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Disclaimer: The following review is for entertainment purposes only and should not be used as financial advice. Please consult a finance professional before engaging in any investments.
About the Book
Ethereum: Complete Guide to Understanding Ethereum, Blockchain, Smart Contracts, ICOs, and Decentralized Apps, was written by Mark Gates and was self published on December 10, 2017.
This book discusses the Ethereum Cryptocurrency, which although not as popular or famous as bitcoin is actually very innovative and powerful. The currency is built around a platform that is used to verify contracts – this is important as these contracts are quick, easy, and removes most of the problems with real world contracts such as trust, trustworthy third parties and lawyers. Ethereum is different from Bitcoin as Bitcoin cares about transactions, not contracts.
The Ethereum blockchain grows at a rate so fast and each block is so interdependent that it is one of the hardest blockchains to hack. Of course Ethereum in its original form wasn’t that secure, leading to hackers stealing money. As a result Ethereum was reset and redesigned which leads to two flavors, Classic Ethereum using the old technology and Ethereum using the new and improved technology.
Mark then goes on to discuss the different wallets, exchanges and risks associated with Ethereum.
Finally he makes a discussion of ICOs which is a way to fund new apps buy issuing new cryptocurrencies that can be used on the app.
Key takeaways and commentary
My key takeaways from this book are:
- Ethereum deals with contracts while Bitcoin deals with transactions
- Ethereum blockchains are highly interdependent and the number of blocks grows at a very fast rate – thus making it one of the hardest blockchains to hack
- There are two types of Ethereum – Classic Ethereum which was created before the blockchain was reset – Ethereum which was created after.
This book was interesting as I actually didn’t think that each type of currency acted differently – in fact I connoted this technology too much with actually money.
The ICO concept was very interesting to me as I’ve actually heard about restaurants doing a similar concept before. I remembered reading a long time ago that this one sandwich shop sold certificates at a discount which can be redeemed at anytime for a sandwich – they got funded but strangely people started using the certificates like cash – this is like the ICO. An ICO is a token sold at a discount and redeemable for a service on an app – however most people would rather use the tokens as cash!
The world is so interesting.
As always – Feel free to leave your thoughts in the comments and if you found this post useful or enjoyable, please share and leave a like. Thank you! Stay tuned for tomorrows books: Cryptocurrency: Mining, Investing and Trading in Blockchain, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Dogecoin, Emercoin, Putincoin, Auroracoin and others (Fintech)
For more information on the 2018 challenge, visit the following link: Business Trek 2018 reading challenge.
You can also get the book via the following link: Ethereum: Complete Guide to Understanding Ethereum, Blockchain, Smart Contracts, ICOs, and Decentralized Apps. Includes guides on buying Ether, Cryptocurrencies and Investing in ICOs.
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