Ethereum: An Essential Beginner’s Guide to Ethereum Investing, Mining and Smart Contracts

By Herbert Jones

Do you want to find out what Ethereum is, how it works, and what it can do for you?

This book could be the answer you are looking for...

Ethereum: An Essential Beginner's Guide to Ethereum Investing, Mining and Smart Contracts is the ultimate resource for understanding Ethereum Investing, Mining, and Smart Contracts.

This guide aims at expediting your discovery of smarter investment strategies by providing basic information about Ethereum to help you seamlessly build your investment portfolio, while confidently navigating the various concepts of mining, smart contracts and gaining returns.

This guide is also fully aware that Ethereum is still in its infancy and is laced with unique risks and complexities. As such, your ingenuity is essential in devising new initiatives and innovative approaches that can help you navigate this fast-growing domain without being overwhelmed by the emerging pitfalls and barriers.

Here is just some of the information covered in this book:

- What is Ethereum?

- Blockchain Technology

- Uses of Ethereum

- Smart Contracts

- Investing in Ethereum

- Ethereum Mining and the Procedure

- And Much More!

• Language: English
• Publisher: Herbert Jones
• Release date: Dec 26, 2019
• ISBN: 9781393985174

Book preview

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All rights Reserved. No part of this book may be reproduced in any form without permission in writing from the author. Reviewers may quote brief passages in reviews.

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This book is for entertainment purposes only. The views expressed are those of the author alone, and should not be taken as expert instruction or commands. The reader is responsible for his or her own actions.

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Introduction

This book has actionable information about Ethereum that will help you to understand the ins and outs of investing, mining and smart contracts.

The rise of crypto-currencies and the subsequent popularity has brought with it the emergence of moneymaking opportunities that had never been witnessed before. Think about it: bitcoin, the leading crypto-currency, has increased in value by more than ten times in the last 4 years alone, from lows of $500 per bitcoin to over $5000 per bitcoin. With these high prices, bitcoins are increasingly going out of reach for the ordinary folk. The question is: Is there a way to make a killing off of crypto-currencies without having to invest so much to get bitcoins? Yes, there is, and Ethereum is the way to go.

Are you eager to create your own success story? Would you like to join a dynamic investment scheme, one that perfectly blends into your daily schedule (you don’t really have to trade - you just buy, hold for some time then sell) and offers immense benefits? Then Ethereum may be all you need to make your dreams a reality. Indeed, Ethereum is an exciting revolutionary investment option that can guarantee a brighter financial future. Therefore, take advantage of it and start reaching for success.

This guide aims at expediting your discovery of smarter investment strategies by providing basic information about Ethereum to help you seamlessly build your investment portfolio, while confidently navigating the various concepts of mining and smart contracts and gaining attractive returns.

This guide is also fully aware that Ethereum is still in its infancy and is laced with unique risks and complexities. As such, your ingenuity is essential in devising new initiatives and innovative approaches that can help you navigate this fast-growing domain without being overwhelmed by the emerging pitfalls and barriers. However, like any other investment plan, always remember that hard work and consistency pays! So, let’s plunge right into Ethereum!  

Chapter 1: Ethereum: A Comprehensive Background

What is Ethereum?

Simply put, Ethereum refers to an open software platform that’s founded on blockchain technology which provides developers with an opportunity to build and deploy applications from anywhere around the world.

For you to understand this definition better, let’s first discus what blockchain technology entails.   

Blockchain Technology

First and foremost, nowadays, most of our financial information, passwords and personal data are mainly stored on other people’s computers and or servers owned by such companies as Google, Facebook, or Netflix. Thus, these companies deploy teams of highly skilled personnel that work tirelessly to help store and secure your data, regardless of what happens. This gives you a lot of convenience. For instance, you can easily access your data from any part of the world, as long as you’ve a reliable connection to the internet.

However, this convenience comes with a host of challenges. In some cases, the hosting company may charge you to hold your data when called upon and large volumes of data may attract hefty hosting charges. Also, when using such applications as Netflix or Facebook, you may encounter instances where a site is down and you can’t move as fast as you would wish. This means that the application can’t access the data it needs as a result of various impeding issues; and should the data center or server break down, then the application stops working completely. Quite nauseating, isn’t it?  

Additionally, your data is highly vulnerable and may succumb to threats from external attacks. Any government or a hacker can attack or influence the third party server, thereby gaining access to your data without your knowledge. With such unauthorized access, the hackers can even go as far as altering, leaking or stealing your important information.

Because of these shortcomings, decentralization of the internet has always been thought to be long overdue. In this regard, many tools are being devised to realize this goal. Blockchain technology is one of these tools. Blockchain technology was brought into the limelight by Satoshi Nakamoto in 2009 and continues to evolve as it grows in popularity. Max Kaplan, a blockchain enthusiast, defines a blockchain as a series of distributed computing devices that are linked to each other while sharing and authenticating data. A blockchain actually refers to a database that’s distributed across multiple different computing devices placed anywhere around the world. These computing devices are also referred to as nodes and they share the same data. In simple terms, a blockchain is a kind of digital ledger which is shared among multiple computers. This means that if one node or computer malfunctions, it isn’t a big deal since other nodes in the same chain have identical data.

Blockchain technology has essentially formed the backbone of a new type of internet. This is because it enables digital information to be distributed, but not replicated or reproduced, while using many computing devices - a fact that enhances its security ratings. The decentralized nature of blockchains makes hacking impossible since no one can gain direct access to tamper with your data.

Even though blockchain technology was originally invented for Bitcoin, the digital currency, tech enthusiasts continue to discover other uses associated with this technology. As such, it has become a trusted platform where many applications can be developed from. For instance, applications that require data security and multi-procedural validation, such as anti-money laundering schemes, find blockchains more appealing.  

Bitcoin was the first popular application to employ the use of blockchains. Bitcoin’s blockchain mainly acts as an irreversible financial ledger, thereby making it a more secure cryptocurrency. Cryptocurrency refers to a digital or virtual currency that employs the use of encryption techniques (commonly known as cryptography) in regulating the generation of currency units and the subsequent