Ethereum coinbase

1. Don't be fooled. China does not recognize the legitimacy of any virtual currency.

2. There is no difference between the good and the bad of digital currency exchanges. Generally speaking, the market depth of the exchange is considered. The greater the market depth is, the more popular the exchange is. Domestic hot money, OK, fcex. The United States has b network, coinbase. Japan has coins and so on. The market depth of these exchanges is very large, and they are all the top exchanges in the world. Of course, there are all kinds of problems, especially security problems. These exchanges basically support mainstream digital currencies such as bitcoin, Ethereum, wikilink and lightcoin.

3.

Bitcoin is not the only digital currency on the Internet. There are also ripple, stellar, litecoin, Ethereum and other digital currencies. Of course, the most popular is still bitcoin. But many times, some developers, entrepreneurs or enterprises will let us know that we need better digital currency. A programmer named Jed McCaleb, the father of electric donkeys, developed the reborn coin, which should be better than the bitcoin. Later, he launched the star coin, which is better than the reborn coin. What is more gratifying is that he is not fighting alone

now there is a trend that the instry hopes to develop a technology that enables all these online digital currencies to flow to each other, which means that you can transfer money freely in different online digital currency systems in the future. This technology is known as "interleaver protocol (ILP)", initiated by ripote. However, in recent months, that is, after the company released this idea, they also got the support of many famous companies in the instry, including Microsoft and the world wide web. Obviously, Ruibo currency company wants to set the technical standard of digital currency on the Internet. They want to develop a single global network, which can not only unify all digital currencies, but also unify all enterprises and indivials who use these digital currencies

"we want to be on a higher level and extract the differences between various digital currencies," said Stephen Thomas, chief technology officer of ripple. "We are trying to develop a global standard for payment."

with the launch of this agreement, we hope to enable more people to use online digital currency, expand the scope of use of online digital currency, and let us transfer funds more efficiently. This is actually the goal of many existing projects. For example, the original intention of the design of reborn currency and star currency is to allow users to transfer money to these two digital currency accounts in any currency, and to enable these two digital currencies to be converted into other currencies correspondingly. You can send bitcoin, and then the other party gets it. You can also send us dollars, and the other party will get dogecoin. However, for businesses and the developer community, there are restrictions on their use of these ledgers, so there are some problems because you can't transfer money from one payment network to another. Now, however, the interleaver agreement hopes to change that

to some extent, after ten years of efforts, they hope to develop a new network protocol, which is commonly known as "money Internet". If we go back to the early 1990s, we know that the famous Marc Andreessen founded the Netscape web browser. Now, the project hopes to play a similar role. They want to establish a standard way to send funds on the Internet. In fact, the original Hypertext Transfer Protocol (HTTP, which defined the basic standard of the network) contained code for payment. But this code has never been used. In recent years, many companies (such as coinbase, a bitcoin exchange, and stripe, a company that helps enterprises accept various online digital currencies) are at least trying to create a conventional standard for online digital currencies. In the future, we hope to be able to send and receive money online, just like sending short messages or e-mails. However, we still have a long way to go to this paradise, but at least now we are in the right direction

4. To create a Genesis configuration file:
first, you need to create a "Genesis" JSON configuration file, which describes some parameters of the genesis block. The following is the content of the file:
{
& quot; coinbase": & quot;& quot;,< br />" config": {< br />" homesteadBlock": 5
},
" difficulty": & quot; 0x20000",< br />" extraData": & quot; 0x",< br />" gasLimit": & quot; 0x2FEFD8",< br />" mixhash": & quot;& quot;,< br />" nonce": & quot; 0x0",< br />" parentHash": & quot; 000000000000000000000000",< br />" timestamp": & quot; 0x00",< br />" alloc": {< br />"& quot;:< br />{
" balance":& quot;& quot;
}
}
} 1234567891011213141516171819

the above code into a text file and name it genesis.json

Genesis!:
in order not to conflict with the data of the main chain, it is recommended to establish your own private chain data folder. On my computer, I built an ethdbspace as the Ethereum experimental work area on disk e, and created a privchain folder as the data storage folder of my first private chain
here, in order to facilitate management, I put genesis.json under the ethdbspace folder
open the windows command line

type the following command
geth -- dataDir & quot; E:\ EthDBSpace\ PrivChain" init " E:\ EthDBSpace\ genesis.json" 1

– the dataDir option is used to specify the data directory of our private chain. On my computer, it's E: &; EthDBSpace\ Privchain
init is the genesis command, followed by our Genesis configuration file path
after clicking enter, the execution result is as follows

at this time, genesis is complete
create an account:
in order to do experiments on the private chain, we also need to create our own account on the private chain
windows command line, type
geth -- dataDir & quot; E:\ EthDBSpace\ PrivChain" Console1

we have successfully created the world, so when we enter the client for the second time, we do not need to specify the genesis.json file path again, but directly – dataDir to indicate the private link data path
the console command is used to open the command line of geth
after clicking enter, the client will be initialized for a while. After the command prompt appears, it means that you have entered the geth console

type
personal. Newaccount (& #) in the geth command line; Your Password') 1

the personal.newaccount function is used to create an account, in which the parameter is the account password.
after clicking enter, the account creation address will be listed in green below the command, that is, the public key of the account.
we can check the account balance first, In the geth command line, type:
My = eth. Accounts [0]
eth. Getbalance (my) 12

My = eth. Accounts [0]. The purpose of this sentence is to assign the account address we just created to my variable. This can simplify the subsequent account address input. Among them, eth.accounts records the addresses of all accounts on this machine. Since we created an account for the first time, there is only one account on the computer at present. So here we use eth. Accounts [0] to extract the first account address. The eth.getbalance function is used to obtain the account balance, and the parameters are filled in the account address. The my variable here records the address of the first account

I hope my answer can help you

5. Ethereum is a distributed computing platform. It generates an cryptocurrency called ether. Programmers can write "smart contracts" on the Ethereum blockchain, and these Ethereum smart contracts will be executed automatically according to the code

what is Ethereum
Ethereum is often compared with bitcoin, but the situation is different. Bitcoin is a kind of cryptocurrency and distributed payment network, which allows bitcoin to be transferred between users

related: what is bitcoin? How does it work

Ethereum has a bigger goal. As Ethereum says, "Ethereum is a distributed platform running smart contracts.". These smart contracts run on "Ethereum virtual machine", a distributed computing network composed of all devices running Ethernet nodes

"distributed platform" means that anyone can set up and run an Ethereum node just as anyone can run a bitcoin node. Anyone who wants to run "smart contracts" on nodes must pay the operators of these nodes in ether, which is a cryptocurrency related to Ethereum. Therefore, the person running the Ethernet node provides computing power and gets paid in the Ethernet, which is similar to the way that the person running the bitcoin node provides hash power and pays in bitcoin

in other words, although bitcoin is only a blockchain and payment network, Ethereum is a distributed computing network, and its blockchain can be used for many other things. Details are provided in the Ethereum white paper

what is ether
Ethernet is a digital token (or cryptocurrency) related to Ethereum blockchain. In other words, Ethereum is the token and Ethereum is the platform. But now people often use these terms alternately. For example, coinbase allows you to buy Ethereum, which stands for Ethereum

this is technically "altcoin", which actually means a non bitcoin cryptocurrency. Like bitcoin, ether is supported by distributed blockchain - in this case, Ethereum blockchain

developers who want to create applications or Ethereum smart contracts on Ethereum blockchain need Ethernet token to pay for nodes to host it, while users of Ethereum based applications may need Ethernet to pay for services in these applications. People can also sell services outside the Ethereum network and accept Ethernet payments, or they can sell Ethernet tokens in cash - just like bitcoin

6. The issue of bitcoin is determined by the block height, that is, the distance from the No. 0 block of Genesis. Now when the number is reached, the total amount of bitcoin should be limited. After this village, there will be no store. If the miners dig a block but don't receive the reward of the block, the bitcoin will be destroyed forever

coinbase transaction is a special transaction that generates bitcoin "out of thin air". Only miners can write this kind of transaction, and the number of generated bitcoin is limited by rules (new currency reced by half for every 210000 blocks + transaction fee for this block)

however, the rules do not stipulate that the miner must take away all the rewards that can be taken, and can choose not to take them

therefore, a mine pool connected with the RSK side chain has made a bug before, forgetting to take away the reward and occupying a pit in a block for nothing, which is equivalent to destroying the corresponding amount of bitcoin, making the total amount of bitcoin decrease a little bit permanently

in addition, to spend a bitcoin, you only need to specify the transaction ID and output serial number

as like as two peas in multiple blocks repeatedly write identical coinbase transactions, the transaction ID is also repeated.

therefore, this kind of situation also occupies the pit of a block in vain, and permanently destroys the corresponding amount of bitcoin

it seems to me that this is still a security vulnerability, so the new version of bitcoin software later banned the writing of repeated coinbase transactions. But until now, there has been no ban on miners not getting their e rewards

generally speaking, a coin is controlled by a private key. If a coin is transferred to an address where no one knows the private key, it will be destroyed

if the owner does a good job in security, and the private key is not disclosed and cannot be guessed, but he accidentally loses the private key, it is equivalent to destroying all the coins he owns

there are only some special circumstances that require intentional destruction of coins

one is irreversibly converted into another kind of currency, such as the contract currency XCP attached to bitcoin and wormhole cash WHC attached to BCH

the second is to save certificates and data on the chain, such as the time stamp: panbiao.com/2013/08 /

and the crowd funding of the original Ethereum founding team: zhuanlan.hu.com/p/29

the private key is essentially a big number. Whoever knows this number can control the currency on the corresponding address. So the private key must be generated with reliable random number, otherwise it may be guessed and stolen

compared with the token, the address is the hash of the public key. There is no way to judge whether an address has a corresponding public key and private key (even if the public key is known, the corresponding private key cannot be known). Therefore, even if it is explicitly the address of "burned" token, the system does not prohibit the transfer in

strictly speaking, what locks the currency is a small program (script). This program takes the input as the public key and digital signature. First, check whether the public key hash is consistent, and then check whether the digital signature is valid. If it is valid, it will be verified and transfer is allowed; Otherwise, it will be judged that the transaction is illegal and refuse to package into the chain

it is the whole node software that explains and executes this program. It can be said that the software code of the whole node specifically defines a coin

however, the current situation is very embarrassing. Most miners do not run the whole node, only a few mines are running. The vast majority of users do not run the whole node, even if they run the whole node, they can only perform verification, no computing power, no block

7. The issue of bitcoin is determined by the block height, that is, the distance from the No. 0 block of Genesis. Now when the number is reached, the total amount of bitcoin should be limited. After this village, there will be no store. If the miners dig a block but don't receive the reward of the block, the bitcoin will be destroyed forever

coinbase transaction is a special transaction that generates bitcoin "out of thin air". Only miners can write this kind of transaction, and the number of generated bitcoin is limited by rules (new currency reced by half for every 210000 blocks + transaction fee for this block)

however, the rules do not stipulate that the miner must take away all the rewards that can be taken, and can choose not to take them

therefore, a mine pool connected with the RSK side chain has made a bug before, forgetting to take away the reward and occupying a pit in a block for nothing, which is equivalent to destroying the corresponding amount of bitcoin, making the total amount of bitcoin decrease a little bit permanently

in addition, to spend a bitcoin, you only need to specify the transaction ID and output serial number

as like as two peas in multiple blocks repeatedly write identical coinbase transactions, the transaction ID is also repeated.

therefore, this kind of situation also occupies the pit of a block in vain, and permanently destroys the corresponding amount of bitcoin

it seems to me that this is still a security vulnerability, so the new version of bitcoin software later banned the writing of repeated coinbase transactions. But until now, there has been no ban on miners not getting their e rewards

generally speaking, a coin is controlled by a private key. If a coin is transferred to an address where no one knows the private key, it will be destroyed

if the owner does a good job in security, and the private key is not disclosed and cannot be guessed, but he accidentally loses the private key, it is equivalent to destroying all the coins he owns

there are only some special circumstances that require intentional destruction of coins

one is irreversibly converted into another kind of currency, such as the contract currency XCP attached to bitcoin and wormhole cash WHC attached to BCH

the second is to save certificates and data on the chain, such as the time stamp: panbiao.com/2013/08 /

and the crowd funding of the original Ethereum founding team: zhuanlan.hu.com/p/29

the private key is essentially a big number. Whoever knows this number can control the currency on the corresponding address. So the private key must be generated with reliable random number, otherwise it may be guessed and stolen

compared with the token, the address is the hash of the public key. There is no way to judge whether an address has a corresponding public key and private key (even if the public key is known, the corresponding private key cannot be known). Therefore, even if it is explicitly the address of "burned" token, the system does not prohibit the transfer in

strictly speaking, what locks the currency is a small program (script). This program takes the input as the public key and digital signature. First, check whether the public key hash is consistent, and then check whether the digital signature is valid. If it is valid, it will be verified and transfer is allowed; Otherwise, it will be judged that the transaction is illegal and refuse to package into the chain

it is the whole node software that explains and executes this program. It can be said that the software code of the whole node specifically defines a coin

however, the current situation is very embarrassing. Most miners do not run the whole node, only a few mines are running. The vast majority of users do not run the whole node, even if they run the whole node, they can only perform verification, no computing power, no block.

8. Bitcoin trading platforms at home and abroad basically support 24-hour trading, and there is no problem of settlement

bitcoin is a consensus network, contributing to a new payment system and a fully digital currency. It is the first decentralized peer-to-peer payment network, which is controlled by its users without a central management organization or middleman. From the user's point of view, bitcoin is much like Internet cash. Bitcoin can also be regarded as the most outstanding three style bookkeeping system.

9. From bitcoin to Ethereum, it seems that more and more institutional traders are interested in accumulating Ethereum for long-term benefits, because Ethereum is also a store of value

1. Ethereum: a better value accumulation target

for many years, accumulating bitcoin has been the main way to store the value of cryptocurrency. Investors use bitcoin as a sharp weapon against the economic crisis. However, institutional traders are now also interested in Ethereum

in the 2020 annual review report of coinbase, it is noted that institutional customers are more and more interested in Ethereum. The reason is related to how investors evaluate Ethereum ecosystem

first of all, it is the original currency of the network. Because Ethereum is a platform for many valuable projects, Ethereum has become a powerful trading currency in Ethereum ecosystem

Why are more and more institutional traders hoarding Ethereum

the report points out that the driving force for Ethereum holders to invest comes from: first, Ethereum's potential as a value store is constantly developing; 2、 Ethereum's status as a digital currency provides the basis for its network transactions<

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2. Investment institutions such as coinbase and Gemini are optimistic about Ethereum and defi

Arthur Cheong, founder of definance capital and portfolio manager focusing on defi encryption fund, pointed out in a statement in coindesk, "I think bold investors will explore Ethereum and defi after studying bitcoin."

according to the data, some investment institutions such as coinbase and Gemini are incredibly bullish on Ethereum. In addition, more and more large investors are looking for different decentralized financing space

Why are more and more institutional traders hoarding Ethereum< However, deniss vinokourou, a digital asset investment manager, believes that "not everyone is satisfied with the risks associated with defi that still exist, but the rapid growth of active projects in Ethereum supports capital appreciation."

unlike bitcoin, Ethereum has many ways to retain investors and lock them in for a long time. After the release of eth2.0, Ethereum owners have made a lot of profits in long Ethereum

the original text is from ambcrypto and compiled by blockchain knight. The right in English belongs to the original author. If you want to reprint it in Chinese, please contact the compiler.

10. The bus from Jinan long-distance bus terminal runs once an hour to Jining
the route is generally from Jinan west to Jining expressway, from Jingfu to Qufu, and then to Jining bus terminal (Jining is called South Station)