Best wallets for Ethereum & Ethereum Classic

Ethereum & Ethereum Classic wallets

Eric from Cruxpool Team

Eric

Cruxpool’s selection of Ethereum and Ethereum Classic wallets

It is very difficult to find a wallet that is perfectly convenient for us. Especially since the offer has become extremely large. That’s why we, at Cruxpool, have conducted our research and selected the best wallets for you.

What is a crypto wallet ?

But, back to basics, what is a wallet ? This is essential in cryptocurrency, because if you want to stock, transfer and receive coins. You must have a wallet. In the case of mining, the wallet will receive and store the payment from the mining pool. It’s like your bank account for cryptocurrency.

When you open a wallet. You will receive a wallet address. This is the equivalent of your bank account number. It uses the same process as a normal bank except that you do not enter your name or any other personal details. This wallet address will allow you to be identified when you receive or send cryptocurrency.

There are two types of wallets. There are physical wallets and dematerialized wallets. As their names suggest, one is physical taht you can hold in your hand while the other is dematerialized and is available on a computer, a smartphone, etc. There are also wallets that you can store, make or receive a transaction in only one currency, while others can contain several cryptocurrencies.

Our selection of dematerialized wallets

A dematerialized wallet offers an all-digital solution. This means that you access your account through a website, a web browser extension, a software on your computer, or an application on your smartphone. These solutions are the most common, but may be more often subject to security issues if you’re not careful enough.

My Ether Wallet

My Ether Wallet is a free and open-source online wallet. Created in 2015, by Kosala Hemachandra, MEW allows you to open an Ethereum wallet in which you can send, receive and of course stock your Ether during your mining. It is also possible to buy Ethereum directly from the site.

My Ether Wallet also exists as a mobile application, called MEWconnect. It is available on Google Play and App Store. The new version of the My Ether Wallet website (version 5) offers a redesigned, modern and intuitive interface. It is very pleasant to use or create a wallet. The same observation can be made for the MEWconnect application.

My Ether Wallet

The application serves as an account window, but also as a way to connect to the full version of your wallet on your web browser. Authentication is done through a QR Code scan. This makes your smartphone your new private key.

My Ether Wallet is also compatible with physical wallets, such as Ledger or Trezor.

PROS

  • Intuitive interface
  • Mobile application
  • MEWconnect identification
  • Hardware identification

CONS

  • No Ethereum Classic
  • No multi-coins
Cruxpool Robot

“My Ether Wallet is an interesting option thanks to their MEWconnect application and the redesign of their website.”

MyCrypto

MyCrypto is also a free and open-source online wallet. Created in 2015 by Taylor Monahan, MyCrypto lets you open an an Ethereum wallet but also an Ethereum Classic wallet where you can transfer, receive and of course stock your Ether and Ether Classic. MyCrypto also exists in software version, available on macOS, Windows and Linux. MyCrypto does not offer a mobile application.

The wallet offers a simple and intuitive interface. Creating an account is easy. You can authentify yourself with a keystore file, a mnemonic phrase, or with physical wallets, such as Ledger or Trezor.

MyCrypto

PROS

  • Intuitive interface
  • Hardware identification
  • Ethereum and Ethereum Classic

CONS

  • No mobile application
  • No other coins
Cruxpool Robot

“My Crypto is clearly a must-have in the ethereum wallet genre. Simple, effective and efficient.”

EXODUS

Exodus is a free wallet software. Available on macOS, Windows and Linux, it was created in 2015 by JP Richardson and Daniel Castagnoli. Exodus enables you to open a wallet that can store different cryptocurrencies in which you can send, receive and of course store your Ether and Ether Classic.

Exodus

Exodus

Exodus also exists as a mobile application, called Exodus. Available on Google Play and App Store. The software, as well as the application, certainly offer the best user experience in terms of interface. As soon as you launch the software or application, choose the coins you are interested in and an address will be created automatically.

On the negative side, your account is only available on the platform where you created it. You will not be able to connect your account to the software and the application.

Exodus is also compatible with the physical wallet, Trezor One & Model T.

PROS

  • Very intuitive interface
  • Mobile application
  • Hardware Identification
  • Multi-coins

CONS

  • Account available on a single platform
Cruxpool Robot

“Exodus is a powerful wallet with a very pleasant interface. It is multi-coin, which makes it a very interesting option for cryptocurrencies collectors”.

Jaxx Liberty

Jaxx Liberty is a free wallet. It is available as a Google Chrome extension, as a software version for macOS, Windows and Linux, but also as a mobile application, on Google Play Store. Created in 2016, by Decentral, a Canadian company managed by Anthony Di Ioro, Jaxx allows you to open a wallet that can store different cryptocurrencies including ETH – and ETC. You will be able to send, receive and of course store your cryptocurrencies.

Jaxx has a little bit more chaotic interface, but it is still readable and understandable. The software and application offer a news section that will allow you to have a press review of the world of cryptocurrency. Unlike Exodus, you can connect to different supports with the same account.

An important fact : Jaxx Liberty is not compatible with mining payout.

Jaxx Liberty Wallet

Jaxx Liberty

PROS

  • Accessible on many supports
  • Multi-coins

CONS

  • Not compatible with mining
  • Chaotic Interface
  • Hardware Authentication
Cruxpool Robot

“Jaxx is an interesting option because of its availability on many supports. However, if you are a miner, you must find another solution.”

Atomic Wallet

Atomic Wallet is a free wallet software, available on macOS, Windows, Linux, Debian and Fedora. It is also available as a mobile application in Google Play Store and App Store. Created by Konstantin Gladych, Atomic Wallet allows you to open a wallet that can store different crypto-currencies. You can make transactions and of course stock your Ether and Ether Classic. It is also possible to buy Ethereum and Ethereum Classic directly on the site.

Atomic Wallet offers an intuitive interface. Creating an account is easy, since you choose your coins, then an address will be generated. Like Jaxx, you can connect to multiple supports with the same account.

Atomic Wallet

PROS

  • Intuitive interface
  • Mobile application
  • Multi-coins

CONS

  • Hardware Identification
Cruxpool Robot

“The multi-coin and mobile application are the reasons why Atomic Wallet is an interesting wallet.”

Our selection of physical wallets

A physical wallet is a small object that keeps your information and accounts offline. This means that you can access to your account through your physical wallet. These solutions are the best in terms of security, but they are not free.

Ledger Nano X

The Ledger Nano X is the leading product of the French company Ledger. It is now the most advanced solution. It has an extended storage capacity, up to 100 applications. The addition of Bluetooth means that the Ledger Nano X can be mobile, thanks to the Ledger Live application. All this with maximum security.

If you want a high quality product that is mobile and can contain a large number of coins, the Ledger Nano X may be made for you. It costs 119 €.

Ledger Nano X

PROS

  • Extended storage
  • Bluetooth
  • Security

CONS

  • Price

Ledger Nano S

The Ledger Nano S is the predecessor of the Ledger Nano X. This version, sold in over a million copies, has been and still is a reference in the world of physical wallets. It has a slightly smaller storage capacity, since it can only contain 18 applications. Unlike its successor, the Ledger Nano S does not have a Bluetooth connectivity, but it is an equivalent secure solution.

If you want a device that contains a reduced number of coins and you do transactions at home, this device may be made for you. Its basic price is 99 € but with the arrival of the Ledger Nano X, it is now 59 €.

Ledger Nano S

PROS

  • Price
  • Safety

CONS

  • Reduced storage
  • No Bluetooth

Trezor Model T

The Trezor Model T is Trezor’s leading model. Featuring a touch screen, and an intuitive interface. The Trezor Model T supports a number of coins, including the Ethereum, ETH and the Ethereum Classic, ETC. However, it does not have Bluetooth connectivity, and it is required to plug it into your computer to make transactions.

If you want a high quality product with a touch screen, the Trezor Model T is eventually made for you. The price is 180 euros. If you want an accessible Trezor brand product, turn to the Trezor Model One.

Trezor Model T

PROS

  • Touch screen
  • Security

CONS

  • Price
  • No Bluetooth

Trezor One

The Trezor One is the predecessor of the Trezor Model T. It supports a number of coins, including the Ethereum, ETH and the Ethereum Classic, ETC. However, it does not have Bluetooth connectivity, and it is required to plug it into your computer to make transactions.

If you want a Trezor device with an accessible price. The Trezor One is made for you. It costs now 59 €.

Trezor One

PROS

  • Price
  • Security

CONS

  • No Bluetooth

After this article, you have enough information to choose the wallet that will suit you best. I hope you liked the article, don’t forget to share it.

Like and Share

Do You Like This Article ?
Spread The Word on Social Media !

more from cruxpool

looking for more content?

Enjoyed this article? You migh want to look at other articles we wrote

New Look, New Ambitions

New Look, New Ambitions

Eric from Cruxpool Team

Eric

After weeks of hard work and hundreds of coffees/tea cups, we are now able to present to you the new version of our Cruxpool Website.

A new website for cruxpool.

The project started back in March where it was just a very basic drawing shaped out of ideas we thrown out during brainstorming. Our priority is the experience of our users, so we wanted to address all potential problems our miners had on previous version of the website.

Among these, we tackle the issue of navigation through our pages. We added multiple elements that will clarify where to find the information you’re looking for (for example we developed new guides and tutorials, we added a quick access to an “expected earnings calculation” tool that will help you make crucial decision.

Module expected earnings Cruxpool

A whole new experience

The front page is basically a whole new experience as it features basic yet essential information, but more than that we added more navigation buttons that will lead you to the main crypto portals. We’re so excited to finally launch this website, and we are eager to read your comments about it.

More than just the issue of revamping the design, it was a tremendous opportunity for us to reshape our identity, our brand image and also our ambitions. It has also been a great moment for us to rethink some of our projects and what we wanted to accomplish with Cruxpool:

Over the last months we developed a much deeper understanding of what miners want and what they actually need. We want to our miners a platform that will help them and give them all the tools to make a revenue out of cryptocurrencies. It has to be simple, easy, safe and smart. This is the core ideas that drives us.

Let’s take you guys to a quick tour of our brand-new website. You may have noticed it, but we change our colors and branding in order to propose a better visual experience for you. Logo remains basically the same yet we added some new blue-ish colors and purple/fuchsia that is very trendy these days and that we loved. We also added a bit more hexagonal structures, it’s a bit common in the cryptocurrency world, yet we are very fond of the effect it has and it suits well our icons.

Cruxpool has now more tools

In terms of functionalities, we wanted to give you access to a module that calculates your expected earnings with Cruxpool. This is basically your net revenue with Ethereum for example, given the hashrate you provide but also the network difficulty. Pool fees and transaction fees are also included so this is truly what you earn at the end of the day.

Speaking of which, on this module you can easily switch between multiple formats: change the type of value (USD, EUR, ETC…) but also the period (Daily, Weekly, Monthly) This is a wonderful tool that will help you monitor your profitability on a daily basis.

As you can also see on the image above, we have added the basic information about the pool such as the pool Hashrate, the number of miners and workers etc. Plus, we’ve installed a quick access to a dropdown menu that reveals a more detailed view of the pools, and in particular the payout system, network difficulty … you’ll also find there everything you need to get connected to our pool, such as server ports.

On this table we’ve introduced three buttons that we thought would be very handy, such as

The command generator – this one will create for you the mining command to enter in your mining software.

A tutorial button – this one will lead to you to our Cryptomining guides. If you don’t know what to do to start mining a coin on cruxpool this is where you want to click.

A “Buy” button. For our French users, you may recognize the logo as it is “Just Mining”, our partner in this adventure, they propose a wide range of mining rigs at a very decent price, so we advise you take a look at them right now on this link

Still on this table, if you click on the coin logo, you will get redirected to the coin portal (image above). Let’s say you’re interested in mining Ethereum classic, you’ll be able to see all relevant information on this page below. Let’s go back to the front page for now.

Expert miner and already mining on Cruxpool?  Below the main table is the quick access bar that you’re looking for. Simply choose the coin you want to mine; enter a valid wallet address and you’ll be redirected to your dashboard. The dashboard has all the detailed information you’re looking for and remains your main source of data. We are currently working on a new user interface for this dashboard, so stay tuned for the upcoming changes!  

Subscribe to get more fresh content every month

One more thing, we’ve added a subscription module at the bottom of the front page. We are launching a monthly report, filled with statistics, news and updates but also some advice and tips for managing your crypto mining rigs. It’s free and its only once a month so don’t hesitate to subscribe for more fresh and exclusive content from Cruxpool. 

Like and Share

Do You Like This Article ?
Spread The Word on Social Media !

more from cruxpool

looking for more content?

Enjoyed this article? You migh want to look at other articles we wrote

Ethereum Classic: Atlantis Hardfork

Ethereum Classic Atlantis

Eric from Cruxpool Team

Eric

Cruxpool is up and ready for the hardfork

After months in testing stage, ETC hardfork will be deployed

You may have heard recently about the new hardfork that is prepared by the Ethereum Classic developpers’ team. Reminder: Announcement was made on June 19th that the it was in testing stage, and that the update was schedule for September

Read more: How Ethereum Classic was born?

While we were introducing Ethereum Classic to Cruxpool, we were already working on making it compatible with this new update. As of today, we have witnessed absolutely no problem with this hardfork and we are happy to announce that we are now 100% compliant to this update.

What is Atlantis all about?

If you don’t know what is a hardfork, it’s simply a major change in the protocol of a blockchain. For example, Ethereum Classic and Ethereum as we know them today are born from a common Hardfork.

This does not mean that Atlantis will create a separation between Ethereum Classic and a newborn cryptocurrency. On the contrary, the Atlantis update is designed to enhance the interoperability between Ethereum and Ethereum Classic.

The consequence of that is the creation of MET, a token deployed by ETC Labs and Metronome, that will be transferable between the aforementioned blockchains. In brief, Atlantis hardfork is a way for ETC to add EIPs to its core:

Will Atlantis Hardfork impact your mining?

Absolutely not. Nothing will change for our miners, and there are no updates to do on your side, we have done the work in the backend and that’s all there is to say about it. Also, there will be no impact on your earnings (expected or real) – so you basically have nothing to take care of.

Should you have any question, please do not hesitate to contact us.

Like and Share

Do You Like This Article ?
Spread The Word on Social Media !

more from cruxpool

How to mine Ethereum

Quick Start Guide

Eric from Cruxpool Team

ERIC

Here's our definitive guide to mining Ethereum and Ethereum Classic on Cruxpool !

How to mine Ethereum?

Welcome to Cruxpool, an Ethereum mining pool. Our mission is to provide you with the most efficient tools to mine on the Ethereum blockchain. This quick start guide will show you where you should begin your mining experience with Cruxpool.

Blockchain, Mining & Ethereum?

If you’re here, you probably know what the blockchain is all about. But just in case, you can watch these videos to get a general idea of how it works. What you need to understand is that Cruxpool is supporting the blockchain by gathering computing power that will validate the transactions happening on the blockchain, In order to encapsulate them into blocks.

This is where you play your part, by putting in common with other miners your hashrate i.e. your computing power.

Why Should You Choose Cruxpool?

PPS is pay-per-share system. In this configuration you are not depending on the luck of finding a block to get your reward in crypyocurrencies. This means you get a more stable and predictive income. Read more here.

A very low payout threshold means that you do not have to mine multiple blocks in order to get your payment. This participates to a better stability of your revenue!

Track all the data you need, in order to be informed on your mining activity, get a comprehensive view of your estimated and expected revenues, but also to check the performance of your hardware.

Our team is dedicated to your satisfaction and remains available for any questions. If you need support, we’ll be there for you!

STEP 1

Why and how to mine Ethereum?

When you mine a block, you become part of the blockchain process of verification of transaction, and you have a role in the creation of the new blocks. When a block is found there will be a retribution for your efforts. 

This reward consists in fraction of cryptocurrencies; that depends on many factors but once the job is done those cryptos will go to your wallet, and you can exchange them right away, let them take some value for future trading purposes, buy the cool stuff you want etc. You can then create a form semi-passive income!

What do I need to start mining?

A mining rig, which is  a combination of graphic cards that are optimized for crypto-mining.

A wallet, which will be used to store your cryptocurrencies. This is where we’ll send the rewards from mining with Cruxpool.

A mining software, in order to tell your mining rig what they have to do, and where they should connect.

Cruxpool, a mining pool that will be sending to your rig the jobs required by the blockchain. The pool will then send the rewards from mining.

If you don't have a rig, you first need to buy or build one!

Lucky for you, we have solutions for both cases. We have a partnership with JustMining a company that builds and sells mining rigs directly to you. We suggest you take a look at it, you’ll probably find something suitable for your budget! 

Learn how to build your own rig from scratch

In case you are more at ease with computers, you can buy on your own the components and start building the rig with your very own hands! Here’s a quick video that sums up all steps to building your own Ethereum or Ethereum Classic mining rig.

STEP 2

Your first connection to the pool

A. With Windows

Windows cannot recognize more than 4 graphic cards connected to a computer. In case you have more than 4 graphic cards in your computer, you need to have them recognized. For this purpose, go to the BIOS of your computer and look for the setting that will increase the number of graphics cards detected by your system

1. Install drivers for your graphic cards

Do not mix AMD + Nvidia graphic cards on the same rig!

2. Increase virtual memory of the card

Click on Advanced System Settings, then on Performance Settings. A new window will open and click on Advanced. Click on Change, uncheck the Automatically manage paging file size for all drives and then tick Custom size. You will have two unlocked fields. On the initial size field, put 16,000 and on the maximum size field, put 30,000

3. Disable Windows Sleeping Mode

4. Disable Windows Update

To disable updates, type Services in the search bar or Cortana of your Windows. Once you get to this page, look for Windows Update in the list of services. When you have it, right-click and select Properties, and then set on «disabled» on the Startup type.

5. Choose and install mining software

The mining software will allow you to configure your RIG. You can choose between several software programs such as Claymore for example. 

Once its downloaded, unzip the file and start.bat then right click and Edit, a text file should open. Enter the server address and your wallet address

If you prefer, we have created a command line generator that will automatically fill up the line to enter. It’s available on our website

B. With Linux

Download Ubuntu 16.04.

Then, put the ISO on a bootable USB. After preparing the installation support, install Ubuntu on the hard disk of your RIG.

Follow the instructions, and as soon as the installation is finished, the session will automatically open with Ubuntu. Remember to remove the bootable USB

1. Disable Lock Mode and Sleep Mode

LOCK : To change these values, go to Ubuntu settings, then to Brightness & Lock tab. Then, disable Lock and uncheck “Require my password when waking from suspend.”


SLEEP: To change these values, go to Ubuntu settings and then to Power tab. Then, set “Don’t suspend” to Suspend when inactive for”.

2. install and set graphic cards drivers

SOLUTION 1: LINUX + NVIDIA ONLY

Install SSH and package updates

Open Terminal with Ctrl + Alt + T

Enter following command:

Install Nvidia Drivers

Enter following command:

Then, press Ctrl + Alt + F1, it gives you a black screen interface asking you to log in. Then type these command lines:

Replace the «XXX» with the Nvidia driver update number

Then insert this line

SOLUTION 2: LINUX + AMD ONLY

Install AMD drivers

To install the AMD drivers, download the AMD GPU-PRO driver for Linux 16.04 Then enter following command

In case the last command does not launch, you must give permissions for it to run. To do this, insert this command line :

This may take time as drivers are downloading and installing. When the installation is complete, insert this command line :

Then install the ROCm component. To do this, insert this command line :

Last, insert this command line :

3. Install Claymore on Linux (AMD or Nvidia)

In order to mine Ethereum, you need a mining software. Download Claymore. We advise you to rename the downloaded archive, in our case we have renamed it claymore. Then insert these command lines :

Then, go to the installation directory and create a startup script with the following command lines:

A new window will appear and you will set up Claymore. In this window, choose your Cruxpool server according to your location :

Europe: eu.cruxpool.com

North America: us.cruxpool.com

Asia: asia.cruxpool.com

Then, put your wallet address in place of YOUR_WALLET. As for the other features to add to the software, check them out on our dedicated page. Once you have set up Claymore, press Ctrl + X to save and confirm with (Y)es.

Then, give the file permission to execute, using this command line :

Finally, launch mining operation using this command line :

STEP 3

Monitor data with our dashboard

In order to offer the best mining experience posssible to our miners, we have implemented a monitoring dashboard.

Your dashboard is the place where you can monitor and control everything. On the main page, you’ll be able to see your global hashrate, the number of active and inactive workers (=rigs). You can also check your real time balance and the last time you got rewarded. As you can see on the image below, we also added a chart that allows you to follow your hashrate over the last 24h.

When you click on the Statistics button, you’ll get access to a more detailed view of the main dashboard. This will allow you to control and monitor stat in one glance. 

The Hashrate box displays data on the computing power generated by your rig

The shares box, shows the number of share that you submitted to the pool. If you don’t know what a share is, check our article dedicated to the shares

The workers box is about rigs that are active or inactive. This will help you control is there is a disconnected rig that needs fixes or reboot for instance.

Eventually, the balance box is a summary of all payments and income you have with our mining pool

Scrolling down on the same page, you have access to the detailed view of ou active rigs. This will help you monitoring the performance of each worker more easily.

And by clicking on the rig name or on the search icon you can get the isolated view of each rig and control how much they perform and how much income they produce!

By clicking on Earnings, you will be able to check all data concerning profitability and revenue you get from your rigs.

Here you can see you current Balance, Expected earnings, Total paid amount since you started using Cruxpool, but also the individual list of all payments done

Like and Share

Do You Like This Article ?
Spread The Word on Social Media !

more from cruxpool

looking for more content?

Enjoyed this article? You migh want to look at other articles we wrote

What is Ethereum?

What is Ethereum?

Eric from Cruxpool Team

ERIC

A brief history of the project and its future.​

Cruxpool is an Ethereum mining pool that first only proposed ETH as part of our coin portfolio, and as we are about to propose new coins in the system, we thought it would be a nice idea to go back to the basics of this project!

1. From Bitcoin to Ethereum

We all know that Ethereum is a project whose birth was closely tied to the very existence of the Bitcoin blockchain. It indeed borrowed to Bitcoin the concepts of decentralization, distributed consensus and cryptographic proof-of-work. While Bitcoin still is the #1 top-of-mind cryptocurrency for miners and traders, the Ethereum project is considered as an evolution of this technology. For the analogy, Bitcoin could be seen as “the floppy disk of blockchain, while Ethereum is the CD”.

Vitalik Buterin, its founder-inventor, is the one who produced the concept and the white paper that goes with it. The idea behind Ethereum was to be more than just a cryptocurrency, hence the introduction of the concept of smart contracts and decentralized apps (Dapps). The technology was already there thanks to the Bitcoin environment. Buterin used that and enhanced its capabilities to an all-new level. Vitalik Buterin wanted his blockchain to be a multi-tasking tool with functions only limited by human creativity, and taking as an example the revolution that smartphones were, he said:

“So [what I did is] basically taking that same kind of [smartphone] idea of increasing the power of the system by making it more general purpose and applying it to blockchains.”

Banner_Article_WhatIsEthereum_history

About Smart Contracts

A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. 

If you want examples of smart contracts, how it works and what purpose could they serve, I suggest you take a look at our article “A brave new blockchain world” and see for yourself. 

2. How does Ethereum work?

Ethereum network can be viewed as a programmable blockchain on which you can create and run applications, smart contracts, create tokens, make transactions etc. The structure of that blockchain is, as we said earlier, very similar to bitcoin’s. They share the same idea that every transaction is available and public and stored in a great ledger for everyone to see.

3. Ethereum and Ethereum Classic

For a time, there was only Ethereum and its blockchain kept stacking. As we wrote earlier, the Ethereum network allows applications to run and execute certain types of contracts when they meet specific conditions (on a “IF/THEN” basis).  All of this changed when a decentralized organization that ran on Ethereum got hacked: the DAO (Decentralized Autonomous Organization).

In a nutshell, the DAO intended to provide a voting system to decide which Dapps would be founded. Users had to buy DAO token by using Ether. Holders of this token were voters and gave the approval required for funding.  This project raised more than $150 millions in Ether in just a month. Problem was this project was not secure enough, and this led to a massive hack (about 30% of the initial funds disappeared).

This caused a massive backlash within the Ethereum community, divisions of opinions and instability. This required to rework Ethereum, imagining a fork somewhere in the original chain in order to create a new viable and more secure chain. More than just that, it was a solution to get back the stolen $50 million. This division is what we call a “fork”. The Ethereum branch became the new chain, and Ethereum Classic the “original” and “immutable” blockchain of the Ethereum. Note that the vast majority of the community voted for and followed the Ethereum fork instead of the Ethereum Classic (ETC)

4. Moving forward with Ethereum.

After these events, another phase began and introduced several updates and fixes, but also major changes such as:

Tangerine Whistle: In order to make DoS attacks on low gas much more expensive and therefore less appealing to hackers (reminder:  gas is the unit of cost required to operate transactions on the network). This resulted in an increased gas price for some operations and make them more adequate compared to the computational complexity.

Spurious Dragon: Made to counter another type of attack. At that time, it was possible to create an account by transferring 0 ETH to an address. These accounts, although empty were still stored on the blockchain. Spurious Dragon intend to disable and remove empty accounts that were present on the blockchain in order to prevent any multi-account attacks using that breach.

Metropolis: Byzantium and Constantinople

At this stage, Ethereum operated with a proof-of-work concept and the idea was to switch to a Proof-of-Stake concept, step by step. To prepare for the transition, they began with a set of updates. Without going too much into details, there was for instance an update made to delay what we call the difficulty bomb. Within Ethereum, mining is set to naturally become harder and harder as the blockchain progresses, this is what we call the difficulty bomb, a peak in the complexity. Also, in order to optimize gas costs again, Ethereum founders planned more modifications and fixes.

More on scalability problems

https://github.com/ethereum/wiki/wiki/Problems#1-blockchain-scalability

5. Ethereum 2.0 aka Serenity.

To address the problems of the actual network, the last phase of Ethereum development include major changes in the code. These changes will be rolled out gradually within the next months and years. Ethereum should become more efficient, faster, more secure and scalable. It will for instance allow the platform to handle thousands of transactions per second. Here are some of these evolutions:

From Proof-of-Work to Proof-of-Stake

On the current form of Ethereum, validators of transactions are called miners. They lend their computing power to produced shares (link article) in the hope that it will become a block to encapsulate transactions and add it to the blockchain.

The concept that lies behind PoS is that the validation model virtually reproduces the mining process not according to the computing power, but based on the stacking of tokens. Validator that creates a block will have to prove he is indeed the owner of the stacked tokens. The more tokens he possesses, the higher the chance that he becomes a validator, and eventually get the reward.

The switch from PoW to PoS will not be abrupt, and thus it will require a smooth transition. To this end, the Beacon chain will be introduced in parallel to the current PoW chain.

Transition to beacon chain: “The Beacon Chain is a brand-new, Proof-of-Stake blockchain. It is the spine that supports the whole of the new Ethereum 2.0 system”. In brief, the key idea behind the beacon chain is to run and manage the PoS protocol on the network.

Beacon chain explained: https://www.mycryptopedia.com/ethereum-beacon-chain-explained/

The concept of Sharding

This concept basically means we split a large database into separate parts, called “shards”. This will address the problem of scalability by speeding up transactions and avoid apps from slowing down the network. As a result, validators will have to handle and store a much smaller amount of data and will require less power. This will undoubtedly slow down the need to upgrade often their hardware (which represents a significant cost, with major influence in profitability calculations).

This is a view of how Ethereum Blockchain will look like after the next updates.

Like and Share

Do You Like This Article ?
Spread The Word on Social Media !

more from cruxpool

looking for more content?

Enjoyed this article? You migh want to look at other articles we wrote

Why cryptocurrencies have a bad reputation?

Cryptocurrencies:
a bad reputation?

Eric from Cruxpool Team

Eric

March 11, 2019. CRYPTO is out on theaters.

 This movie is a thriller that pushes a crypto-laundering narrative and is basically about Russians mafia using bitcoin to fraud money. A lot of comments have emerged by crypto supporters, some of them feeling offended, some others amused by this depiction of cryptocurrencies. Although it may be a sign that crypto slowly introduces itself in popular references, it also shows that cryptocurrencies are in the collective imagination, “the money of the bad guys”.

As you learn more and more about the Blockchain and all its projects, you start to think “Why isn’t everybody using cryptocurrencies? It’s so convenient!”. Well as much as I like the idea of mass adoption, when I talk with friends about it, it doesn’t sometimes seem they’re ready for this technology.

The blockchain looks like the internet in the 90’s

Back in the 90’s, the internet introduced itself to the world. There were advocators that had already a blind faith in what it could achieve, and that truly believed it would change the world and its people. But let’s go back to 1990 for a minute: back then, it was hard to explain this concept. And you know that very often, people fear what they don’t understand.

More specifically  it’s hard for the people to trust a new technology like the internet when media tells you it’s possible to find out how to create a bomb, buy drugs and watch very explicit content. Also remember that the dot.com/internet bubble era fragilized the reputation of the world wide web.

Does this ring a bell to you? Yes, it does, because it’s the same bad reputation that cryptocurrencies suffer from: it’s all about hacking, fraudulent techniques, scams and buying illicit stuff from the Dark Net with bitcoins.

The blockchain is somewhat similar to this in the sense that it’s not easy for anybody to understand how this is working. At the present time, we’re still stuck in a position where we have to spend time explaining “what is the blockchain” and “why it is safe and secure” . We need to start pitching new projects, and new protocols and go forward with new applications and regulations.

We’re a not quite in a situation where it’s ready for mass-adoption, although it might change when giants such Facebook and Amazon will launch their coins.

“ Fear, Uncertainty and Doubt – or FUD - is generally a strategy to influence perception by disseminating negative and dubious or false information and a manifestation of the appeal to fear.”

Where does this reputation come from?

“Cryptocurrency is the money of the criminals”.

Although it’s quite inaccurate, it is not false to underline that illegal transaction occurs with bitcoin. Yet in fact, recent studies tend to show that illegal activity is no longer the dominant factor in cryptocurrencies. DEA agents claim “The ratio of legal to illegal activity in bitcoin has flipped…Now, illegal activity has shrunk to about 10 percent and speculation has become the dominant driver.” This goes against the popular belief that crypto are made for illicit transactions.

The most famous story that pushed this bad reputation is probably the one of the Silk Road created by Ross Ulbricht aka “Dread Pirate Roberts”. (If you don’t know the background of the Silk Road, I encourage you to read this.)

On the anonymous marketplace “Silk Road”, bitcoins were compulsory for any transactions. Although it was not entirely anonymous, it offered more discretion for buyers and sellers of the dark net. This case is among the biggest that proved to give bitcoin a rather negative reputation while in fact, it just happened to be the mean of transaction.

There are several others cases like this and it’s probably impossible to accurately state how much of bitcoin transactions are used for illicit activities. Yet truth is that we just need for more regulation and security. Remember that this is not entirely anonymous, the blockchain is public and all transactions are documented in the blockchain.

Today there are more and more procedures required in blockchain platforms (exchanges, wallets etc.). For instance we have KYC (Know-your-customer) processes.  KYC is “the process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship” so that “customers provide detailed due diligence information.

bitcoin from illicit activities have shrunk to 10%

“Cryptocurrencies are only about scams and frauds”.

A report from Satis Group highlighted the fact that 78% of ICO where identified as scams.

“On the basis of the above classification, as a percentage of the total number of ICOs, we found that approximately 78% of ICOs were Identified Scams, ~4% Failed, ~3% had Gone Dead, and ~15% went on to trade on an exchange.”

Another study from Boston College shows that 50% of blockchain projects were dead within 4 months of ICO. So, it seems true that the Investment frenzy probably did not do good on crypto reputation. But the fault should certainly not lie on the shoulders of the technology, but rather on those who backed these projects without using their common sense.

We can all agree that there’s a need for better business practices, in order to protect and inform investors better. Projects should demonstrate viability, legitimacy and sustainability. At the same time, investor should do their research and stop being delusional about the last “so called” revolutionary and disruptive crypto project they just heard about on twitter. (#HelloCryptoTwitter).

On top of that, from a philosophical point of view, it seems that nowadays people are much more interested in cryptocurrency and trading rather than interested in the blockchain technology itself. To me it appears that the perspective of making a fortune thanks to the “crypto el-dorado” ranks above the perspective of transforming our society and humanity. This maybe where the true problem lies. 

“It’s not a safe thing, I could be hacked”

There have been multiple occurrences of hacking related in the press the last few months. Most of the time when it appears in the media available to the general public, it feels like the crypto is not safe. Truth is: It’s tough to hack the blockchain. It’s the exchanges and the wallets that are unsafe because of their centralized characteristics. By extension, blockchain and cryptocurrencies suffer from this bad reputation.

There is a bit of a paradox in this because security is brought by the concept of decentralization (our article here). Yet for a better user experience we accept to put our trust in third-party platforms such as exchanges. These may put at risk the coins we stack there if thery’re not secure enough. 

It’s up to the users and participants of the blockchain to be able to put in safety their private and personal keys, use 2FA procedures. Also they have to be more responsible and do a bit of research when they choose to trade/exchange on a specific platform.

Cryptocurrencies: how to build trust and confidence?

To me there’s a bit of controversy and confusion, because it’s easy to forget that crypto is not fundamentally illicit, it’s the people that can use them badly. This is only a matter of reputation, image, and branding. Cryptocurrencies are not “bad” in essence.

 I remember reading an article explaining that more than 80% of dollar bills in circulation in the US had traces of cocaine (among other things) . It’s not because bills have been used for illicit activities that the money in itself suffers any form of prejudices. Nevertheless, think about it: money, credit card, ID’s can be stolen, your accounts can be hacked yet you don’t stop using these means of payments, you are covered by insurances etc. I believe that only the progressive introduction of bitcoin, ethereum (and others) into our daily lives could help increasing the positive opinion in the general public.

The paradox is here for me: the key to mass adoption … is mass adoption. In order to get to the point where you have trust and confidence in such payment methods, everybody needs to start using it. I read somewhere:  “Once we have integrity in the technology and the trading process then markets will be much safer.”

Having good regulation and diligence is the responsibility of every actor of this industry, because I doubt cryptocurrencies will at some point stop being the target of scammers and people who wants to make money out of other users by deceitful techniques. But as we are leaning towards more security and better understanding of how it works, fraud should be more easier to monitor. Criminals thought they would become untraceable, invisible to the system, which is not true. A 2018 study showed that digital forensic experts working on cybercrime and are able to identify criminal entities judging by their pseudonymous behaviors and link them to real-life identities. Always remember that most blockchain projects are public.

Matt Bisanz, financial services regulatory and enforcement associate at Mayer Brown:

“We still have to put more in place to build confidence, where crimes are rare or have little effect on the consumer. When you get your credit card stolen, you don’t stop using it. It has low impact. Until crypto gets to a similar level, where people are not losing these sums of money, there will always be a question mark.” 

(https://www.raconteur.net/finance/cryptocurrency-restoring-reputation)

What's next for cryptocurrencies reputation?

I truly believe in the power of the blockchain to transform our society for the better. But even though mass adoption does not seem to be for tomorrow just yet, it’s getting closer and closer. It’s our job, as a community (of miners, traders, businesses, enthusiasts) to collectively prepare and enforce the regulations, rules and best practices we need for a safer use of blockchain technologies. We need to help general public to understand that behind the cryptocurrencies, there is a project. We need them to know what can be achieved and we have to propose mature projects instead of “super hype altcoins” that makes no sense. When people will realize all the possibilities and feel more comfortable with this technology, blockchain will get to the next level.

.

Like and Share

Do You Like This Article ?
Spread The Word on Social Media !

more from cruxpool

looking for more content?

Enjoyed this article? You migh want to look at other articles we wrote

Infographics: A Brave New Blockchain World

A brave new blockchain world

Eric from Cruxpool Team

Eric

A brave new blockchain world

Many miners and traders are simply viewing cryptocurrencies and blockchain technology as a mean of creating some income and possibly earning some big numbers. Althought it’s not false, there’s so much to that. We firmly believe that blockchain has the power to transform in a positive way our society. Here is a non-exhaustive list of real-life applications to the blockchain technology.

Buy,sell and exchange

Digital security and identity

Imagine being able to buy and/or sell anything, anywhere in the world, with the same currency and with 100x smaller fees. Moreover, this would prove to be much more secure because all transactions would be verified by the blockchain system and encrypted into blocks that can be verified!

Think about it: transforming all your ID’s into hash-coded numbers so as to make identification and authorization processes faster and more secure. This would lead to much less identity fraud and theft, and less data breaches.

Including: Passports, Birth Certificates, Wedding Certificate, Identity Cards, ID on the web.

Blockchain in Business

In the manufacturing sector: companies could keep track of every item they produce in order to fight hazardous counterfeits and ensure high quality and transparency of their products.

Plus, with blockchain technology,  customers could get all the provenance details of their goods, without having to trust a simple packaging or “made in xxx” label!

Including: Luxury goods, Food, Pharmaceuticals

Support functions such as marketing, sales and finance could benefit from the power of the blockchain.

– Develop their very own smart contracts for customers (commitments, loyalty programs etc).
– Make payments more easier, faster, secure.
– Develop an all-new form of tokenized advertising methods that are more ethical and fair to the customers.

Traveling, Tourism

Healthcare

You wouldn’t have to change money or be impacted by any change fees. Go anywhere you want without the difficulties imposed by fiat money.

Moreover, ticketing system and booking would become much faster and more secure. It would be easier and 10x faster to get a refund with smart contract when a transport is canceled.

Gather all your medical data and records inside the blockchain and track any operation, vaccine, treatments plus all the medical history of your parents and grandparents.

On the other hand, you could also manage all your healthcare contracts, private life insurances and data with such a system.

Media & Entertainment

Government

Blockchain and smart contracts could benefit all content creators wether it’s about music, film, videos, books etc. and create a fairer deal between creators and consumers.

Also we could  see the emergence of in-game crypto-economy. Imagine having some specific and unique items that nobody else could have except you.

With Blockchain, electronic voting could be done within minutes and with the assurance that it is secure and impossible to falsify.

On top of that, this could also be applied to all forms of elections, votes, referendum that usually costs a lot to governments. It would become easy to replicate more often and for next to nothing in terms of finance.

Here's a little infographic that sums up the article, feel free to share it on the web!

An infography that represents blockchain applications to the real world
Like and Share

Do You Like This Article ?
Spread The Word on Social Media !

more from cruxpool

looking for more content?

Enjoyed this article? You migh want to look at other articles we wrote

Discover our mining command generator

Discover our mining command generator

Eric from Cruxpool Team

Eric

If there’s one thing we’ve learned recently through discussions with our first customers, it’s that they want a mining pool that allows you to set up things nice and easy.

What does this mean?

At the time of this article, crypto mining literature is not dense and properly organized. You will find many articles here and there, but it’s sometimes quite difficult for newcomers to start mining cryptocurrencies. They need to go through a jungle of technical processes and manipulations in order to start their activity. What we aim to do with Cruxpool is facilitating mass adoption, and make it simpler for anybody to mine.

How to connect to a mining pool?

If you want to connect to a mining pool, you will need to go through your computer and enter a command like this inside your scripts: EthDcrMiner64.exe -epool eu.cruxpool.com:5555 -ewal xxxx -eworker xxxx -epsw x -mode 1 -etht 100 -gser 2

This will indicate to your rig at what pool it should connect, and to which wallet the coins should be transferred. If you don’t know how scripts work and how to handle this whole part, I suggest that you start by reading these resources:

How to write scripts:

Linux http://linuxcommand.org/lc3_writing_shell_scripts.php

Windows:  https://www.tutorialspoint.com/batch_script/

How to connect to a pool:

Claymore > https://www.cruxpool.com/help/how-to-mine-with-claymore/

Ethminer > with Ethminerhttps://www.cruxpool.com/help/how-to-mine-with-ethminer/

Phoenix miner> https://www.cruxpool.com/help/how-to-mine-with-phoenix-miner/

What’s the Command Generator?

This tool allows you to generate a basic command line to connect your server to Cruxpool through the main mining software. Although we have a basic configuration tutorial, we thought that this could confuse the novice miner. This command generator will create the command line for you, simply copy and paste the command line on your bash (Linux) or batch (Windows) file or directly on the terminal.

mining command generator from Cruxpool

If you want to know more about this feature and how to connect to our mining pool, please do not hesitate and leave us a comment in the section below. Or you can join our Discord here

Like and Share

Do You Like This Article ?
Spread The Word on Social Media !

more from cruxpool

looking for more content?

Enjoyed this article? You migh want to look at other articles we wrote

UPDATE! We are now compatible with NiceHash!

NiceHash Compatibilty

Eric from Cruxpool Team

Eric

UPDATE! We are now compatible with NiceHash

Attention to all Miners!

The question of decentralization is closely related to crypto currency and blockchain as it is one of the main goal of those technologies. However, at different periods of time during the last decade, this vision has been challenged by several actors such as mining hardware provider, mining pools or other entities.

NiceHash cloud mining logo

Very good news to share today since we are now fully compatible with NiceHash!

What, you don’t know what NiceHash is? Ok time for a quite tour of their services.

NiceHash is simply the largest open marketplace that is specialized in crypto mining. On this platform are connect all the people who wish to sell or rent hashing power.

For example, if you don’t have a rig for GPU mining, and you don’t feel like investing in it, you may start with renting the power of other miners. On the other side, if you have some rigs available that aren’t enough to mine by yourself, you can find a second life to your machines (hint: even a regular computer with a decent GPU can be rented)

Biggest upside to this system, is that you don’t need any technical skills, you simply log in, make your order, enter the pool’s logs and there you go.

Below, a chart that represents the whole process, you can find the original graph here

GIF NiceHash

Also, we made a quick start guide to help you configure your NiceHash compatibility with Cruxpool!

Like and Share

Do You Like This Article ?
Spread The Word on Social Media !

more from cruxpool

looking for more content?

Enjoyed this article? You migh want to look at other articles we wrote

PPS+ Vs PPLNS? Explaining the differences

PPS+ Vs PPLNS

Eric from Cruxpool Team

Eric

PPS+ Vs PPLNS Explaining how it works

We often proudly advertise our PPS+ system, and I know it’s hard to explain briefly what it’s all about so I thought I could write these lines to help you better understand all the shenanigans behind the concept of “shares”

Pay-Per-Share system

When we talk about the mining process, most people imagine that the computers are solving incredibly hard equations in order to mine a block. Truth is, a big part of it looks like a gambling game at the casino. Imagine that miners are like people around a very large table, rolling dice every second in order to find the correct combination of numbers. They need to win the game (eg. Finding the block) 

If you’ve read other articles and guides over the web, you may now have a substantial understanding of how the blockchain works and that’s a very important first step (and if not, I invite you to read this).

There are multiple mathematical implications that I will not dwell on for readability purposes, but basically, in order to add a block to the chain, miners have to find a solution to a problem submitted by the blockchain. Mining pools send the jobs (i.e. the problem to solve). Miners that will accept the task and “start rolling the dice”. Determined by their hashrate, which is the number of solutions miners are able to test per second, they will try to submit a potential solution.

This solution might be a block, because it is the correct answer to the problem, or it might not be, and then it’s what we call a share. It has the format that the answer requires, but it’s not what the blockchain will accept to form a block and integrate the transactions with it.

What is exactly a share?

When we talk about the mining process, most people imagine that the computers are solving incredibly hard equations in order to mine a block. Truth is, a big part of it looks like a gambling game at the casino. Imagine that miners are like people around a very large table, rolling dice every second in order to find the correct combination of numbers. They need to win the game (eg. Finding the block) 

If you’ve read other articles and guides over the web, you may now have a substantial understanding of how the blockchain works and that’s a very important first step (and if not, I invite you to read this).

There are multiple mathematical implications that I will not dwell on for readability purposes, but basically, in order to add a block to the chain, miners have to find a solution to a problem submitted by the blockchain. Mining pools send the jobs (i.e. the problem to solve). Miners that will accept the task and “start rolling the dice”. Determined by their hashrate, which is the number of solutions miners are able to test per second, they will try to submit a potential solution.

This solution might be a block, because it is the correct answer to the problem, or it might not be, and then it’s what we call a share. It has the format that the answer requires, but it’s not what the blockchain will accept to form a block and integrate the transactions with it.

- So, you’re telling me that share are invalid solutions, and that they’re useless?

Not so fast! You may think it’s pointless for all these rigs to generate heat day and night to produce solutions that will have no value at all! It is true that, unlike blocks, it will not generate any form of coin retribution to simply submitting share. Yet their value is in the validation that every miners were part of the solving process. The fact that the pool is able to see the shares that are submitted means that we know who’s been working hard to find the block. This is one of the core ideas of the Proof-of-Work system (PoW). In a world where only valid solutions that are block would be submitted, we could not verify who’s been participating to the “general effort”.

What is the PPS+ System?

Now that you perfectly understand the notion of share, it’s time for us to take a look at the payment system that we use on Cruxpool: The PPS+.

If you don’t know what PPS stands for, it means “Pay-Per-Share” . We basically pay you for every share that you submit. Now you know that a share might not be the solution that will mine the block,  your payment may rely on the luck of finding a block. (For instance in payment systems, such as PPLNS).

If we use again the metaphor of rolling dice, imagine that all miners are playing at the same time in order to get the right number that will get us to the block. Miners that are regrouped inside a pool are playing together. Doing so, they increase the chance of finding the right solution because they have more attempts at finding the right combination.

- I just don't quite get it ...

For instance, take a pool with 10 miners and another pool with 1000 miners. Let’s say for the sake of understanding that each miner can “roll the dice” once every second.

Within 15 seconds, Pool A would have rolled the dice 10*15=150 times.

Pool B would have rolled the dice 1000*15= 15000 times.

Pool A could be lucky and find the solution before the others but Pool B has statistically more attempts, ergo more chances, of finding the right number, finding the block and get the reward.

Since the block time is, in an Ethereum environment, about 15 seconds the pool with 1000 miners will have much more opportunities to roll the dice compared to the first one.

- Does this mean in a PPLNS I will never get paid?

Well it’s more complex than that. PPLNS system is somewhat a lottery system. You and your fellow miners submit your shares to the pool, and once a block is found, you’ll earn a reward up to the percentage of shares you did submit to find it.  It is not a “bad system” per se, it’s just that it made to reward loyal miners that stay together and in the same pool to execute the work rather than people who would switch every time from a pool to another one. Downside is that when it takes time to find a block (because every pool competes against each other in this game), it may have an impact on your revenue share by this lack of luck, so to speak.

Let’s go back to the PPS+ System:  Here’s a little drawing of how it works:

A set of graphics to show PPS system in ethereum blockchain

In a PPS system, you simply get paid for every share you submit, it's that simple!

What is the PPS+ System?

If you’ve read the article so far (first congrats, you’re a tough one), you understand that relying on luck could be a bit more frustrating for miners when a block can’t be found.

We have decided that we didn’t want our miners to be impacted by any form of luck. And that’s because we consider that once they submit a share, they should be rewarded for being part of the pool. A principle we have at heart is the idea of building a real community of miners, and help them getting some form of complementary income that will not depend on whether we find a block or not

Cruxpool simply took luck out of the equation.

The upside of this system is that you get a more stable payment scheme.

If you want to know more about our mining pool, please do not hesitate to go to our main website page, or join our discord and please feel free to ask any questions you want.

Like and Share

Do You Like This Article ?
Spread The Word on Social Media !

more from cruxpool

looking for more content?

Enjoyed this article? You migh want to look at other articles we wrote

Crypto mining: Start with the why?

Crypto mining: Starting with the why

Eric from Cruxpool Team

Eric

I see a lot of articles and guides here and there on the web about what cryptocurrencies to mine at what time, depending on the market cap, hashrate network and profitability. But there’s always one question that seems to be left out by everybody: Why are we even mining? Why should we all be part of the mining environment? And more importantly: Why should YOU start to mine right now? (and by preference, with Cruxpool right?)

The financial upsides of cryptocurrencies:

Making money is attainable for anybody with a decent graphic card

When you mine a block, you become part of the blockchain process of verification of transaction, and you have a role in the creation of the new blocks. Of course, you do not this out of pure sympathy and kindness, there will be a retribution for your efforts (well, mostly for your computer’s effort so to speak) and you will be granted a fraction of the reward from finding a block (in a classic PPLNS system, which is different from a PPS system like Cruxpool where you get rewarded more often)

This reward consists in fraction of cryptocurrencies; that depends on many factors will talk about in a later article. But once the job is done those cryptos will go to your wallet, and you can exchange them right away, let them take some value for future trading purposes, buy the cool stuff you want etc. It is worth something and depending the country you live in, it might also worth a LOT!

Cruxbot with mine and wagons

Buy, sell, and change money anywhere on this planet

The notion of boundary and frontier becomes blurred thanks to the use of cryptocurrencies. Sure, you can accumulate loads and loads of crypto on multiple wallets here and there. But then what? What’s the point if you are not really well-versed in the world of trading (Psst! Here’s a quick guide to help you get comfortable with trading basics), well why don’t you simply use these cryptos?

Imagine a world in which you can buy in bitcoin everything from your latte macchiato in NYC, while you buy a brand-new camera on a German website, book an all-inclusive stay in Japan over the summer. And all of this without the change and transaction fees we know.

Create a passive income with crypto mining

You’ve been reading Tim Ferriss’ 4-hour workweek and you dream of creating passive income scheme in order to help you find the money you need to travel the world or support your family?  Well good news!  Crypto mining is actually a good fit for your plan. 

In exchange of a starting investment (whether it’s a rig, an asic or via cloud mining on NiceHash for example) you get a ROI quite rapidly without having to do anything, since your computer is doing all the complex work. You simply need to monitor a bit for the performance, and expected profits: which would be less time-consuming than managing your standard dropshipping business!

A deeper and more social perspective for cryptocurrencies:

Mining crypto is about being part of the blockchain’s construction

NOTE: If you don’t know how the blockchain works, I encourage you to take a look at this video from the Centre for International Governance Innovation 

You see, I picture the blockchain as the next great revolution after the internet break in the 90’s, because it has the power to transform the way we interact with each other, make transactions, access and verify information, and this without having to place our trust with a third party we know nothing about.

Miners are at the center of this system, because they become a part of the decentralization, of the verification process and of course they are the one who share their hash power in order to create new blocks that will be added to the chain. The blockchain is tied to the mining activity. Could this mean that “the more the merrier” can be applied to this principle?

One thing is for sure, the more miners we are, the more secure the blockchain will become. This could decrease the chances for 51% attacks.

Crypto mining is a mean of supporting the idea of decentralization

Mining Cryptocurrencies is all about being part of a system that aims at more decentralization.

I might seem to be some sort of unattainable utopic ideal that we could live in a world where banks and uber-structures would not have control over our finances – especially when you live in a country where the state money is stable and strong – yet ask someone living in developing countries where their money is devaluated, consequence to a major crisis of uncontrolled inflation. They would tell you that when they need to buy something like a coffee they would be glad to have cryptocurrencies.

I am not preaching for anarchism right here but we all know that money depends on the nation and central banks, and that it is their mean to support their credibility but that also forces upon us their sovereignty. Nonetheless cryptocurrencies could be a valuable mean of reappropriation of purchasing, and stop being impacted by unwanted inflation. Of course, cryptocurrencies are not in a state of maturity at the present moment, and some major issues prevent this technology to be adopted by the greater number, for instance the question of environment should be raised in order to gain scalability without having a huge negative footprint over Earth, but crypto currencies have, without a doubt, a game-changing potential.

Like and Share

Do You Like This Article ?
Spread The Word on Social Media !

more from cruxpool

looking for more content?

Enjoyed this article? You migh want to look at other articles we wrote