A developer platform that makes it easy to build decentralized applications. Applications build with Ethereum do not cover all use cases of course, but have specific properties that make them unique. Ethereum applications always execute the code they say they will – there is no ‘security through obscurity’. I don’t need to ‘trust’ anything or anyone, because I can check the app code myself. Ethereum applications are always available, and are guaranteed to be available in the future. There is no downtime. Ethereum applications are resistant to many attacks including denial of service (DDoS), which are rendered moot.
Historically, building decentralized applications required a complex background in cryptography, mathematics, etc. Ethereum simplifies all this by making it accessible to web developers.
There are many use cases of course, but my favourite is that we can now create apps that are accessible to everyone, without restriction, providing services which are currently owned by the Googles and Facebooks of this world. Identity, reputation, payment processing, online communications, etc: all these services can now fall back into the public domain.
Ethereum is a re-application of the techniques of bitcoin but uses short code segments instead of amounts so that someone can transfer code that does something to someone else. Moving the code allows committing to conditional payoffs. I could send you the amount by which the value of those bitcoins dropped since we agreed on a sale. That would hedge your risk of the price dropping. The concept opens up a wide range of risk taking/risk avoidance deals that could be handled electronically. In addition, IBM appears to be working with Ethereum as a means for allowing clients (things actually) on the Internet of Things to place orders for new supplies when they are needed (and pay for them.)
What is Ethereum?Where to start?Where to Earn Ether?Where to Get Free Ether?Where to Invest ?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
Ethereum is how the Internet was supposed to work.
Ethereum was crowdfunded during August 2014 by fans all around the world. It is developed by ETHDEV with contributions from great minds across the globe.
The unit of Currency is called the ether.”
“Ethereum let’s you run programs that can’t be hacked.”
“Ethereum let’s you have websites that are owned by their users.”
“Ethereum let’s you make deals without a risk of getting screwed over.”
To facilitate growth approaching mainstream adoption, registered company Cryptothrift based in Sydney Australia, has undergone rebranding to Bitify.
Bitify offer Bitcoin and Litecoin marketplace and auction site with automated secured escrow service offering buyer and seller protection for up to 30 days.
Bitify is an Australian registered Bitcoin and Litecoin marketplace and auction site. They are currently the number one marketplace and auction site accepting Bitcoin in the world. They offer a safe and secure platform for sellers to list their items for sale FREE of charge and for buyers to bid and buy those items while taking advantage of our 30 days buyer protection and in-house automated escrow service.
Bitify.com is owned and operated by two Sydney based developers who run the site whilst holding down other full-time jobs and raising kids! As such they rely heavily on our great community of users to help us out as much as they can, moderating the site and reporting users. They’re always looking for more help, so if you are interested in becoming a moderator, please let us know. Despite our small team, they pride themselves on providing great customer support. Thanks to the help and support of the community Bitify has achieved steady growth since its launch in September 2013. In February 2015 we reached a milestone of 25,000 users and are regularly topping their record sales figures. Not bad for a business that has never received investment funding!
Bitify is still a young project, with many more features planned over the coming years. My intention is to release a new set of updates and features every quarter, and when they do they will email their users to keep you all informed.
There are few point which they’d like to shed some light on to reduce confusion and let you enjoy a better user experience on the site.
Bitify is a no fee listing site, no sale no fees.
They’re running a promotional offer on all sold items before the end of 2013. Only a transaction fee of 0.001 BTC or 0.1 LTC is being charged across the site.
They charge 1% escrow fees to sellers when escrow is used.
Support digital downloads. In step 2 of posting an item you can upload your digital downloads for an instant delivery upon reception of the coins. Please let the viewers know when your listing is digital so they can dowload it.
They do not store your coins. Although all payments have to go through us for their confirmation system to do its job, funds are released the moment the payment clears. In case of Escrow, they store funds in a cold wallet, a cron job sends any coins to our cold wallet every 1 minute. When an item is marked as received, funds get released to the sellers automatically.
Buyers, please make sure you mark items as “Received” when you’re satisfied with the reception of the item to avoid any delays in releasing funds to sellers.
Buyers and sellers can exchange details through their private messaging system.
Bitify is marketplace and auction site allowing buyers and sellers to transact using Bitcoin. Trading for almost 2 years, the site boasts nearly 50,000 users and several thousand items listed for sale. Business is based in Sydney, Australia, and is registered with the Australian Securities and Investments Commission (ASIC).
While the actual process of Bitcoin mining is handled by the Bitcoin mining hardware itself, special Bitcoin mining software is needed to connect your Bitcoin miners to the blockchain and your Bitcoin mining pool as well, if you are part of a Bitcoin mining pool.
The software delivers the work to the miners and receives the completed work from the miners and relays that information back to the blockchain and your mining pool. The best Bitcoin mining software can run on almost any operating system, such as OSX, Windows, Linux, and has even been ported to work on a Raspberry Pi with some modifications for drivers depending on your mining setup.
Not only does the Bitcoin mining software relay the input and output of your Bitcoin miners to the blockchain, but it also monitors them and displays general statistics such as the temperature, hashrate, fan speed, and average speed of the Bitcoin miner.
There are a few different types of Bitcoin mining software out there and each have their own advantages and disadvantages, so be sure to read up on the various mining software out there.
If you solo-mine, meaning you do not mine with a Bitcoin mining pool, then you will need to ensure that you are in consensus with the Bitcoin network. The best way is to use the official BitCore client.
If you participate in a Bitcoin mining pool then you will want to ensure that they are engaging in behavior that is in agreement with your philosophy towards Bitcoin.
How much bandwidth does Bitcoin mining take? If you are mining with a pool then the amount should be negligible with about 10MB/day. However, what you do need is exceptional connectivity so that you get any updates on the work as fast as possible.
For example, some rogue developers have threatened to release software that could hard-fork the network which would likely result in tremendous financial damage.
Therefore, it is your duty to make sure that any Bitcoin mining power you direct to a mining pool does not attempt to enforce network consensus rules you disagree with.
Bitcoin Wallet Software
The whole point of mining bitcoins is to earn them!
But once you earn them then where do you keep them safe and secure? For a Bitcoin wallet we highly recommend using one where you hold your own private keys in contrast to to a hosted wallet like Coinbase or Circle.
EASYMINER: A GUI based miner for Windows, Linux and Android. EasyMiner acts as a convenient wrapper for the built in CG; BFGminer softwares. It auto configures your Bitcoin miners and provides performance graphs to for easy visualization of your Bitcoin mining activity.
BFGMINER: A modular ASIC, FPGA, GPU and CPU miner written in C, cross platform for Linux, Mac, and Windows including support for OpenWrt-capable routers.
CGMINER: This is a multi-threaded multi-pool GPU, FPGA and ASIC miner with ATI GPU monitoring, (over)clocking and fanspeed support for bitcoin and derivative coins.
If you want to get a better idea of mining without installing any Bitcoin mining software then try Bitcoin Plus, a browser-based CPU Bitcoin miner. As a CPU miner it’s not cost-efficient for serious Bitcoin mining but it helps illustrate the process of Bitcoin pool mining.
TRANSCRIPT – Do it yourself with Bitcoin mining software
What’s going on every one? This is Fredand this Part 2 of our DIY Bitcoin Miner. Today, we’re going to take a look at software.
Okay, so the first thing that you need to do before you could start Bitcoin mining is to sign up for a Bitcoin wallet. Now there’s a lot of wallets that you could choose from but I prefer Circle. Now let’s head over and set up an account. All you have to do is enter in your email and choose a password.
Once you log in to your account you will see a summary of your Bitcoin balance and transactions. But before you can receive any Bitcoins you need to set up a Bitcoin address. You could do so by clicking account settings.
Once you are on the account settings page go ahead and click Bitcoin Addresses. From there click Create New Address. This generates a long string of numbers and letters. This is the address that we will need to enter into our mining pool. So let’s take a look at that now.
There are many mining pools that you can choose from, but I prefer BitMinter as my primary pool and Slush’s pool as my backup. Just create an account whichever one you choose and log in. Your account details page will normally have an auto cash out option.
This is where we will enter in our wallet address that we created earlier. When you have mined enough Bitcoins to meet the threshold it would automatically be transferred to your Bitcoin wallet.
Next, go up top to the My Account drop down and select Workers. This worker information is what you need to input into the mining software so that you get credit for the work that is done. You do not need to secure this information with a difficult username or password because anyone that uses this information will be giving you credit.
Now let’s take a look at setting up the mining software. As mentioned in Part 1 of the series we’ll be using the MinePeon operating system. This can be downloaded from sourceforge.net.
Now this is the image that we will need to write onto our SD card. Another software that we need to download is called the Win32 Disk Imager. This can also be found on sourceforge.net. This is the software that we will use to write the MinePeon image onto our SD card.
Once you have downloaded both files insert your SD card into your computer. Then open up Win32 Disk Imager. Simply select the location of your MinePeon image then select the correct drive for your SD card. All you have to do now is click write. This will write the MinePeon image on to your SD card. Insert the SD card into your Raspberry Pi as shown on Part 1 of the series then power up the unit.
Now sign in to MinePeon by typing in the network IP address into your browser. The easiest way to find this IP address is by logging in to your router and looking for the device called MinePeon. You will then be prompted to enter in your MinePeon’s username and password. The default setting for this is MinePeon for the username, peon for the password. You will see a security warning but do not be alarmed. This is perfectly normal so proceed anyways. You will then be asked to re-enter the username and password.
So again, MinePeon is the username peon is the password. You are now finally in MinePeon’s dashboard. This is where you can monitor the performance of your mining rig. Head up top and click pools. This page allows you to set up your mining pools. As you can see I have BitMinter as my primary pool and Slush’s pool as my secondary. Just enter in the URL of your mining pool, the username and password if you have one.
Then go ahead and submit your settings. You may need to reboot MinePeon after any changes. Great job every one. You are now officially mining for Bitcoins.
All right, so that should be everything that you need to start Bitcoin mining.