Working with Ethereum


While working on Blockchain platform, we implicitly go down the road to Ethereum without even knowing. It has become a vast platform for blockchain enthusiasts who wish to do some work in blockchain as it is an open source platform.
Ethereum is an open-source decentralized shared blockchain platform for building completely synchronous and secure Distributed-applications as well as cryptocurrencies.  Ethereum is considered to be one of the pioneer platforms in distributed ledger and blockchain technology. Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using the global network of peers. Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Ether (ETH) is a cryptocurrency developed by Ethereum Foundation whose price as of today is $847 and total numbers of coins present are about 98 Million.

Bitcoin vs. Ethereum:

Parameters
Bitcoin
Ethereum
Launch year
2009
2013
Current price
$11250
$847
Founder
Satoshi Nakamoto (unknown)
Vitalik Buterin and team
Average block time
(time required to mine a block)
10 Minutes
15 Seconds
Total coin supply
21 Million
98 Million
Mining hardware required
Specialized, like ASIC
GPUs
Market share
No.1 ($185,253,851,538)
No. 2 ($92,672,985,389)
Function
Digital currency
Smart contract platform
Turing completeness
No
Yes

The Ethereum network runs on a blockchain secured by miners executing a Proof of Work consensus algorithm, with plans to move to a Proof of Stake consensus algorithm soon.
Ethereum is providing the developers three types of networks – Main net, Test net and Private net. So, the developers can easily test their applications on either of the networks they wish to.

Main net

The Main net is the actual Ethereum global network where all the “real-valued” things happen. And by real-valued I mean all the Ethers are real, and can be converted to any other cryptocurrency other the fiat money. The miners are also most active and are great in number.

Test net

As the name suggests, the test net is the actual ethereum global network, only the difference is that, all the ethers and the cryptocurrencies aren’t real. They don’t have any real value and so cannot be traded against any real cryptocurrencies or fiat money.

Private net


As it says, this network is completely a private network which is only on your personal machine and is NOT connected to outer Ethereum network in any way. This is the best network for you if you have just started playing around with Ethereum. You do not need to have any real ether or request them from any faucet as you are the sole miner of your own private net.

So, let’s discuss on how we can create our own cryptocurrency on top of Ethereum platform by using Test net. The Test net we are going to use is Rinkeby.

But first, in order to create a cryptocurrency, you need to have some ether in your account. So, let’s see how we can get some Test net ethers.


How to get some Ether for your Rinkeby Test net:

  • Go to your Google+, Tweeter or Facebook account and make a public post/tweet with your Ethereum account address pasted into the contents (surrounding text doesn’t matter).
  • Copy-paste the post/tweet URL into the provided input box and get your ether.
Or, alternatively you can just paste your Rinkeby-address in the comments and I can send some ether directly to you!

So, now that you have some ethers, let’s go towards creating our first ever cryptocurrency and have some basic transactions into it. First, we need to follow below procedure for that,


How to connect to Ethereum Rinkeby Test net:

  • Download MyEtherWallet from here
  • Download geth from here
  • Go to folder where you want to start your blockchain
  • Start command prompt there
  • Start another command prompt there
  • Start MyEtherWallet (ensure that it opens in rinkeby test net)
  • Create account and start creating, sending and receiving cryptocurrencies
Type command: geth --rinkeby --fast--cache=1024
Type command: geth --datadir=/.rinkeby attach

So, now that you have your geth and MyEtherWallet running, let’s go to the main part.

Creating the cryptocurrency:

  • Go to the contracts
  • If you see below, there is a code section-‘Solidity contract source code’
  • Paste your solidity smart contract code here. (you can get a basic one from here)
  • Then under ‘select contract to deploy’, you can see your contract if you don’t have any errors.
  • Select the initial supply, token name, Token symbol and decimal units.
  • Select the fee for the transaction. (You can leave it as it is) And deploy it.
  • You will be asked for your account password in order to send this transaction to get mined. You can also see how much gas is used there and the other details.
  • Then under your account if you scroll down, you can see that your contract transaction is getting mined (approved). Once it gets at least 1 confirmation, you can see your tokens under your account!

How to send the tokens you have created to someone:


  • Copy the address to whom you want to send the tokens (Note: it must be a ‘Test net’ address only)
  • Go to your account and click the send button next to the tokens
  • Paste the receiver’s address in the input box
  • Type the number of tokens you want to send.
  • Select the transaction fees (or leave it as it is)
  • Click ‘Send’ and then enter your account password.
  •  Once you get a confirmation, the tokens can be seen in the receiver’s account.
Alternatively, you can also see the video that I have made about the creating and sending the ERC20 tokens by using Private net here.
If you want to see how we can deploy our tokens on the Main net or the Private net, you can see my other blogs.

So, this is how you can easily create your tokens and also send them to your friends and acquaintances or you can use them as your ‘private exchange-tokens’ as well!



Comments

Post a Comment

Popular posts from this blog

Creating a Private Token with Hyperledger

Image
As you start playing around into the Blockchain, subsequently you get stopped by IBM’s Hyperledger . The Hyperledger is a huge open source project hosted by Linux Foundation. There are many undergoing projects inside Hyperledger. The Hyperledger project is an incubation project for different Distributed Ledger Technologies (DLT) by the Linux Foundation. Hyperledger Fabric is an implementation currently being done by IBM. Hyperledger has a very wide variety of applications such as finance, healthcare, supply chain.  Hyperledger was launched in 2016  with a technical and organizational governance structure and 30 founding corporate members. The governing board of Hyperledger, which now counts 21 members, partnered with Linux Foundation leaders. In May 2016, Apache Software Foundation co-founder Brian Behlendorf was appointed as executive director. In September, he described  the vision for Hyperledger as a business blockchain umbrella . Over the remai...
Read more

Main net, Test net and Private net in Ethereum

The Ethereum is an open source technology and hence useful to many developers who are developing their applications on top of it. During the development, they need to test their product onto the Ethereum network. In order to do that, Ethereum is providing them three types of networks – Main net, Test net and Private net. So, the developers can easily test their applications on either of the networks they wish to. You can connect to any of the Ethereum networks by using some of the wallets present like ‘ MyEtherWallet ’ or the ‘ Metamask ’ wallet. Main net The Main net is the actual Ethereum global network where all the “ real-valued ” things happen. And by real-valued I mean all the Ethers are real, and can be converted to any other cryptocurrency other the fiat money. The miners are also most active and are great in number as they get real ethers after mining the blocks. How to connect to Main net via MyEtherWallet:       Download MyEtherWallet from...
Read more

Understanding ERC Standards

Image
I got an opportunity to take a closer look at ERC standards, analyze and compare them. I believe that the information below would be helpful for every investor and ICO entrepreneur to understand what exactly ERC standards are. This article sheds light on tokens and explains the features and functions of ERC standards to provide an understanding of what token contracts are and how developers can work with them. ERC  stands for  Ethereum Request for Comments . It describes the functions and events that an Ethereum token contract has to implement. It is authored by Ethereum community developers in the form of a memorandum describing methods, behaviors , research, or innovations applicable to the working of the Ethereum ecosystem. This is an official protocol for proposing improvements to the Ethereum network . After core developers and community approval, the proposal becomes a standard. The ERC standard defines an interface, which is the name of the functions as well ...
Read more

Applications of R3's Corda

Welcome to Whiz Blockchain! Today we are going to discuss one of the underrated blockchain technologies in the market that isn’t getting the much recognition- we are talking about R3’s Corda . When we think about blockchain infrastructure platforms, names like Ethereum or IBM Hyperledger Fabric come to mind. Corda is a name that, as many people say, should be on that list. It is created by a consortium of some of the top banks in the world. Many experts would argue that Corda should not even be considered a blockchain platform. The R3 consortium prefers the term distributed ledger platform to label Corda. To avoid confusions, we can use the term ‘blockchain-inspired distributed ledger platform’. From the infrastructure standpoint, Corda can be seen as a network of nodes running. However, different from other blockchains, Corda’s networks are completely permissioned which means that every node in the network has a known identity. In order to enable that capability, Corda uses t...
Read more

Blockchain and Its Evolution

Image
The world of Blockchain technology is a very exciting one. The rapid advance of blockchain technology is felt throughout our daily lives. Nowadays, Blockchain technologies are headlines. Let’s talk about blockchain today. The blockchain is a decentralized peer-to-peer network for building completely synchronous and secure applications as well as cryptocurrencies . Bitcoin is the first application of block chain technology. Now let’s move to the evolution of block chain. So the block chain was first introduced in 2008. On 31st October 2008, mysterious Satoshi Nakamoto introduced Bitcoin and blockchain in his bitcoin-whitepaper . After that, in early 2009 the first Bitcoin transaction- “Genesis block” was mined. Did you know why May 22 is celebrated as ‘ Bitcoin Pizza Day’ ? In the year 2010, Bitcoins were first used to make a purchase. Two pizzas were bought for the first time for 10000 Bitcoins when the price of one Bitcoin was about $0.0025 per coin. Can yo...
Read more

Consensus Protocols in Blockchain

Image
In this miserable world of insecurities and deceptions, we have to give a proof of everything we do, so that people would believe that the work is legitimate then. And to talk about the blockchain world, nobody is ready to trust one another. So, it’s the most unavoidable thing to validate the transactions occurring, by some pre-approved techniques. These different bunches of techniques are collectively called as ‘consensus protocols’. Consensus  : While voting just settles for a majority rule without any thought for the feelings and well-being of the minority, a consensus, on the other hand, makes sure that an agreement is reached which could benefit the entire group as a whole. 1. Proof-of-Work (PoW) Satoshi Nakamoto, Bitcoin’s creator, was able to invent the proof of work protocol. First, let’s see how it works: • The miners solve cryptographic puzzles to “mine” a block in order to add to the blockchain. • This process requires an immense amount of energy ...
Read more

Types of Blockchain Technology

Image
The world of Blockchain technology is a very exciting one. The rapid advance of blockchain technology is felt throughout our daily lives. Nowadays, Blockchain technologies are headlines. Many of us often get confused about what types of technologies there are and how are these technologies different from each other. So today, let’s talk about various types of blockchains we are using. 1.      Ethereum Ethereum  is an open-source decentralized shared blockchain platform for building completely synchronous and secure applications as well as cryptocurrencies .  Ethereum is considered to be one of the pioneer platforms in  distributed ledger  and blockchain technology. Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using the global network of peers. Ethereum was proposed in late 2013 by  Vitalik Buterin , a cryptocurrency...
Read more

Blockchain Technology Categories

Image
Blockchain , an open, accessible and fair-financial future. It is revolutionizing the financial services industry empowering millions across the globe to authenticate and transact without costly intermediaries. Blockchain can be categorized as follows: These categories can be further compared with Consortium which is an association of several companies. Public vs. Private vs. Consortium Public Private Consortium Permissionless Permissioned Permissioned Authority No centralized management Single organization Multiple organizations Access Open read/write Permissioned read and/or write Permissioned read and/or write Speed Slower Faster Faster Security Proof of Work Proof of Stake Other consensus Mechanisms Pre-approved participants Voting or...
Read more