There are a small number of online casinos who deal with Ethereum tokens. At the moment however we are currently assessing them and reviewing them. In the meantime though we have a few words of warning for Ethereum investers. Namely the fact that there is a lot of competition coming up against it and the fact that Ethereum is not scaleable makes it highly vulnerable to lose the majority of it’s market share and value.
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Ethereum for beginners:
What is Ethereum?
Ethereum Blockchain is a software platform that allows developers to create and use smart contracts and decentralized applications (DApps). The distributed public Blockchain network is based on the Blockchain technology which enables users to run programming code of decentralized applications without any intervention from third parties.
Mining of Ether
Ether is the cryptocurrency token that runs the Ethereum Blockchain platform. Ether (ETH) is issued through the block mining process at a constant annual rate. This helps to keep the yearly supply of Ether at about eighteen million. A reward of five Ether is given to the person who mines a new Ethereum block after every twelve seconds. It is also used by application developers to cover for transaction charges and pay for other services on the Ethereum network.
Other methods of obtaining Ethereum
Ethereum (Ether) can be acquired through a cryptocurrency exchange which provides a simple way to purchase, trade, and store Ether.
The smart contract is a self-operating computer program that executes automatically after specific conditions are satisfied. Intelligent contracts are used to allow valuable items such as funds, shares, property, and content to be exchanged.
Uses of the Ethereum Blockchain
Ethereum enables developers to create and set up decentralized applications that execute on a Blockchain network thus avoiding third party control. It can also help in decentralizing any centralized services as it eliminates the interference caused by intermediaries.
The Blockchain is also used to generate independent organizations known as Decentralized Autonomous Organizations (DAO) which are operated using software that executes the smart contracts programmed on the Ethereum Blockchain.
These independent organizations (programs) are designed to operate by changing the structure and policies applied by a traditional organization such as the use of human resources and centralized management.
Any individual does not own decentralized Autonomous Organizations (DAO); they are co-owned by all the individuals who buy the tokens which work as contributions that give these individuals voting rights. This is as opposed to ordinary shares which provide ownership to the shareholders.
Also, Ethereum Blockchain can be used as a platform that helps in establishing new cryptocurrency projects. The Ethereum Foundation has put forward a standard token called the ERC20 which developers can use to create different versions of the token and generate money through initial coin offering (ICO).
Initial coin offering (ICO) is a fundraising strategy where token developers raise a pre-determined amount of money by issuing the token in a crowdsale in exchange for Ether.
In addition, the Ethereum Blockchain provides the standard ERC721 token which is intended to assist in digital assets tracking. This technology is widely used in the gaming industry to create games and in digital collectibles market since the technology enables users to verify the possession of rare digital commodities.
The advantage of Ethereum decentralized Platform
Since decentralized applications (DApps) execute on the Blockchain platform, they are free from third party interference
Ethereum is secured using cryptography and is not managed centrally; this reduces the risk of failure and protects the applications from cyber attacks. Also, the apps are protected from manipulation and downtime.
The disadvantage of Ethereum decentralized Platform
Code errors and omissions may cause spontaneous and undesirable actions such as obtaining a network synchronization and modifying the necessary code in an attempt to stop an attack in case someone takes advantage of an error in the code to corrupt the system. This changes the Blockchain thus it violates the standard that requires it to be immutable.
Ethereum provides an easy to use platform that allows individuals to exploit the potential of the Blockchain technology. It also helps in changing the way people conduct their business online. Through the decentralized applications, Ethereum has transformed the Internet from being a source of information to a place where different people can exchange the value of various commodities and also avoid any interference from third parties.
Ethereum Blockchain platform is among the most important players in the burgeoning Blockchain industry. This is because the Blockchain platform allows people to contribute to developing the Ethereum Blockchain technology thus helping in creating new features and apps that assist in quickening the decentralization of the financial system. The Blockchain technology is gaining widespread acceptance with financial institutions and various countries adopting Ethereum as the initial building block to Blockchain technology.
Some Ethereum competitors include:
- EOS = EOS has just gone live with it’s mainnet. There are huge problems here though with it not being decentralised and just a couple of days after live date it completely froze and the big holders deleted a dozen users they claim were fraudulent. Add to that numerous rumours of security flaws and you have a risky prospect here.
- Tron TRX = Just about to go live end of June 2018. There are already dozens of ERC20 tokens on the Ethereum platform who are going to migrate to Tron once it is fully live. With financial backing from Alibaba and the Chinese government (strong rumours at least) and with big name companies such as Obikes, Game.com and Wesley Snijder’s sporting group in China all on board and with Tron having bought Bittorrent for $120m in June 2018 this is a project that is destined to take over a huge portion of the Ethereum userbase and value.
- Stellar XLM = Stellar Lumens have backing from IBM to rule certain parts of the smart contract industry.
- Ripple / XRP / Coil / Codius = The true big boy of the blockchain industry. Codius was developed by Ripple but has since gone completely open source under the hood of a new company Coil.