Ethereum wallet: Building a Decentralized Utopia

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Ethereum essentially, has eliminated the need for the middleman. Based off blockchain technology, it provides developers with the platform and base work to build and eventually launch their decentralized technological applications. Blockchain technology was made famous by Bitcoin, as its application was used to enable peer to peer electronic exchange of digital currency, but this technology has a different application process in Ethereum wallet; rather than being employed as a means of process, this technology is enabling users of Ethereum to model applications to carry out processes through the creation and programming of smart contracts. Ethereum’s blockchain is geared towards running the code of decentralized application through smart self-executing contracts, and on Ethereum these can come in the form of technological applications, programs or sites that are programmed to run independently, thereby eliminating the need of a middleman, as well as commission, any sort of censorship, fraud, tampering or corruption.

Ethereum Wallet’s Decentralization

Ethereum wallet's blockchain eliminates the need for a middleman.

Ethereum wallet’s blockchain eliminates the need for a middleman.

There is still currency on Ethereum, and this currency comes in the form of the crypto token that exists in a smart wallet (a downloadable application), but application developers also use Ether to pay for services and fees on that network. Within Ethereum wallet, the user can create their own type of digital token that can be used as a representation of any sort of asset, currency, or anything of value. By using standard coin API as well as templates for developers, Ethereum enables its creators’ currency to be compatible with other applications, contracts, smart wallets and more. As such, just in the realm of online currency, Ethereum enables tradability across platforms of currency.

Ethereum's Mist applications allow developers to create their own tokens.

Ethereum’s Mist applications allow developers to create their own tokens.

The goal of Ethereum wallet is more than just trading however, its distinctiveness and innovation lies in the idea of a service, company or community that is not controlled by any single entity. For those in fear of a 1984 Big Brother come to life, or the rise of a dystopia run by malevolent corrupt officials, in Ethereum lies their hope for a utopia governed by the people, for the people, with the people’s interests at heart. Although Ethereum may not have transcended such technological boundaries so far and has not made its way into the current systems and communities, it has extended so far as into virtual realities with living players. Etheria, a virtual world similar in concept to Minecraft, in which players can harvest materials from tiles to create their world, was made through Ethereum blockchain. With no single owner, Etheria is decentralized and running on Ethereum, with the players in the network in charge of the virtual world and the game. The rules, the world, everything in Etheria is created by the participants. There is no worry of any sudden redevelopment of the world’s interface, drastic unexpected changes to the game or even the developer shutting it down. The players have the world in their hands, literally.

Real World Contracts with Ethereum

Taking this one step closer into the real world, Ethereum can also be employed to increase transparency in associations with a desire for democracy in decisions made by employers and shareholders. With an Ethereum contract, associates are able to submit proposals and have them processed by the autonomous programmed entity that is the contract. The voting process will thus be untainted, transparent and immune to other influences. These operations that are often tinged with corruption from power struggles or bribery will now be honest and efficient, while still being all inclusive.

Ethereum is incredibly democratic.

Ethereum is incredibly democratic.

Moving with exclusivity, Ethereum run social media sites appeal to supporters of the free speech movement. With applications such as Instagram being chastised and criticized for its constant censorship, or even its copyrights to pictures posted, some artists have taken to other avenues, finding fault with the community guidelines and terms of service set up by these company run sites. Ethereum supports such artists and their avenues, with platforms that aim to broaden, enhance and improve on the artists’ prospects and avenue of displaying and selling their art. As a cooperatively run community, there is no one user to lay down the law of the land.

Ethereum Wallet Social Media Development


With the increase of the popularity of social media, we live in the day and age where online trading, purchases and investments are commonplace, yet fraudulence, catfishing and scamming still runs rampant. Ethereum thus banks on the wavering trust between parties in transaction, helping to alleviate this frustrating facet of dealing with an unknown second party in instances such as crowdfunding and kickstarting. Instead of worrying when or if the funded project will ship, or if the whole project is run by swindlers and scammers, Ethereum’s contracts enable an automated control of the funds received, where the contract holds the funds until a given date or threshold goal, and depending on the development, funds will either be released by the contract to the project owners, or returned to the contributors. With Ethereum involved in this crowdfunding process, the need for trust is eliminated and any sort of commission, service fee or prolonged procedure is unnecessary. The entire process is streamlined, efficient, corruption-free and self-executing.

Crowdfunding Ethereum

Crowdfunding allows anyone, including venture capitalists to fund Ethereum projects.

Crowdfunding allows anyone, including venture capitalists to fund Ethereum projects.

Any transaction involving assets and funds always garner suspicion, especially when it comes to channeling funds into projects or entities. Ethereum wallet has been used as a way for small businesses in Africa to gain funding, promoting growth. Instead of worrying about the outcome or the destination of funds lent, the developers have programmed the contract such that money loaned to this bank of funds are converted and distributed to the businesses through this developed transaction system. Through this, the owners of the small businesses are empowered through this financial aid, and change across Africa at the grass roots level is supported. The funds go directly to the business owners, and with the removal of the middleman, it garners an environment of trust and security.

The possibilities for the programs that can be run by Ethereum are endless and beneficial to many aspects of various communities. Ethereum appeals to the paradoxical cynical yet hopeful facet of human nature, that rejects the notion of corruption and selfishness that lies in the pits of the human heart, while dreaming of a selfless, pure, efficient utopia.

Bitcoin Wallet’s Capital Controls

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Part of the joy of Bitcoin in the first place is the fact that this is a currency that is able to transcend national boundaries and a good portion of the regulations that exist there. However, this is not always going to work out in practice. Some countries are restricting and regulating Bitcoin, down to a person’s Bitcoin wallet. Bitcoin is actually not regulated in many countries, so the dreams presented by this crypto-currency are still being realized in many areas.

Capital Controls with Bitcoin are described in this guide.

Capital Controls with Bitcoin are described in this guide.

However, people should be aware of the fact that there are lots of countries with capital controls on Bitcoin wallets and all sorts of other regulations that might hold people back from using Bitcoin. Bitcoin users have a tendency to be very resourceful at the best of times, of course, and finding a way to succeed at Bitcoin mining even in a country that has a lot of regulations might be something that many of them will try. However, they should know about the various obstacles and legal barriers in advance.

Capital Controls in Bitcoin Wallet Friendly Countries

Professional Bitcoin miners are fantastic.

Professional Bitcoin miners are fantastic.

It should be noted that there might be capital controls on Bitcoin, but that does not always mean that there will be outright Bitcoin bans. In fact, some places that have controls on Bitcoin still have a lot of Bitcoin users with their own the best Bitcoin wallet features and the will to use them. Even Bitcoin friendly countries are going to have some restrictions on the contents of a person’s Bitcoin wallet in many cases, complicating things even further. People should not assume that just because a country is regarded as Bitcoin friendly it means that they are not going to have to deal with all of the potentially complicated regulations presented within their borders or between their borders.

Professional Bitcoin miners are going to be subjected to the self-employment tax in the United States, for instance. This is the sort of thing that is going to bother a lot of people, especially since the self-employment tax can be staggering in the case of people who earn a lot of money independently. The United States is always going to be a complicated country to do business in legally because the laws will vary so much from one state to the next. The Bitcoin and Ethereum laws in one state are going to differ from the Bitcoin laws in another state in some cases, since Bitcoin licensing matters are going to be left to the states legally. Still, people who want to use the best Bitcoin wallet are going to have an easier time if they are working in the United States compared with many other countries.

Countries Unfriendly to Bitcoin Wallet

Iceland

In Iceland, electricity is very cheap for Bitcoin!

In Iceland, electricity is very cheap for Bitcoin!

Denmark, Finland, and Sweden are wonderfully Bitcoin friendly. However, the culturally similar nation of Iceland has not really joined them as of yet. This is a country that has legally forbidden any and all trading operations using Bitcoin currency. There are actually local crypto-currencies in Iceland, which suggests that this situation might change in the near future. They might be more friendly to these sorts of currencies than they appear to be initially. Still, for the time being, the people who are hoping to get the same experience in Iceland that they get in Denmark, Sweden, and Finland are going to be out of luck in many cases.

Japan

Most Bitcoin wallets do not exist in Japan, because of regulations.

Most Bitcoin wallets do not exist in Japan, because of regulations.

Many East Asian countries are expanding when it comes to Bitcoin. South Korea is one of the most Bitcoin-friendly countries in the world, and they are quickly becoming a center for Bitcoin trading and Bitcoin conferences. However, even though Japan is at the forefront of a lot of technological innovations, they are still regulating and restricting Bitcoin in a way that is holding them back in this instance.

Bitcoin is taxed in Japan. Anyone who buys Bitcoin is going to have to pay a consumption tax of around eight percent, and that is going to create a situation where a lot of people are going to cut into their Bitcoin investments. Japan has a number of financial regulations that have been officially designed to protect people working within digital currency exchanges. However, in practice, this means that a lot of people who have their own Bitcoin wallet features in use are going to end up facing a lot of restrictions on their spending and buying ability. Japan is another country that probably will change at some point, possibly in order to successfully compete with South Korea in the marketplace, and possibly due to its own reputation for being at the forefront of technological progress. Still, anyone with a Bitcoin wallet is not going to be in an ideal position in Japan at present.

China

The fact that China is not Bitcoin friendly should not come as a surprise to most people. This is a country that still has a lot of restrictions on Internet use and a lot of other things that people in other countries take for granted. Bitcoin would really not fit in with their overall picture by this point. Crypto-currency is not even recognized as a means of payment in China, so this is certainly not going to be a place where people can use their Bitcoin wallet features.

If there is a stock exchange crisis, Bitcoin owners and users are not going to be protected in China. Banks are not going to accept the contents of a user’s Bitcoin wallet. Using Bitcoin is just not going to work in China. In some ways, this makes China a country that just isn’t enabling the development of the Bitcoin trend at all, as opposed to a country that is allowing its use but with restrictions. Bitcoin is not actively forbidden when it comes to private use in China. People are still going to be able to exchange the contents of their own Bitcoin wallets and they can still technically make deals with foreigners. However, China is not a Bitcoin friendly society. This is a culture that seems to be regulating Bitcoin almost through omission.

New Paycoin Wallet Update 0.3.0.0 Download Now

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Paycoin wallet version 0.3.0.0 is now ready for download.

Mandatory Update

This is a Hard Fork. ALL USERS MUST DOWNLOAD NEW WALLET.

Cryptsy and Bittrex will be following the new chain.

This download allows us to have the code in place for the new prime bidding to begin around July 1.
And also removes all current prime codes from existence on July 1.

Please go now and DL your new Paycoin wallet.

The Mac version is not ready yet but should be shortly

Please email support if you need any help mailto: support@paycoin.com

 

PayCoin Online Wallet is Closing

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The PayCoin Foundation has decided to discontinue online wallet service and will be closing at 9pm EST on May 8, 2015, giving coin holders two (2) weeks to move all XPY to their desktop wallet or other wallet services available.  All withdrawals will be manually processed by support staff.  Any balances remaining in web wallets after shutdown on May 8 will be donated to a charity.  Online wallet services hosted by the PayCoin Foundation can no longer be sustained due to the constant threats in security.  The resources, both financial and developmental, that are necessary to fortify and maintain the system are not currently available.With this transition, we want to focus on helping people connect with and understand crypto currency better. Instead of being disconnected from how everything works by using the managed wallet online, we want to help empower people new to desktop wallet use by helping them through this process and teaching them how to use desktop wallets.  Our support team will continue to be available for any assistance needed and will also be introducing a live chat support option. Additionally, we will be exploring development for a custom Raspberry PI Web Interface for wallet set ups.
Instructions for downloading the desktop wallet and the wallet download can be found here.

Releasing Paycoin Wallet Update – Version 0.2

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The Paycoin Foundation along with Paycoin Core Development Corp. proudly present the update everyone has been waiting for: new wallets for Linux, Mac and Windows.

A collaborative effort and thorough testing of solutions lead to the new versions. The update addresses several major and minor fixes, the 2 most important ones being the dreaded ‘checkpoint error’ and the known stalls of initial download of the blockchain. Additionally, the list address grouping function was merged and stake rate changes were updated.

There is also a change in the staking rate for all of the prime controllers to 100% stake rate across the board. This stake rate change only effects the prime controller wallets and will take effect as of April 20th 2015

As always with a wallet update, be sure to have a backup of your wallet before you upgrade to the new version. The new version is compatible with the previous one, but it’s better to be safe than sorry.

Minimal issues may arise with this release. If you encounter any issues our support team is ready to assist.

Declaration of Paycoin’s Independence

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“But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.”

– Declaration of Independence –

The fate of Paycoin is now in the hands of every person and organization that hold coins.  With this new found freedom, we want to exercise our rights to make Paycoin the people’s money and do what is necessary to help the coin thrive.

For the benefit of the Paycoin community;  value, stability, and longevity of Paycoin, it is proposed that new terms be adopted for Paycoin Prime Nodes, both current and future.

These improvements will be implemented and start to remedy the most important issues and concerns with the current the state of Paycoin.  The coin will become truly decentralized, the state of hyperinflation Paycoin will be over.  The market will have greater ability to maintain stability during Prime Node decommissioning and bidding.

The  Paycoin Foundation supports these proposals and is pleased to join other entities in creating a better future for the coin and those who support it and want to use it.

PayCoin Foundation Takes Leadership of Coin Development

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Houston, TX
The PayCoin Foundation would like to formally announce that it has taken responsibility of the development of PayCoin. All future updates of the source code for PayCoin will be released via the Paycoin Foundation Github.
PayCoin has multiple tools at its disposal to help with market growth, stability, security and inflation control. It is very important that these tools are implemented correctly through coin development with flexibility to adapt as the coin grows.
Coin development and paycoin.com are supported by Team PayCoin, a volunteer group formed from within the PayCoin community. In addition to Team PayCoin, the foundation is also actively seeking potential partners to aid in coin development.
Though we are not currently disclosing development plans, we want to make it clear that a fix to the checkpoint error in the current wallet as well as a fix to the blockchain synchronization issue that stalls the updating of the wallet will be our first release.
The PayCoin Foundation has a roadmap for coin development however we feel it is important to hear from the community prior to finalizing any plans. There are multiple items that were discussed with the community through the white paper produced by GAW Miners, LLC. This has formed the understanding of how the community expected PayCoin to work. If this is going to be a community coin, we need to hear from the community. So we are leaving this discussion open for response. Share your thoughts with us.

Relaunch of Paycoin.com

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The PayCoin Foundation announces it has taken responsibility of Paycoin.com to facilitate the adoption of cryptocurrency by consumers and merchants.  Operating as a nonprofit organization, the foundation has set a number of goals to promote all legitimate cryptocurrency.   According to Adam Matlack, President and Chairman, the foundation’s goals are to promote, educate, and empower people of all cultural backgrounds and socioeconomic status to spend, send, and save with cryptocurrency and to help lead the world to see the benefits of cryptocurrency as a whole.

 

Since the inception of cryptocurrency, the world has seen the technology largely in a negative light.  With the creation of PayCoin and now PayCoin Foundation, the foundation aims to bring transparency, legitimacy, and integrity to an industry that is not known for such.  The foundation intends to achieve this by being an independent organization, supported by the PayCoin community.  The foundation is committed to working with the entire cryptocurrency community at large, as well as working with financial agencies to ensure PayCoin is accepted as a viable global payment option.

The foundation is committed to operational, administrative, and financial transparency and stewardship.  The foundation is not currently accepting fiat donations due to its pending 501c3 status.  Future donations will go toward the development and adoption of PayCoin.  The PayCoin foundation currently operates with no administrative costs, relying on a team of volunteers.

 

Over the past several months, the foundation formed teams of international developers, marketers, and enthusiasts, known as Team PayCoin, to work towards the foundation’s goal of PayCoin’s mass market adoption as a digital currency.  Team PayCoin has already released numerous tools, development APIs, and websites to help support PayCoin’s global adoption.  With the collaboration of these teams, the PayCoin Foundation announces the relaunch of Paycoin.com.

 

Moving forward, the PayCoin Foundation plans to help make PayCoin the easiest cryptocurrency for users to spend and merchants to accept.