What is the Ethereum Wallet? November 2018 review

 # What is Ethereum? The beginner’s guide to Ether (ETH) We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about [how we make money from our partners.](https://www.finder.com/how-we-make-money) Learn all about the Ethereum network, including where to buy its ETH token and how to use it. There is no way you’ve missed seeing Ethereum mentioned if you’ve been involved in any way with cryptocurrencies. In this guide, we’ll look at all these aspects and how they relate to each other. When most people talk about Ethereum, they are really talking about Ether (ETH), the underlying token currency of the Ethereum platform. Why people confuse Ethereum with Ether This confusion stems from the fact that bitcoin and its underlying technology, [the blockchain](https://www.finder.com/blockchain-guide), were never really defined separately when bitcoin launched. The idea was that the blockchain would be little more than the system that allows the transfer of BTC between users, and Satoshi, the creator of bitcoin, intentionally limited the blockchains capabilities for security purposes. But the coin and the blockchain are two very different things, capable of acting and being used independently. Ether, traded under the code ETH, can be purchased at exchanges and used to pay for products and services at most merchants that accept cryptocurrencies. At the time of writing (September 2017), it was the second-biggest cryptocurrency by market cap. Ether is also used to pay for transaction fees and for computational services when using the Ethereum network. Ether is [mined similarly to bitcoin](https://www.finder.com/bitcoin-mining). You set your computer to attempt to solve the question present on a particular block in the blockchain. Once you find the answer, you get paid in ETH. However, the goal of Ethereum is to be something more than a coin. Not happy with how the blockchain technology was being underutilized by bitcoin, the creators of Ethereum set out to take the blockchain to the next level. They envisage a method to decentralize the Internet itself. # Why a decentralized system? To understand what a decentralized system is, you need to understand how our current networking systems work, which are centralized systems. Let’s say you have an online account where you store photos. Let’s call it “CloudPhoto”. You can upload photos to CloudPhoto, and you can access those photos from anywhere. Now let’s say something goes wrong, and CloudPhoto’s servers burn down. Unfortunately, you can’t access your photos, and all of them are lost. This is a centralized system. Usually, we mitigate this scenario by creating backups of our data, making copies of the same data and storing them elsewhere or by keeping different groups of data on different servers. This decentralizes the system. Decentralization is also beneficial in cases where you need to maintain the integrity of data. For example, keeping all student grades at a school on one computer is a problem, because if someone hacks into that computer and changes those grades, then there would be no way to catch the change. If ten different computers held onto the student scores, it would be easy to recognize that one of the computers holding the data is wrong and consequently fix that data set. So a decentralized system is one where there is no single point of failure. This has many obvious advantages, and you need to keep that in mind when considering Ethereum. Ethereum virtual machine and DApps Decentralized Applications, or DApps, is the driving force behind Ethereum’s development, and they run on the Ethereum virtual machine, also known as the World Computer. This virtual machine is Ethereum’s defining development and it allows applications to run on the blockchain. As discussed in the “Why a decentralized system?” section, centralized systems suffer from single points of failures. If something were to happen to eBay, and they didn’t have any backups, you would lose all evidence of your hard-earned success. Decentralized Apps run on the blockchain and make use of it to maintain data scattered across all users of Ethereum. The data sets are, of course, encrypted so as to not be accessible by everyone, but everyone would be able to verify and validate the data if the need arises. There are already many DApps, from online gambling to prediction markets and social media platforms, and most likely there are many more to come. # The DAO Hack Smart contracts are the basis of the Ethereum ecosystem and platform: someone creates a contract with rules and triggers, and the smart contract executes when the trigger event occurs, as long as all the rules can be enforced. The Decentralized Autonomous Organization, or DAO, was to be the crown jewel of the Ethereum smart contract and virtual machine ecosystem: a smart contract that was going to build a decentralized venture capital fund with the aim of providing funding for all future DApp development. People would invest into the DAO, and they would be allowed to vote on which DApps got funding, and which did not. The DAO launched on April 30, 2016, and within 28 days, it had accumulated more than $150 million worth of ETH. The attack happened on June 17, 2016, and it worked by exploiting a loophole in the way traders left the DAO. If you wanted to leave the DAO (as a trader), you were allowed to take all the ETH you had purchased after you returned the DAO tokens you had been given when trading (a sort of stakeholder system). The problem was that the contract had two steps: Take DAO tokens from user and give back ETH from DAO to user. Register the transaction in the blockchain and update the DAO token count. The hack was simple in hindsight: inject a step between step 1 and step 2 above where, before the transaction gets registered, the DAO would give the same user more ETH for the same tokens. This hack cost the DAO $50 million worth of ETH and caused the value of ETH to plummet from $20.17 to $11.52 in 48 hours.  This is also when [Ethereum Classic](https://www.finder.com/ethereum-classic) was born. # The Ethereum Wallet – November 2018 review  # Wallets [TREZOR](https://www.finder.com/trezor-bitcoin-wallet-review) [Ledger Nano S](https://www.finder.com/ledger-nano-s-wallet-review) [KeepKey](https://www.finder.com/keepkey-wallet-review) [Mycelium](https://www.finder.com/mycelium-wallet-review) [Exodus](https://www.finder.com/exodus-wallet-review) [Electrum](https://www.finder.com/electrum-wallet-review) [Jaxx](https://www.finder.com/jaxx-wallet-review) [Celery](https://www.finder.com/celery-wallet-review) [GreenAddress](https://www.finder.com/greenaddress-wallet-review) [Copay](https://www.finder.com/copay-wallet-review) [A-Z list of wallets](https://www.finder.com/view-cryptocurrency-wallets)  - We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners. Backed by the developers behind Ethereum, the Ethereum Wallet may not be the most user-friendly option, but it’s widely considered to be one of the most secure. In a few short years, the Ethereum project has developed rapidly, bringing many new ideas to the blockchain space. When it comes to storing ether and other digital assets issued on the Ethereum platform, you have the option to take advantage of the official Ethereum Wallet, designed and developed by the team behind the Ethereum platform itself.  The official Ethereum Wallet, sometimes also called the Ethereum Mist Wallet, is a feature that is built into the Ethereum platform. Designed by the team behind Ethereum, the Wallet is integrated into the Mist web browser. This browser is an application that, while still under development, can be used to connect to the main Ethereum network and interact with other Ethereum applications. ~~~ Compatible with: Windows, Mac OSX, Linux ~~~ # How much does it cost? The Ethereum Wallet is free to download and use, although it will cost you some time and space on your hard drive to download the blockchain. You will most likely need to pay transaction fees in order to send ether over the network, although there is a flexibility feature built in to give you some control over fees in relation to transaction priority. # Which currencies can I store? Ether #### Digital tokens issued on the Ethereum platform  # WHAT IS MIST? The Ethereum Wallet is found within a larger application called Mist. Mist is a web browser designed to interact with decentralized applications (DApps) running on the Ethereum network. The Ethereum Wallet is one application built into Mist, and you’ll need to run Mist in order to use the Wallet. It’s important to note that Mist is still in beta, and it’s up to users to stay informed about bug fixes, software updates and other potential issues by checking in with official Ethereum channels. # How do I add currency to my wallet? Ethereum is a young project, and many elements of the Ethereum platform are still under development. A lot of the existing infrastructure that enables users to interact with Ethereum is designed primarily for developers and those with a fairly advanced technical skillset. Fortunately, however, the official Ethereum Wallet does come with a simple graphical user interface (GUI) and it’s not too difficult to get it up and running. Here’s how:  Before you can add currency, you will need to download the latest version of the Ethereum Wallet. The safest and easiest way to do this is to use the link on the official website. If the download doesn’t start automatically, you may be taken to Ethereum’s GitHub page. Scroll down until you find the appropriate download for your operating system. Once the download has completed, you can launch the Mist application. You’ll be prompted to choose between using the “Main Network” or the “Test Network”. The “Test Network” is mainly a tool for developers to test programs without having to spend real ether to fund smart contracts. If you want to use real ether to fund your wallet, choose the “Main Network”. You may be asked if you have a wallet file. If you participated in Ethereum’s presale, you can drag and drop your wallet file into the window. If you don’t have an existing wallet file, simply choose “Skip”. Choose a password for your account and click “Next”. Mist will then generate some key files for you, which you should back up along with your password. If anything were to happen to your computer, you’d need to have your password and keyfiles to restore your account and recover your funds. Now you’ll have to wait while Mist downloads the Ethereum blockchain. This can take a long time, depending on your Internet connection and computer. Every time you open Mist, it will need to sync with the Ethereum network, which can also take a little while. Once you’re connected, you should see your “Accounts Overview”. Click “Main Account (Etherbase)”. You can now add funds to your account with bitcoin or US dollars, by transferring ether from another account, or by converting other cryptocurrencies to ether via integration with the ShapeShift exchange. Once you’ve selected your currency of choice, fill in the appropriate fields and click “Submit”. When the transaction completes, the ether you added will show up in your “Main Account”. How do I make payments with Ethereum Wallet? Once you’ve deposited some ether in your account, making a payment is fairly straightforward. You’ll need to know the wallet address of the recipient. It doesn’t matter if the recipient is using a different type of wallet as long as it’s configured to work with ether. > Choose your account. To begin, open your wallet and select the account you’ll be using to make the payment. If you’ve only added ether to your “Main Account”, use that one, although you have the option to create any number of accounts for different purposes within the Ethereum Wallet. Enter transaction information. When you choose the appropriate account to send from, you’ll be taken to a page for that specific wallet. From there, click the “Send” button. Enter the receiving address in the “To” area of the form. Enter the amount that you wish to pay. Transaction fees. When you make a transaction on the Ethereum network, you’ll be charged a small transaction fee. You have the option to adjust your fee based on your priorities. Lower fees generally mean your transaction will be slower to process, and vice versa. Use the fee slider to select your rate. Send. Double check your information and click “Send”. If prompted, you’ll need to enter your password to confirm the transaction, and then hit “Send” again. https://i.imgur.com/tnlTvfz.jpg https://i.imgur.com/3uvzHqC.png https://i.imgur.com/wkGryvr.jpg https://i.imgur.com/tnlTvfz.jpg អរគុណ​ចំពោះ @wondercury @timeloker @serey @technology @blockchain https://i.imgur.com/tnlTvfz.jpg  ដោយ @herman2141 ដើម្បីគាំទ្រ @business @community --- ###### https://i.postimg.cc/Kzt4Myqq/chain-post-logo-32.png *published by @chain-post*   [      ](https://zavz9t.github.io/chain-post/)