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Crypto-currency terms you need to know

by , 05 June 2019
Crypto-currency terms you need to know
Q. “Timon you mentioned in your Monday article that the Ethereum updates will improve and protect social media. Could you give an example of a decentralised social media app and how does it differ from Facebook?”
 
A. Yes, in fact they plan to launch next week.
 
in June 2019 a start-up called Block.One managed to raise a record breaking $4.2 billion in the Initial Coin Offering for a new social media DApp (Decentralized Application) called 'Voice'. 
 
EOS (the 5th largest crypto-currency network) has deemed that the "Voice" launch will be the biggest since Mainnet.  
 
Voice uses the EOS digital ledger that helped Block.One to create it, to allow users like you, me and different companies to post, share and promote content.  
 
The big difference between Facebook and Voice is that because Voice is on a decentralised system, it will allow the users to have a lot more control, privacy and security over their data.
 
In my opinion, the future is unravelling at such a fast pace, and with the launch of the next Facebook it is a very exciting time to be an investor in the crypto-currency market.  
 
Recommended:
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Q. "Timon could you please make a table to explain the difference between ‘Proof of Work’ vs ‘Proof of Stake’ when it comes to acquiring crypto-currencies?"
 
A. Sure, before I make a table I want to highlight something very interesting.  
 
In early civilisation, we used bartering and mining to make a living. The more we mined, the richer we became.  
 
Today we exchange goods and services for paper bills (money). This is where the rich get richer, while the poor get poorer.
 
The interesting epiphany I had is that this seems to be how the evolution of crypto-currencies are going.  
 
Here's the table so you can see what I mean.
 
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Q. "Hi Timon, by the looks of it, Crypto-currencies are here to stay and so we might as well learn everything about them. In your last article, you mentioned that Ethereum will be making updates to their system.  
 
As I know you’re able to explain technical terms in such a basic manner, could you explain the following Ethereum terms that I read everywhere namely: Sharding, eWASM and Plasma briefly?"
   
A. Yes, these crypto-currency terms, will soon be second nature to our daily investing vocabulary. And so, we might as well learn them now.  
 
In the same order here are those terms explained as basic as I can. 
 
Term #1: Sharding 
 
This is a fancy term to explain a separation of a large data base into smaller and more manageable parts.  
 
Sharding, addresses scalability and transaction speed issues. 
 
This means, with the splitting of the databases, it will stop one app from slowing down the network and it will make it more efficient and optimal for crypto-currency traders.  
 
A good example: Sharding will be used to dramatically scale Ethereum's blockchain and enable it to process more transactions per second.
 
Term #2: eWASM 
 
eWASM or Ethereum WebAssembly is an execution Virtual Machine system that is supported by a number of web browsers that allows code to execute a lot faster. 
 
As this system is already familiar with the hardware, it is able execute the code a lot faster which makes it easier and more efficient for the user. 
 
eWASM will be the final major component of Ethereum 2.0 and will replace its existing Virtual Machine system.
 
It’s expected to be faster, more secure, and more portable than Ethereum’s current system, Ethereum Virtual Machine (EVM).
 
eWASM also offers additional benefits, including supporting more languages which should make it easier for developers to create Ethereum applications.
 
Term #3: Plasma 
 
Plasma is basically a frame work that sits on top of the network that can handle a large number of transactions from different companies and individuals.  
 
You can think of Plasma as a system that allows a huge number of chains of transactions and apps to coexist and operate alone, which branches off into a tree of independent networks. 
 
Eventually, this will make it possible for businesses, companies and individuals to implement scalable solutions where the main chain (Ethereum blockchain or main ledger) is less likely to get congested in the future.
 
“Wisdom yields Wealth”
Timon Rossolimos,
Analyst, Red Hot Storm Trader
  
P.S: If you have a question or query on crypto-currencies or on trading, feel free to ask us at our Facebook page and you’ll stand a chance to be featured in the next Trading Tips article. 


Crypto-currency terms you need to know
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