tokens you need a specific wallet for each of them, but not with Ether. You can literally send every Ether token you have to the same Ether address. However, if you want to be able to see those tokens you have to tell your wallet to look for them. Let me explain... So if you go to https://etherscan.io/ you can type in the search box one of the ether token names, Etherscan.io will then give you a contract address for the token you typed in. For example if you type Ven in Etherscan.io's search box you will receive the contract address for Ven which is 0xb802b24e0637c2b87d2e8b7784c055bbe921011a. Now in order to be able to see how many of those tokens you have in your wallet, you have to tell your wallet to look for those tokens. For example, if you sent some VEN to your Ether wallet, you then have to enter the VEN contract address into your wallet so that it will know to look for those tokens. If you do not enter the contract address to your Ether Wallet and you send tokens to it, they will still be there but you will not be able to view them.
Now as for the price action of Ether, I believe that we are just at the beginning I think we can hit $2,500 by the end of this year, now on the other hand once all of the government attacks on ICO's shake out and we get some favorable laws on the books Ether can easily double that within 2 months of that news coming out. The reason being that being that most ICO's are using it, it is being heavily adopted.
The next thing that is helping Ether grow is the games being build on the network. CryptoKitties is on example, for those of you who do not know CryptoKitties are actually and ERC 20 token just like the other ICO tokens and the can be held in your Ether wallet. Each Cryptokitty is unique and some are more rare than other, people trade them for Ether based on how rare they are, so they can breed them and sell the babies for more Ether. If played right it is fun and a real money maker. But this is not the only game to spring up on the Ether network.
FishBank is the next big Ether game where you buy a Digital Fish (which is another ERC 20 token), these fish fight and the winner get bigger, the bigger your fish the more you can sell it for. These games will continue to come out as the network transaction per second speed continues to improve.
In my opinion, look to grab Ether on dips and hold it long term, I do not think NEO will Kill Ether or the other way around, I think they will co exists like PlayStation and X-Box.
A few more tips that I have picked up:

  • Do not use Mist wallet (ethereum wallet). This thing while it is good for the network is far from being ready for people to use. Even with a brand new computer with over a TB of Ram running this wallet even after the week long Sync (That freezes several times and has to be reset) finishes, will take up all of your system resources.
  • My Ether Wallet is good, but it should be used in tandem with MetaMask so you are not taking the risk of sending your private key to a spoofed address (which is a vulnerability of my ether wallet).
  • If you use "Myetherwallet" Create a short cut to it this way you are always opening the right website.
  • Managing Private Keys, well first of all you should print out your private keys and keep the papers in a safe place such as a safe. Now if you are going to keep a digital copy of your keys on your computer, please, please encrypt them with a program such as https://www.axcrypt.net/. By the way this also goes for your google authentication app keys, make sure to print them out because if you loose your phone you are ruined.

Sorry I did not get this article out yesterday, I am at an indoor water park with the family and although I brought my laptop and started this article last night, I fell asleep before I finished.

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seems u have done lot of research and hard work here
glad learning new things everyday

upvoted

Nice post, thanks for the update

Glad you enjoyed it my friend.

Beautiful advice on the blockchain, wallet and security side.

I took the family to an indoor waterpark a couple weeks ago and did nothing but check my feed so kudos for finding time to post!

Yea the Eth Wallet security baffles many people, people do not get the concept that they are responsible for their own money and they have no one to to call when they make a mistake.
Thanks, I started writing last night when the kids where asleep but I fell asleep soon after. I wanted to get it out before I fell asleep but I failed.

thank you, interesting you write articles to us so that we know more about crypto-currencies. I read your post and wait for the best posts from you, I like to read your information, it's very useful

Thank you my friend, I really am trying to help everyone learn this way they can teach others. I am trying to do my part in the main streem adoption of all of these Cryptos.

what a good post, I like, about what you write, I support you with great pleasure

Thank you my friend, this means a lot to me! I hope you enjoyed I am going to follow you and check out your blog as well.

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