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May 20
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The Ethereum Foundation Granting $30 Million in 2019

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Last week, at the ConsenSys-organized Ethereal Summit in Brooklyn, Ethereum Foundation’s Executive Director, Aya Miyaguchi, reportedly announced the plans to spend $30 million on the development and improvement of Ethereum ecosystem. This means that the company will invest the mentioned amount in different projects aimed at the upgrade of Ethereum’s performance and security.

Speaking at the Summit, Miyaguchi accentuated the willingness to attract academic circles to Ethereum Foundation, as top researchers and developers are of high importance for advancement. The idea was also to secure grants to academic teams and similar institutions.

Another important news that was revealed was the fact that the Foundation will, reportedly, continue to support MolochDAO, which is a decentralized system seeking to provide funding for the Ethereum infrastructure. Just recently, Ethereum founders Joseph Lubin and Vitalik Buterin and their respective organisations ConsenSys and the Ethereum Foundation have each donated 1,000 ether (ETH) to the Moloch decentralized autonomous organization (DAO), as an incentive to raise the value of MolochDAO’s funding pool to over $1 million.

Furthermore, Miyaguchi also announced that the next Ethereum Devcon 5 will be held in Japan from October 8th to October 10th this year. As a reminder, events like this one are important in not just exchanging ideas, but in raising awareness and attracting new talents.

Although there have been voices in ConsenSys criticizing the slow development of certain algorithms, the overall impression was undoubtedly positive.

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In previous year, Ethereum Foundation spent $27 million on various grants, all with the goal to support the Ethereum ecosystem. The grants were rewarded in five installments. We remain to see the dynamics of rewarding grants in 2019. What we do know is what Ethereum Foundation will be looking for in a candidate program, as reportedly stated by Aya Miyaguchi:

How important is the problem the team is working on?

How unique is the solution?

Will the grant produce second-order effects?

How urgent is the problem?

Ethereum is the second largest blockchain in the world. So far, the majority of funds have been invested in scalability. Whether this year they will follow the same pattern, it remains to be seen. The founder, Buterin as well as Exec Director, Miyaguchi have announced more news in the following weeks.

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May 15
ethereum cryptocurrency

All You Need to Know About Ethereum & ETH

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“Launched in 2015, Ethereum is the world’s leading programmable blockchain.” Its native currency is Ether (ETH), which is a cryptocurrency. As all other cryptos, Ether is decentralized, digital store of value. You can transfer it instantly worldwide. The number of ETH units in circulation is small.

Ethereum – World’s Second Largest Blockchain

Ethereum, on the other hand, is a blockchain network. Furthermore, it is a real community. And a very active one. What does it mean? Basically, it is open for developers to build applications on it. Such apps are considered to be reliable, as once uploaded to Ethereum, they will function as programmed.  Ethereum is a community, because it involves a great number of developers globally, who work on development of new applications. It also includes a significant number of contributors who work on improving the protocols, as well as apps. Ethereum is the place where most of the apps we are using today was built. Some of those include e-wallets, various payment apps, investment apps, entire crypto markets, popular games where you can own in-game items and trade them among other users. All this live on Ethereum.

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ETH & How to Purchase It

Going back to the cryptocurrency itself, the ETH, you should remember that it is a digital currency and shares basic features with other cryptos. Enclosed below is a step by step guide on how to purchase the ETH.

  • Create your account on either Gemini, Coinbase, or Kraken.
  • Verify that account by uploading a variety of docs to prove your identity, as requested. Verification will take a day or two, depending on the overall usage of the platform or price fluctuations.
  • The next thing you should do is secure funds in your exchange to enable you to buy ETH. This can be done by simply following instructions on the exchange platform.
  • Once you have purchased the ETH, make sure to withdraw the ETH to your e-wallet (secured with private keys) so you can have full control over your assets.
  • Private keys are actually passwords secured with other passwords, all in order to let you enjoy the safety and anonymity.  Make sure to open your account and set the passwords before you withdraw the ETH to your wallet. Once you have an account, you will receive the address – which you should enter on your exchange in order to transfer the ETH to your own account.

There are apps that can help you do all this by simply following the steps. One of those apps is MyCrypto Desktop App.  Dealing with cryptos for the first time can be confusing until you get used to it. That is why we suggest you try the smaller amounts first. After all, it is better safe than sorry. With cryptocurrencies, there is no going back and reversing the transfer. However, the platforms, the software and the protocols are all there to protect the users and make your assets handling easier than ever before.     

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May 07
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How Blockchain is Transforming the Energy Sector

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Sources of renewable energy are something we have to regard highly and use wisely for the sake of humanity. Traditionally, the production of renewable energy has been linked to the burning forestry material and agricultural waste biomass. Only at the beginning of the 20th century did the hydropower plants started to be used on a larger scale, and nowadays these are dominant with approximately one quarter of renewable energy consumption being accounted for. The times we live in are linking renewable energy and blockchain technology, in an exploration of more efficient ways to produce, distribute and sustain energy.

So, how does the blockchain fit into this picture?

Many people claim that blockchain could be the future of renewable energy. When we hear the word “blockchain” we immediately think of Bitcoin. However, BTC is just one of the aspects of blockchain use. The focus is on a network that is decentralized and controlled by users themselves, with all transaction data being stored on “nodes” or small computers. Blockchain also ensures that the information stored is secured and reliable.

Bitcoin and Energy Consumption

Apart from being very handy and covering the transmission of data and assets instantly, with no “middle man”, blockchain network also uses some energy to run. A lot of energy. There are data that suggest that only in March 2018, the Bitcoin network globally used consumed energy which is equivalent to approximately 86.5% of the energy consumption of the Czech Republic. The fact is that any Bitcoin transaction uses some 500,000 times more energy than a single Visa transaction, entailing huge carbon emissions. However, the alternatives are being developed and some of them are already in use, such as the system called “proof of stake”, which uses significantly lower amounts of energy due to the fact that it does not require that mining, i.e. validating blocks is performed by all the “nodes”.

Blockchain-Based Energy Supply Vs. Traditional Grid

When it comes to the energy sector, the industry in general is still hesitant, possibly because of the blockchain’s ability to keep the records decentralized.  Nevertheless, we are witnessing to the growing number of, let us call them, “independent renewable energy installations” which supply households with as much energy as one need. These are usually put on rooftops in the form of solar panels. In some countries, such solar panels can cause stress to the electricity grids, which were designed with centralized powerplants in mind.

There are indications that blockchain could stabilize the grid by allowing users to trade with energy among themselves, which actually means that the users would pay each other directly. From the consumer’s point of view, additional advantage of using blockchain would be in thinking in advance and promoting incentives for local consumption, while producing.

Furthermore, with proper tools, blockchain could ensure the tracking of electricity and its consumption in real time and avoid double counting.

Also, as a network that defies the mainstream, blockchain can allow smaller players, i.e. energy producers to engage and take a share of the market.

The downside to this solution would be eliminating big players in the market, such as distributors, suppliers, retailers – just to name a few.

Blockchain and Renewable Energy in the US

“The Brooklyn Microgrid” is the project based on the above-mentioned principles. In its core, it is a system which produces, stores and trades energy locally, among the members of the community. On the other side, it is not completely decentralized, as the grid itself is still being maintained by the utility provider.  Nevertheless, the fact that the energy is produced and traded among and by the users themselves makes the grid more resilient and sustainable. How does it work in practice? Well, you could use your electric car, for example, or solar panels, or any other energy installation to supply the energy to the grid. You could then use the energy yourself or sell it to another consumer. In case there happens to be any extra energy left, you could store it among the members of the grid, making the community energy independent. How cool is that?

For additional info on The Brooklyn Microgrid, you can visit their web site.

May 05
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Litecoin – Crypto That Provides Really Instant Payout

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As almost all leading cryptocurrencies today, Litecoin is the means of payment meant to be accessible globally, working as an open source on a decentralized peer-to-peer network.

One of the most important features of cryptos, and Litecoin is not an exception, is the ability to provide instant payments with low to zero costs. In addition to this, Litecoin is said to have faster confirmation times than other leading cryptos. Litecoins Are Mined. Litecoin miners are usually rewarded with 25 new Litecoins per block. Litecoin network is purportedly predicted to produce 84 million Litecoins, a lot more than BTC units are supposed to be produced.

How Does Litecoin Works Comparing to Bitcoin

Litecoin is functioning on the basis of blockchain technology, and we have seen so far that blockchain is revolutionizing the industries around the world by providing transparency in tracing all participants in the process within seconds, as well as by securing anonymity of the individuals behind the accounts.  When compared to Bitcoin, LTC’s blockchain can handle higher transaction volumes, due to more frequent block generation. What does it mean for regular persons like you and me, or any random merchant using it? Well, basically, it means that we can be provided with faster confirmation times, and at the same time – be able to wait for additional confirmations if selling on a larger scale.

Litecoin Stored in Wallets

Digital wallets are programs that enable you to send and receive cryptocurrencies. As with all other cryptos, Litecoin wallets exist in several versions: paper wallets, software wallets, hardware wallets. One thing is for sure: security is the first feature you should look for when choosing the right wallet to store your assets. This is a quick overview:

Paper wallets – It may sound strange, but “paper wallets” are the ones to consider for maximum security. This basically means that you would right down the passwords, i.e. your private keys, the old-fashion way – on a piece of paper. This is by far, the safest way to store your keys. The downside to this is the fact that once you wish to send the money, you would need a software wallet to import the funds to. You can check out the detailed explanation here.

Software wallets – These types of wallets are considered to be a bit safer than web wallets. Software wallet enables you to store your funds on your desktop or mobile device. However, each wallet used online is prone to hacking. Therefore, software wallets are recommended for smaller amounts of money.

Hardware wallets – This is the most frequently recommended wallet, due to its ability to provide maximum security possible. It means that your private keys are stored offline, which is very important. Once you wish to send or receive funds, you should connect your hardware wallet to your computer via USB and enjoy the ride. This also means that all of the confidential tasks, such as signing transactions, for example, would be done offline. The cozy thing about the Litecoin wallet is the fact that it enables you to see your balance but asks for the password before transferring the funds, keeping you safe from yourself, so-to-speak. The downside to this type of wallets is the price, while all of the above-stated wallets are free. For example, Ledger hardware wallet can be found at app. $59-$269 and Trezor hardware wallets come with the price of app. $80 – $170. For further info on Ledger, you can explore here.

What is your experience with Litecoin?

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May 03
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Cash App Review And Its Advantages Of Payments in Bitcoin

By Lifestyle One Comment

In order to make the process of sending and receiving money online, numerous apps have been developed. As nowadays everything is about facilitating the everyday tasks, we have no doubts that many apps that appeared are worth the while. However, there has been much talk about the “Cash” App, owned by “Square” and we decided to look into this.

Cash App Overview

The US version of the app has certain advantages compared to the versions developed for the European market, such as the virtual or physical card, and bitcoin trading options.

In order to buy Bitcoin, you should have a balance in your Cash App, logically, and you will be able to sell BTC directly in the App. Cash App does not charge any fees when buying or selling bitcoin. For further instructions on how to handle cryptos in this particular App, please visit this site.

As with the majority of apps, the first thing that you need to do is create an account using your email or your mobile phone number, by following very straightforward instructions. Next, you will be requested to link your debit card, and allow it to access your bank account. The only thing that is left to do, before you send the money, is to enter the amount that you wish to transfer. You will be given the chance to choose the recipient from the contact list, or to send them an invitation to join the app – by which you can earn $5.00 if your friend eventually uses your referral code to send at least $5.00 from the newly linked debit card within 14 days from opening the account.

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The Limits of Transfer Amounts and The Cards Accepted

Cash App is set in a way that permits you to send up to $250 within any 7-day period and to receive up to $1,000 within any 30-day period. These limits are increased by verifying your identity using your full name, date of birth, and the last 4 digits of your SSN.

Cash App supports debit and credit cards from Visa, MasterCard, American Express, and Discover, with debit cards being the only cards with which you can add cash. The “Square” web site states that at this moment ATM, PayPal, prepaid bank cards, and business debit cards aren’t supported.

Security of The Cash App

The company “Square” also thought about your security and what to do in case you suspect your data had been compromised. Namely, they have very detailed instructions listed on their web site, explaining the tasks you should take on in case you suspect your data have been compromised. However, we all know that it is better safe than sorry, so we can only suggest you stick to the instructions they provide, especially the ones concerned with setting up your account and handling the transactions. Quick guidelines include:

  • Keep your email account (associated with your Cash App) secure and keep track of the one-time log-in code which you will receive every time you sign-in to the app
  • Enable security lock:  if you wish to make payments from the Cash App make sure you have set up a PIN code (which is the same as your Cash Card PIN) or Touch ID by
  • Tapping the profile icon on your Cash App home screen
  • Toggle the security lock on
  • Enter your PIN or Touch ID
  • Create the password for your mobile device
  • Make a slight effort to inspect the email from which you will receive notifications, to make sure you are communicating with the proper support team.

Whatever the way you choose to store or transfer your assets, please remember that there is always certain risk involved, and that you should always keep your account details safe. By doing so, you are minimizing the risk of the confidential data to be exposed and compromised. Additionally, whenever downloading the apps, go to the official sites: https://cash.app/

We would love to hear about your experiences with various money apps.

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