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Things to consider before playing
Ethereum, what is it?
Ethereum, sometimes called the “Revolutionary Development of Cryptocurrencies”, is a blockchain platform created and developed by an open-source community of developers and enthusiasts. The blockchain has its own token, named Ether, and a web technology architecture that offers implementations designed on top of the platform for other apps. Presently, Ethereum has a $2.5 million annual community budget.
Why should I care about Ethereum?
Ethereum is a game-changer. It is what cryptocurrencies were meant to be, a “real” digital currency with applications beyond currency, and the foundation for an entirely new application layer, in addition to solving current problems.
Ethereum’s creator Vitalik Buterin is an amiable Canadian with a charismatic personality. He can easily be found on his blog and Slack, often having discussions about blockchain technology. Here are his thoughts about cryptocurrency:
One of those concepts which seems common to all of mankind, not only to those with a scientific, mathematical, or metaphysical bent, is the concept of a monetary instrument. We make monetary instruments out of wood and iron and metal, but we also call these instruments “money” in English (sometimes “gold”) and in Greek (“tetra.”). Money was often seen as a finite good: if there were more, people would want more and stop using them, and if there were fewer, people would stop using them and no more would be made. In terms of the logic of scarce goods, there is no other category of goods more closely associated with money than time: there is no good, however scarce it is, that you wouldn’t want to buy for any price. You wouldn’t sell your time for any price you can think of. The market structure of our day’s money supply is directly tied to the valuation of the items it represents: the notion that you are able to pay more for something. But that is not the way that people see things in practice. People think of money as something that can be produced more or less endlessly, and they tend to see it as something that is continuously “more scarce” and that therefore should be expensive. Generally, this is valid, but not always so. For instance, during the cold war era, when there was a risk that foreign exchange rates might go berserk, the United States was forced to make purchases in dollars at a level that was over and above what it had ever paid for dollars before. It was just a matter of not making a mistake.
It has become a lot more difficult to imagine that there is no standard to which money might be compared. Think of the famous laundry-list of characteristics, from “needs to be exchangeable” and “not involve charging an arm and a leg for things” to “a form of money that is easy to use.” What is the common denominator in these properties that characterizes money? One common answer is “fungibility”: what we need in our everyday lives is something that is indistinguishable from gold, and so to have value at all we need to be able to trade it like it is gold, or as close to gold as we can get, and so we should not be able to distinguish it in any useful way. With currencies, however, the problem is that the current definition of “fungible” is very weak: typically something is fungible with cash, and it is quite easy to trade them. With most of our other goods and services, we have to settle for something we call “marginal efficiency”: we can approximate the fungibility of gold with as much effort as it takes to tell a Bitcoin from a dollar, and while it is probably more efficient to use a Bitcoin as money, it’s not as good as it might be. Hence, we end up with a wide range of prices for the same good in different currencies, but few prices are as “fungible” as those of gold. A related problem is that the only sort of “fungible” good we have right now is money that is good in every currency: it can circulate around the world as easily as dollars can. It is always in demand, and is not subject to the vagaries of any single country’s economy.
In short, what we should think of as “fungible” is the sort of thing that gold is, rather than something like “Accepted by Everyone.” But we don’t really want to do this. If we insist on using “fungibility” as the measure of fungibility, we are likely to come up with prices that are out of proportion to the local market. The analogy between gold and money is a good one: gold is fungible because we can work it into any kind of bar. A dollar is not fungible, since we would buy gold for the lowest possible price if we could. And since the object of Bitcoin is not to be a good that can be worked into bars, a Bitcoin is not fungible.
What to do, then?
In a normal economy, gold would be the main money, because it is fungible and it has a relatively stable value. There would have to be a fractional reserve for each currency in a Bitcoin economy, and there would be no justification for the fraction to be associated at all with the valuation of the economy as a whole. The rest of the considerations that go into the determination of the ratio between the supply of money and the demand for it, like stability, voluntary convergence, freedom from arbitrage, and “accepted by everyone,” will all take care of themselves. Yet there are all going to be choices to make.
Why Use Ethereum?
In almost every industry, the Ethereum network has many benefits that will cater to high-tech consumers.
Ethereum’s platform is open source and available on Github.
Ethereum is also running on a smart contract platform called Etherium. A detailed description of the Ethereum smart contract can be found here.
Ethereum allows for the development of decentralized apps (or dapps). Such apps and dapps have their own set of underlying protocols and software which themselves are Ethereum dapps.
Because it’s built on top of the blockchain, a blockchain-based platform, every app is decentralized and no single organization has control over the platform and its protocols.
All you need to do to run a dapp is download and install the required client, install dapps based on Etherium and Ethereum on your phone, and get rolling.
The use of blockchain in smart contracts technology provides companies with the opportunity to start creating applications that integrate both applications in a seamless and transparent way. This makes them less susceptible to risk because it makes them independent of the platform itself.
Blockchain-based applications also can be integrated with both enterprise systems and enterprise apps. In fact, ethereum has some applications that can be easily used in companies. For example, Ethereum can be used to issue shares and transfer funds among partners and customers.
According to a paper published by Finney.com, “Ethereum is becoming the platform of choice for blockchains as it enables sharing of value by creating platform capabilities as a separate field of the Ethereum protocol, in contrast to Bitcoin which can only be used for clearing and settlement.”
A large number of partners that need to work together to process the transactions are better at detecting problems quickly. They can tackle challenges more efficiently than a single firm. According to Huseyin Bagci, a professor at the University of Dundee, “the speed at which nodes work and the speed at which they respond to feedback is something we have not seen in other ways of managing software.”
The decentralized structure and transparent nature of blockchain technology make it easy to customize the platform for the exact requirements of an individual company. According to a Fortune Magazine article, “One benefit of blockchain is that you’re no longer confined to the protocol’s standard design.”
Are online Slots secure?
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It’s a fallacy, though that online casino games are all legal.Any online gaming platforms do not provide features like the software for Sunbets. So, they fell into the pit of providing very basic cash. But such online casinos are not reputable in terms of security.
So it’s really important that we search for online casinos that provide tools for experienced casinos. We still have to be mindful that when it comes to defense, online casinos don’t always have all the answers. So, while they might say they’re security specialists, it’s up to you yourself to be an expert.
For apps, the same is real. While some online casino software vendors are extremely secure, others still fall into the trap of offering easy cash. However, using a software suite such as the Sunbets Casino software can help you ensure that your money is safe.