Decentralized platforms like Bitcoin changed cryptocurrency forever, but Ethereum is going to change so much more
Before you can successfully mine and invest in Ethereum, you need to understand where it came from, how it works, and how it’s different than Bitcoin The founder of Ethereum wanted to create a blockchain that could incorporate applications and not just currency. He made Ethereum, which has a more complex code and system of “tokens,” which represent anything of value, not just ethers, which is the fuel that Ethereum uses.
Using Ethereum is similar to other cryptocurrencies, with its system of keys and wallets
If you’ve never used Bitcoin before, this book walks you through what you need to know to set up an Ethereum wallet and start collecting ether. You have a private and public key; the private key is just for your use and lets the blockchain know who you are, while the public key is an address that people can send ether to. The wallet stores the key and gives you access to your ether. There are lots of types of wallets, so you’ll learn about the best options, and how to buy and send ether.
Security is a major issue with Ethereum, so you need to know what risks you’re taking and how to keep your account safe
You can lose your ether in a variety of ways, like by simply losing your private key, or when the exchange you’re using collapses. To keep your ether secure, you need to consider cold storage (keeping your ether offline), choosing the right exchange, and keeping your email super secure. This is stuff you need to know. You can never be too careful when it comes to Ethereum security.
One way you can collect ether is to mine it
Becoming a miner means having certain software, and working on confirming the blockchain transactions in exchange for ether. This chapter goes through everything you need, including:
- A good operating system
- Mining software like Geth or Genoil
- Enough electricity
- A good GPU and CPU
Ethereum is poised to overtake Bitcoin, and already lots of cool projects have been developed using Ethereum
Ethereum can be used for so many things, like a crowdsale, an organization where the blockchain replaces everyone from the CEO to accounting, or building dapps that can do things like give currency out to small businesses in Africa. Because Ethereum is used so often and by large organizations, the value of ether has grown 4,500% in just six months. Bitcoin is still king, but experts predict ether will take over in 2018. As for the future, Ethereum could be used to transform healthcare, identity management, and more. It will essentially become the backbone of the Web 3.0, where everything is decentralized. The last chapter of this book gives you a taste of how to create your own Ethereum applications and what tools you’ll need.
Investing in Ethereum is risky, but could really pay off
Investors are jumping on board with Ethereum, but you should also know that investing in Ethereum is for the long-term, as the market is very volatile. If you want to be on the forefront of technology and learn about how the future will be powered by the blockchain and Ethereum, grab this book and get ahead of the crowd.
