Wasted Sanity Studios

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Ethereum Services

Ethereum Services

Educational and Consultation Related Services
    We can help you with nearly anything Ethereum related from the education and consultation side of things and here are a few examples:
-Teach You How To SAFELY and SECURELY Buy and Store Ether
Help You Understand, Plan, Build, Deploy, and Maintain Ether Mining Operations

Hosted, Managed, and Maintained Services
    If you would rather we just handle things for you to whatever degree, then this is your area of interest and here are just a few ways we can help:
-We Can SAFELY and SECURELY Store Your Ether
-We Can Buy and Sell Your Ether For You
-We Can Maintain Your Wallets, Keyfiles,  And Accounts
-We Can Plan, Build, Deploy, and Maintain Ether Mining Operations

What is Ethereum?

To put it simply, Ethereum is an open source and public software platform based on blockchain technology. It is useful for developers to build and deploy decentralized applications. Ethereum also has a cryptocurrency token to it called “ether” which can be transferred amongst accounts and given as compensation for participation in performing computations. The value of an Ether token fluctuates depending on the other users and circumstance.

Isn’t Ethereum basically just Bitcoin?

Without Bitcoin there would be no Ethereum and in a way they are similar, but they are also not in a real way it would appear that Ethereum is more matured and constructed and seemingly poised to supersede Bitcoin in some ways at some points. The main differences without getting into all of it in great detail is that they both have very different capabilities and purpose(s). Bitcoin is more or less just a cash system of sorts in the digital world between users (ie. peer to peer). Bitcoin is just ONE specific use of the blockchain technology. Ethereum is geared towards a public distributed and decentralized blockchain network. The intended scope of applications include projects related to finance, the internet-of-things, farm-to-table produce, electricity sourcing and pricing, and sports betting.[9] Decentralized autonomous organizations may enable a wide range of possible business models that were previously impossible or too costly to run.

How are Ethers made or created and how many are there?

There is a finite supply of ether per year capped at 18 million ether which is 25% of the initial supply Ethers rate of issuance was decided by the donations gathered on the 2014 presale. The results were roughly:

  • 60 million ether created to contributors of the presale
  • 12 Million (20% of the above) were created to the development fund, most of it going to early contributors and developers and the remaining to the Ethereum Foundation
  • 5 ethers are created every block (roughly 15-17 seconds) to the miner of the block
  • 2-3 ethers are sometimes sent to another miner if they were also able to find a solution but his block wasn’t included (called uncle/aunt reward).

How do I mine Ether?

Like with Bitcoin, Ethereum can be “mined” in a similar fashion which rewards the miner with Ether which is the crypto token that is a large part of the whole purpose in a way. Ether is a cryptocurrency like Bitcoin and it is also used by software and application developers to compensate or pay for services and fees for transactions on the Ethereum network in its entirety.

The Ethereum network is kept running by computers all over the world. In order to reward the computational costs of both processing the contracts and securing the network, there is a reward that is given to the computer that was able to create the latest block on the chain. Every 12 seconds, on average, a new block is added to the blockchain with the latest transactions processed by the network and the computer that generated this block will be awarded 5 ether. Due to the nature of the algorithm for block generation, this process (generating a proof of work) is guaranteed to be random and rewards are given in proportion to the computational power of each machine.

 

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