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    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    December 13, 2021

    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    Frequently Asked Questions + Weekly Discussion Thread

    Posted: 12 Dec 2021 11:00 PM PST

    Welcome to the Weekly Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Rules:

    • All sub rules apply in this thread.
    • Discussion topics must be related to Ethereum.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

    Useful Links:

    Reminder

    /r/ethereum is a community for discussing the technology, news, applications and community of Ethereum. Discussion of the Ether price or trading is not allowed. Please keep those discussions to /r/ethfinance and /r/ethstaker.

    ​

    Frequently Asked Questions

    Where's the best place to buy ETH?

    There are many centralized exchanges that support Ethereum. If you live in the US, the most popular exchanges are Coinbase, Gemeni and Kraken. Coinbase users can use Coinbase Pro for lower fees.

    When is Eth2 launching?

    Eth2 is a marketing term used to represent a number of updates to Ethereum. The Eth2 proof-of-stake chain first launched in December 2020. "The Merge", which is the event that will fully switch Ethereum's consensus to proof-of-stake, is estimated to be ready in early 2022, although there is no exact timeline. Other updates, such as data shards, will follow that update.

    Visit ethmerge.com to learn more about "The Merge".

    Do I need to do anything to update to Eth2? Will Eth2 create a new token?

    No, ETH holders never need to take any action to keep holding ETH. Ethereum users will be unaffected by the Eth2 upgrade. And the Eth2 updates will not create any new tokens.

    How can I stake my ETH?

    There are two ways that you can stake your ETH: by running your own validator, or providing your ETH to a staking pool.

    • Running your own validator requires a modern computer and 32 ETH. Visit /r/ethstaker for more details
    • Staking pools accept any amount of ETH. We recommend Lido or StakeWise

    Why are Ethereum transaction fees so high?

    Like most blockchains, Ethereum fees are determined by supply-and-demand. The large demand to use Ethereum has pushed transaction fees quite high (however, fees were just a few cents only 2 years ago). Fees are especially high during market volatility, and during NFT drops.

    What is being done to lower Ethereum transaction fees?

    Ethereum fees are reduced by using layer-2 rollups. Rollups are scaling solutions that allow for significantly cheaper transactions, while still maintaining Ethereum's security.

    Additionally, Eth2's data shards will make rollups even cheaper.

    While rollups are cutting-edge technology being actively developed, a number are already live on Ethereum mainnet. Visit l2beat.com to learn more about rollups.

    What's the best wallet for Ethereum?

    The most popular tool for using decentralized applications is Metamask. However, for security reasons, we recommend using a hardware wallet such as a Trezor or Ledger.

    ​

    Are there questions you'd like to see added? Leave a comment below.

    submitted by /u/AutoModerator
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    BBVA Switzerland Becomes First Traditional Financial Institutions In Europe To Add Support For Ethereum

    Posted: 13 Dec 2021 03:35 AM PST

    I created a decentralized version of Twitter using Ceramic, Arweave and Ethereum based wallets

    Posted: 12 Dec 2021 10:27 AM PST

    Total Value in Defi nearing 200Billion (ATH's) - 69% of it exists on Ethereum.

    Posted: 12 Dec 2021 11:47 PM PST

    https://news.bitcoin.com/total-value-locked-multiple-defi-chains-nears-200-billion-ethereums-tvl/

    DEFI

    Look at this Dominance! Defi still lives on Ethereum.

    Interesting to note; Polygon and Fantom are 5th (4.6B) and 7th (2.6B) respectively. Personally, I'm a betting man that L2's start going this winter/Spring, and as soon as the Merge is complete and ETH is running faster and a cheaper, there could be a true defi summer.

    submitted by /u/bigglesmac
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    I am drooling rt now!

    Posted: 13 Dec 2021 07:59 AM PST

    Just picked up another eth. This price is AMAZING!

    submitted by /u/griffisi
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    What are the best (existing or theoretical) uses of smart contracts?

    Posted: 12 Dec 2021 09:33 PM PST

    Today I got rug pulled on a shitcoin casino nft-based ponzi get-rich-quick game.

    It kind of shook my faith about what the platform is actually being used for, and I'm taking the opportunity to refresh myself on what is so great about eth.

    Here are some of the ideas racing through my mind when I first learned about smart contracts, that I hope to one day see:

    • decentralized uber
    • decentralized airbnb
    • gambling / sports betting where there is no house to take a cut
    • decentralized check-splitting / venmo
    • "use it or lose it" government stimulus payments

    Here are some things I didn't expect that pleasantly surprised me:

    • decentralized fiat/crypto on/off ramps
    • organizing to buy the US Constitution

    What are your favorite use cases for smart contracts? What are your favorite ambitions for the smart contract space that you hope to see ✨ someday ✨?

    submitted by /u/mrorbitman
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    EIP-4345: Difficulty Bomb Delay to June 2022 with T Jay Rush

    Posted: 13 Dec 2021 07:00 AM PST

    EIP-4345: Difficulty Bomb Delay to June 2022

    Follow the recording to learn the difficulty bomb calculation in Ethereum and answer to related questions. Thanks Thomas Jay Rush or your work & sharing the history on PEEPanEIP with Ethereum Cat Herders.

    Quick summary

    • EIP deployed with Arrow Glacier
    • History of earlier upgrades with difficulty bomb push
    • Forcing function, block reward adjustment
    • Charts to explain the calculation.
    • Why will this not happen with proof of stake?
    • T Jay's message to the Ethereum community.

    Resources

    submitted by /u/poojaranjan19
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    Visa Is Establishing a Whole New Crypto Division

    Posted: 12 Dec 2021 03:48 AM PST

    Gas at 39.8 on a Monday morning?

    Posted: 13 Dec 2021 05:37 AM PST

    Time to do your holiday shopping folks!

    submitted by /u/happy_camper_2021
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    Found old wallet

    Posted: 12 Dec 2021 07:13 PM PST

    OK, So I finally found my old ether wallet from 2017.

    I started up the Ethereum Wallet, and it's saying I need to import a wallet file. I remember way back I'd start it up, and immediately have access/not have to import a file. Any ideas?

    How f'ed am I?

    submitted by /u/Samwow310
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    Another wallet now supports EIP-1559, imToken

    Posted: 13 Dec 2021 02:05 AM PST

    MetaMask: The Hero Crypto Deserves

    Posted: 12 Dec 2021 01:04 PM PST

    How Times Change - The Daily Gwei #398

    Posted: 13 Dec 2021 05:11 AM PST

    Video on how to send ETH with almost zero gas fees

    Posted: 12 Dec 2021 01:17 PM PST

    ethl2s.com, an Ethereum L2 Cheatsheet

    Posted: 12 Dec 2021 01:56 PM PST

    Hi frens, just threw together ethl2s.com, a hopefully comprehensive list of fiat-to-L2 routes, L2 bridges, and more.

    There are a bunch of amazing in-depth articles on what L2s are, how they work technically, and which ones exist and will exist. But these articles are too long for frequent reference, and they often include projects that aren't live for users yet, like StarkNet. This cheatsheet only includes live L2s - will update as more L2s go live.

    I'll probably turn this into a nicer website but wanted to put something out there asap! Please let me know if you have any suggestions!

    submitted by /u/ethmaxitard
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    36 gwei gas fee? lowest in awhile

    Posted: 12 Dec 2021 04:35 AM PST

    Any reason for such a low gas fee on ethereum?

    submitted by /u/ww99w
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    What is the process of protocol change on Ethereum? How does the developers agree on some upgrade/update on the protocol?

    Posted: 12 Dec 2021 11:20 AM PST

    I am interested to know about the process of changing any core protocol of Ethereum (e.g hard fork). Is it some kind of voting process? If yes, then who owns the voting rights? Can each ethereum node vote? Or can only those who mine transactions vote?
    I was trying to think from institutional perspective. If any institution want to invest in the ethereum protocol, the first thing they would want to know is who controls/owns the protocol.

    submitted by /u/boba_tunnel
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    NFTs: From CEO testimony. "Where are we going?"

    Posted: 13 Dec 2021 03:22 AM PST

    I thought Alesia Haas (edit: CFO and CEO, Coinbase, Inc. US) did an excellent job in being a 'witness' on Capitol Hill last week. At one point she was discussing how much broader NFTs are than most in the general public understand. NFTs, go way past 'digital art' or Snoop Dogg buying some digital tennies. Can the previous generation on here, help an older generation member like me explain where NFTs are going? How 'in-app' purchases inside gaming where you can own a certain 'weapon' (via NFT) and then sell it and make money by trading it (in-app/in-game) etc? Essentially new little 'micro/macro economies' being built based on NFTs and the ETHereum Network inside (still being built) DAPPS? Thanks EFT community (there is a reason I have setup shop over here.)

    Starting point: Alesia Hass testimony. Crypto: "The Internet of Value"

    https://www.c-span.org/video/?c4991488/user-clip-crytpo-nfts

    submitted by /u/havoknkaos55
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    Median gas price just reached a one month low!

    Posted: 12 Dec 2021 02:19 PM PST

    L2 on eth

    Posted: 13 Dec 2021 05:10 AM PST

    Should I move to Portugal to benefit from lower crypto taxes?

    Posted: 12 Dec 2021 06:04 AM PST

    Cloud vs Physical mining of ETH

    Posted: 12 Dec 2021 04:45 PM PST

    Hello guys i am new to the whole mining and cryptocurrency industry. Does anyone know which are the cheapest option for me to start mining some ETH? As I am confused how to compare cloud vs diy mining kit to get. Which one would be more profitable??

    submitted by /u/Useful-Credit-8047
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    Solana leads crypto fall as bitcoin, ethereum slide

    Posted: 13 Dec 2021 03:33 AM PST

    The Story of a Secret Group of NFT Whales

    Posted: 12 Dec 2021 11:29 PM PST

    Aventus Network (AVT) a Layer 2 ahead of its time!

    Posted: 12 Dec 2021 10:39 PM PST

    -Only 10million token supply (fixed).

    -Staking.

    -No dilution.

    Intro:

    Aventus network ($AVT) is a true Layer 2 project in which all transactions on the Aventus network (AvN) derive their security from the base layer. Many projects which people call layer 2s are not actually true layer 2s but more of a side chain in which the security of their transactions are secured mainly by the nodes on their own chain only instead of posting a merkle route of the transaction to a base layer (ZK rollups).

    Aventus Network is a layer 2 ahead of its time as not only can it be a scaling solution for Ethereum, a client can chose the base layer in which they want their merkle root of their transactions posted to i.e it can be interoperable with other chains also. Other scaling solutions such as polygon (Matic) are not interoperable with other chains. Aventus is able to be interoperable with other chains due to being built using Polkadots substrate blockchain. This means that it also has the ability to become a parachain on Polkadot network.

    Funding:

    Aventus held a ICO in 2017. They raised over $20million and still have plenty of runway left. They are backed by Coinshares who launched the world's first regulated bitcoin investment fund in 2014. Coinshares manage >£5billion in assets.

    Enterprise:

    Aventus Network is built for enterprises due to predictable transaction costs of ≈$0.01 per transaction and allows clients to be billed in fiat through a fiat using relay partner Coral's (originally know as Artos) intuitive API and SDKs that take care of all the crypto token payments to the AvN.

    Partnerships (some of them):

    -Evolution of sports Parity.

    Summary;

    Female athlete funding inequality solution through NFTs. Hundreds of Olympians involved.

    Links;

    https://youtu.be/2MY3xSMMu98 https://paritynow.co/ https://www.linkedin.com/pulse/parity-teams-up-microsoft-tackle-sports-sponsorship-bill

    -FruitLabs.

    Summary;

    A social network for gamers where gamers can post their gaming content to earn PIPs which which is part of a Play to earn and Pay to play ecosystem. Content posted will soon be turned into NFTs which can be bought earn based on views .

    Links;

    https://fruitlab.com/ https://thepiplimited.com/

    -VOW

    Summary;

    A decentralised stable coin based upon a merchants promise which allows a merchants to reduce their loyalty debt obligation, save on transaction fees and improve treasury management. This allowed CashbackApp to increase their Net margins by ≈25%

    Links;

    https://vowcurrency.com/ https://vowcurrency.com/2021/02/16/aventus-vow/

    -VereNFT

    Summary;

    Whitelabel Luxury NFT platform and service provider for brands. Links;

    https://blog.aventus.io/?p=19cdf265b185 https://www.verenft.io/

    -Coinshares. -Imperial College London. -Enterprise Ethereum Alliance. -London & Partners. -Global blockchain business council.

    Team (some of them):

    CEO & Co-founder Alan Vey;

    Forbes 30 under 30 winner for his work as the co-founder & CEO of the Aventus Network. Before moving into Blockchain, Alan worked at Deloitte in the Entrepreneurial Business Department and macro hedge fund Brevan Howard. He completed a Master's Degree in Artificial Intelligence at Imperial College London. His masters thesis was on blockchain technology, during which he co-founded Aventus.

    https://youtu.be/d1wbJauakHw

    CCO Anna Frankowska;

    Anna Frankowska, is a Forbes 30 Under 30 Europe Technology award winning entrepreneur, Economist by education with a diploma from University College London, and Investment Banker (RBS) by training with CFA Level 1 and FCA & PRA certifications. Anna specialises in commercial strategy, partnerships and scaling products having successfully led companies in fintech, blockchain and entertainment industries. She is also a World Economic Forum Global Shaper and sits on the advisory Board of The Oxford Guild Society.

    https://youtu.be/qJXRusp9PNI

    CSO Andrew Shackleton; https://youtu.be/rZYY-rF3VPM

    Engineering Manager Alex Pinto; https://youtu.be/GHCsWNzcFMc

    Developer Relations Engineering Emmanuel Ngubo; https://youtu.be/n-BwO0alyLs

    API:

    Aventus Network recently launched its beta release of its Business API:

    https://aventus-network-services.github.io/avn-gateway-docs/docs/intro/

    Open source:

    AvN code base and developer documentation is not open source yet as the AvN needs to be fully tested and documented before open sourcing would be ready. Parts of the system will become public as part of the rollout. This is all in progress.

    Official Website: https://www.aventus.io/

    Liquidity:

    Uniswap ETH/AVT:

    https://app.uniswap.org/#/swap?inputCurrency=0x0d88ed6e74bbfd96b831231638b66c05571e824f&outputCurrency=ETH

    Bittrex ETH/AVT; https://global.bittrex.com/Market/Index?MarketName=ETH-AVT

    Bittrex USDT/AVT; https://global.bittrex.com/Market/Index?MarketName=USDT-AVT

    submitted by /u/BGzetro
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    PayPal: My Ethereum is in PayPal Jail

    Posted: 13 Dec 2021 04:36 AM PST

    ​

    Excuse if this has been discussed in the past, I have tried to search to find in this sub if it has. (Sideways shot: Reddit Searching sub par?)

    My issue: Early this year I put a large chunk into ETH using PayPal. The only reason I chose PayPal was I didn't trust Binance.US, Kraken, RobinHood, or pre-IPO Coinbase. I wanted it to be 'safe.' In hindsight, now I can't move my ETH crypto from PayPal to another wallet without selling/fees etc. This makes me so mad I sold all my PYPL stock. I have heard PYPL may be rethinking this stance but in the meantime, it sucks, I can't stake etc.

    submitted by /u/havoknkaos55
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