2Ether

Web site —https://2ether.com/

Teletype —https://teletype.in/@2ether

Telegram —https://t.me/ether2support

Telegram chat —https://t.me/blockchain_2ether

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2Ether ecosystem: mining, DEX, audit and IEO

2019-11-27T16:19:41.163Z

Only 5 days left until the launch of 2Ether! In just a few days, you’ll be able to get your free ET2 coins. It’s time to go over the main elements of our ecosystem and its advantages. 2Ether is not just a cryptocurrency — it’s a set of tools that will deliver real value to the crypto community.

Our project includes several important parts:

1) ET2 coin. It’s a coin based on Ethereum, and it uses PoW mining. We are not in a great hurry to transfer to PoS, because we think it will take a few years until the technology is good enough. What we will do differently from Ethereum is use a different block reward system. First, we’ll have an algorithm in place that gradually reduces the base reward. Instead of a group of developers making the decision, the inflation in 2Ether will decrease automatically. In the future, our block reward will also be adjusted by price. So when the price of ET2 goes up, the block reward will go down a bit. And when the market is slow, the reward will get higher to make sure that miners don’t leave the network. This will prevent the cycles of boom and bust that we see with other cryptocurrencies.

2) 2EtherDEX — a decentralized exchange. We believe that decentralized exchanges should be affordable and democratic. It shouldn’t cost thousands of dollars to list a token on a DEX. On the other hand, we don’t want shitcoins on our exchange, either. So we’ll have a community evaluation system in place. Our users will study the submitted projects and decide if they are good enough to be listed. We’ll also charge a listing fee of about $300 to discourage random scammers and hackers.

On 2EtherDEX, you’ll be able to trade assets issued on several blockchains: Ethereum, Bitcoin, EOS, and TRON. We are keeping an eye on the latest developments in interoperability, so we hope that in the next couple of years it will also become possible to do cross-trading between blockchains.

3) IEO launch platform. IEOs have become extremely popular, but exchanges have also started to abuse them. Often, an exchange will charge many thousands for an IEO and then fake trading volumes. Or the exchange won’t bother to promote the IEO in any way, so that no tokens are sold — but it will still keep the fee. Exchanges always win, and they don’t care about the result that much. On 2Ether, we’ll do things in a more fair way. Registering an IEO will be very cheap, but the community will have to approve it. We’ll focus on projects that propose something valuable — for example, in the field of blockchain infrastructure, IoT or AI. If they pass the evaluation, they already have a ready audience among the community.

4) Free smart contract audit. Blockchain projects need to pass a smart contract audit to have the confidence of their investors. Any vulnerability in the code can allow hackers to steal users’ money. Unfortunately, blockchain audit companies charge at least $5000 for this service. We want to change this model with 2Ether. For the first time, we’ll offer free smart contract audit — both automated and community-run. Projects will be able to have the most advanced automatic checks of their code and a report prepared by the developers among our community. The auditors will earn rating points for this. For an additional fee, it will be possible to order manual audit on different levels. It’s not some security firm that will profit, but the users of 2Ether.

These are the four main elements of our roadmap. Remember that you can get 2Ether coins FOR FREE in our massive airdrop. To learn how to do that, see our official website. And remember to follow 2Ether on Twitter for the latest updates on the airdrop!

Web site —https://2ether.com/

Teletype —https://teletype.in/@2ether

Telegram —https://t.me/ether2support

Telegram chat —https://t.me/blockchain_2ether

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2Ether network snapshot is coming

2019-11-25T15:59:23.647Z

The big day is drawing near! On December 2, we will launch the 2Ether network. To celebrate, we will conduct a massive airdrop for all Ethereum holders. In today’s post, we’ll talk about how you can get your free ET2 coins.

2Ether airdrop will be very special — on a much larger scale than any other airdrop you’ve seen. We won’t just send our coins to a random selection of users — no, we are ready to distribute ET2 to everyone who holds ether! This is an ambitious plan, but it’s the best way to raise the awareness of our project. We don’t need to raise money by conducting an ICO or IEO. We’ve already done a large chunk of the development work, so we can afford to give away our coins.

You can ask a justified question: how will we know who has ether and who doesn’t? The answer is a network snapshot. It’s a pretty standard procedure: you generate a full list of all Ethereum addresses with their respective balances in ETH. It’s not difficult at all, actually. As you know, on Etherscan you can find out the amount in each blockchain address. A snapshot works in the same way.

The snapshot will take place on December 2, 2019, at 11:00 AM GMT. After it, our system will automatically calculate how many ET2 coins each Ethereum address should get. The airdrop is based on a 1 to 1 ratio. If you have 10 ether, you’ll get 10 ET2.

Here is a very important point: if you want to get free 2Ether coins, you need to hold your ether in a personal wallet. By personal we mean any popular wallet, like MyEtherWallet, MetaMask, and so on. But if you store your ether on an exchange, you won’t be able to get ET2, unfortunately. This is because exchanges pool all their customer funds in one gigantic wallet. You don’t have any individual blockchain address on an exchange.

If your ether is on an exchange but you still want to take part in the airdrop, there is a solution. Before the snapshot — that is, before December 2 — you can send your ether from the exchange to your wallet, so that we can record the balance. After the snapshot you can send that ether back to the exchange. Don’t worry, you’ll still receive your ET2.

In order to claim 2Ether coins, it’s enough to have any wallet that supports ET2. For more info on compatible wallets, see our official site.

As you can imagine, we’ll need to conduct many thousands of transactions for our airdrop. This will take some time — how much will depend on the network load. We’ll automatically queue all the transfers at once, but we have little control over how quickly they will execute. If you want to be among the first to receive your ET2, make sure to check our site for more info on how to claim the coins.

We’d like to stress once again: you don’t need to pay absolutely anything to receive ET2. It’s an airdrop — and this means it’s 100% free. We are not asking you to exchange your ether for our coins (that would be highly suspicious). We keep getting messages from users who think that we are running some sort of an ICO. Remember: it’s not an ICO, it’s a giveaway.

If you still have questions about the 2Ether airdrop or how our cryptocurrency will work, visit our website. And don’t forget to follow us on Twitter for the latest updates!

Web site —https://2ether.com/

Teletype —https://teletype.in/@2ether

Telegram —https://t.me/ether2support

Telegram chat —https://t.me/blockchain_2ether

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Why trade on a DEX?

2019-11-23T19:27:03.130Z

If you are following our posts, then you remember that we’ve discussed the disadvantages of both centralized and decentralized exchanges.

As we’ve seen, platforms like Binance are black boxes — and they have control over your money. On the other hand, they are very fast and let you trade any currency pairs, no matter what blockchain each coin is built on. So you can trade ETH for BTC, for example. On a true decentralized exchange, this is very hard to do — yet. This is what’s called interoperability — the ability of different blockchains to talk to each other. Many of the best teams in crypto are working on this problem. In our upcoming posts, we’ll tell you all about those efforts — and how we plan to use them on 2Ether.

But let’s focus on the advantages of DEXes in general and our own 2EtherDEX in particular. Why do traders choose a decentralized exchange over Binance, for example:

There are two main reasons.

1) Security

When you trade on a DEX, your crypto is always under your control. You don’t have to entrust it to the exchange. All that 2EtherDEX does is provide you with an interface and a way to find other users who can fill your order.

When you link your wallet to 2EtherDEX, you don’t give your private key to the system. None of your sensitive info will be stored on the server of the exchange. Even if hackers get access to the database of 2EtherDEX, they won’t be able to steal your assets.

Does this mean that your crypto is 100% safe? Unfortunately, you are never completely safe — so you have to exercise caution at all times. If you don’t use centralized exchanges, the only way a hacker can steal your crypto is by phishing — tricking you into providing your personal key. For example, a hacker could create a fake website that mirrors the real DEX, and convince you to enter the key there.

2) Easy listing

You’ve probably read that Poloniex, Kraken and others charge a huge amount of money to list new coins. They do have serious evaluation procedures, but it’s almost impossible to get on those exchanges without paying. The fee can reach $1 million and more. This means that only the richest projects can afford such listings.

Projects with smaller budgets have to deal with minor exchanges, but even they tend to charge exorbitant prices. The result is that many promising projects simply can’t afford a listing anywhere.

Do DEXes charge fees? Most of them do, but they are nowhere near as high as on centralized exchanges. This creates a more democratic air around DEXes. This gives talented team a way to get their token to the public even if their budget is modest.

Still, most DEXes charge at least something, and it makes sense. If you let people list their tokens for free, your exchange will be soon flooded with low-quality coins that nobody will want to trade.

On 2EtherDEX, we will charge a small fee of $300 for the listing. This isn’t much compared to what is charged by such large DEXes as CryptoBridge, for example, whose fee is several BTC.

Not every project is worthy of being listed, even if it has the money to pay the fee. For this reason, we’ll have a serious community evaluation procedure in place to select the best teams. Next time we’ll tell you all about it!

Web site —https://2ether.com/

Teletype —https://teletype.in/@2ether

Telegram —https://t.me/ether2support

Telegram chat —https://t.me/blockchain_2ether

The key advantages of centralized exchanges

2019-11-21T17:21:23.134Z

We’ve already covered the issues with centralized exchanges in our last post. We’ve seen that they are vulnerable to hackers, tend to manipulate the market, and can even close down, taking your money with them. But why does everyone use them, then? And do decentralized exchanges have an advantage?

There are several benefits that centralized exchanges can offer. These benefits are so important that over 70% of crypto traders use only such centralized platforms and never even try DEXes.

1) Speed. Let’s stress this again: trading operations on centralized exchanges are not carried out on the blockchain. It all happens on the exchange servers, so completely off-chain. Only the final settlement is on-chain — when you withdraw your crypto to a personal wallet. But if you exchange your crypto profits for fiat on the exchange and send it to your credit card, there will be no blockchain settlement AT ALL.

Centralized servers are very fast. Binance can process up to 1.4 million operations each second. Ethereum can hardly process 25. Stellar can get up to 2500, maybe. Vitalik Buterin says that Ethereum might reach 10 000 after proper scaling, when proof-of-stake and sharding are introduced. But the sad truth is that this will take years — and Binance is there already.

There are various technologies under development to make decentralized exchanges faster. In our upcoming posts, we’ll talk about them. 2Ether is studying various options for its 2EtherDEX, and we will do our best to build the fastest decentralized exchange on the market. But we can’t promise it will be fast like Binance — because there is no such technology in the decentralized space yet.

2) Fiat markets. Most big trading platforms (Bittrex, Poloniex, etc.) have crypto-fiat pairs. Usually it’s USD, sometimes EUR. Many exchanges have over 20 USD pairs (markets). If you trade Bitcoin for USD, you can instantly withdraw those dollars to your credit card.

Fiat transactions aren’t possible on the blockchain. You can tokenize fiat currencies and send them over the blockchain (as Stellar does), you can create stablecoins (USDT etc.), but you simply can’t exchange BTC for USD on a DEX. So as a DEX user, you first need to exchange your fiat cash into crypto through some external service. Then you can transact with that crypto on a DEX.

3) Interoperability. On a centralized exchange, you can freely trade pairs that include currencies built on different blockchains. For example, BTC/ETH seems like a completely normal market, right? But in fact, you can only do that on Binance or Poloniex because they are centralized. The most intelligent people in the crypto industry are looking for ways to perform cross-chain transactions for real — but there is no good solution yet.

So when you trade on a DEX, you need to choose a certain blockchain and then a pair of two assets that are both built on that blockchain. For example, ETH and any ERC20 token are fine, or XLM and any Stellar token.

These issues can seem very serious, and they are. At the same time, DEXes have their own advantages. Roughly 30% of traders do use them, after all. Next time, we’ll look at these advantages. Meanwhile, we invite you to subscribe to 2Ether on Twitter — this way you won’t miss any of our updates!

Web site —https://2ether.com/

Teletype —https://teletype.in/@2ether

Telegram —https://t.me/ether2support

Telegram chat —https://t.me/blockchain_2ether

Centralized exchanges and their risks

2019-11-19T19:13:16.603Z

The ecosystem of 2Ether will include a decentralized exchange, 2EtherEx. How are decentralized exchanges — DEX — different from traditional centralized exchanges? Are they really better? What issues do they face? We’ll tell you all about it a series of posts. This time, we’ll look at centralized exchanges — why they have nothing to do with real decentralization and what risks they pose.

Big exchanges like Coinbase and Huobi allow you to trade in decentralized crypto assets, but they themselves are completely centralized. This is for three reasons:

1) All transactions are processed off-chain and recorded in the exchange’s own database. All those thousands of trades made every day on Coinbase, for example, are never recorded on the blockchain.

2) Client funds are stored in a centralized way. When you deposit money on an exchange, it goes into the main wallet of the exchange. It’s huge — there are millions of dollars’ worth of crypto there. If you send money from your blockchain wallet, then this — and only this — operation is recorded on the blockchain. After this, the centralized exchange assigns you credit of sorts — it puts as much crypto on your individual account as you put in the main wallet. At the end of trading, when you want to withdraw your profits, you sort of exchange those credits for the real crypto, which gets sent to your wallet. This transaction is also recorded on the blockchain. But everything in between has nothing to do with decentralization.

3) The exchange management is centralized — it’s in the hands of a few people. They can become very powerful, and their decisions influence what happens to your funds. For example, Changpeng Zhao, the CEO of Binance, has such weight in the industry that he doesn’t even comment on the potential of any coins. On the other hand, illegal actions taken by exchange executives can have terrible consequences. When the CEO of the Canadian exchange Quadriga was found dead in India, it turned out that almost $100 million were missing from the accounts. This money will probably never be found.

Centralization of exchanges has several more risks:

- Easy target for hackers. We’ve all heard about massive thefts from exchanges — sometimes up to $500 million. Since all the funds are stored together, exchanges’ wallets are among the most attractive things to hack, so criminals keep trying.

- Market manipulations. Exchanges and their partners do lots of wash trading, fictitious deals, front-running, etc. It’s estimated that over 80% of all Bitcoin trading volume is essentially fake. Exchanges want to be in the top-10 by volume — and most of their revenue comes from commissions. So they will allow bots and many dubious practices, even if their Terms of Use usually say that you can’t manipulate the market in any way.

- Arbitrary actions. An exchange can suddenly close operations in a certain country, introduce an obligatory KYC, or delist an asset.

So if centralized exchanges are so risky, why do most traders use them? The reason is that they have some very serious advantages, too. We’ll look at those advantages in our next post.

Web site —https://2ether.com/

Teletype —https://teletype.in/@2ether

Telegram —https://t.me/ether2support

Telegram chat —https://t.me/blockchain_2ether

Are ASICs a real problem for Ethereum miners?

2019-11-17T18:51:25.505Z

ASICs are coming to the Ethereum mining industry, and small independent miners are virtually doomed. 2Ether has come up with a solution — the third element in our dynamic block reward system. But before we explain it, we’ll have to talk about Ethereum ASICs.

If you don’t know that much about Ethereum, you might be surprised to learn that ASICs for mining ETH actually exist. Isn’t Ethereum’s algorithm — Ethash — supposed to be ASIC-resistant? If it isn’t then why is everyone still mining using GPUs?

Well, Ethash is indeed much less ASIC-friendly than the algorithm of Bitcoin. It doesn’t mean that you can’t make ASIC chips for mining ether, though. It’s just that it’s difficult to make ASICs that would be much more efficient than graphic cards (GPUs).

The efficiency of a piece of mining hardware is calculated as a ratio of power (measured in kilowatt hours) to hash power (measured in megahash per second). So for example, if you have two devices that both produce 50 MH/s, but one of them consumes 1 kWh, and the other consumes 2 kWh, then the first device is twice more efficient.

ASICs cost a lot of money to design, and their market price is high. So it only makes sense to buy an ASIC if it gives you a serious advantage over other types of hardware. You should also keep in mind that if the algorithm changes, you’ll need to replace your ASIC with a new model. Such chips are built to carry out one task and one task only — that’s why they are called application-specific integrated circuits (that’s how the acronym is deciphered).

Now, the first ASICs for Ethereum came out in April 2018, and they were more than a curious gadget than a serious rival to GPUs. Vitalik Buterin said that they were not a threat and the best action would be no action.

But the situation changed. Soon, there were ASICs twice as efficient as the best graphic cards. Still, it wasn’t enough to justify the price difference.

Finally, in late September 2019, Chinese manufacturer and distributor of mining hardware Canaan announced that it would start selling a new ASIC that is 5 to 7 times more efficient than the leading GPU models.Its W/MHs ratio is just 0.68–7.5 times better compared to AMD Vega 64 and 5.3 times better than AMD RX570.

What does this mean for Ethereum mining? When such models go on sale, whoever can afford them will be able to extract very high profits. GPU miners will be at a disadvantage. And if you have only a small rig with a couple of GPUs at home, your prospects are grim.

You might ask: can’t Ethereum devs do something — say, change the algorithm? Bitcoin algo changes regularly, after all. Unfortunately, Ethereum works differently, so every algorithm change would require a hard fork — with all the consequences it entails. The devs have been talking about introducing a new consensus protocol called ProgPOW (Programmable Proof of Work). It would make the algorithm change regularly and ensure ASIC resistance. But Vitalik Buterin believes that the real goal is a switch to Proof of Stake, not tweaking PoW.

What other options are there to protect small miners from the upcoming wave of ASICs? In our next post, we’ll explain how 2Ether plans to deal with this problem.

Web site —https://2ether.com/

Teletype —https://teletype.in/@2ether

Telegram —https://t.me/ether2support

Telegram chat —https://t.me/blockchain_2ether

2Ether dynamic block rewards: adjustment based on the market price

2019-11-13T13:24:32.301Z

In our previous post, we described how the base block reward in 2Ether changes gradually with time to control inflation. In this article, we’ll see how miners’ rewards are adjusted depending on the market price.

In a perfect world, price should clearly follow supply and demand. For example, if you reduce the block reward, fewer new coins will enter the market every day, while the demand will remain the same. So the price will go up. There won’t be as many buyers willing to pay the new higher price, and a new equilibrium will be reached.

This is what happens every time Bitcoin goes through a halving. The number of BTC produced every day is cut in half, and the price invariably rises. Everyone expects the same thing to take place in May 2020, after the new halving.

However, the pricing mechanism in the crypto market — especially for altcoins — isn’t so efficient. We all know that huge fluctuations can happen suddenly. And besides, altcoins tend to react strongly to what happens to Bitcoin.

On the one hand, when something bad suddenly happens in the BTC market, it can be great for ETH and other tokens. For example, when the SEC ruled against Bitcoin ETFs, BTC lost almost 30%, but ETH grew by 200%.

On the other hand, most cryptocurrencies show a significant correlation with BTC. For Ethereum it surpassed 0.90 in some periods. We can expect ET2 to be correlated with Bitcoin to a certain extent, too. So for example, if a crypto whale suddenly places a huge sell order on Bitcoin and pushes the price down by $1000, all other coins — including 2Ether — can experience a price decrease.

In such a situation, miners will lose some of their income. They will sell the ET2 they mine but get a smaller amount of fiat money in return. At the same time, they will still have to pay for energy, hardware, and rental spaces in fiat. So their fiat revenue will go down, but their fiat costs will stay the same. If their profit becomes negative as a result, they might leave the market.

In 2Ether, we use an intelligent and efficient solution to this problem. The base price will be adjusted regularly depending on how the market price of ET2 changes. We use the following formula:

Price-adjusted Reward = Base reward*(last price/current price)

Every 30 blocks, our system will fetch the up-to-date ET2 price from Coinmarketcap. Since our average block time is 1 minute, this will happen roughly once in every half an hour.

For example, if the price was $1 and then fell by 1% to $0.99, the base reward will be increased by 1%. This way, the mining revenue will remain stable even when the price fluctuates. The miners will have a clear strategy:

- Sell their mined ET2 when the price is high to maximize revenue;

- Save their rewards when the price is low and then sell them when the price increases — they gain an additional profit.

We believe that this system is much more fair towards small miners, who cannot benefit from economy of scale. One of the main goals of 2Ether is to create a framework where GPU miners have a level playing field with big farms. The price adjustment of the base reward will help us achieve exactly that.

Web site —https://2ether.com/

Teletype —https://teletype.in/@2ether

Telegram —https://t.me/ether2support

Telegram chat —https://t.me/blockchain_2ether

Introducing 2Ether dynamic rewards

2019-11-07T11:28:16.980Z

We’ve covered lots of ground in our previous few posts. How Ethereum miners earn their rewards, how these rewards changed through the years, what the thirdening and the difficulty bomb mean, and how the recent reward reduction affected small miners — all this is basic information that any Ethereum enthusiast must know. Now we are finally ready to tackle the key issue: how 2Ether will solve the issue of falling rewards and the inefficiencies of the whole reward system.

In 2Ether, block rewards don’t remain fixed for months or years at a time. Instead, they are dynamic — they change in accordance with several factors. Once the system is fully implemented, every block will have its own individually calculated reward. This will take time, of course.

The overall architecture of dynamic block rewards consists of three parts:

1) Rewards are slowly reduced with time at certain block heights to curb inflation. This is known as the base reward.

2) On top of this, the base reward is currently adjusted by the market price of ET2.

3) Finally, each miner’s reward can differ depending on their hash power.

Let’s start with the base reward. In our upcoming posts, we’ll take a look at the other two elements of the dynamic reward architecture.

At first, we’ll launch 2Ether with a fixed base reward of 25 ET2 per block. Since our target average block time is 60 seconds, every minute 25 new ET2 coins will be produced. For a 24-hour period, this makes 60*24*25= 36 000 ET2.

The next key moment will come about 9 months after the launch. At this point, the 2Ether blockchain is projected to reach its block number (height) 388 800. The dynamic formula for base reward will finally kick in. This formula is partly inspired by the solution used by Monero. It looks like this:

Base Reward = ((Maximum Supply — Current Supply in Circulation)/(Maximum Supply)*(25+(Current Supply/15))

If it looks scary, don’t worry — we’ll unpack the formula in our next post.

The maximum supply is the maximum number of ET2 coins that can be issued. This value is set at 18*e14, or 18 with fourteen zeros after it. If it seems like an unimaginably huge number, think of this: Ethereum doesn’t set any limit to its supply at all! Potentially we can have an infinite number of ETH on the market. And as you know, when banks print new money, inflation speeds up. It’s the same with crypto: an infinitely increasing supply will eventually cause the price of the asset to fall. So we thought it wise to set a limit to our maximum supply.

The most important thing about the formula is that the base reward is completely predictable. For each block height, you can calculated how many ET2 there will be in the system and, therefore, how large the base reward will be. And while it will slowly decrease with time, it will always remain large enough to attract not just big mining farms but also independent miners.

This way, we’ll solve the first part of the Ethereum reward problem: how to ensure that inflation stays within limits and rewards aren’t cut too suddenly. In 2Ether, there can be no such thing as a thirdening or any other shock measure. The process will be very smooth and gradual.

Check out the official 2Ether website for detailed information. And don’t forget to follow us on Twitter!

Web site —https://2ether.com/