If you’re new to the cryptocurrency scene, you might have heard this term being thrown around in conversations says Brian Colombana. You’ll also see it on newsfeeds and websites that have anything to do with cryptocurrencies. Before we go any further, let’s try to understand what does ICO means? An Initial Coin Offering is similar to an IPO (initial public offering) but for cryptocurrencies. To put it simply, people are able to purchase newly issued tokens with crypto coins like ethereum or bitcoin. It’s safe to say that they are quite popular nowadays since a lot of projects using this method fund their developments through these tokens. The only difference here is that while IPOs deal with investors who want equity, ICOs deal with investors looking for returns and not on company shares.
It’s quite similar to an IPO but with cryptocurrencies, people are also buying newly issued tokens with crypto coins like ethereum or bitcoin. It’s safe to say that they are quite popular nowadays since a lot of projects using this method fund their developments through these tokens. Now you might be wondering how I buy ICOs. Well, there are various platforms that offer coin sale opportunities like Eidoo or Luno (formerly known as BitX). These platforms allow users to use either of the two currencies; fiat currency (legal tender) or cryptocurrency for transactions.
There are even websites dedicated only to listing ICO deals and accepting funds directly from your credit cards like Token Lot. You can also find different ICO deals on sites like KickICO and Top ICO List. One very important thing to remember here is that if you want to purchase ICOs, it would be a good idea to first check the market capitalization of respective tokens and do some research on them so you can already know its current price and how it has been trending in the past few days/weeks/months.
What’s a hard fork?
It’s an event that occurs when there’s a change made to the protocol that makes previously invalid blocks or transactions valid (or vice-versa). The term was first coined back in mid-2010 as part of Bitcoin by Satoshi Nakamoto; who wanted to mark such an event where all nodes and users will need to upgrade their clients. This is specially done to preserve ledger consensus if there are ever previous conflicting transactions or blocks explains Brian Colombana.
When you create a token using Ethereum’s ERC20 (Ethereum Request for Comment) standard, that token is by default compatible with the ethereum wallet and any other service or tool that uses the Ethereum network. One of those services is MyEtherWallet which allows you to create an Ethereum address to receive tokens and check your account balance at any given time (please note that it’s different from your private key). Sadly, on June 17th, 2018, MyEtherWallet (MEW) has gone under a DNS hack. It was due to this attack that the website became inaccessible which means users were not able to check their token balances or create new wallets. As stated on their official blog, MEW is currently working with various companies in order to get back up and running while ensuring that your funds remain safe and secure at all times.
It’s an event that occurs when there’s a change made to the protocol that makes previously invalid blocks or transactions valid (or vice-versa). The term was first coined back in mid-2010 as part of Bitcoin by Satoshi Nakamoto; who wanted to mark such an event where all nodes and users will need to upgrade their clients. This 2017, the Parity team had made a grave mistake where they accidentally “froze” some user accounts. This event is known as the first major security problem. After The DAO incident back in June 2016 explains Brian Colombana. More than $152 million worth of ether (ETH) was frozen since this event took place.
Why is it called a hard fork?
A hard fork takes place when there’s a change made to the protocol. That makes previously invalid blocks or transactions valid (or vice-versa). The term was first coined back in mid-2010 as part of Bitcoin by Satoshi Nakamoto; who wanted to mark such an event where all nodes and users will need to upgrade their clients. This 2017, the Parity team had made a grave mistake where they accidentally “froze” some user accounts. This event is known as the first major security problem after The DAO incident back in June 2016. More than $152 million worth ether (ETH) was frozen since this event took place.
What are the guidelines?
A hard fork takes place when there’s a change made to the protocol. That makes previously invalid blocks or transactions valid (or vice-versa). The term was first coined back in mid-2010 as part of Bitcoin by Satoshi Nakamoto; who wanted to mark such an event where all nodes and users will need to upgrade their clients. This 2017, the Parity team had made a grave mistake where they accidentally “froze” some user accounts. This event is known as the first major security problem after The DAO incident back in June 2016. More than $152 million worth of ether (ETH) was frozen since this event took place.
Conclusion:
Brian Colombana says a hard fork takes place when there’s a change made to the protocol. That makes previously invalid blocks or transactions valid (or vice-versa). The term was first coined back in mid-2010 as part of Bitcoin by Satoshi Nakamoto; who wanted to mark such an event where all nodes and users will need to upgrade their clients. This 2017, the Parity team had made a grave mistake where they accidentally “froze” some user accounts. This event is known as the first major security problem after The DAO incident back in June 2016. More than $152 million worth of ether (ETH) was frozen since this event took place.