I know that it can be awfully overwhelming and difficult to wrap your head around all of the many facets of crypto, I mean, you’ve got to learn how to download wallets, maintain passwords that are hopefully random and when you want to transfer your crypto you’re faced with yet another long string of random letters and numbers.
If you send funds to a wrong address you’re hit with that sense of dread when you realize those coins are long gone.
Suffice to say you’ll soon be like the rest of us who triple check the addresses with acute paranoia every time thereafter.
Cryptocurrency is still new, brand new.
The men and women who are innovating this technology are amazing at seeing ways to make it better, faster, more secure, and apply it in many different industries. I see them as the burrowers of the rabbit hole. The hole you can get sucked into if you spend enough time diligently researching and you realize you’ve discovered a whole new dimension of technology mixed with philosophy and of course… money.
The issue that I see with all of crypto in general is the fact that there’s all this life changing potential that is available to most everyone on this planet, but it’s lacking in being user friendly.
This is not a surprise for those involved with developing crypto, especially for those who are trying to market it.
Dash has made it a priority to be more user friendly with making transactions and with their wallets.
The social/blogging platform called Steemit is a phenomenal way to motivate new users to earn cryptocurrency and doubles as a great place to learn about it as well.
Now Ethereum is doing it’s part in becoming more user friendly by releasing the Ethereum Name Service.
This name service is addressing the issue of long and confusing wallet addresses by allowing you to purchase an address in an auction- much like the idea behind DNS, except much more secure.
Here's How It Works:
You can find this information here
You can inquire about a name you’d like to register by going to registrar.ens.domains and see if the name is available for auction.
If it is, you can “start an auction”.
What you’ll need is:
- the name you’d like to purchase
- the amount of ether you’re willing to pay for that name
*the address that will ultimately own that name.
The auction is set up in such a way that all of the bids are kept secret for the 3 day bidding period.
Because the bids are kept secret this encourages you to bid an amount of money that shows how valuable that name is to you.
Once that 3 day period has passed, no new bids will be accepted and there is a 48 hour window to unveil the bids.
The winner of the name will only pay the price of the SECOND highest bidder.
If there are two exact bids, the name will be awarded to whoever bid first.
After one year of ownership you are free to release the name and you will receive back the funds you used to reserve it.
I’ve found some great articles that further explain exactly how this name service works, in regards to the registrar for those of you who want to get into the nitty gritty and I encourage you all to check out the links I’ve posted down below to get a better sense of how this all works.
Additional Reading/Sources
Ethereum Name Service (ENS)
Register a Name
Medium Article Explains Initial Registrar and Deadlines
See the Data of ENS
#EOS is coming.
Hahahah!
Always love your videos Heidi! You should DM me so we can build you a website :P
Oh and don't forget to use some of your SBD to get some Zappl, it's going to be a steem powered Twitter competitor, should launch in like 8-10 weeks: https://steemit.com/zappl/@decentralizd/a-steem-powered-twitter-competitor-is-coming-soon-and-if-you-haven-t-got-some-zappl-from-openledger-you-re-doing-this-wrong
Should prove useful in your crypto tips venture!
I know what you mean about the feeling you have when you send money to an account and just hope you did it right....because you know it is gone!
Great GIF haha
You can make a paper hat, a pterodactyl....still love that movie
Thank you so much for the info. 6 months and Im still learning a lot about cryptocurrency
Get used to the feeling! It's a never ending supply of new info ;)
And what do you think about Swarm City?
Great post.. I can entirely identify with this. Thank you! This idea sure would simplify things and eliminate a lot of problems.
Glad I could be of some help :)
The goldrush(ENS) within the goldrush(ETH).
great content. Consider joining the ENS community on our sub/r/doteth and our slack (link in the sidebar).
Great post. Thank you!
No prob Bob ;)
Great Post, timely information!! Thank you Heidi!!
Great!
Well done.
Sadly ETH is influenced much by JP MOrGAN and MICROSOFT.
I for one want nothing to do with these monsters being anywhere near my cryptos.. I sold them when they made 50.00. ETH may be a hot mover, nut think of who is behind them and why?
Thanks for sharing @heiditravels :-)
Good to know. Thanks!
"The winner of the name will only pay the price of the SECOND highest "
oh. I understand that this is to keep people from bidding way to high to be sure to get the name, but what if the highest bidder really was just a tiny amount higher than the second? that would be heartbreaking :P
As a person that is older I find it extremely confusing simplification is key to get some of older folks involved. For now it appears I will use a "broker" and just have a paperwallet until it is easier to use. I wont be able to use it so will be unable to spend it. It will be an extremely long term "investment" until it is easier to use.
Extensions like Metamask are safer until you get a hardware wallet.
New to Crypto....Feeling very lost at times but hopeful listening to folks as you. Thank you, I will be subscribing to learn much more....
Don't get too down, one day everything will come together and you'll get that "A-ha" moment! In the meantime I'll continue my quest for helping people like you :) Glad you're here!
Thanks for sharing! I recently discovered really interesting story explaining why Ethereum Classic may surpass Ethereum. It would be interesting to find out what would be your opinion on this subject matter. Here it is:
As an early Ethereum supporter, I've come to the difficult conclusion that Ethereum Classic will eventually surpass Ethereum in market capitalisation in and around the Casper transition.
Why?
I've empirically discovered (for myself) that the economics of PoW are fundamentally different than PoS.
Ethereum will excise all it's miners during the Casper transition and this will collapse its internal crypto-economy that drives its current market-cap.
Since Ethereum Classic intends to maintain PoW (even if hybridized), it will not suffer the marketcap excision of (2).
During (2), the miners will likely migrate en masse to Ethereum Classic (rather than forking) resulting in the transitive transfer of the lost ETH value into ETC (via the crypto-economics of mining).
On the basis of (1), (2), (3) and (4) and assuming nothing else environmentally changes, it's clear that this value transfer will occur. I've personally re-positioned my own holdings based on this reasoning (which was a painful decision, since I was one of those blockchain developers who berated ETC during the DAO fiasco).
Is there anything that could change this inevitable outcome?
Unlikely. Suppose that dapps like Augur or Swam City become massive successes. The demand-side liquidity they induce should offset the downside from (1)-(4), except that:
Any dapp success or innovation on Ethereum can (and most likely will) be duplicated on Ethereum Classic, since it's all open sourced.
The only scenario I see that can keep Ethereum beyond Ethereum Classic is the promise of mass scalability from Casper & Sharding. This means a dapp that cannot be computed on the Ethereum Classic network. Though this could happen (assuming casper + sharding were astounding technical successes), this scenario is far ahead into the future and all of the above still needs to occur before then.
On this basis, Ethereum Classic is likely to surpass Ethereum during the Casper transition. What are your thoughts on this?
ETH and ETC price over the next 12 months!
Such amazing information I'm gathering up, I'm starting from scratch asking for help to poke through the crazycryptoland, bringing my sense of humor and there's so much info on steem, thanks again for sharing what you've learned! https://steemit.com/news/@bitcoinforblonds/brand-new-to-crypto-s-blonds-seeking-help-to-get-started
I should have watch this article 8 month earlier ;)