The Distributed Team

Artificial Intelligence

Minting is the process of adding your NFT to a blockchain, a public ledger<\/a> that is tamper-proof and is where you can verify the owners of various NFTs.<\/p>\n\n\n\n

When you buy an NFT from somewhere like Opensea<\/a>, the artist mints the NFT before listing it for sale. This allows you to verify the legitimacy of it on the same page you will buy from.<\/p>\n","post_title":"NFTs vs JPEGs: Digital Scarcity And Screenshots","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"nfts-vs-jpegs","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/nft-essentials-the-erc-721-standard\/\nhttps:\/\/www.thedistributed.co\/distributed-ledger-technology\/","post_modified":"2022-06-29 23:12:28","post_modified_gmt":"2022-06-29 13:12:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1480","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 39 40 41

Can JPEGs Be NFTs?<\/h3>\n\n\n\n

Despite a screenshot of NFT being worthless, JPEGs can actually be minted as NFTs.<\/p>\n\n\n\n

Most artwork NFTs start off as JPEGs anyways and those have no actual value. So once you convert a JPEG to an NFT by linking it to an ERC-721 NFT Contract it will then 'gain value'.<\/p>\n\n\n\n

But if you were to screenshot an NFT and then upload it back onto the blockchain under your own ERC-721 NFT Contract, users will be able to compare the contract linked back to the NFT and see that it isn't the official contract. You can find the verified contracts of certain NFT projects using a site like Etherscan<\/a>.<\/p>\n\n\n\n

Unit<\/th>

Wei Value<\/th>

Wei<\/th><\/tr><\/thead>

Wei<\/td>

1 Wei<\/td>

1<\/td><\/tr>

Kwei (babbage<\/a>)<\/td>

1e3 Wei<\/td>

1,000<\/td><\/tr>

Mwei (lovelace<\/a>)<\/td>

1e6 Wei<\/td>

1,000,000<\/td><\/tr>

Gwei (shannon<\/a>)<\/td>

1e9 Wei<\/td>

1,000,000,000<\/td><\/tr>

Microether (szabo<\/a>)<\/td>

1e12 Wei<\/td>

1,000,000,000,000<\/td><\/tr>

Milliether (finney<\/a>)<\/td>

1e15 Wei<\/td>

1,000,000,000,000,000<\/td><\/tr>

Ether<\/td>

1e18 Wei<\/td>

1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

<\/p>\n\n\n\n

Although gas fees aren\u2019t the most spectacular part of Ethereum, they\u2019re vital to keeping the ecosystem running and scalable!<\/p>\n","post_title":"Gwei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gwei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/wei\/","post_modified":"2022-06-02 22:20:48","post_modified_gmt":"2022-06-02 12:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1505","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1497,"post_author":"1","post_date":"2021-10-26 21:05:36","post_date_gmt":"2021-10-26 10:05:36","post_content":"\n

What Are Gas Fees?<\/h2>\n\n\n\n
Gas fees are the cost that is required to attempt a transaction. This is decided based on the computational energy needed to confirm a transaction.<\/p>\n\n\n\n
These transactions take time, energy, and computational effort, which doesn't come for free. The fees are decided upon the supply and demand of the blockchain at the time of the transaction, through the blockchain's protocol<\/a>. Gas pays the miners<\/a> for the energy spent validating the transactions, while also preventing spam and infinite loops<\/a>.<\/p>\n\n\n\n
Gas fees are required for almost every action that takes part on a blockchain, the more complex the action, the higher the associated fee.<\/p>\n\n\n\n

How Do Gas Fees Work?<\/h2>\n\n\n\n
The Ethereum network can only compute 13 transactions per second, because of this miners pace the stream of requests coming through and choose the transactions that'll give them the best returns. Portions of Ether called Gwei <\/a>are linked to each transaction, called the \u201cGas Price\u201d. It is like a bribe that pushes you to the front of the transactions waiting to be confirmed. The higher the bribe, the faster your transaction is confirmed.<\/p>\n\n\n\n
Your \u201cGas Limit\u201d is the greatest amount of Ether you\u2019d send as GWEI, the lower your gas limit, the further back you are in the line of transactions. Miners will always choose what is best for them. The gas you pay depends on how much you use. If you denote 50,000 GWEI, but the miner only used 30,000 worth of GWEI, you\u2019ll get back the difference of 20,000.<\/p>\n\n\n\n
Ethereum gas fees work in equilibrium with the price of Ether. As stated above, miners set the price of gas based on the current demand. As Ether prices rise so do the fees and as it drops, so does gas.<\/p>\n\n\n\n

How To Lower Your Gas Fees<\/h2>\n\n\n\n
You could potentially lower the fees using a tool like Etherscan<\/a>'s Gas Tracker<\/a> or BscScan's Gas Tracker<\/a> before sending any cryptocurrency. This shows how busy the blockchain is at any time, the less busy it is, the fewer gas fees you\u2019ll pay. So if you're not in a rush, it pays to wait until demand is lower.<\/p>\n\n\n\n

How To Calculate Gas Fees<\/h2>\n\n\n\n
One GWEI is equal to 0.000000001 ETH or one-billionth Ether. GWEI is the cent to Ethers dollar.<\/p>\n\n\n\n
The standard gas limit is 21,000 GWEI. So you multiply the average price of gas by 21,000 and you\u2019ll get your estimated gas<\/a> fee price. Then convert<\/a> that into Ether and that\u2019s that.<\/p>\n\n\n\n
(Complexity In Gas) x (Gas Price In Gwei) = Transaction cost<\/p><\/blockquote><\/figure>\n\n\n\n
<\/p>\n","post_title":"Gas Fee","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gas-fee","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/infinite-loop\/","post_modified":"2022-07-21 22:14:51","post_modified_gmt":"2022-07-21 12:14:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1497","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1501,"post_author":"1","post_date":"2021-10-26 20:54:12","post_date_gmt":"2021-10-26 09:54:12","post_content":"\n
What Is An Infinite Loop?<\/strong><\/h2>\n\n\n\n
An infinite loop is a sequence in a computer program looping continuously without stopping. Infinite loops are usually a bug and stop when a server is shut down to fix the bug, rewrite the code attached to the bug, and then redeploy the program.<\/p>\n\n\n\n
This wouldn\u2019t work on a decentralized and distributed blockchain network. It would be difficult to stop all the nodes around the world. Even if you were, with increasing transactions per second, this would cause thousands of transactions to build up. Even if it were for a minute.<\/p>\n\n\n\n
Ethereum Gas And Infinite Loops<\/strong><\/h2>\n\n\n\n
To stop this issue, Ethereum introduced Gas. Like a car that stops when it runs out of gas, if a transaction runs out of gas it\u2019s stopped.<\/p>\n\n\n\n
Before sending a transaction you set a gas limit you\u2019d be willing to pay. If a transaction or smart contract gets stuck in a loop and runs out of \u2018gas\u2019 it reverts the computation and sends it back to you, without the gas you lost, unfortunately.<\/p>\n\n\n\n
Gas also prevents spamming and DDoS attacks. Paying the gas fee for thousands of bots to flood a system would cost an attacker too much to be worth it. Making a blockchain system even more secure for its users.<\/p>\n","post_title":"How Does Blockchain Fix An Infinite Loop?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"infinite-loop","to_ping":"","pinged":"","post_modified":"2022-02-21 18:35:07","post_modified_gmt":"2022-02-21 07:35:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1480,"post_author":"1","post_date":"2021-10-24 18:54:27","post_date_gmt":"2021-10-24 07:54:27","post_content":"\n
What Is An NFT?<\/h2>\n\n\n\n
Non-Fungible Tokens (NFTs<\/a>) are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. In a direct comparison, NFTs cannot be traded like cryptocurrencies despite being based on a blockchain. NFTs cannot be guaranteed to trade for the amount they're bought for.<\/p>\n\n\n\n
What Is A JPEG?<\/h2>\n\n\n\n
Joint Photographic Experts Group (JPEGs) are a standard image format for containing lossy and compressed image data. The ability for photos to be compressed make it a standard across much of the internet, being quick and easy to send back and forth between various devices.<\/p>\n\n\n\n
NFTs vs JPEGs: The Screenshot Debate<\/h2>\n\n\n\n
Naturally, when something is screenshotted on the internet it takes the form of a JPEG. Although you can screenshot an NFT, this doesn\u2019t make you the owner of it, nor does a screenshot have any value. NFTs are more than the image, it is ownership of the image. <\/p>\n\n\n\n
This is because NFTs are generally Ethereum ERC-721<\/a> tokens or the equivalent for a separate blockchain. ERC-721<\/a> tokens are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. <\/p>\n\n\n\n
ERC-721 implements an API for smart contracts<\/a>\u00a0allowing for defining features in an asset to be preserved. This feature would allow for the transfer of NFTs while being able to trace them back to their original smart contract address to ensure their legitimacy.<\/p>\n\n\n\n
These types of tokens can be used to create unique artworks, memorabilia, trading cards, and tickets for certain events. So if you were to screenshot an NFT of a ticket to a sporting event and cannot prove that you have an original copy by tracing it back through the blockchain, you will not gain access to the event.<\/p>\n\n\n\n
Are NFTs Just Pictures?<\/h2>\n\n\n\n
Every NFT is different, and these differences are what value one art piece more than another. The digital scarcity of an NFT is what drives a majority of its value. In the NFTs vs JPEGs debate, NFTs can retain value over time due to certain assets linked to the NFT, JPEGs will always be just the picture.<\/p>\n\n\n\n
You may see some NFTs from the same collection sell for millions and some for thousands, this is due to the rarity of assets linked to the NFT. Certain NFTs have rare attributes, the rarer the attribute the rarer the NFT, much like trading cards where the better characters are harder to find and more sought after.<\/p>\n\n\n\n
While NFTs themselves hold a lot of value, NFTs can offer more than just the art piece you buy. One of the most popular NFT collections, Bored Ape Yacht Club<\/a>, gives access to their Miami Clubhouse, only to owners of their NFT. NFTs are sometimes more than just art, they can be one way to expand your network. With celebrities being a part of these networks a couple hundred thousand for access to these people may seem worth the price to certain investors.<\/p>\n\n\n\n
Can JPEGs Be NFTs?<\/h3>\n\n\n\n
Despite a screenshot of NFT being worthless, JPEGs can actually be minted as NFTs.<\/p>\n\n\n\n
Most artwork NFTs start off as JPEGs anyways and those have no actual value. So once you convert a JPEG to an NFT by linking it to an ERC-721 NFT Contract it will then 'gain value'.<\/p>\n\n\n\n
But if you were to screenshot an NFT and then upload it back onto the blockchain under your own ERC-721 NFT Contract, users will be able to compare the contract linked back to the NFT and see that it isn't the official contract. You can find the verified contracts of certain NFT projects using a site like Etherscan<\/a>.<\/p>\n\n\n\n
What Does Minting Your NFT Mean?<\/h2>\n\n\n\n
Minting is the process of adding your NFT to a blockchain, a public ledger<\/a> that is tamper-proof and is where you can verify the owners of various NFTs.<\/p>\n\n\n\n
When you buy an NFT from somewhere like Opensea<\/a>, the artist mints the NFT before listing it for sale. This allows you to verify the legitimacy of it on the same page you will buy from.<\/p>\n","post_title":"NFTs vs JPEGs: Digital Scarcity And Screenshots","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"nfts-vs-jpegs","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/nft-essentials-the-erc-721-standard\/\nhttps:\/\/www.thedistributed.co\/distributed-ledger-technology\/","post_modified":"2022-06-29 23:12:28","post_modified_gmt":"2022-06-29 13:12:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1480","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 39 40 41

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\n
$\"\"$
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n
Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n
Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n
But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1529,"post_author":"1","post_date":"2021-10-29 17:25:31","post_date_gmt":"2021-10-29 06:25:31","post_content":"\n
One of the largest art sales in history may have just taken place, CryptoPunk #9888 sold for $530 Million.<\/p>\n\n\n\n
Although, this is no more than just an elaborate hoax. See it is hard to trick people when you buy your own artwork, especially on a public blockchain.<\/p>\n\n\n\n
A Twitter bot tracking the sales of every CryptoPunk tweeted this on Thursday night shortly after 8 pm. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/cryptopunksbot\/status\/1453872415591829504\n<\/div><\/figure>\n\n\n\n
You may wonder \"What makes this NFT worth half a billion dollars?<\/a>\" and the truth is, not much actually. <\/p>\n\n\n\n
Using Rarity<\/a> ranks its Rarity Score at a mere 136.49<\/a>, compared to Punk #7804 which actually sold for $7.57M and has a rarity score of 2329.18<\/a>.<\/p>\n\n\n\n
Due to the fact this punk lacks desirable features from a collectors perspective, it quickly attracted attention to how it could sell for this sum of money. <\/p>\n\n\n\n
A look at the Ethereum Blockchain Ledger shows that it was nothing more than smart, smart contract trickery.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/nanexcool\/status\/1453874296812670976\n<\/div><\/figure>\n\n\n\n
Why Would You Buy Your Own NFT?<\/h2>\n\n\n\n
The purchase was made using a flash loan contract, essentially this is a loan that is repaid immediately. <\/p>\n\n\n\n
The owner of this Punk bought his own Cryptopunk and instantly paid back his loan, using smart arbitrage he bought millions of eyes onto his NFT for only $800 in Ethereum Gas Fees.<\/p>\n\n\n\n
Is this purely genius marketing to a not so spectacular Cryptopunk?<\/p>\n","post_title":"What's Behind The $530M CryptoPunk #9998","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptopunk-9998","to_ping":"","pinged":"","post_modified":"2022-03-14 21:05:56","post_modified_gmt":"2022-03-14 10:05:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1529","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1518,"post_author":"1","post_date":"2021-10-28 21:57:46","post_date_gmt":"2021-10-28 10:57:46","post_content":"\n
A Satoshi Unit, or SATS, is currently the smallest denomination of Bitcoin (BTC), named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto. As dollars split into cents, Bitcoins split into Satoshis with one Satoshi equaling 0.00000001 BTC.<\/p>\n\n\n\n

Currently, one Satoshi equals<\/a> 0.00059 USD.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Why Is A Satoshi Unit Used?<\/strong><\/h2>\n\n\n\n
As the price of Bitcoin rises, the size of each transfer gets smaller. 1 BTC now may only be equal to 0.8 BTC in a few months. Smaller denominations of Bitcoin make it easier to conduct transactions and make smaller transactions easily understood. Instead of having 0.0000873 BTC, you\u2019d instead have 873 Satoshis, this is much simpler to tell someone.<\/p>\n\n\n\n
Having the denomination of Bitcoin so small allows for better adoption in everyday use. Having it to two, or three decimal places could still place it in the thousands of dollars range.<\/p>\n\n\n\n
As Gwei<\/a> with Ether, the Satoshi Unit is a practical implementation for Bitcoin when putting a price on small transactions and equally small transaction fees. But they may play an even more important part when it comes to the wide-scale adoption of cryptocurrency.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Bitcoin Units Of Measurement<\/strong><\/h2>\n\n\n\n
1 Satoshi<\/td> 0.00000001 \u20bf<\/td><\/tr>
10 Satoshi<\/td> 0.00000010 \u20bf<\/td><\/tr>
100 Satoshi<\/td> 0.00000100 \u20bf = 1 Bit \/ \u03bcBit (you-bit)<\/td><\/tr>
1,000 Satoshi<\/td> 0.00001000 \u20bf<\/td><\/tr>
10,000 Satoshi<\/td> 0.00010000 \u20bf<\/td><\/tr>
100,000 Satoshi<\/td> 0.00100000 \u20bf = 1 mBTC (em-bit)<\/td><\/tr>
1,000,000 Satoshi<\/td> 0.01000000 \u20bf = 1 cBTC (bitcent)<\/td><\/tr>
10,000,000 Satoshi<\/td> 0.10000000 \u20bf<\/td><\/tr>
100,000,000 Satoshi<\/td> 1.00000000 \u20bf<\/td><\/tr><\/tbody><\/table>
Graph Taken From Bitcoin Wiki<\/a><\/figcaption><\/figure>\n","post_title":"Satoshi Unit (SATS) Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"satoshi-unit","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gwei\/","post_modified":"2022-06-02 22:19:19","post_modified_gmt":"2022-06-02 12:19:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1508,"post_author":"1","post_date":"2021-10-27 20:19:57","post_date_gmt":"2021-10-27 09:19:57","post_content":"\n
Wei is the smallest denomination of Ether, or ETH, the cryptocurrency on the Ethereum network.<\/p>\n\n\n\n
Wei takes its name from Cypherpunk member Wei Dai who proposed the first real cryptocurrency called B-Money<\/a>, which is essentially a forerunner to Bitcoin, although it never passed the drafting phase. <\/p>\n\n\n\n
In turn, it can be compared to Bitcoin\u2019s 'Satoshi Unit' which represents 0.00000001 Bitcoin for similar reasons to Ether, to make a transaction fee more clear.<\/p>\n\n\n\n
Why Use Wei?<\/strong><\/h2>\n\n\n\n
As the price of Ether rises, the size of each transfer gets smaller. 1 ETH now may only be equal to 0.8 ETH in a few months. <\/p>\n\n\n\n
But using Ether to quote a gas fee<\/a> may become a headache as prices go up because it will become a smaller fraction of Ether. Therefore, Wei is used when dealing with smaller transactions playing an important part in gas fees and transaction fees.<\/p>\n\n\n\n
As shown on Ethereum's Technical Documents<\/a>, these are the several sub-units, indicating the quantity used.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n","post_title":"Wei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:21:00","post_modified_gmt":"2022-06-02 12:21:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1505,"post_author":"1","post_date":"2021-10-27 20:15:38","post_date_gmt":"2021-10-27 09:15:38","post_content":"\n
What Is Gwei?<\/strong><\/h2>\n\n\n\n
Gwei or gigaWei is the most commonly used denomination of Ether's Wei<\/a>. It's comparable to Ether like a cent is to a dollar because gas prices are easily specified with Gwei. <\/p>\n\n\n\n
1 Gwei is equal to 0.000000001 ETH, and usually, its easier to quote gas prices<\/a> with 87 Gwei compared to like 0.00000087 ETH.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Denominations Of Ether<\/h2>\n\n\n\n
Along with Gwei, there are other base units on the Ethereum network. These were named after people whose work heavily influenced the infrastructure of the Ethereum Blockchain. As shown on Ethereum's Technical Documents<\/a>, these are the several denominations of Wei.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/p>\n\n\n\n

Although gas fees aren\u2019t the most spectacular part of Ethereum, they\u2019re vital to keeping the ecosystem running and scalable!<\/p>\n","post_title":"Gwei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gwei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/wei\/","post_modified":"2022-06-02 22:20:48","post_modified_gmt":"2022-06-02 12:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1505","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1497,"post_author":"1","post_date":"2021-10-26 21:05:36","post_date_gmt":"2021-10-26 10:05:36","post_content":"\n
What Are Gas Fees?<\/h2>\n\n\n\n
Gas fees are the cost that is required to attempt a transaction. This is decided based on the computational energy needed to confirm a transaction.<\/p>\n\n\n\n
These transactions take time, energy, and computational effort, which doesn't come for free. The fees are decided upon the supply and demand of the blockchain at the time of the transaction, through the blockchain's protocol<\/a>. Gas pays the miners<\/a> for the energy spent validating the transactions, while also preventing spam and infinite loops<\/a>.<\/p>\n\n\n\n
Gas fees are required for almost every action that takes part on a blockchain, the more complex the action, the higher the associated fee.<\/p>\n\n\n\n
How Do Gas Fees Work?<\/h2>\n\n\n\n
The Ethereum network can only compute 13 transactions per second, because of this miners pace the stream of requests coming through and choose the transactions that'll give them the best returns. Portions of Ether called Gwei <\/a>are linked to each transaction, called the \u201cGas Price\u201d. It is like a bribe that pushes you to the front of the transactions waiting to be confirmed. The higher the bribe, the faster your transaction is confirmed.<\/p>\n\n\n\n
Your \u201cGas Limit\u201d is the greatest amount of Ether you\u2019d send as GWEI, the lower your gas limit, the further back you are in the line of transactions. Miners will always choose what is best for them. The gas you pay depends on how much you use. If you denote 50,000 GWEI, but the miner only used 30,000 worth of GWEI, you\u2019ll get back the difference of 20,000.<\/p>\n\n\n\n
Ethereum gas fees work in equilibrium with the price of Ether. As stated above, miners set the price of gas based on the current demand. As Ether prices rise so do the fees and as it drops, so does gas.<\/p>\n\n\n\n
How To Lower Your Gas Fees<\/h2>\n\n\n\n
You could potentially lower the fees using a tool like Etherscan<\/a>'s Gas Tracker<\/a> or BscScan's Gas Tracker<\/a> before sending any cryptocurrency. This shows how busy the blockchain is at any time, the less busy it is, the fewer gas fees you\u2019ll pay. So if you're not in a rush, it pays to wait until demand is lower.<\/p>\n\n\n\n
How To Calculate Gas Fees<\/h2>\n\n\n\n
One GWEI is equal to 0.000000001 ETH or one-billionth Ether. GWEI is the cent to Ethers dollar.<\/p>\n\n\n\n
The standard gas limit is 21,000 GWEI. So you multiply the average price of gas by 21,000 and you\u2019ll get your estimated gas<\/a> fee price. Then convert<\/a> that into Ether and that\u2019s that.<\/p>\n\n\n\n
(Complexity In Gas) x (Gas Price In Gwei) = Transaction cost<\/p><\/blockquote><\/figure>\n\n\n\n
<\/p>\n","post_title":"Gas Fee","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gas-fee","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/infinite-loop\/","post_modified":"2022-07-21 22:14:51","post_modified_gmt":"2022-07-21 12:14:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1497","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1501,"post_author":"1","post_date":"2021-10-26 20:54:12","post_date_gmt":"2021-10-26 09:54:12","post_content":"\n
What Is An Infinite Loop?<\/strong><\/h2>\n\n\n\n
An infinite loop is a sequence in a computer program looping continuously without stopping. Infinite loops are usually a bug and stop when a server is shut down to fix the bug, rewrite the code attached to the bug, and then redeploy the program.<\/p>\n\n\n\n
This wouldn\u2019t work on a decentralized and distributed blockchain network. It would be difficult to stop all the nodes around the world. Even if you were, with increasing transactions per second, this would cause thousands of transactions to build up. Even if it were for a minute.<\/p>\n\n\n\n
Ethereum Gas And Infinite Loops<\/strong><\/h2>\n\n\n\n
To stop this issue, Ethereum introduced Gas. Like a car that stops when it runs out of gas, if a transaction runs out of gas it\u2019s stopped.<\/p>\n\n\n\n
Before sending a transaction you set a gas limit you\u2019d be willing to pay. If a transaction or smart contract gets stuck in a loop and runs out of \u2018gas\u2019 it reverts the computation and sends it back to you, without the gas you lost, unfortunately.<\/p>\n\n\n\n
Gas also prevents spamming and DDoS attacks. Paying the gas fee for thousands of bots to flood a system would cost an attacker too much to be worth it. Making a blockchain system even more secure for its users.<\/p>\n","post_title":"How Does Blockchain Fix An Infinite Loop?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"infinite-loop","to_ping":"","pinged":"","post_modified":"2022-02-21 18:35:07","post_modified_gmt":"2022-02-21 07:35:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1480,"post_author":"1","post_date":"2021-10-24 18:54:27","post_date_gmt":"2021-10-24 07:54:27","post_content":"\n
What Is An NFT?<\/h2>\n\n\n\n
Non-Fungible Tokens (NFTs<\/a>) are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. In a direct comparison, NFTs cannot be traded like cryptocurrencies despite being based on a blockchain. NFTs cannot be guaranteed to trade for the amount they're bought for.<\/p>\n\n\n\n
What Is A JPEG?<\/h2>\n\n\n\n
Joint Photographic Experts Group (JPEGs) are a standard image format for containing lossy and compressed image data. The ability for photos to be compressed make it a standard across much of the internet, being quick and easy to send back and forth between various devices.<\/p>\n\n\n\n
NFTs vs JPEGs: The Screenshot Debate<\/h2>\n\n\n\n
Naturally, when something is screenshotted on the internet it takes the form of a JPEG. Although you can screenshot an NFT, this doesn\u2019t make you the owner of it, nor does a screenshot have any value. NFTs are more than the image, it is ownership of the image. <\/p>\n\n\n\n
This is because NFTs are generally Ethereum ERC-721<\/a> tokens or the equivalent for a separate blockchain. ERC-721<\/a> tokens are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. <\/p>\n\n\n\n
ERC-721 implements an API for smart contracts<\/a>\u00a0allowing for defining features in an asset to be preserved. This feature would allow for the transfer of NFTs while being able to trace them back to their original smart contract address to ensure their legitimacy.<\/p>\n\n\n\n
These types of tokens can be used to create unique artworks, memorabilia, trading cards, and tickets for certain events. So if you were to screenshot an NFT of a ticket to a sporting event and cannot prove that you have an original copy by tracing it back through the blockchain, you will not gain access to the event.<\/p>\n\n\n\n
Are NFTs Just Pictures?<\/h2>\n\n\n\n
Every NFT is different, and these differences are what value one art piece more than another. The digital scarcity of an NFT is what drives a majority of its value. In the NFTs vs JPEGs debate, NFTs can retain value over time due to certain assets linked to the NFT, JPEGs will always be just the picture.<\/p>\n\n\n\n
You may see some NFTs from the same collection sell for millions and some for thousands, this is due to the rarity of assets linked to the NFT. Certain NFTs have rare attributes, the rarer the attribute the rarer the NFT, much like trading cards where the better characters are harder to find and more sought after.<\/p>\n\n\n\n
While NFTs themselves hold a lot of value, NFTs can offer more than just the art piece you buy. One of the most popular NFT collections, Bored Ape Yacht Club<\/a>, gives access to their Miami Clubhouse, only to owners of their NFT. NFTs are sometimes more than just art, they can be one way to expand your network. With celebrities being a part of these networks a couple hundred thousand for access to these people may seem worth the price to certain investors.<\/p>\n\n\n\n
Can JPEGs Be NFTs?<\/h3>\n\n\n\n
Despite a screenshot of NFT being worthless, JPEGs can actually be minted as NFTs.<\/p>\n\n\n\n
Most artwork NFTs start off as JPEGs anyways and those have no actual value. So once you convert a JPEG to an NFT by linking it to an ERC-721 NFT Contract it will then 'gain value'.<\/p>\n\n\n\n
But if you were to screenshot an NFT and then upload it back onto the blockchain under your own ERC-721 NFT Contract, users will be able to compare the contract linked back to the NFT and see that it isn't the official contract. You can find the verified contracts of certain NFT projects using a site like Etherscan<\/a>.<\/p>\n\n\n\n
What Does Minting Your NFT Mean?<\/h2>\n\n\n\n
Minting is the process of adding your NFT to a blockchain, a public ledger<\/a> that is tamper-proof and is where you can verify the owners of various NFTs.<\/p>\n\n\n\n
When you buy an NFT from somewhere like Opensea<\/a>, the artist mints the NFT before listing it for sale. This allows you to verify the legitimacy of it on the same page you will buy from.<\/p>\n","post_title":"NFTs vs JPEGs: Digital Scarcity And Screenshots","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"nfts-vs-jpegs","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/nft-essentials-the-erc-721-standard\/\nhttps:\/\/www.thedistributed.co\/distributed-ledger-technology\/","post_modified":"2022-06-29 23:12:28","post_modified_gmt":"2022-06-29 13:12:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1480","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n
$\"\"$
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n
Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n
Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n
But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1529,"post_author":"1","post_date":"2021-10-29 17:25:31","post_date_gmt":"2021-10-29 06:25:31","post_content":"\n
One of the largest art sales in history may have just taken place, CryptoPunk #9888 sold for $530 Million.<\/p>\n\n\n\n
Although, this is no more than just an elaborate hoax. See it is hard to trick people when you buy your own artwork, especially on a public blockchain.<\/p>\n\n\n\n
A Twitter bot tracking the sales of every CryptoPunk tweeted this on Thursday night shortly after 8 pm. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/cryptopunksbot\/status\/1453872415591829504\n<\/div><\/figure>\n\n\n\n
You may wonder \"What makes this NFT worth half a billion dollars?<\/a>\" and the truth is, not much actually. <\/p>\n\n\n\n
Using Rarity<\/a> ranks its Rarity Score at a mere 136.49<\/a>, compared to Punk #7804 which actually sold for $7.57M and has a rarity score of 2329.18<\/a>.<\/p>\n\n\n\n
Due to the fact this punk lacks desirable features from a collectors perspective, it quickly attracted attention to how it could sell for this sum of money. <\/p>\n\n\n\n
A look at the Ethereum Blockchain Ledger shows that it was nothing more than smart, smart contract trickery.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/nanexcool\/status\/1453874296812670976\n<\/div><\/figure>\n\n\n\n
Why Would You Buy Your Own NFT?<\/h2>\n\n\n\n
The purchase was made using a flash loan contract, essentially this is a loan that is repaid immediately. <\/p>\n\n\n\n
The owner of this Punk bought his own Cryptopunk and instantly paid back his loan, using smart arbitrage he bought millions of eyes onto his NFT for only $800 in Ethereum Gas Fees.<\/p>\n\n\n\n
Is this purely genius marketing to a not so spectacular Cryptopunk?<\/p>\n","post_title":"What's Behind The $530M CryptoPunk #9998","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptopunk-9998","to_ping":"","pinged":"","post_modified":"2022-03-14 21:05:56","post_modified_gmt":"2022-03-14 10:05:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1529","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1518,"post_author":"1","post_date":"2021-10-28 21:57:46","post_date_gmt":"2021-10-28 10:57:46","post_content":"\n
A Satoshi Unit, or SATS, is currently the smallest denomination of Bitcoin (BTC), named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto. As dollars split into cents, Bitcoins split into Satoshis with one Satoshi equaling 0.00000001 BTC.<\/p>\n\n\n\n

Currently, one Satoshi equals<\/a> 0.00059 USD.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Why Is A Satoshi Unit Used?<\/strong><\/h2>\n\n\n\n
As the price of Bitcoin rises, the size of each transfer gets smaller. 1 BTC now may only be equal to 0.8 BTC in a few months. Smaller denominations of Bitcoin make it easier to conduct transactions and make smaller transactions easily understood. Instead of having 0.0000873 BTC, you\u2019d instead have 873 Satoshis, this is much simpler to tell someone.<\/p>\n\n\n\n
Having the denomination of Bitcoin so small allows for better adoption in everyday use. Having it to two, or three decimal places could still place it in the thousands of dollars range.<\/p>\n\n\n\n
As Gwei<\/a> with Ether, the Satoshi Unit is a practical implementation for Bitcoin when putting a price on small transactions and equally small transaction fees. But they may play an even more important part when it comes to the wide-scale adoption of cryptocurrency.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Bitcoin Units Of Measurement<\/strong><\/h2>\n\n\n\n
1 Satoshi<\/td> 0.00000001 \u20bf<\/td><\/tr>
10 Satoshi<\/td> 0.00000010 \u20bf<\/td><\/tr>
100 Satoshi<\/td> 0.00000100 \u20bf = 1 Bit \/ \u03bcBit (you-bit)<\/td><\/tr>
1,000 Satoshi<\/td> 0.00001000 \u20bf<\/td><\/tr>
10,000 Satoshi<\/td> 0.00010000 \u20bf<\/td><\/tr>
100,000 Satoshi<\/td> 0.00100000 \u20bf = 1 mBTC (em-bit)<\/td><\/tr>
1,000,000 Satoshi<\/td> 0.01000000 \u20bf = 1 cBTC (bitcent)<\/td><\/tr>
10,000,000 Satoshi<\/td> 0.10000000 \u20bf<\/td><\/tr>
100,000,000 Satoshi<\/td> 1.00000000 \u20bf<\/td><\/tr><\/tbody><\/table>
Graph Taken From Bitcoin Wiki<\/a><\/figcaption><\/figure>\n","post_title":"Satoshi Unit (SATS) Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"satoshi-unit","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gwei\/","post_modified":"2022-06-02 22:19:19","post_modified_gmt":"2022-06-02 12:19:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1508,"post_author":"1","post_date":"2021-10-27 20:19:57","post_date_gmt":"2021-10-27 09:19:57","post_content":"\n
Wei is the smallest denomination of Ether, or ETH, the cryptocurrency on the Ethereum network.<\/p>\n\n\n\n
Wei takes its name from Cypherpunk member Wei Dai who proposed the first real cryptocurrency called B-Money<\/a>, which is essentially a forerunner to Bitcoin, although it never passed the drafting phase. <\/p>\n\n\n\n
In turn, it can be compared to Bitcoin\u2019s 'Satoshi Unit' which represents 0.00000001 Bitcoin for similar reasons to Ether, to make a transaction fee more clear.<\/p>\n\n\n\n
Why Use Wei?<\/strong><\/h2>\n\n\n\n
As the price of Ether rises, the size of each transfer gets smaller. 1 ETH now may only be equal to 0.8 ETH in a few months. <\/p>\n\n\n\n
But using Ether to quote a gas fee<\/a> may become a headache as prices go up because it will become a smaller fraction of Ether. Therefore, Wei is used when dealing with smaller transactions playing an important part in gas fees and transaction fees.<\/p>\n\n\n\n
As shown on Ethereum's Technical Documents<\/a>, these are the several sub-units, indicating the quantity used.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n","post_title":"Wei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:21:00","post_modified_gmt":"2022-06-02 12:21:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1505,"post_author":"1","post_date":"2021-10-27 20:15:38","post_date_gmt":"2021-10-27 09:15:38","post_content":"\n
What Is Gwei?<\/strong><\/h2>\n\n\n\n
Gwei or gigaWei is the most commonly used denomination of Ether's Wei<\/a>. It's comparable to Ether like a cent is to a dollar because gas prices are easily specified with Gwei. <\/p>\n\n\n\n
1 Gwei is equal to 0.000000001 ETH, and usually, its easier to quote gas prices<\/a> with 87 Gwei compared to like 0.00000087 ETH.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Denominations Of Ether<\/h2>\n\n\n\n
Along with Gwei, there are other base units on the Ethereum network. These were named after people whose work heavily influenced the infrastructure of the Ethereum Blockchain. As shown on Ethereum's Technical Documents<\/a>, these are the several denominations of Wei.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/p>\n\n\n\n

Although gas fees aren\u2019t the most spectacular part of Ethereum, they\u2019re vital to keeping the ecosystem running and scalable!<\/p>\n","post_title":"Gwei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gwei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/wei\/","post_modified":"2022-06-02 22:20:48","post_modified_gmt":"2022-06-02 12:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1505","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1497,"post_author":"1","post_date":"2021-10-26 21:05:36","post_date_gmt":"2021-10-26 10:05:36","post_content":"\n
What Are Gas Fees?<\/h2>\n\n\n\n
Gas fees are the cost that is required to attempt a transaction. This is decided based on the computational energy needed to confirm a transaction.<\/p>\n\n\n\n
These transactions take time, energy, and computational effort, which doesn't come for free. The fees are decided upon the supply and demand of the blockchain at the time of the transaction, through the blockchain's protocol<\/a>. Gas pays the miners<\/a> for the energy spent validating the transactions, while also preventing spam and infinite loops<\/a>.<\/p>\n\n\n\n
Gas fees are required for almost every action that takes part on a blockchain, the more complex the action, the higher the associated fee.<\/p>\n\n\n\n
How Do Gas Fees Work?<\/h2>\n\n\n\n
The Ethereum network can only compute 13 transactions per second, because of this miners pace the stream of requests coming through and choose the transactions that'll give them the best returns. Portions of Ether called Gwei <\/a>are linked to each transaction, called the \u201cGas Price\u201d. It is like a bribe that pushes you to the front of the transactions waiting to be confirmed. The higher the bribe, the faster your transaction is confirmed.<\/p>\n\n\n\n
Your \u201cGas Limit\u201d is the greatest amount of Ether you\u2019d send as GWEI, the lower your gas limit, the further back you are in the line of transactions. Miners will always choose what is best for them. The gas you pay depends on how much you use. If you denote 50,000 GWEI, but the miner only used 30,000 worth of GWEI, you\u2019ll get back the difference of 20,000.<\/p>\n\n\n\n
Ethereum gas fees work in equilibrium with the price of Ether. As stated above, miners set the price of gas based on the current demand. As Ether prices rise so do the fees and as it drops, so does gas.<\/p>\n\n\n\n
How To Lower Your Gas Fees<\/h2>\n\n\n\n
You could potentially lower the fees using a tool like Etherscan<\/a>'s Gas Tracker<\/a> or BscScan's Gas Tracker<\/a> before sending any cryptocurrency. This shows how busy the blockchain is at any time, the less busy it is, the fewer gas fees you\u2019ll pay. So if you're not in a rush, it pays to wait until demand is lower.<\/p>\n\n\n\n
How To Calculate Gas Fees<\/h2>\n\n\n\n
One GWEI is equal to 0.000000001 ETH or one-billionth Ether. GWEI is the cent to Ethers dollar.<\/p>\n\n\n\n
The standard gas limit is 21,000 GWEI. So you multiply the average price of gas by 21,000 and you\u2019ll get your estimated gas<\/a> fee price. Then convert<\/a> that into Ether and that\u2019s that.<\/p>\n\n\n\n
(Complexity In Gas) x (Gas Price In Gwei) = Transaction cost<\/p><\/blockquote><\/figure>\n\n\n\n
<\/p>\n","post_title":"Gas Fee","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gas-fee","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/infinite-loop\/","post_modified":"2022-07-21 22:14:51","post_modified_gmt":"2022-07-21 12:14:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1497","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1501,"post_author":"1","post_date":"2021-10-26 20:54:12","post_date_gmt":"2021-10-26 09:54:12","post_content":"\n
What Is An Infinite Loop?<\/strong><\/h2>\n\n\n\n
An infinite loop is a sequence in a computer program looping continuously without stopping. Infinite loops are usually a bug and stop when a server is shut down to fix the bug, rewrite the code attached to the bug, and then redeploy the program.<\/p>\n\n\n\n
This wouldn\u2019t work on a decentralized and distributed blockchain network. It would be difficult to stop all the nodes around the world. Even if you were, with increasing transactions per second, this would cause thousands of transactions to build up. Even if it were for a minute.<\/p>\n\n\n\n
Ethereum Gas And Infinite Loops<\/strong><\/h2>\n\n\n\n
To stop this issue, Ethereum introduced Gas. Like a car that stops when it runs out of gas, if a transaction runs out of gas it\u2019s stopped.<\/p>\n\n\n\n
Before sending a transaction you set a gas limit you\u2019d be willing to pay. If a transaction or smart contract gets stuck in a loop and runs out of \u2018gas\u2019 it reverts the computation and sends it back to you, without the gas you lost, unfortunately.<\/p>\n\n\n\n
Gas also prevents spamming and DDoS attacks. Paying the gas fee for thousands of bots to flood a system would cost an attacker too much to be worth it. Making a blockchain system even more secure for its users.<\/p>\n","post_title":"How Does Blockchain Fix An Infinite Loop?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"infinite-loop","to_ping":"","pinged":"","post_modified":"2022-02-21 18:35:07","post_modified_gmt":"2022-02-21 07:35:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1480,"post_author":"1","post_date":"2021-10-24 18:54:27","post_date_gmt":"2021-10-24 07:54:27","post_content":"\n
What Is An NFT?<\/h2>\n\n\n\n
Non-Fungible Tokens (NFTs<\/a>) are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. In a direct comparison, NFTs cannot be traded like cryptocurrencies despite being based on a blockchain. NFTs cannot be guaranteed to trade for the amount they're bought for.<\/p>\n\n\n\n
What Is A JPEG?<\/h2>\n\n\n\n
Joint Photographic Experts Group (JPEGs) are a standard image format for containing lossy and compressed image data. The ability for photos to be compressed make it a standard across much of the internet, being quick and easy to send back and forth between various devices.<\/p>\n\n\n\n
NFTs vs JPEGs: The Screenshot Debate<\/h2>\n\n\n\n
Naturally, when something is screenshotted on the internet it takes the form of a JPEG. Although you can screenshot an NFT, this doesn\u2019t make you the owner of it, nor does a screenshot have any value. NFTs are more than the image, it is ownership of the image. <\/p>\n\n\n\n
This is because NFTs are generally Ethereum ERC-721<\/a> tokens or the equivalent for a separate blockchain. ERC-721<\/a> tokens are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. <\/p>\n\n\n\n
ERC-721 implements an API for smart contracts<\/a>\u00a0allowing for defining features in an asset to be preserved. This feature would allow for the transfer of NFTs while being able to trace them back to their original smart contract address to ensure their legitimacy.<\/p>\n\n\n\n
These types of tokens can be used to create unique artworks, memorabilia, trading cards, and tickets for certain events. So if you were to screenshot an NFT of a ticket to a sporting event and cannot prove that you have an original copy by tracing it back through the blockchain, you will not gain access to the event.<\/p>\n\n\n\n
Are NFTs Just Pictures?<\/h2>\n\n\n\n
Every NFT is different, and these differences are what value one art piece more than another. The digital scarcity of an NFT is what drives a majority of its value. In the NFTs vs JPEGs debate, NFTs can retain value over time due to certain assets linked to the NFT, JPEGs will always be just the picture.<\/p>\n\n\n\n
You may see some NFTs from the same collection sell for millions and some for thousands, this is due to the rarity of assets linked to the NFT. Certain NFTs have rare attributes, the rarer the attribute the rarer the NFT, much like trading cards where the better characters are harder to find and more sought after.<\/p>\n\n\n\n
While NFTs themselves hold a lot of value, NFTs can offer more than just the art piece you buy. One of the most popular NFT collections, Bored Ape Yacht Club<\/a>, gives access to their Miami Clubhouse, only to owners of their NFT. NFTs are sometimes more than just art, they can be one way to expand your network. With celebrities being a part of these networks a couple hundred thousand for access to these people may seem worth the price to certain investors.<\/p>\n\n\n\n
Can JPEGs Be NFTs?<\/h3>\n\n\n\n
Despite a screenshot of NFT being worthless, JPEGs can actually be minted as NFTs.<\/p>\n\n\n\n
Most artwork NFTs start off as JPEGs anyways and those have no actual value. So once you convert a JPEG to an NFT by linking it to an ERC-721 NFT Contract it will then 'gain value'.<\/p>\n\n\n\n
But if you were to screenshot an NFT and then upload it back onto the blockchain under your own ERC-721 NFT Contract, users will be able to compare the contract linked back to the NFT and see that it isn't the official contract. You can find the verified contracts of certain NFT projects using a site like Etherscan<\/a>.<\/p>\n\n\n\n
What Does Minting Your NFT Mean?<\/h2>\n\n\n\n
Minting is the process of adding your NFT to a blockchain, a public ledger<\/a> that is tamper-proof and is where you can verify the owners of various NFTs.<\/p>\n\n\n\n
When you buy an NFT from somewhere like Opensea<\/a>, the artist mints the NFT before listing it for sale. This allows you to verify the legitimacy of it on the same page you will buy from.<\/p>\n","post_title":"NFTs vs JPEGs: Digital Scarcity And Screenshots","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"nfts-vs-jpegs","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/nft-essentials-the-erc-721-standard\/\nhttps:\/\/www.thedistributed.co\/distributed-ledger-technology\/","post_modified":"2022-06-29 23:12:28","post_modified_gmt":"2022-06-29 13:12:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1480","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n
Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n
$\"\"$
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n
Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n
Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n
But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1529,"post_author":"1","post_date":"2021-10-29 17:25:31","post_date_gmt":"2021-10-29 06:25:31","post_content":"\n
One of the largest art sales in history may have just taken place, CryptoPunk #9888 sold for $530 Million.<\/p>\n\n\n\n
Although, this is no more than just an elaborate hoax. See it is hard to trick people when you buy your own artwork, especially on a public blockchain.<\/p>\n\n\n\n
A Twitter bot tracking the sales of every CryptoPunk tweeted this on Thursday night shortly after 8 pm. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/cryptopunksbot\/status\/1453872415591829504\n<\/div><\/figure>\n\n\n\n
You may wonder \"What makes this NFT worth half a billion dollars?<\/a>\" and the truth is, not much actually. <\/p>\n\n\n\n
Using Rarity<\/a> ranks its Rarity Score at a mere 136.49<\/a>, compared to Punk #7804 which actually sold for $7.57M and has a rarity score of 2329.18<\/a>.<\/p>\n\n\n\n
Due to the fact this punk lacks desirable features from a collectors perspective, it quickly attracted attention to how it could sell for this sum of money. <\/p>\n\n\n\n
A look at the Ethereum Blockchain Ledger shows that it was nothing more than smart, smart contract trickery.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/nanexcool\/status\/1453874296812670976\n<\/div><\/figure>\n\n\n\n
Why Would You Buy Your Own NFT?<\/h2>\n\n\n\n
The purchase was made using a flash loan contract, essentially this is a loan that is repaid immediately. <\/p>\n\n\n\n
The owner of this Punk bought his own Cryptopunk and instantly paid back his loan, using smart arbitrage he bought millions of eyes onto his NFT for only $800 in Ethereum Gas Fees.<\/p>\n\n\n\n
Is this purely genius marketing to a not so spectacular Cryptopunk?<\/p>\n","post_title":"What's Behind The $530M CryptoPunk #9998","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptopunk-9998","to_ping":"","pinged":"","post_modified":"2022-03-14 21:05:56","post_modified_gmt":"2022-03-14 10:05:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1529","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1518,"post_author":"1","post_date":"2021-10-28 21:57:46","post_date_gmt":"2021-10-28 10:57:46","post_content":"\n
A Satoshi Unit, or SATS, is currently the smallest denomination of Bitcoin (BTC), named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto. As dollars split into cents, Bitcoins split into Satoshis with one Satoshi equaling 0.00000001 BTC.<\/p>\n\n\n\n

Currently, one Satoshi equals<\/a> 0.00059 USD.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Why Is A Satoshi Unit Used?<\/strong><\/h2>\n\n\n\n
As the price of Bitcoin rises, the size of each transfer gets smaller. 1 BTC now may only be equal to 0.8 BTC in a few months. Smaller denominations of Bitcoin make it easier to conduct transactions and make smaller transactions easily understood. Instead of having 0.0000873 BTC, you\u2019d instead have 873 Satoshis, this is much simpler to tell someone.<\/p>\n\n\n\n
Having the denomination of Bitcoin so small allows for better adoption in everyday use. Having it to two, or three decimal places could still place it in the thousands of dollars range.<\/p>\n\n\n\n
As Gwei<\/a> with Ether, the Satoshi Unit is a practical implementation for Bitcoin when putting a price on small transactions and equally small transaction fees. But they may play an even more important part when it comes to the wide-scale adoption of cryptocurrency.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Bitcoin Units Of Measurement<\/strong><\/h2>\n\n\n\n
1 Satoshi<\/td> 0.00000001 \u20bf<\/td><\/tr>
10 Satoshi<\/td> 0.00000010 \u20bf<\/td><\/tr>
100 Satoshi<\/td> 0.00000100 \u20bf = 1 Bit \/ \u03bcBit (you-bit)<\/td><\/tr>
1,000 Satoshi<\/td> 0.00001000 \u20bf<\/td><\/tr>
10,000 Satoshi<\/td> 0.00010000 \u20bf<\/td><\/tr>
100,000 Satoshi<\/td> 0.00100000 \u20bf = 1 mBTC (em-bit)<\/td><\/tr>
1,000,000 Satoshi<\/td> 0.01000000 \u20bf = 1 cBTC (bitcent)<\/td><\/tr>
10,000,000 Satoshi<\/td> 0.10000000 \u20bf<\/td><\/tr>
100,000,000 Satoshi<\/td> 1.00000000 \u20bf<\/td><\/tr><\/tbody><\/table>
Graph Taken From Bitcoin Wiki<\/a><\/figcaption><\/figure>\n","post_title":"Satoshi Unit (SATS) Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"satoshi-unit","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gwei\/","post_modified":"2022-06-02 22:19:19","post_modified_gmt":"2022-06-02 12:19:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1508,"post_author":"1","post_date":"2021-10-27 20:19:57","post_date_gmt":"2021-10-27 09:19:57","post_content":"\n
Wei is the smallest denomination of Ether, or ETH, the cryptocurrency on the Ethereum network.<\/p>\n\n\n\n
Wei takes its name from Cypherpunk member Wei Dai who proposed the first real cryptocurrency called B-Money<\/a>, which is essentially a forerunner to Bitcoin, although it never passed the drafting phase. <\/p>\n\n\n\n
In turn, it can be compared to Bitcoin\u2019s 'Satoshi Unit' which represents 0.00000001 Bitcoin for similar reasons to Ether, to make a transaction fee more clear.<\/p>\n\n\n\n
Why Use Wei?<\/strong><\/h2>\n\n\n\n
As the price of Ether rises, the size of each transfer gets smaller. 1 ETH now may only be equal to 0.8 ETH in a few months. <\/p>\n\n\n\n
But using Ether to quote a gas fee<\/a> may become a headache as prices go up because it will become a smaller fraction of Ether. Therefore, Wei is used when dealing with smaller transactions playing an important part in gas fees and transaction fees.<\/p>\n\n\n\n
As shown on Ethereum's Technical Documents<\/a>, these are the several sub-units, indicating the quantity used.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n","post_title":"Wei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:21:00","post_modified_gmt":"2022-06-02 12:21:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1505,"post_author":"1","post_date":"2021-10-27 20:15:38","post_date_gmt":"2021-10-27 09:15:38","post_content":"\n
What Is Gwei?<\/strong><\/h2>\n\n\n\n
Gwei or gigaWei is the most commonly used denomination of Ether's Wei<\/a>. It's comparable to Ether like a cent is to a dollar because gas prices are easily specified with Gwei. <\/p>\n\n\n\n
1 Gwei is equal to 0.000000001 ETH, and usually, its easier to quote gas prices<\/a> with 87 Gwei compared to like 0.00000087 ETH.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Denominations Of Ether<\/h2>\n\n\n\n
Along with Gwei, there are other base units on the Ethereum network. These were named after people whose work heavily influenced the infrastructure of the Ethereum Blockchain. As shown on Ethereum's Technical Documents<\/a>, these are the several denominations of Wei.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/p>\n\n\n\n

Although gas fees aren\u2019t the most spectacular part of Ethereum, they\u2019re vital to keeping the ecosystem running and scalable!<\/p>\n","post_title":"Gwei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gwei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/wei\/","post_modified":"2022-06-02 22:20:48","post_modified_gmt":"2022-06-02 12:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1505","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1497,"post_author":"1","post_date":"2021-10-26 21:05:36","post_date_gmt":"2021-10-26 10:05:36","post_content":"\n
What Are Gas Fees?<\/h2>\n\n\n\n
Gas fees are the cost that is required to attempt a transaction. This is decided based on the computational energy needed to confirm a transaction.<\/p>\n\n\n\n
These transactions take time, energy, and computational effort, which doesn't come for free. The fees are decided upon the supply and demand of the blockchain at the time of the transaction, through the blockchain's protocol<\/a>. Gas pays the miners<\/a> for the energy spent validating the transactions, while also preventing spam and infinite loops<\/a>.<\/p>\n\n\n\n
Gas fees are required for almost every action that takes part on a blockchain, the more complex the action, the higher the associated fee.<\/p>\n\n\n\n
How Do Gas Fees Work?<\/h2>\n\n\n\n
The Ethereum network can only compute 13 transactions per second, because of this miners pace the stream of requests coming through and choose the transactions that'll give them the best returns. Portions of Ether called Gwei <\/a>are linked to each transaction, called the \u201cGas Price\u201d. It is like a bribe that pushes you to the front of the transactions waiting to be confirmed. The higher the bribe, the faster your transaction is confirmed.<\/p>\n\n\n\n
Your \u201cGas Limit\u201d is the greatest amount of Ether you\u2019d send as GWEI, the lower your gas limit, the further back you are in the line of transactions. Miners will always choose what is best for them. The gas you pay depends on how much you use. If you denote 50,000 GWEI, but the miner only used 30,000 worth of GWEI, you\u2019ll get back the difference of 20,000.<\/p>\n\n\n\n
Ethereum gas fees work in equilibrium with the price of Ether. As stated above, miners set the price of gas based on the current demand. As Ether prices rise so do the fees and as it drops, so does gas.<\/p>\n\n\n\n
How To Lower Your Gas Fees<\/h2>\n\n\n\n
You could potentially lower the fees using a tool like Etherscan<\/a>'s Gas Tracker<\/a> or BscScan's Gas Tracker<\/a> before sending any cryptocurrency. This shows how busy the blockchain is at any time, the less busy it is, the fewer gas fees you\u2019ll pay. So if you're not in a rush, it pays to wait until demand is lower.<\/p>\n\n\n\n
How To Calculate Gas Fees<\/h2>\n\n\n\n
One GWEI is equal to 0.000000001 ETH or one-billionth Ether. GWEI is the cent to Ethers dollar.<\/p>\n\n\n\n
The standard gas limit is 21,000 GWEI. So you multiply the average price of gas by 21,000 and you\u2019ll get your estimated gas<\/a> fee price. Then convert<\/a> that into Ether and that\u2019s that.<\/p>\n\n\n\n
(Complexity In Gas) x (Gas Price In Gwei) = Transaction cost<\/p><\/blockquote><\/figure>\n\n\n\n
<\/p>\n","post_title":"Gas Fee","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gas-fee","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/infinite-loop\/","post_modified":"2022-07-21 22:14:51","post_modified_gmt":"2022-07-21 12:14:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1497","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1501,"post_author":"1","post_date":"2021-10-26 20:54:12","post_date_gmt":"2021-10-26 09:54:12","post_content":"\n
What Is An Infinite Loop?<\/strong><\/h2>\n\n\n\n
An infinite loop is a sequence in a computer program looping continuously without stopping. Infinite loops are usually a bug and stop when a server is shut down to fix the bug, rewrite the code attached to the bug, and then redeploy the program.<\/p>\n\n\n\n
This wouldn\u2019t work on a decentralized and distributed blockchain network. It would be difficult to stop all the nodes around the world. Even if you were, with increasing transactions per second, this would cause thousands of transactions to build up. Even if it were for a minute.<\/p>\n\n\n\n
Ethereum Gas And Infinite Loops<\/strong><\/h2>\n\n\n\n
To stop this issue, Ethereum introduced Gas. Like a car that stops when it runs out of gas, if a transaction runs out of gas it\u2019s stopped.<\/p>\n\n\n\n
Before sending a transaction you set a gas limit you\u2019d be willing to pay. If a transaction or smart contract gets stuck in a loop and runs out of \u2018gas\u2019 it reverts the computation and sends it back to you, without the gas you lost, unfortunately.<\/p>\n\n\n\n
Gas also prevents spamming and DDoS attacks. Paying the gas fee for thousands of bots to flood a system would cost an attacker too much to be worth it. Making a blockchain system even more secure for its users.<\/p>\n","post_title":"How Does Blockchain Fix An Infinite Loop?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"infinite-loop","to_ping":"","pinged":"","post_modified":"2022-02-21 18:35:07","post_modified_gmt":"2022-02-21 07:35:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1480,"post_author":"1","post_date":"2021-10-24 18:54:27","post_date_gmt":"2021-10-24 07:54:27","post_content":"\n
What Is An NFT?<\/h2>\n\n\n\n
Non-Fungible Tokens (NFTs<\/a>) are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. In a direct comparison, NFTs cannot be traded like cryptocurrencies despite being based on a blockchain. NFTs cannot be guaranteed to trade for the amount they're bought for.<\/p>\n\n\n\n
What Is A JPEG?<\/h2>\n\n\n\n
Joint Photographic Experts Group (JPEGs) are a standard image format for containing lossy and compressed image data. The ability for photos to be compressed make it a standard across much of the internet, being quick and easy to send back and forth between various devices.<\/p>\n\n\n\n
NFTs vs JPEGs: The Screenshot Debate<\/h2>\n\n\n\n
Naturally, when something is screenshotted on the internet it takes the form of a JPEG. Although you can screenshot an NFT, this doesn\u2019t make you the owner of it, nor does a screenshot have any value. NFTs are more than the image, it is ownership of the image. <\/p>\n\n\n\n
This is because NFTs are generally Ethereum ERC-721<\/a> tokens or the equivalent for a separate blockchain. ERC-721<\/a> tokens are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. <\/p>\n\n\n\n
ERC-721 implements an API for smart contracts<\/a>\u00a0allowing for defining features in an asset to be preserved. This feature would allow for the transfer of NFTs while being able to trace them back to their original smart contract address to ensure their legitimacy.<\/p>\n\n\n\n
These types of tokens can be used to create unique artworks, memorabilia, trading cards, and tickets for certain events. So if you were to screenshot an NFT of a ticket to a sporting event and cannot prove that you have an original copy by tracing it back through the blockchain, you will not gain access to the event.<\/p>\n\n\n\n
Are NFTs Just Pictures?<\/h2>\n\n\n\n
Every NFT is different, and these differences are what value one art piece more than another. The digital scarcity of an NFT is what drives a majority of its value. In the NFTs vs JPEGs debate, NFTs can retain value over time due to certain assets linked to the NFT, JPEGs will always be just the picture.<\/p>\n\n\n\n
You may see some NFTs from the same collection sell for millions and some for thousands, this is due to the rarity of assets linked to the NFT. Certain NFTs have rare attributes, the rarer the attribute the rarer the NFT, much like trading cards where the better characters are harder to find and more sought after.<\/p>\n\n\n\n
While NFTs themselves hold a lot of value, NFTs can offer more than just the art piece you buy. One of the most popular NFT collections, Bored Ape Yacht Club<\/a>, gives access to their Miami Clubhouse, only to owners of their NFT. NFTs are sometimes more than just art, they can be one way to expand your network. With celebrities being a part of these networks a couple hundred thousand for access to these people may seem worth the price to certain investors.<\/p>\n\n\n\n
Can JPEGs Be NFTs?<\/h3>\n\n\n\n
Despite a screenshot of NFT being worthless, JPEGs can actually be minted as NFTs.<\/p>\n\n\n\n
Most artwork NFTs start off as JPEGs anyways and those have no actual value. So once you convert a JPEG to an NFT by linking it to an ERC-721 NFT Contract it will then 'gain value'.<\/p>\n\n\n\n
But if you were to screenshot an NFT and then upload it back onto the blockchain under your own ERC-721 NFT Contract, users will be able to compare the contract linked back to the NFT and see that it isn't the official contract. You can find the verified contracts of certain NFT projects using a site like Etherscan<\/a>.<\/p>\n\n\n\n
What Does Minting Your NFT Mean?<\/h2>\n\n\n\n
Minting is the process of adding your NFT to a blockchain, a public ledger<\/a> that is tamper-proof and is where you can verify the owners of various NFTs.<\/p>\n\n\n\n
When you buy an NFT from somewhere like Opensea<\/a>, the artist mints the NFT before listing it for sale. This allows you to verify the legitimacy of it on the same page you will buy from.<\/p>\n","post_title":"NFTs vs JPEGs: Digital Scarcity And Screenshots","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"nfts-vs-jpegs","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/nft-essentials-the-erc-721-standard\/\nhttps:\/\/www.thedistributed.co\/distributed-ledger-technology\/","post_modified":"2022-06-29 23:12:28","post_modified_gmt":"2022-06-29 13:12:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1480","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Is this a wise move for one of Australias biggest banks and will other worldwide banks follow in their footsteps?<\/p>\n","post_title":"Australia's Commonwealth Bank App To Offer Crypto Trading","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"australias-commonwealth-bank-app-to-offer-crypto-trading","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:58","post_modified_gmt":"2022-01-08 07:50:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=2232","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n
Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n
Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n
$\"\"$
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n
Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n
Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n
But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1529,"post_author":"1","post_date":"2021-10-29 17:25:31","post_date_gmt":"2021-10-29 06:25:31","post_content":"\n
One of the largest art sales in history may have just taken place, CryptoPunk #9888 sold for $530 Million.<\/p>\n\n\n\n
Although, this is no more than just an elaborate hoax. See it is hard to trick people when you buy your own artwork, especially on a public blockchain.<\/p>\n\n\n\n
A Twitter bot tracking the sales of every CryptoPunk tweeted this on Thursday night shortly after 8 pm. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/cryptopunksbot\/status\/1453872415591829504\n<\/div><\/figure>\n\n\n\n
You may wonder \"What makes this NFT worth half a billion dollars?<\/a>\" and the truth is, not much actually. <\/p>\n\n\n\n
Using Rarity<\/a> ranks its Rarity Score at a mere 136.49<\/a>, compared to Punk #7804 which actually sold for $7.57M and has a rarity score of 2329.18<\/a>.<\/p>\n\n\n\n
Due to the fact this punk lacks desirable features from a collectors perspective, it quickly attracted attention to how it could sell for this sum of money. <\/p>\n\n\n\n
A look at the Ethereum Blockchain Ledger shows that it was nothing more than smart, smart contract trickery.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/nanexcool\/status\/1453874296812670976\n<\/div><\/figure>\n\n\n\n
Why Would You Buy Your Own NFT?<\/h2>\n\n\n\n
The purchase was made using a flash loan contract, essentially this is a loan that is repaid immediately. <\/p>\n\n\n\n
The owner of this Punk bought his own Cryptopunk and instantly paid back his loan, using smart arbitrage he bought millions of eyes onto his NFT for only $800 in Ethereum Gas Fees.<\/p>\n\n\n\n
Is this purely genius marketing to a not so spectacular Cryptopunk?<\/p>\n","post_title":"What's Behind The $530M CryptoPunk #9998","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptopunk-9998","to_ping":"","pinged":"","post_modified":"2022-03-14 21:05:56","post_modified_gmt":"2022-03-14 10:05:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1529","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1518,"post_author":"1","post_date":"2021-10-28 21:57:46","post_date_gmt":"2021-10-28 10:57:46","post_content":"\n
A Satoshi Unit, or SATS, is currently the smallest denomination of Bitcoin (BTC), named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto. As dollars split into cents, Bitcoins split into Satoshis with one Satoshi equaling 0.00000001 BTC.<\/p>\n\n\n\n

Currently, one Satoshi equals<\/a> 0.00059 USD.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Why Is A Satoshi Unit Used?<\/strong><\/h2>\n\n\n\n
As the price of Bitcoin rises, the size of each transfer gets smaller. 1 BTC now may only be equal to 0.8 BTC in a few months. Smaller denominations of Bitcoin make it easier to conduct transactions and make smaller transactions easily understood. Instead of having 0.0000873 BTC, you\u2019d instead have 873 Satoshis, this is much simpler to tell someone.<\/p>\n\n\n\n
Having the denomination of Bitcoin so small allows for better adoption in everyday use. Having it to two, or three decimal places could still place it in the thousands of dollars range.<\/p>\n\n\n\n
As Gwei<\/a> with Ether, the Satoshi Unit is a practical implementation for Bitcoin when putting a price on small transactions and equally small transaction fees. But they may play an even more important part when it comes to the wide-scale adoption of cryptocurrency.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Bitcoin Units Of Measurement<\/strong><\/h2>\n\n\n\n
1 Satoshi<\/td> 0.00000001 \u20bf<\/td><\/tr>
10 Satoshi<\/td> 0.00000010 \u20bf<\/td><\/tr>
100 Satoshi<\/td> 0.00000100 \u20bf = 1 Bit \/ \u03bcBit (you-bit)<\/td><\/tr>
1,000 Satoshi<\/td> 0.00001000 \u20bf<\/td><\/tr>
10,000 Satoshi<\/td> 0.00010000 \u20bf<\/td><\/tr>
100,000 Satoshi<\/td> 0.00100000 \u20bf = 1 mBTC (em-bit)<\/td><\/tr>
1,000,000 Satoshi<\/td> 0.01000000 \u20bf = 1 cBTC (bitcent)<\/td><\/tr>
10,000,000 Satoshi<\/td> 0.10000000 \u20bf<\/td><\/tr>
100,000,000 Satoshi<\/td> 1.00000000 \u20bf<\/td><\/tr><\/tbody><\/table>
Graph Taken From Bitcoin Wiki<\/a><\/figcaption><\/figure>\n","post_title":"Satoshi Unit (SATS) Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"satoshi-unit","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gwei\/","post_modified":"2022-06-02 22:19:19","post_modified_gmt":"2022-06-02 12:19:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1508,"post_author":"1","post_date":"2021-10-27 20:19:57","post_date_gmt":"2021-10-27 09:19:57","post_content":"\n
Wei is the smallest denomination of Ether, or ETH, the cryptocurrency on the Ethereum network.<\/p>\n\n\n\n
Wei takes its name from Cypherpunk member Wei Dai who proposed the first real cryptocurrency called B-Money<\/a>, which is essentially a forerunner to Bitcoin, although it never passed the drafting phase. <\/p>\n\n\n\n
In turn, it can be compared to Bitcoin\u2019s 'Satoshi Unit' which represents 0.00000001 Bitcoin for similar reasons to Ether, to make a transaction fee more clear.<\/p>\n\n\n\n
Why Use Wei?<\/strong><\/h2>\n\n\n\n
As the price of Ether rises, the size of each transfer gets smaller. 1 ETH now may only be equal to 0.8 ETH in a few months. <\/p>\n\n\n\n
But using Ether to quote a gas fee<\/a> may become a headache as prices go up because it will become a smaller fraction of Ether. Therefore, Wei is used when dealing with smaller transactions playing an important part in gas fees and transaction fees.<\/p>\n\n\n\n
As shown on Ethereum's Technical Documents<\/a>, these are the several sub-units, indicating the quantity used.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n","post_title":"Wei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:21:00","post_modified_gmt":"2022-06-02 12:21:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1505,"post_author":"1","post_date":"2021-10-27 20:15:38","post_date_gmt":"2021-10-27 09:15:38","post_content":"\n
What Is Gwei?<\/strong><\/h2>\n\n\n\n
Gwei or gigaWei is the most commonly used denomination of Ether's Wei<\/a>. It's comparable to Ether like a cent is to a dollar because gas prices are easily specified with Gwei. <\/p>\n\n\n\n
1 Gwei is equal to 0.000000001 ETH, and usually, its easier to quote gas prices<\/a> with 87 Gwei compared to like 0.00000087 ETH.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Denominations Of Ether<\/h2>\n\n\n\n
Along with Gwei, there are other base units on the Ethereum network. These were named after people whose work heavily influenced the infrastructure of the Ethereum Blockchain. As shown on Ethereum's Technical Documents<\/a>, these are the several denominations of Wei.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/p>\n\n\n\n

Although gas fees aren\u2019t the most spectacular part of Ethereum, they\u2019re vital to keeping the ecosystem running and scalable!<\/p>\n","post_title":"Gwei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gwei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/wei\/","post_modified":"2022-06-02 22:20:48","post_modified_gmt":"2022-06-02 12:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1505","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1497,"post_author":"1","post_date":"2021-10-26 21:05:36","post_date_gmt":"2021-10-26 10:05:36","post_content":"\n
What Are Gas Fees?<\/h2>\n\n\n\n
Gas fees are the cost that is required to attempt a transaction. This is decided based on the computational energy needed to confirm a transaction.<\/p>\n\n\n\n
These transactions take time, energy, and computational effort, which doesn't come for free. The fees are decided upon the supply and demand of the blockchain at the time of the transaction, through the blockchain's protocol<\/a>. Gas pays the miners<\/a> for the energy spent validating the transactions, while also preventing spam and infinite loops<\/a>.<\/p>\n\n\n\n
Gas fees are required for almost every action that takes part on a blockchain, the more complex the action, the higher the associated fee.<\/p>\n\n\n\n
How Do Gas Fees Work?<\/h2>\n\n\n\n
The Ethereum network can only compute 13 transactions per second, because of this miners pace the stream of requests coming through and choose the transactions that'll give them the best returns. Portions of Ether called Gwei <\/a>are linked to each transaction, called the \u201cGas Price\u201d. It is like a bribe that pushes you to the front of the transactions waiting to be confirmed. The higher the bribe, the faster your transaction is confirmed.<\/p>\n\n\n\n
Your \u201cGas Limit\u201d is the greatest amount of Ether you\u2019d send as GWEI, the lower your gas limit, the further back you are in the line of transactions. Miners will always choose what is best for them. The gas you pay depends on how much you use. If you denote 50,000 GWEI, but the miner only used 30,000 worth of GWEI, you\u2019ll get back the difference of 20,000.<\/p>\n\n\n\n
Ethereum gas fees work in equilibrium with the price of Ether. As stated above, miners set the price of gas based on the current demand. As Ether prices rise so do the fees and as it drops, so does gas.<\/p>\n\n\n\n
How To Lower Your Gas Fees<\/h2>\n\n\n\n
You could potentially lower the fees using a tool like Etherscan<\/a>'s Gas Tracker<\/a> or BscScan's Gas Tracker<\/a> before sending any cryptocurrency. This shows how busy the blockchain is at any time, the less busy it is, the fewer gas fees you\u2019ll pay. So if you're not in a rush, it pays to wait until demand is lower.<\/p>\n\n\n\n
How To Calculate Gas Fees<\/h2>\n\n\n\n
One GWEI is equal to 0.000000001 ETH or one-billionth Ether. GWEI is the cent to Ethers dollar.<\/p>\n\n\n\n
The standard gas limit is 21,000 GWEI. So you multiply the average price of gas by 21,000 and you\u2019ll get your estimated gas<\/a> fee price. Then convert<\/a> that into Ether and that\u2019s that.<\/p>\n\n\n\n
(Complexity In Gas) x (Gas Price In Gwei) = Transaction cost<\/p><\/blockquote><\/figure>\n\n\n\n
<\/p>\n","post_title":"Gas Fee","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gas-fee","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/infinite-loop\/","post_modified":"2022-07-21 22:14:51","post_modified_gmt":"2022-07-21 12:14:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1497","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1501,"post_author":"1","post_date":"2021-10-26 20:54:12","post_date_gmt":"2021-10-26 09:54:12","post_content":"\n
What Is An Infinite Loop?<\/strong><\/h2>\n\n\n\n
An infinite loop is a sequence in a computer program looping continuously without stopping. Infinite loops are usually a bug and stop when a server is shut down to fix the bug, rewrite the code attached to the bug, and then redeploy the program.<\/p>\n\n\n\n
This wouldn\u2019t work on a decentralized and distributed blockchain network. It would be difficult to stop all the nodes around the world. Even if you were, with increasing transactions per second, this would cause thousands of transactions to build up. Even if it were for a minute.<\/p>\n\n\n\n
Ethereum Gas And Infinite Loops<\/strong><\/h2>\n\n\n\n
To stop this issue, Ethereum introduced Gas. Like a car that stops when it runs out of gas, if a transaction runs out of gas it\u2019s stopped.<\/p>\n\n\n\n
Before sending a transaction you set a gas limit you\u2019d be willing to pay. If a transaction or smart contract gets stuck in a loop and runs out of \u2018gas\u2019 it reverts the computation and sends it back to you, without the gas you lost, unfortunately.<\/p>\n\n\n\n
Gas also prevents spamming and DDoS attacks. Paying the gas fee for thousands of bots to flood a system would cost an attacker too much to be worth it. Making a blockchain system even more secure for its users.<\/p>\n","post_title":"How Does Blockchain Fix An Infinite Loop?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"infinite-loop","to_ping":"","pinged":"","post_modified":"2022-02-21 18:35:07","post_modified_gmt":"2022-02-21 07:35:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1480,"post_author":"1","post_date":"2021-10-24 18:54:27","post_date_gmt":"2021-10-24 07:54:27","post_content":"\n
What Is An NFT?<\/h2>\n\n\n\n
Non-Fungible Tokens (NFTs<\/a>) are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. In a direct comparison, NFTs cannot be traded like cryptocurrencies despite being based on a blockchain. NFTs cannot be guaranteed to trade for the amount they're bought for.<\/p>\n\n\n\n
What Is A JPEG?<\/h2>\n\n\n\n
Joint Photographic Experts Group (JPEGs) are a standard image format for containing lossy and compressed image data. The ability for photos to be compressed make it a standard across much of the internet, being quick and easy to send back and forth between various devices.<\/p>\n\n\n\n
NFTs vs JPEGs: The Screenshot Debate<\/h2>\n\n\n\n
Naturally, when something is screenshotted on the internet it takes the form of a JPEG. Although you can screenshot an NFT, this doesn\u2019t make you the owner of it, nor does a screenshot have any value. NFTs are more than the image, it is ownership of the image. <\/p>\n\n\n\n
This is because NFTs are generally Ethereum ERC-721<\/a> tokens or the equivalent for a separate blockchain. ERC-721<\/a> tokens are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. <\/p>\n\n\n\n
ERC-721 implements an API for smart contracts<\/a>\u00a0allowing for defining features in an asset to be preserved. This feature would allow for the transfer of NFTs while being able to trace them back to their original smart contract address to ensure their legitimacy.<\/p>\n\n\n\n
These types of tokens can be used to create unique artworks, memorabilia, trading cards, and tickets for certain events. So if you were to screenshot an NFT of a ticket to a sporting event and cannot prove that you have an original copy by tracing it back through the blockchain, you will not gain access to the event.<\/p>\n\n\n\n
Are NFTs Just Pictures?<\/h2>\n\n\n\n
Every NFT is different, and these differences are what value one art piece more than another. The digital scarcity of an NFT is what drives a majority of its value. In the NFTs vs JPEGs debate, NFTs can retain value over time due to certain assets linked to the NFT, JPEGs will always be just the picture.<\/p>\n\n\n\n
You may see some NFTs from the same collection sell for millions and some for thousands, this is due to the rarity of assets linked to the NFT. Certain NFTs have rare attributes, the rarer the attribute the rarer the NFT, much like trading cards where the better characters are harder to find and more sought after.<\/p>\n\n\n\n
While NFTs themselves hold a lot of value, NFTs can offer more than just the art piece you buy. One of the most popular NFT collections, Bored Ape Yacht Club<\/a>, gives access to their Miami Clubhouse, only to owners of their NFT. NFTs are sometimes more than just art, they can be one way to expand your network. With celebrities being a part of these networks a couple hundred thousand for access to these people may seem worth the price to certain investors.<\/p>\n\n\n\n
Can JPEGs Be NFTs?<\/h3>\n\n\n\n
Despite a screenshot of NFT being worthless, JPEGs can actually be minted as NFTs.<\/p>\n\n\n\n
Most artwork NFTs start off as JPEGs anyways and those have no actual value. So once you convert a JPEG to an NFT by linking it to an ERC-721 NFT Contract it will then 'gain value'.<\/p>\n\n\n\n
But if you were to screenshot an NFT and then upload it back onto the blockchain under your own ERC-721 NFT Contract, users will be able to compare the contract linked back to the NFT and see that it isn't the official contract. You can find the verified contracts of certain NFT projects using a site like Etherscan<\/a>.<\/p>\n\n\n\n
What Does Minting Your NFT Mean?<\/h2>\n\n\n\n
Minting is the process of adding your NFT to a blockchain, a public ledger<\/a> that is tamper-proof and is where you can verify the owners of various NFTs.<\/p>\n\n\n\n
When you buy an NFT from somewhere like Opensea<\/a>, the artist mints the NFT before listing it for sale. This allows you to verify the legitimacy of it on the same page you will buy from.<\/p>\n","post_title":"NFTs vs JPEGs: Digital Scarcity And Screenshots","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"nfts-vs-jpegs","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/nft-essentials-the-erc-721-standard\/\nhttps:\/\/www.thedistributed.co\/distributed-ledger-technology\/","post_modified":"2022-06-29 23:12:28","post_modified_gmt":"2022-06-29 13:12:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1480","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Regulation

Australia’s Commonwealth Bank App To Offer Crypto Trading

November 3, 2021 - Updated on January 8, 2022

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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\n
The set date for launch isn't until 2022, but Commonwealth Bank plans to conduct a pilot for the platform within the coming weeks.<\/p>\n\n\n\n
Is this a wise move for one of Australias biggest banks and will other worldwide banks follow in their footsteps?<\/p>\n","post_title":"Australia's Commonwealth Bank App To Offer Crypto Trading","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"australias-commonwealth-bank-app-to-offer-crypto-trading","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:58","post_modified_gmt":"2022-01-08 07:50:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=2232","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n
Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n
Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n
$\"\"$
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n
Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n
Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n
But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1529,"post_author":"1","post_date":"2021-10-29 17:25:31","post_date_gmt":"2021-10-29 06:25:31","post_content":"\n
One of the largest art sales in history may have just taken place, CryptoPunk #9888 sold for $530 Million.<\/p>\n\n\n\n
Although, this is no more than just an elaborate hoax. See it is hard to trick people when you buy your own artwork, especially on a public blockchain.<\/p>\n\n\n\n
A Twitter bot tracking the sales of every CryptoPunk tweeted this on Thursday night shortly after 8 pm. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/cryptopunksbot\/status\/1453872415591829504\n<\/div><\/figure>\n\n\n\n
You may wonder \"What makes this NFT worth half a billion dollars?<\/a>\" and the truth is, not much actually. <\/p>\n\n\n\n
Using Rarity<\/a> ranks its Rarity Score at a mere 136.49<\/a>, compared to Punk #7804 which actually sold for $7.57M and has a rarity score of 2329.18<\/a>.<\/p>\n\n\n\n
Due to the fact this punk lacks desirable features from a collectors perspective, it quickly attracted attention to how it could sell for this sum of money. <\/p>\n\n\n\n
A look at the Ethereum Blockchain Ledger shows that it was nothing more than smart, smart contract trickery.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/nanexcool\/status\/1453874296812670976\n<\/div><\/figure>\n\n\n\n
Why Would You Buy Your Own NFT?<\/h2>\n\n\n\n
The purchase was made using a flash loan contract, essentially this is a loan that is repaid immediately. <\/p>\n\n\n\n
The owner of this Punk bought his own Cryptopunk and instantly paid back his loan, using smart arbitrage he bought millions of eyes onto his NFT for only $800 in Ethereum Gas Fees.<\/p>\n\n\n\n
Is this purely genius marketing to a not so spectacular Cryptopunk?<\/p>\n","post_title":"What's Behind The $530M CryptoPunk #9998","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptopunk-9998","to_ping":"","pinged":"","post_modified":"2022-03-14 21:05:56","post_modified_gmt":"2022-03-14 10:05:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1529","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1518,"post_author":"1","post_date":"2021-10-28 21:57:46","post_date_gmt":"2021-10-28 10:57:46","post_content":"\n
A Satoshi Unit, or SATS, is currently the smallest denomination of Bitcoin (BTC), named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto. As dollars split into cents, Bitcoins split into Satoshis with one Satoshi equaling 0.00000001 BTC.<\/p>\n\n\n\n

Currently, one Satoshi equals<\/a> 0.00059 USD.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Why Is A Satoshi Unit Used?<\/strong><\/h2>\n\n\n\n
As the price of Bitcoin rises, the size of each transfer gets smaller. 1 BTC now may only be equal to 0.8 BTC in a few months. Smaller denominations of Bitcoin make it easier to conduct transactions and make smaller transactions easily understood. Instead of having 0.0000873 BTC, you\u2019d instead have 873 Satoshis, this is much simpler to tell someone.<\/p>\n\n\n\n
Having the denomination of Bitcoin so small allows for better adoption in everyday use. Having it to two, or three decimal places could still place it in the thousands of dollars range.<\/p>\n\n\n\n
As Gwei<\/a> with Ether, the Satoshi Unit is a practical implementation for Bitcoin when putting a price on small transactions and equally small transaction fees. But they may play an even more important part when it comes to the wide-scale adoption of cryptocurrency.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Bitcoin Units Of Measurement<\/strong><\/h2>\n\n\n\n
1 Satoshi<\/td> 0.00000001 \u20bf<\/td><\/tr>
10 Satoshi<\/td> 0.00000010 \u20bf<\/td><\/tr>
100 Satoshi<\/td> 0.00000100 \u20bf = 1 Bit \/ \u03bcBit (you-bit)<\/td><\/tr>
1,000 Satoshi<\/td> 0.00001000 \u20bf<\/td><\/tr>
10,000 Satoshi<\/td> 0.00010000 \u20bf<\/td><\/tr>
100,000 Satoshi<\/td> 0.00100000 \u20bf = 1 mBTC (em-bit)<\/td><\/tr>
1,000,000 Satoshi<\/td> 0.01000000 \u20bf = 1 cBTC (bitcent)<\/td><\/tr>
10,000,000 Satoshi<\/td> 0.10000000 \u20bf<\/td><\/tr>
100,000,000 Satoshi<\/td> 1.00000000 \u20bf<\/td><\/tr><\/tbody><\/table>
Graph Taken From Bitcoin Wiki<\/a><\/figcaption><\/figure>\n","post_title":"Satoshi Unit (SATS) Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"satoshi-unit","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gwei\/","post_modified":"2022-06-02 22:19:19","post_modified_gmt":"2022-06-02 12:19:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1508,"post_author":"1","post_date":"2021-10-27 20:19:57","post_date_gmt":"2021-10-27 09:19:57","post_content":"\n
Wei is the smallest denomination of Ether, or ETH, the cryptocurrency on the Ethereum network.<\/p>\n\n\n\n
Wei takes its name from Cypherpunk member Wei Dai who proposed the first real cryptocurrency called B-Money<\/a>, which is essentially a forerunner to Bitcoin, although it never passed the drafting phase. <\/p>\n\n\n\n
In turn, it can be compared to Bitcoin\u2019s 'Satoshi Unit' which represents 0.00000001 Bitcoin for similar reasons to Ether, to make a transaction fee more clear.<\/p>\n\n\n\n
Why Use Wei?<\/strong><\/h2>\n\n\n\n
As the price of Ether rises, the size of each transfer gets smaller. 1 ETH now may only be equal to 0.8 ETH in a few months. <\/p>\n\n\n\n
But using Ether to quote a gas fee<\/a> may become a headache as prices go up because it will become a smaller fraction of Ether. Therefore, Wei is used when dealing with smaller transactions playing an important part in gas fees and transaction fees.<\/p>\n\n\n\n
As shown on Ethereum's Technical Documents<\/a>, these are the several sub-units, indicating the quantity used.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n","post_title":"Wei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:21:00","post_modified_gmt":"2022-06-02 12:21:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1505,"post_author":"1","post_date":"2021-10-27 20:15:38","post_date_gmt":"2021-10-27 09:15:38","post_content":"\n
What Is Gwei?<\/strong><\/h2>\n\n\n\n
Gwei or gigaWei is the most commonly used denomination of Ether's Wei<\/a>. It's comparable to Ether like a cent is to a dollar because gas prices are easily specified with Gwei. <\/p>\n\n\n\n
1 Gwei is equal to 0.000000001 ETH, and usually, its easier to quote gas prices<\/a> with 87 Gwei compared to like 0.00000087 ETH.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Denominations Of Ether<\/h2>\n\n\n\n
Along with Gwei, there are other base units on the Ethereum network. These were named after people whose work heavily influenced the infrastructure of the Ethereum Blockchain. As shown on Ethereum's Technical Documents<\/a>, these are the several denominations of Wei.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/p>\n\n\n\n

Although gas fees aren\u2019t the most spectacular part of Ethereum, they\u2019re vital to keeping the ecosystem running and scalable!<\/p>\n","post_title":"Gwei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gwei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/wei\/","post_modified":"2022-06-02 22:20:48","post_modified_gmt":"2022-06-02 12:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1505","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1497,"post_author":"1","post_date":"2021-10-26 21:05:36","post_date_gmt":"2021-10-26 10:05:36","post_content":"\n
What Are Gas Fees?<\/h2>\n\n\n\n
Gas fees are the cost that is required to attempt a transaction. This is decided based on the computational energy needed to confirm a transaction.<\/p>\n\n\n\n
These transactions take time, energy, and computational effort, which doesn't come for free. The fees are decided upon the supply and demand of the blockchain at the time of the transaction, through the blockchain's protocol<\/a>. Gas pays the miners<\/a> for the energy spent validating the transactions, while also preventing spam and infinite loops<\/a>.<\/p>\n\n\n\n
Gas fees are required for almost every action that takes part on a blockchain, the more complex the action, the higher the associated fee.<\/p>\n\n\n\n
How Do Gas Fees Work?<\/h2>\n\n\n\n
The Ethereum network can only compute 13 transactions per second, because of this miners pace the stream of requests coming through and choose the transactions that'll give them the best returns. Portions of Ether called Gwei <\/a>are linked to each transaction, called the \u201cGas Price\u201d. It is like a bribe that pushes you to the front of the transactions waiting to be confirmed. The higher the bribe, the faster your transaction is confirmed.<\/p>\n\n\n\n
Your \u201cGas Limit\u201d is the greatest amount of Ether you\u2019d send as GWEI, the lower your gas limit, the further back you are in the line of transactions. Miners will always choose what is best for them. The gas you pay depends on how much you use. If you denote 50,000 GWEI, but the miner only used 30,000 worth of GWEI, you\u2019ll get back the difference of 20,000.<\/p>\n\n\n\n
Ethereum gas fees work in equilibrium with the price of Ether. As stated above, miners set the price of gas based on the current demand. As Ether prices rise so do the fees and as it drops, so does gas.<\/p>\n\n\n\n
How To Lower Your Gas Fees<\/h2>\n\n\n\n
You could potentially lower the fees using a tool like Etherscan<\/a>'s Gas Tracker<\/a> or BscScan's Gas Tracker<\/a> before sending any cryptocurrency. This shows how busy the blockchain is at any time, the less busy it is, the fewer gas fees you\u2019ll pay. So if you're not in a rush, it pays to wait until demand is lower.<\/p>\n\n\n\n
How To Calculate Gas Fees<\/h2>\n\n\n\n
One GWEI is equal to 0.000000001 ETH or one-billionth Ether. GWEI is the cent to Ethers dollar.<\/p>\n\n\n\n
The standard gas limit is 21,000 GWEI. So you multiply the average price of gas by 21,000 and you\u2019ll get your estimated gas<\/a> fee price. Then convert<\/a> that into Ether and that\u2019s that.<\/p>\n\n\n\n
(Complexity In Gas) x (Gas Price In Gwei) = Transaction cost<\/p><\/blockquote><\/figure>\n\n\n\n
<\/p>\n","post_title":"Gas Fee","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gas-fee","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/infinite-loop\/","post_modified":"2022-07-21 22:14:51","post_modified_gmt":"2022-07-21 12:14:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1497","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1501,"post_author":"1","post_date":"2021-10-26 20:54:12","post_date_gmt":"2021-10-26 09:54:12","post_content":"\n
What Is An Infinite Loop?<\/strong><\/h2>\n\n\n\n
An infinite loop is a sequence in a computer program looping continuously without stopping. Infinite loops are usually a bug and stop when a server is shut down to fix the bug, rewrite the code attached to the bug, and then redeploy the program.<\/p>\n\n\n\n
This wouldn\u2019t work on a decentralized and distributed blockchain network. It would be difficult to stop all the nodes around the world. Even if you were, with increasing transactions per second, this would cause thousands of transactions to build up. Even if it were for a minute.<\/p>\n\n\n\n
Ethereum Gas And Infinite Loops<\/strong><\/h2>\n\n\n\n
To stop this issue, Ethereum introduced Gas. Like a car that stops when it runs out of gas, if a transaction runs out of gas it\u2019s stopped.<\/p>\n\n\n\n
Before sending a transaction you set a gas limit you\u2019d be willing to pay. If a transaction or smart contract gets stuck in a loop and runs out of \u2018gas\u2019 it reverts the computation and sends it back to you, without the gas you lost, unfortunately.<\/p>\n\n\n\n
Gas also prevents spamming and DDoS attacks. Paying the gas fee for thousands of bots to flood a system would cost an attacker too much to be worth it. Making a blockchain system even more secure for its users.<\/p>\n","post_title":"How Does Blockchain Fix An Infinite Loop?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"infinite-loop","to_ping":"","pinged":"","post_modified":"2022-02-21 18:35:07","post_modified_gmt":"2022-02-21 07:35:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1480,"post_author":"1","post_date":"2021-10-24 18:54:27","post_date_gmt":"2021-10-24 07:54:27","post_content":"\n
What Is An NFT?<\/h2>\n\n\n\n
Non-Fungible Tokens (NFTs<\/a>) are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. In a direct comparison, NFTs cannot be traded like cryptocurrencies despite being based on a blockchain. NFTs cannot be guaranteed to trade for the amount they're bought for.<\/p>\n\n\n\n
What Is A JPEG?<\/h2>\n\n\n\n
Joint Photographic Experts Group (JPEGs) are a standard image format for containing lossy and compressed image data. The ability for photos to be compressed make it a standard across much of the internet, being quick and easy to send back and forth between various devices.<\/p>\n\n\n\n
NFTs vs JPEGs: The Screenshot Debate<\/h2>\n\n\n\n
Naturally, when something is screenshotted on the internet it takes the form of a JPEG. Although you can screenshot an NFT, this doesn\u2019t make you the owner of it, nor does a screenshot have any value. NFTs are more than the image, it is ownership of the image. <\/p>\n\n\n\n
This is because NFTs are generally Ethereum ERC-721<\/a> tokens or the equivalent for a separate blockchain. ERC-721<\/a> tokens are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. <\/p>\n\n\n\n
ERC-721 implements an API for smart contracts<\/a>\u00a0allowing for defining features in an asset to be preserved. This feature would allow for the transfer of NFTs while being able to trace them back to their original smart contract address to ensure their legitimacy.<\/p>\n\n\n\n
These types of tokens can be used to create unique artworks, memorabilia, trading cards, and tickets for certain events. So if you were to screenshot an NFT of a ticket to a sporting event and cannot prove that you have an original copy by tracing it back through the blockchain, you will not gain access to the event.<\/p>\n\n\n\n
Are NFTs Just Pictures?<\/h2>\n\n\n\n
Every NFT is different, and these differences are what value one art piece more than another. The digital scarcity of an NFT is what drives a majority of its value. In the NFTs vs JPEGs debate, NFTs can retain value over time due to certain assets linked to the NFT, JPEGs will always be just the picture.<\/p>\n\n\n\n
You may see some NFTs from the same collection sell for millions and some for thousands, this is due to the rarity of assets linked to the NFT. Certain NFTs have rare attributes, the rarer the attribute the rarer the NFT, much like trading cards where the better characters are harder to find and more sought after.<\/p>\n\n\n\n
While NFTs themselves hold a lot of value, NFTs can offer more than just the art piece you buy. One of the most popular NFT collections, Bored Ape Yacht Club<\/a>, gives access to their Miami Clubhouse, only to owners of their NFT. NFTs are sometimes more than just art, they can be one way to expand your network. With celebrities being a part of these networks a couple hundred thousand for access to these people may seem worth the price to certain investors.<\/p>\n\n\n\n
Can JPEGs Be NFTs?<\/h3>\n\n\n\n
Despite a screenshot of NFT being worthless, JPEGs can actually be minted as NFTs.<\/p>\n\n\n\n
Most artwork NFTs start off as JPEGs anyways and those have no actual value. So once you convert a JPEG to an NFT by linking it to an ERC-721 NFT Contract it will then 'gain value'.<\/p>\n\n\n\n
But if you were to screenshot an NFT and then upload it back onto the blockchain under your own ERC-721 NFT Contract, users will be able to compare the contract linked back to the NFT and see that it isn't the official contract. You can find the verified contracts of certain NFT projects using a site like Etherscan<\/a>.<\/p>\n\n\n\n
What Does Minting Your NFT Mean?<\/h2>\n\n\n\n
Minting is the process of adding your NFT to a blockchain, a public ledger<\/a> that is tamper-proof and is where you can verify the owners of various NFTs.<\/p>\n\n\n\n
When you buy an NFT from somewhere like Opensea<\/a>, the artist mints the NFT before listing it for sale. This allows you to verify the legitimacy of it on the same page you will buy from.<\/p>\n","post_title":"NFTs vs JPEGs: Digital Scarcity And Screenshots","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"nfts-vs-jpegs","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/nft-essentials-the-erc-721-standard\/\nhttps:\/\/www.thedistributed.co\/distributed-ledger-technology\/","post_modified":"2022-06-29 23:12:28","post_modified_gmt":"2022-06-29 13:12:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1480","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Most Read

Regulation

Australia’s Commonwealth Bank App To Offer Crypto Trading

November 3, 2021 - Updated on January 8, 2022

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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\n
The partnership will offer CommBank users access to 10 cryptocurrency assets including, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.<\/p>\n\n\n\n
The set date for launch isn't until 2022, but Commonwealth Bank plans to conduct a pilot for the platform within the coming weeks.<\/p>\n\n\n\n
Is this a wise move for one of Australias biggest banks and will other worldwide banks follow in their footsteps?<\/p>\n","post_title":"Australia's Commonwealth Bank App To Offer Crypto Trading","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"australias-commonwealth-bank-app-to-offer-crypto-trading","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:58","post_modified_gmt":"2022-01-08 07:50:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=2232","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n
Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n
Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n
$\"\"$
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n
Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n
Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n
But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1529,"post_author":"1","post_date":"2021-10-29 17:25:31","post_date_gmt":"2021-10-29 06:25:31","post_content":"\n
One of the largest art sales in history may have just taken place, CryptoPunk #9888 sold for $530 Million.<\/p>\n\n\n\n
Although, this is no more than just an elaborate hoax. See it is hard to trick people when you buy your own artwork, especially on a public blockchain.<\/p>\n\n\n\n
A Twitter bot tracking the sales of every CryptoPunk tweeted this on Thursday night shortly after 8 pm. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/cryptopunksbot\/status\/1453872415591829504\n<\/div><\/figure>\n\n\n\n
You may wonder \"What makes this NFT worth half a billion dollars?<\/a>\" and the truth is, not much actually. <\/p>\n\n\n\n
Using Rarity<\/a> ranks its Rarity Score at a mere 136.49<\/a>, compared to Punk #7804 which actually sold for $7.57M and has a rarity score of 2329.18<\/a>.<\/p>\n\n\n\n
Due to the fact this punk lacks desirable features from a collectors perspective, it quickly attracted attention to how it could sell for this sum of money. <\/p>\n\n\n\n
A look at the Ethereum Blockchain Ledger shows that it was nothing more than smart, smart contract trickery.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/nanexcool\/status\/1453874296812670976\n<\/div><\/figure>\n\n\n\n
Why Would You Buy Your Own NFT?<\/h2>\n\n\n\n
The purchase was made using a flash loan contract, essentially this is a loan that is repaid immediately. <\/p>\n\n\n\n
The owner of this Punk bought his own Cryptopunk and instantly paid back his loan, using smart arbitrage he bought millions of eyes onto his NFT for only $800 in Ethereum Gas Fees.<\/p>\n\n\n\n
Is this purely genius marketing to a not so spectacular Cryptopunk?<\/p>\n","post_title":"What's Behind The $530M CryptoPunk #9998","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptopunk-9998","to_ping":"","pinged":"","post_modified":"2022-03-14 21:05:56","post_modified_gmt":"2022-03-14 10:05:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1529","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1518,"post_author":"1","post_date":"2021-10-28 21:57:46","post_date_gmt":"2021-10-28 10:57:46","post_content":"\n
A Satoshi Unit, or SATS, is currently the smallest denomination of Bitcoin (BTC), named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto. As dollars split into cents, Bitcoins split into Satoshis with one Satoshi equaling 0.00000001 BTC.<\/p>\n\n\n\n

Currently, one Satoshi equals<\/a> 0.00059 USD.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Why Is A Satoshi Unit Used?<\/strong><\/h2>\n\n\n\n
As the price of Bitcoin rises, the size of each transfer gets smaller. 1 BTC now may only be equal to 0.8 BTC in a few months. Smaller denominations of Bitcoin make it easier to conduct transactions and make smaller transactions easily understood. Instead of having 0.0000873 BTC, you\u2019d instead have 873 Satoshis, this is much simpler to tell someone.<\/p>\n\n\n\n
Having the denomination of Bitcoin so small allows for better adoption in everyday use. Having it to two, or three decimal places could still place it in the thousands of dollars range.<\/p>\n\n\n\n
As Gwei<\/a> with Ether, the Satoshi Unit is a practical implementation for Bitcoin when putting a price on small transactions and equally small transaction fees. But they may play an even more important part when it comes to the wide-scale adoption of cryptocurrency.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Bitcoin Units Of Measurement<\/strong><\/h2>\n\n\n\n
1 Satoshi<\/td> 0.00000001 \u20bf<\/td><\/tr>
10 Satoshi<\/td> 0.00000010 \u20bf<\/td><\/tr>
100 Satoshi<\/td> 0.00000100 \u20bf = 1 Bit \/ \u03bcBit (you-bit)<\/td><\/tr>
1,000 Satoshi<\/td> 0.00001000 \u20bf<\/td><\/tr>
10,000 Satoshi<\/td> 0.00010000 \u20bf<\/td><\/tr>
100,000 Satoshi<\/td> 0.00100000 \u20bf = 1 mBTC (em-bit)<\/td><\/tr>
1,000,000 Satoshi<\/td> 0.01000000 \u20bf = 1 cBTC (bitcent)<\/td><\/tr>
10,000,000 Satoshi<\/td> 0.10000000 \u20bf<\/td><\/tr>
100,000,000 Satoshi<\/td> 1.00000000 \u20bf<\/td><\/tr><\/tbody><\/table>
Graph Taken From Bitcoin Wiki<\/a><\/figcaption><\/figure>\n","post_title":"Satoshi Unit (SATS) Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"satoshi-unit","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gwei\/","post_modified":"2022-06-02 22:19:19","post_modified_gmt":"2022-06-02 12:19:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1508,"post_author":"1","post_date":"2021-10-27 20:19:57","post_date_gmt":"2021-10-27 09:19:57","post_content":"\n
Wei is the smallest denomination of Ether, or ETH, the cryptocurrency on the Ethereum network.<\/p>\n\n\n\n
Wei takes its name from Cypherpunk member Wei Dai who proposed the first real cryptocurrency called B-Money<\/a>, which is essentially a forerunner to Bitcoin, although it never passed the drafting phase. <\/p>\n\n\n\n
In turn, it can be compared to Bitcoin\u2019s 'Satoshi Unit' which represents 0.00000001 Bitcoin for similar reasons to Ether, to make a transaction fee more clear.<\/p>\n\n\n\n
Why Use Wei?<\/strong><\/h2>\n\n\n\n
As the price of Ether rises, the size of each transfer gets smaller. 1 ETH now may only be equal to 0.8 ETH in a few months. <\/p>\n\n\n\n
But using Ether to quote a gas fee<\/a> may become a headache as prices go up because it will become a smaller fraction of Ether. Therefore, Wei is used when dealing with smaller transactions playing an important part in gas fees and transaction fees.<\/p>\n\n\n\n
As shown on Ethereum's Technical Documents<\/a>, these are the several sub-units, indicating the quantity used.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n","post_title":"Wei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:21:00","post_modified_gmt":"2022-06-02 12:21:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1505,"post_author":"1","post_date":"2021-10-27 20:15:38","post_date_gmt":"2021-10-27 09:15:38","post_content":"\n
What Is Gwei?<\/strong><\/h2>\n\n\n\n
Gwei or gigaWei is the most commonly used denomination of Ether's Wei<\/a>. It's comparable to Ether like a cent is to a dollar because gas prices are easily specified with Gwei. <\/p>\n\n\n\n
1 Gwei is equal to 0.000000001 ETH, and usually, its easier to quote gas prices<\/a> with 87 Gwei compared to like 0.00000087 ETH.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Denominations Of Ether<\/h2>\n\n\n\n
Along with Gwei, there are other base units on the Ethereum network. These were named after people whose work heavily influenced the infrastructure of the Ethereum Blockchain. As shown on Ethereum's Technical Documents<\/a>, these are the several denominations of Wei.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/p>\n\n\n\n

Although gas fees aren\u2019t the most spectacular part of Ethereum, they\u2019re vital to keeping the ecosystem running and scalable!<\/p>\n","post_title":"Gwei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gwei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/wei\/","post_modified":"2022-06-02 22:20:48","post_modified_gmt":"2022-06-02 12:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1505","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1497,"post_author":"1","post_date":"2021-10-26 21:05:36","post_date_gmt":"2021-10-26 10:05:36","post_content":"\n
What Are Gas Fees?<\/h2>\n\n\n\n
Gas fees are the cost that is required to attempt a transaction. This is decided based on the computational energy needed to confirm a transaction.<\/p>\n\n\n\n
These transactions take time, energy, and computational effort, which doesn't come for free. The fees are decided upon the supply and demand of the blockchain at the time of the transaction, through the blockchain's protocol<\/a>. Gas pays the miners<\/a> for the energy spent validating the transactions, while also preventing spam and infinite loops<\/a>.<\/p>\n\n\n\n
Gas fees are required for almost every action that takes part on a blockchain, the more complex the action, the higher the associated fee.<\/p>\n\n\n\n
How Do Gas Fees Work?<\/h2>\n\n\n\n
The Ethereum network can only compute 13 transactions per second, because of this miners pace the stream of requests coming through and choose the transactions that'll give them the best returns. Portions of Ether called Gwei <\/a>are linked to each transaction, called the \u201cGas Price\u201d. It is like a bribe that pushes you to the front of the transactions waiting to be confirmed. The higher the bribe, the faster your transaction is confirmed.<\/p>\n\n\n\n
Your \u201cGas Limit\u201d is the greatest amount of Ether you\u2019d send as GWEI, the lower your gas limit, the further back you are in the line of transactions. Miners will always choose what is best for them. The gas you pay depends on how much you use. If you denote 50,000 GWEI, but the miner only used 30,000 worth of GWEI, you\u2019ll get back the difference of 20,000.<\/p>\n\n\n\n
Ethereum gas fees work in equilibrium with the price of Ether. As stated above, miners set the price of gas based on the current demand. As Ether prices rise so do the fees and as it drops, so does gas.<\/p>\n\n\n\n
How To Lower Your Gas Fees<\/h2>\n\n\n\n
You could potentially lower the fees using a tool like Etherscan<\/a>'s Gas Tracker<\/a> or BscScan's Gas Tracker<\/a> before sending any cryptocurrency. This shows how busy the blockchain is at any time, the less busy it is, the fewer gas fees you\u2019ll pay. So if you're not in a rush, it pays to wait until demand is lower.<\/p>\n\n\n\n
How To Calculate Gas Fees<\/h2>\n\n\n\n
One GWEI is equal to 0.000000001 ETH or one-billionth Ether. GWEI is the cent to Ethers dollar.<\/p>\n\n\n\n
The standard gas limit is 21,000 GWEI. So you multiply the average price of gas by 21,000 and you\u2019ll get your estimated gas<\/a> fee price. Then convert<\/a> that into Ether and that\u2019s that.<\/p>\n\n\n\n
(Complexity In Gas) x (Gas Price In Gwei) = Transaction cost<\/p><\/blockquote><\/figure>\n\n\n\n
<\/p>\n","post_title":"Gas Fee","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gas-fee","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/infinite-loop\/","post_modified":"2022-07-21 22:14:51","post_modified_gmt":"2022-07-21 12:14:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1497","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1501,"post_author":"1","post_date":"2021-10-26 20:54:12","post_date_gmt":"2021-10-26 09:54:12","post_content":"\n
What Is An Infinite Loop?<\/strong><\/h2>\n\n\n\n
An infinite loop is a sequence in a computer program looping continuously without stopping. Infinite loops are usually a bug and stop when a server is shut down to fix the bug, rewrite the code attached to the bug, and then redeploy the program.<\/p>\n\n\n\n
This wouldn\u2019t work on a decentralized and distributed blockchain network. It would be difficult to stop all the nodes around the world. Even if you were, with increasing transactions per second, this would cause thousands of transactions to build up. Even if it were for a minute.<\/p>\n\n\n\n
Ethereum Gas And Infinite Loops<\/strong><\/h2>\n\n\n\n
To stop this issue, Ethereum introduced Gas. Like a car that stops when it runs out of gas, if a transaction runs out of gas it\u2019s stopped.<\/p>\n\n\n\n
Before sending a transaction you set a gas limit you\u2019d be willing to pay. If a transaction or smart contract gets stuck in a loop and runs out of \u2018gas\u2019 it reverts the computation and sends it back to you, without the gas you lost, unfortunately.<\/p>\n\n\n\n
Gas also prevents spamming and DDoS attacks. Paying the gas fee for thousands of bots to flood a system would cost an attacker too much to be worth it. Making a blockchain system even more secure for its users.<\/p>\n","post_title":"How Does Blockchain Fix An Infinite Loop?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"infinite-loop","to_ping":"","pinged":"","post_modified":"2022-02-21 18:35:07","post_modified_gmt":"2022-02-21 07:35:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1480,"post_author":"1","post_date":"2021-10-24 18:54:27","post_date_gmt":"2021-10-24 07:54:27","post_content":"\n
What Is An NFT?<\/h2>\n\n\n\n
Non-Fungible Tokens (NFTs<\/a>) are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. In a direct comparison, NFTs cannot be traded like cryptocurrencies despite being based on a blockchain. NFTs cannot be guaranteed to trade for the amount they're bought for.<\/p>\n\n\n\n
What Is A JPEG?<\/h2>\n\n\n\n
Joint Photographic Experts Group (JPEGs) are a standard image format for containing lossy and compressed image data. The ability for photos to be compressed make it a standard across much of the internet, being quick and easy to send back and forth between various devices.<\/p>\n\n\n\n
NFTs vs JPEGs: The Screenshot Debate<\/h2>\n\n\n\n
Naturally, when something is screenshotted on the internet it takes the form of a JPEG. Although you can screenshot an NFT, this doesn\u2019t make you the owner of it, nor does a screenshot have any value. NFTs are more than the image, it is ownership of the image. <\/p>\n\n\n\n
This is because NFTs are generally Ethereum ERC-721<\/a> tokens or the equivalent for a separate blockchain. ERC-721<\/a> tokens are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. <\/p>\n\n\n\n
ERC-721 implements an API for smart contracts<\/a>\u00a0allowing for defining features in an asset to be preserved. This feature would allow for the transfer of NFTs while being able to trace them back to their original smart contract address to ensure their legitimacy.<\/p>\n\n\n\n
These types of tokens can be used to create unique artworks, memorabilia, trading cards, and tickets for certain events. So if you were to screenshot an NFT of a ticket to a sporting event and cannot prove that you have an original copy by tracing it back through the blockchain, you will not gain access to the event.<\/p>\n\n\n\n
Are NFTs Just Pictures?<\/h2>\n\n\n\n
Every NFT is different, and these differences are what value one art piece more than another. The digital scarcity of an NFT is what drives a majority of its value. In the NFTs vs JPEGs debate, NFTs can retain value over time due to certain assets linked to the NFT, JPEGs will always be just the picture.<\/p>\n\n\n\n
You may see some NFTs from the same collection sell for millions and some for thousands, this is due to the rarity of assets linked to the NFT. Certain NFTs have rare attributes, the rarer the attribute the rarer the NFT, much like trading cards where the better characters are harder to find and more sought after.<\/p>\n\n\n\n
While NFTs themselves hold a lot of value, NFTs can offer more than just the art piece you buy. One of the most popular NFT collections, Bored Ape Yacht Club<\/a>, gives access to their Miami Clubhouse, only to owners of their NFT. NFTs are sometimes more than just art, they can be one way to expand your network. With celebrities being a part of these networks a couple hundred thousand for access to these people may seem worth the price to certain investors.<\/p>\n\n\n\n
Can JPEGs Be NFTs?<\/h3>\n\n\n\n
Despite a screenshot of NFT being worthless, JPEGs can actually be minted as NFTs.<\/p>\n\n\n\n
Most artwork NFTs start off as JPEGs anyways and those have no actual value. So once you convert a JPEG to an NFT by linking it to an ERC-721 NFT Contract it will then 'gain value'.<\/p>\n\n\n\n
But if you were to screenshot an NFT and then upload it back onto the blockchain under your own ERC-721 NFT Contract, users will be able to compare the contract linked back to the NFT and see that it isn't the official contract. You can find the verified contracts of certain NFT projects using a site like Etherscan<\/a>.<\/p>\n\n\n\n
What Does Minting Your NFT Mean?<\/h2>\n\n\n\n
Minting is the process of adding your NFT to a blockchain, a public ledger<\/a> that is tamper-proof and is where you can verify the owners of various NFTs.<\/p>\n\n\n\n
When you buy an NFT from somewhere like Opensea<\/a>, the artist mints the NFT before listing it for sale. This allows you to verify the legitimacy of it on the same page you will buy from.<\/p>\n","post_title":"NFTs vs JPEGs: Digital Scarcity And Screenshots","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"nfts-vs-jpegs","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/nft-essentials-the-erc-721-standard\/\nhttps:\/\/www.thedistributed.co\/distributed-ledger-technology\/","post_modified":"2022-06-29 23:12:28","post_modified_gmt":"2022-06-29 13:12:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1480","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
\nhttps:\/\/twitter.com\/CommBank\/status\/1455688027800432644\n<\/div><\/figure>\n\n\n\n
The partnership will offer CommBank users access to 10 cryptocurrency assets including, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.<\/p>\n\n\n\n
The set date for launch isn't until 2022, but Commonwealth Bank plans to conduct a pilot for the platform within the coming weeks.<\/p>\n\n\n\n
Is this a wise move for one of Australias biggest banks and will other worldwide banks follow in their footsteps?<\/p>\n","post_title":"Australia's Commonwealth Bank App To Offer Crypto Trading","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"australias-commonwealth-bank-app-to-offer-crypto-trading","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:58","post_modified_gmt":"2022-01-08 07:50:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=2232","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n
Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n
Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n
$\"\"$
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n
Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n
Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n
But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1529,"post_author":"1","post_date":"2021-10-29 17:25:31","post_date_gmt":"2021-10-29 06:25:31","post_content":"\n
One of the largest art sales in history may have just taken place, CryptoPunk #9888 sold for $530 Million.<\/p>\n\n\n\n
Although, this is no more than just an elaborate hoax. See it is hard to trick people when you buy your own artwork, especially on a public blockchain.<\/p>\n\n\n\n
A Twitter bot tracking the sales of every CryptoPunk tweeted this on Thursday night shortly after 8 pm. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/cryptopunksbot\/status\/1453872415591829504\n<\/div><\/figure>\n\n\n\n
You may wonder \"What makes this NFT worth half a billion dollars?<\/a>\" and the truth is, not much actually. <\/p>\n\n\n\n
Using Rarity<\/a> ranks its Rarity Score at a mere 136.49<\/a>, compared to Punk #7804 which actually sold for $7.57M and has a rarity score of 2329.18<\/a>.<\/p>\n\n\n\n
Due to the fact this punk lacks desirable features from a collectors perspective, it quickly attracted attention to how it could sell for this sum of money. <\/p>\n\n\n\n
A look at the Ethereum Blockchain Ledger shows that it was nothing more than smart, smart contract trickery.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/nanexcool\/status\/1453874296812670976\n<\/div><\/figure>\n\n\n\n
Why Would You Buy Your Own NFT?<\/h2>\n\n\n\n
The purchase was made using a flash loan contract, essentially this is a loan that is repaid immediately. <\/p>\n\n\n\n
The owner of this Punk bought his own Cryptopunk and instantly paid back his loan, using smart arbitrage he bought millions of eyes onto his NFT for only $800 in Ethereum Gas Fees.<\/p>\n\n\n\n
Is this purely genius marketing to a not so spectacular Cryptopunk?<\/p>\n","post_title":"What's Behind The $530M CryptoPunk #9998","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptopunk-9998","to_ping":"","pinged":"","post_modified":"2022-03-14 21:05:56","post_modified_gmt":"2022-03-14 10:05:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1529","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1518,"post_author":"1","post_date":"2021-10-28 21:57:46","post_date_gmt":"2021-10-28 10:57:46","post_content":"\n
A Satoshi Unit, or SATS, is currently the smallest denomination of Bitcoin (BTC), named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto. As dollars split into cents, Bitcoins split into Satoshis with one Satoshi equaling 0.00000001 BTC.<\/p>\n\n\n\n

Currently, one Satoshi equals<\/a> 0.00059 USD.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Why Is A Satoshi Unit Used?<\/strong><\/h2>\n\n\n\n
As the price of Bitcoin rises, the size of each transfer gets smaller. 1 BTC now may only be equal to 0.8 BTC in a few months. Smaller denominations of Bitcoin make it easier to conduct transactions and make smaller transactions easily understood. Instead of having 0.0000873 BTC, you\u2019d instead have 873 Satoshis, this is much simpler to tell someone.<\/p>\n\n\n\n
Having the denomination of Bitcoin so small allows for better adoption in everyday use. Having it to two, or three decimal places could still place it in the thousands of dollars range.<\/p>\n\n\n\n
As Gwei<\/a> with Ether, the Satoshi Unit is a practical implementation for Bitcoin when putting a price on small transactions and equally small transaction fees. But they may play an even more important part when it comes to the wide-scale adoption of cryptocurrency.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Bitcoin Units Of Measurement<\/strong><\/h2>\n\n\n\n
1 Satoshi<\/td> 0.00000001 \u20bf<\/td><\/tr>
10 Satoshi<\/td> 0.00000010 \u20bf<\/td><\/tr>
100 Satoshi<\/td> 0.00000100 \u20bf = 1 Bit \/ \u03bcBit (you-bit)<\/td><\/tr>
1,000 Satoshi<\/td> 0.00001000 \u20bf<\/td><\/tr>
10,000 Satoshi<\/td> 0.00010000 \u20bf<\/td><\/tr>
100,000 Satoshi<\/td> 0.00100000 \u20bf = 1 mBTC (em-bit)<\/td><\/tr>
1,000,000 Satoshi<\/td> 0.01000000 \u20bf = 1 cBTC (bitcent)<\/td><\/tr>
10,000,000 Satoshi<\/td> 0.10000000 \u20bf<\/td><\/tr>
100,000,000 Satoshi<\/td> 1.00000000 \u20bf<\/td><\/tr><\/tbody><\/table>
Graph Taken From Bitcoin Wiki<\/a><\/figcaption><\/figure>\n","post_title":"Satoshi Unit (SATS) Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"satoshi-unit","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gwei\/","post_modified":"2022-06-02 22:19:19","post_modified_gmt":"2022-06-02 12:19:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1508,"post_author":"1","post_date":"2021-10-27 20:19:57","post_date_gmt":"2021-10-27 09:19:57","post_content":"\n
Wei is the smallest denomination of Ether, or ETH, the cryptocurrency on the Ethereum network.<\/p>\n\n\n\n
Wei takes its name from Cypherpunk member Wei Dai who proposed the first real cryptocurrency called B-Money<\/a>, which is essentially a forerunner to Bitcoin, although it never passed the drafting phase. <\/p>\n\n\n\n
In turn, it can be compared to Bitcoin\u2019s 'Satoshi Unit' which represents 0.00000001 Bitcoin for similar reasons to Ether, to make a transaction fee more clear.<\/p>\n\n\n\n
Why Use Wei?<\/strong><\/h2>\n\n\n\n
As the price of Ether rises, the size of each transfer gets smaller. 1 ETH now may only be equal to 0.8 ETH in a few months. <\/p>\n\n\n\n
But using Ether to quote a gas fee<\/a> may become a headache as prices go up because it will become a smaller fraction of Ether. Therefore, Wei is used when dealing with smaller transactions playing an important part in gas fees and transaction fees.<\/p>\n\n\n\n
As shown on Ethereum's Technical Documents<\/a>, these are the several sub-units, indicating the quantity used.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n","post_title":"Wei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:21:00","post_modified_gmt":"2022-06-02 12:21:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1505,"post_author":"1","post_date":"2021-10-27 20:15:38","post_date_gmt":"2021-10-27 09:15:38","post_content":"\n
What Is Gwei?<\/strong><\/h2>\n\n\n\n
Gwei or gigaWei is the most commonly used denomination of Ether's Wei<\/a>. It's comparable to Ether like a cent is to a dollar because gas prices are easily specified with Gwei. <\/p>\n\n\n\n
1 Gwei is equal to 0.000000001 ETH, and usually, its easier to quote gas prices<\/a> with 87 Gwei compared to like 0.00000087 ETH.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Denominations Of Ether<\/h2>\n\n\n\n
Along with Gwei, there are other base units on the Ethereum network. These were named after people whose work heavily influenced the infrastructure of the Ethereum Blockchain. As shown on Ethereum's Technical Documents<\/a>, these are the several denominations of Wei.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/p>\n\n\n\n

Although gas fees aren\u2019t the most spectacular part of Ethereum, they\u2019re vital to keeping the ecosystem running and scalable!<\/p>\n","post_title":"Gwei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gwei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/wei\/","post_modified":"2022-06-02 22:20:48","post_modified_gmt":"2022-06-02 12:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1505","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1497,"post_author":"1","post_date":"2021-10-26 21:05:36","post_date_gmt":"2021-10-26 10:05:36","post_content":"\n
What Are Gas Fees?<\/h2>\n\n\n\n
Gas fees are the cost that is required to attempt a transaction. This is decided based on the computational energy needed to confirm a transaction.<\/p>\n\n\n\n
These transactions take time, energy, and computational effort, which doesn't come for free. The fees are decided upon the supply and demand of the blockchain at the time of the transaction, through the blockchain's protocol<\/a>. Gas pays the miners<\/a> for the energy spent validating the transactions, while also preventing spam and infinite loops<\/a>.<\/p>\n\n\n\n
Gas fees are required for almost every action that takes part on a blockchain, the more complex the action, the higher the associated fee.<\/p>\n\n\n\n
How Do Gas Fees Work?<\/h2>\n\n\n\n
The Ethereum network can only compute 13 transactions per second, because of this miners pace the stream of requests coming through and choose the transactions that'll give them the best returns. Portions of Ether called Gwei <\/a>are linked to each transaction, called the \u201cGas Price\u201d. It is like a bribe that pushes you to the front of the transactions waiting to be confirmed. The higher the bribe, the faster your transaction is confirmed.<\/p>\n\n\n\n
Your \u201cGas Limit\u201d is the greatest amount of Ether you\u2019d send as GWEI, the lower your gas limit, the further back you are in the line of transactions. Miners will always choose what is best for them. The gas you pay depends on how much you use. If you denote 50,000 GWEI, but the miner only used 30,000 worth of GWEI, you\u2019ll get back the difference of 20,000.<\/p>\n\n\n\n
Ethereum gas fees work in equilibrium with the price of Ether. As stated above, miners set the price of gas based on the current demand. As Ether prices rise so do the fees and as it drops, so does gas.<\/p>\n\n\n\n
How To Lower Your Gas Fees<\/h2>\n\n\n\n
You could potentially lower the fees using a tool like Etherscan<\/a>'s Gas Tracker<\/a> or BscScan's Gas Tracker<\/a> before sending any cryptocurrency. This shows how busy the blockchain is at any time, the less busy it is, the fewer gas fees you\u2019ll pay. So if you're not in a rush, it pays to wait until demand is lower.<\/p>\n\n\n\n
How To Calculate Gas Fees<\/h2>\n\n\n\n
One GWEI is equal to 0.000000001 ETH or one-billionth Ether. GWEI is the cent to Ethers dollar.<\/p>\n\n\n\n
The standard gas limit is 21,000 GWEI. So you multiply the average price of gas by 21,000 and you\u2019ll get your estimated gas<\/a> fee price. Then convert<\/a> that into Ether and that\u2019s that.<\/p>\n\n\n\n
(Complexity In Gas) x (Gas Price In Gwei) = Transaction cost<\/p><\/blockquote><\/figure>\n\n\n\n
<\/p>\n","post_title":"Gas Fee","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gas-fee","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/infinite-loop\/","post_modified":"2022-07-21 22:14:51","post_modified_gmt":"2022-07-21 12:14:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1497","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1501,"post_author":"1","post_date":"2021-10-26 20:54:12","post_date_gmt":"2021-10-26 09:54:12","post_content":"\n
What Is An Infinite Loop?<\/strong><\/h2>\n\n\n\n
An infinite loop is a sequence in a computer program looping continuously without stopping. Infinite loops are usually a bug and stop when a server is shut down to fix the bug, rewrite the code attached to the bug, and then redeploy the program.<\/p>\n\n\n\n
This wouldn\u2019t work on a decentralized and distributed blockchain network. It would be difficult to stop all the nodes around the world. Even if you were, with increasing transactions per second, this would cause thousands of transactions to build up. Even if it were for a minute.<\/p>\n\n\n\n
Ethereum Gas And Infinite Loops<\/strong><\/h2>\n\n\n\n
To stop this issue, Ethereum introduced Gas. Like a car that stops when it runs out of gas, if a transaction runs out of gas it\u2019s stopped.<\/p>\n\n\n\n
Before sending a transaction you set a gas limit you\u2019d be willing to pay. If a transaction or smart contract gets stuck in a loop and runs out of \u2018gas\u2019 it reverts the computation and sends it back to you, without the gas you lost, unfortunately.<\/p>\n\n\n\n
Gas also prevents spamming and DDoS attacks. Paying the gas fee for thousands of bots to flood a system would cost an attacker too much to be worth it. Making a blockchain system even more secure for its users.<\/p>\n","post_title":"How Does Blockchain Fix An Infinite Loop?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"infinite-loop","to_ping":"","pinged":"","post_modified":"2022-02-21 18:35:07","post_modified_gmt":"2022-02-21 07:35:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1480,"post_author":"1","post_date":"2021-10-24 18:54:27","post_date_gmt":"2021-10-24 07:54:27","post_content":"\n
What Is An NFT?<\/h2>\n\n\n\n
Non-Fungible Tokens (NFTs<\/a>) are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. In a direct comparison, NFTs cannot be traded like cryptocurrencies despite being based on a blockchain. NFTs cannot be guaranteed to trade for the amount they're bought for.<\/p>\n\n\n\n
What Is A JPEG?<\/h2>\n\n\n\n
Joint Photographic Experts Group (JPEGs) are a standard image format for containing lossy and compressed image data. The ability for photos to be compressed make it a standard across much of the internet, being quick and easy to send back and forth between various devices.<\/p>\n\n\n\n
NFTs vs JPEGs: The Screenshot Debate<\/h2>\n\n\n\n
Naturally, when something is screenshotted on the internet it takes the form of a JPEG. Although you can screenshot an NFT, this doesn\u2019t make you the owner of it, nor does a screenshot have any value. NFTs are more than the image, it is ownership of the image. <\/p>\n\n\n\n
This is because NFTs are generally Ethereum ERC-721<\/a> tokens or the equivalent for a separate blockchain. ERC-721<\/a> tokens are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. <\/p>\n\n\n\n
ERC-721 implements an API for smart contracts<\/a>\u00a0allowing for defining features in an asset to be preserved. This feature would allow for the transfer of NFTs while being able to trace them back to their original smart contract address to ensure their legitimacy.<\/p>\n\n\n\n
These types of tokens can be used to create unique artworks, memorabilia, trading cards, and tickets for certain events. So if you were to screenshot an NFT of a ticket to a sporting event and cannot prove that you have an original copy by tracing it back through the blockchain, you will not gain access to the event.<\/p>\n\n\n\n
Are NFTs Just Pictures?<\/h2>\n\n\n\n
Every NFT is different, and these differences are what value one art piece more than another. The digital scarcity of an NFT is what drives a majority of its value. In the NFTs vs JPEGs debate, NFTs can retain value over time due to certain assets linked to the NFT, JPEGs will always be just the picture.<\/p>\n\n\n\n
You may see some NFTs from the same collection sell for millions and some for thousands, this is due to the rarity of assets linked to the NFT. Certain NFTs have rare attributes, the rarer the attribute the rarer the NFT, much like trading cards where the better characters are harder to find and more sought after.<\/p>\n\n\n\n
While NFTs themselves hold a lot of value, NFTs can offer more than just the art piece you buy. One of the most popular NFT collections, Bored Ape Yacht Club<\/a>, gives access to their Miami Clubhouse, only to owners of their NFT. NFTs are sometimes more than just art, they can be one way to expand your network. With celebrities being a part of these networks a couple hundred thousand for access to these people may seem worth the price to certain investors.<\/p>\n\n\n\n
Can JPEGs Be NFTs?<\/h3>\n\n\n\n
Despite a screenshot of NFT being worthless, JPEGs can actually be minted as NFTs.<\/p>\n\n\n\n
Most artwork NFTs start off as JPEGs anyways and those have no actual value. So once you convert a JPEG to an NFT by linking it to an ERC-721 NFT Contract it will then 'gain value'.<\/p>\n\n\n\n
But if you were to screenshot an NFT and then upload it back onto the blockchain under your own ERC-721 NFT Contract, users will be able to compare the contract linked back to the NFT and see that it isn't the official contract. You can find the verified contracts of certain NFT projects using a site like Etherscan<\/a>.<\/p>\n\n\n\n
What Does Minting Your NFT Mean?<\/h2>\n\n\n\n
Minting is the process of adding your NFT to a blockchain, a public ledger<\/a> that is tamper-proof and is where you can verify the owners of various NFTs.<\/p>\n\n\n\n
When you buy an NFT from somewhere like Opensea<\/a>, the artist mints the NFT before listing it for sale. This allows you to verify the legitimacy of it on the same page you will buy from.<\/p>\n","post_title":"NFTs vs JPEGs: Digital Scarcity And Screenshots","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"nfts-vs-jpegs","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/nft-essentials-the-erc-721-standard\/\nhttps:\/\/www.thedistributed.co\/distributed-ledger-technology\/","post_modified":"2022-06-29 23:12:28","post_modified_gmt":"2022-06-29 13:12:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1480","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The past Wednesday, Commonwealth Bank announced its partnership with crypto exchange, Gemini, and Blockchain analysis firm, Chainalysis, to offer the service to over 6.5m Australians.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/CommBank\/status\/1455688027800432644\n<\/div><\/figure>\n\n\n\n
The partnership will offer CommBank users access to 10 cryptocurrency assets including, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.<\/p>\n\n\n\n
The set date for launch isn't until 2022, but Commonwealth Bank plans to conduct a pilot for the platform within the coming weeks.<\/p>\n\n\n\n
Is this a wise move for one of Australias biggest banks and will other worldwide banks follow in their footsteps?<\/p>\n","post_title":"Australia's Commonwealth Bank App To Offer Crypto Trading","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"australias-commonwealth-bank-app-to-offer-crypto-trading","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:58","post_modified_gmt":"2022-01-08 07:50:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=2232","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n
Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n
Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n
$\"\"$
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n
Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n
Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n
But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1529,"post_author":"1","post_date":"2021-10-29 17:25:31","post_date_gmt":"2021-10-29 06:25:31","post_content":"\n
One of the largest art sales in history may have just taken place, CryptoPunk #9888 sold for $530 Million.<\/p>\n\n\n\n
Although, this is no more than just an elaborate hoax. See it is hard to trick people when you buy your own artwork, especially on a public blockchain.<\/p>\n\n\n\n
A Twitter bot tracking the sales of every CryptoPunk tweeted this on Thursday night shortly after 8 pm. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/cryptopunksbot\/status\/1453872415591829504\n<\/div><\/figure>\n\n\n\n
You may wonder \"What makes this NFT worth half a billion dollars?<\/a>\" and the truth is, not much actually. <\/p>\n\n\n\n
Using Rarity<\/a> ranks its Rarity Score at a mere 136.49<\/a>, compared to Punk #7804 which actually sold for $7.57M and has a rarity score of 2329.18<\/a>.<\/p>\n\n\n\n
Due to the fact this punk lacks desirable features from a collectors perspective, it quickly attracted attention to how it could sell for this sum of money. <\/p>\n\n\n\n
A look at the Ethereum Blockchain Ledger shows that it was nothing more than smart, smart contract trickery.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/nanexcool\/status\/1453874296812670976\n<\/div><\/figure>\n\n\n\n
Why Would You Buy Your Own NFT?<\/h2>\n\n\n\n
The purchase was made using a flash loan contract, essentially this is a loan that is repaid immediately. <\/p>\n\n\n\n
The owner of this Punk bought his own Cryptopunk and instantly paid back his loan, using smart arbitrage he bought millions of eyes onto his NFT for only $800 in Ethereum Gas Fees.<\/p>\n\n\n\n
Is this purely genius marketing to a not so spectacular Cryptopunk?<\/p>\n","post_title":"What's Behind The $530M CryptoPunk #9998","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptopunk-9998","to_ping":"","pinged":"","post_modified":"2022-03-14 21:05:56","post_modified_gmt":"2022-03-14 10:05:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1529","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1518,"post_author":"1","post_date":"2021-10-28 21:57:46","post_date_gmt":"2021-10-28 10:57:46","post_content":"\n
A Satoshi Unit, or SATS, is currently the smallest denomination of Bitcoin (BTC), named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto. As dollars split into cents, Bitcoins split into Satoshis with one Satoshi equaling 0.00000001 BTC.<\/p>\n\n\n\n

Currently, one Satoshi equals<\/a> 0.00059 USD.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Why Is A Satoshi Unit Used?<\/strong><\/h2>\n\n\n\n
As the price of Bitcoin rises, the size of each transfer gets smaller. 1 BTC now may only be equal to 0.8 BTC in a few months. Smaller denominations of Bitcoin make it easier to conduct transactions and make smaller transactions easily understood. Instead of having 0.0000873 BTC, you\u2019d instead have 873 Satoshis, this is much simpler to tell someone.<\/p>\n\n\n\n
Having the denomination of Bitcoin so small allows for better adoption in everyday use. Having it to two, or three decimal places could still place it in the thousands of dollars range.<\/p>\n\n\n\n
As Gwei<\/a> with Ether, the Satoshi Unit is a practical implementation for Bitcoin when putting a price on small transactions and equally small transaction fees. But they may play an even more important part when it comes to the wide-scale adoption of cryptocurrency.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Bitcoin Units Of Measurement<\/strong><\/h2>\n\n\n\n
1 Satoshi<\/td> 0.00000001 \u20bf<\/td><\/tr>
10 Satoshi<\/td> 0.00000010 \u20bf<\/td><\/tr>
100 Satoshi<\/td> 0.00000100 \u20bf = 1 Bit \/ \u03bcBit (you-bit)<\/td><\/tr>
1,000 Satoshi<\/td> 0.00001000 \u20bf<\/td><\/tr>
10,000 Satoshi<\/td> 0.00010000 \u20bf<\/td><\/tr>
100,000 Satoshi<\/td> 0.00100000 \u20bf = 1 mBTC (em-bit)<\/td><\/tr>
1,000,000 Satoshi<\/td> 0.01000000 \u20bf = 1 cBTC (bitcent)<\/td><\/tr>
10,000,000 Satoshi<\/td> 0.10000000 \u20bf<\/td><\/tr>
100,000,000 Satoshi<\/td> 1.00000000 \u20bf<\/td><\/tr><\/tbody><\/table>
Graph Taken From Bitcoin Wiki<\/a><\/figcaption><\/figure>\n","post_title":"Satoshi Unit (SATS) Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"satoshi-unit","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gwei\/","post_modified":"2022-06-02 22:19:19","post_modified_gmt":"2022-06-02 12:19:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1508,"post_author":"1","post_date":"2021-10-27 20:19:57","post_date_gmt":"2021-10-27 09:19:57","post_content":"\n
Wei is the smallest denomination of Ether, or ETH, the cryptocurrency on the Ethereum network.<\/p>\n\n\n\n
Wei takes its name from Cypherpunk member Wei Dai who proposed the first real cryptocurrency called B-Money<\/a>, which is essentially a forerunner to Bitcoin, although it never passed the drafting phase. <\/p>\n\n\n\n
In turn, it can be compared to Bitcoin\u2019s 'Satoshi Unit' which represents 0.00000001 Bitcoin for similar reasons to Ether, to make a transaction fee more clear.<\/p>\n\n\n\n
Why Use Wei?<\/strong><\/h2>\n\n\n\n
As the price of Ether rises, the size of each transfer gets smaller. 1 ETH now may only be equal to 0.8 ETH in a few months. <\/p>\n\n\n\n
But using Ether to quote a gas fee<\/a> may become a headache as prices go up because it will become a smaller fraction of Ether. Therefore, Wei is used when dealing with smaller transactions playing an important part in gas fees and transaction fees.<\/p>\n\n\n\n
As shown on Ethereum's Technical Documents<\/a>, these are the several sub-units, indicating the quantity used.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n","post_title":"Wei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:21:00","post_modified_gmt":"2022-06-02 12:21:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1505,"post_author":"1","post_date":"2021-10-27 20:15:38","post_date_gmt":"2021-10-27 09:15:38","post_content":"\n
What Is Gwei?<\/strong><\/h2>\n\n\n\n
Gwei or gigaWei is the most commonly used denomination of Ether's Wei<\/a>. It's comparable to Ether like a cent is to a dollar because gas prices are easily specified with Gwei. <\/p>\n\n\n\n
1 Gwei is equal to 0.000000001 ETH, and usually, its easier to quote gas prices<\/a> with 87 Gwei compared to like 0.00000087 ETH.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Denominations Of Ether<\/h2>\n\n\n\n
Along with Gwei, there are other base units on the Ethereum network. These were named after people whose work heavily influenced the infrastructure of the Ethereum Blockchain. As shown on Ethereum's Technical Documents<\/a>, these are the several denominations of Wei.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/p>\n\n\n\n

Although gas fees aren\u2019t the most spectacular part of Ethereum, they\u2019re vital to keeping the ecosystem running and scalable!<\/p>\n","post_title":"Gwei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gwei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/wei\/","post_modified":"2022-06-02 22:20:48","post_modified_gmt":"2022-06-02 12:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1505","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1497,"post_author":"1","post_date":"2021-10-26 21:05:36","post_date_gmt":"2021-10-26 10:05:36","post_content":"\n
What Are Gas Fees?<\/h2>\n\n\n\n
Gas fees are the cost that is required to attempt a transaction. This is decided based on the computational energy needed to confirm a transaction.<\/p>\n\n\n\n
These transactions take time, energy, and computational effort, which doesn't come for free. The fees are decided upon the supply and demand of the blockchain at the time of the transaction, through the blockchain's protocol<\/a>. Gas pays the miners<\/a> for the energy spent validating the transactions, while also preventing spam and infinite loops<\/a>.<\/p>\n\n\n\n
Gas fees are required for almost every action that takes part on a blockchain, the more complex the action, the higher the associated fee.<\/p>\n\n\n\n
How Do Gas Fees Work?<\/h2>\n\n\n\n
The Ethereum network can only compute 13 transactions per second, because of this miners pace the stream of requests coming through and choose the transactions that'll give them the best returns. Portions of Ether called Gwei <\/a>are linked to each transaction, called the \u201cGas Price\u201d. It is like a bribe that pushes you to the front of the transactions waiting to be confirmed. The higher the bribe, the faster your transaction is confirmed.<\/p>\n\n\n\n
Your \u201cGas Limit\u201d is the greatest amount of Ether you\u2019d send as GWEI, the lower your gas limit, the further back you are in the line of transactions. Miners will always choose what is best for them. The gas you pay depends on how much you use. If you denote 50,000 GWEI, but the miner only used 30,000 worth of GWEI, you\u2019ll get back the difference of 20,000.<\/p>\n\n\n\n
Ethereum gas fees work in equilibrium with the price of Ether. As stated above, miners set the price of gas based on the current demand. As Ether prices rise so do the fees and as it drops, so does gas.<\/p>\n\n\n\n
How To Lower Your Gas Fees<\/h2>\n\n\n\n
You could potentially lower the fees using a tool like Etherscan<\/a>'s Gas Tracker<\/a> or BscScan's Gas Tracker<\/a> before sending any cryptocurrency. This shows how busy the blockchain is at any time, the less busy it is, the fewer gas fees you\u2019ll pay. So if you're not in a rush, it pays to wait until demand is lower.<\/p>\n\n\n\n
How To Calculate Gas Fees<\/h2>\n\n\n\n
One GWEI is equal to 0.000000001 ETH or one-billionth Ether. GWEI is the cent to Ethers dollar.<\/p>\n\n\n\n
The standard gas limit is 21,000 GWEI. So you multiply the average price of gas by 21,000 and you\u2019ll get your estimated gas<\/a> fee price. Then convert<\/a> that into Ether and that\u2019s that.<\/p>\n\n\n\n
(Complexity In Gas) x (Gas Price In Gwei) = Transaction cost<\/p><\/blockquote><\/figure>\n\n\n\n
<\/p>\n","post_title":"Gas Fee","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gas-fee","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/infinite-loop\/","post_modified":"2022-07-21 22:14:51","post_modified_gmt":"2022-07-21 12:14:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1497","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1501,"post_author":"1","post_date":"2021-10-26 20:54:12","post_date_gmt":"2021-10-26 09:54:12","post_content":"\n
What Is An Infinite Loop?<\/strong><\/h2>\n\n\n\n
An infinite loop is a sequence in a computer program looping continuously without stopping. Infinite loops are usually a bug and stop when a server is shut down to fix the bug, rewrite the code attached to the bug, and then redeploy the program.<\/p>\n\n\n\n
This wouldn\u2019t work on a decentralized and distributed blockchain network. It would be difficult to stop all the nodes around the world. Even if you were, with increasing transactions per second, this would cause thousands of transactions to build up. Even if it were for a minute.<\/p>\n\n\n\n
Ethereum Gas And Infinite Loops<\/strong><\/h2>\n\n\n\n
To stop this issue, Ethereum introduced Gas. Like a car that stops when it runs out of gas, if a transaction runs out of gas it\u2019s stopped.<\/p>\n\n\n\n
Before sending a transaction you set a gas limit you\u2019d be willing to pay. If a transaction or smart contract gets stuck in a loop and runs out of \u2018gas\u2019 it reverts the computation and sends it back to you, without the gas you lost, unfortunately.<\/p>\n\n\n\n
Gas also prevents spamming and DDoS attacks. Paying the gas fee for thousands of bots to flood a system would cost an attacker too much to be worth it. Making a blockchain system even more secure for its users.<\/p>\n","post_title":"How Does Blockchain Fix An Infinite Loop?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"infinite-loop","to_ping":"","pinged":"","post_modified":"2022-02-21 18:35:07","post_modified_gmt":"2022-02-21 07:35:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1480,"post_author":"1","post_date":"2021-10-24 18:54:27","post_date_gmt":"2021-10-24 07:54:27","post_content":"\n
What Is An NFT?<\/h2>\n\n\n\n
Non-Fungible Tokens (NFTs<\/a>) are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. In a direct comparison, NFTs cannot be traded like cryptocurrencies despite being based on a blockchain. NFTs cannot be guaranteed to trade for the amount they're bought for.<\/p>\n\n\n\n
What Is A JPEG?<\/h2>\n\n\n\n
Joint Photographic Experts Group (JPEGs) are a standard image format for containing lossy and compressed image data. The ability for photos to be compressed make it a standard across much of the internet, being quick and easy to send back and forth between various devices.<\/p>\n\n\n\n
NFTs vs JPEGs: The Screenshot Debate<\/h2>\n\n\n\n
Naturally, when something is screenshotted on the internet it takes the form of a JPEG. Although you can screenshot an NFT, this doesn\u2019t make you the owner of it, nor does a screenshot have any value. NFTs are more than the image, it is ownership of the image. <\/p>\n\n\n\n
This is because NFTs are generally Ethereum ERC-721<\/a> tokens or the equivalent for a separate blockchain. ERC-721<\/a> tokens are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. <\/p>\n\n\n\n
ERC-721 implements an API for smart contracts<\/a>\u00a0allowing for defining features in an asset to be preserved. This feature would allow for the transfer of NFTs while being able to trace them back to their original smart contract address to ensure their legitimacy.<\/p>\n\n\n\n
These types of tokens can be used to create unique artworks, memorabilia, trading cards, and tickets for certain events. So if you were to screenshot an NFT of a ticket to a sporting event and cannot prove that you have an original copy by tracing it back through the blockchain, you will not gain access to the event.<\/p>\n\n\n\n
Are NFTs Just Pictures?<\/h2>\n\n\n\n
Every NFT is different, and these differences are what value one art piece more than another. The digital scarcity of an NFT is what drives a majority of its value. In the NFTs vs JPEGs debate, NFTs can retain value over time due to certain assets linked to the NFT, JPEGs will always be just the picture.<\/p>\n\n\n\n
You may see some NFTs from the same collection sell for millions and some for thousands, this is due to the rarity of assets linked to the NFT. Certain NFTs have rare attributes, the rarer the attribute the rarer the NFT, much like trading cards where the better characters are harder to find and more sought after.<\/p>\n\n\n\n
While NFTs themselves hold a lot of value, NFTs can offer more than just the art piece you buy. One of the most popular NFT collections, Bored Ape Yacht Club<\/a>, gives access to their Miami Clubhouse, only to owners of their NFT. NFTs are sometimes more than just art, they can be one way to expand your network. With celebrities being a part of these networks a couple hundred thousand for access to these people may seem worth the price to certain investors.<\/p>\n\n\n\n
Can JPEGs Be NFTs?<\/h3>\n\n\n\n
Despite a screenshot of NFT being worthless, JPEGs can actually be minted as NFTs.<\/p>\n\n\n\n
Most artwork NFTs start off as JPEGs anyways and those have no actual value. So once you convert a JPEG to an NFT by linking it to an ERC-721 NFT Contract it will then 'gain value'.<\/p>\n\n\n\n
But if you were to screenshot an NFT and then upload it back onto the blockchain under your own ERC-721 NFT Contract, users will be able to compare the contract linked back to the NFT and see that it isn't the official contract. You can find the verified contracts of certain NFT projects using a site like Etherscan<\/a>.<\/p>\n\n\n\n
What Does Minting Your NFT Mean?<\/h2>\n\n\n\n
Minting is the process of adding your NFT to a blockchain, a public ledger<\/a> that is tamper-proof and is where you can verify the owners of various NFTs.<\/p>\n\n\n\n
When you buy an NFT from somewhere like Opensea<\/a>, the artist mints the NFT before listing it for sale. This allows you to verify the legitimacy of it on the same page you will buy from.<\/p>\n","post_title":"NFTs vs JPEGs: Digital Scarcity And Screenshots","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"nfts-vs-jpegs","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/nft-essentials-the-erc-721-standard\/\nhttps:\/\/www.thedistributed.co\/distributed-ledger-technology\/","post_modified":"2022-06-29 23:12:28","post_modified_gmt":"2022-06-29 13:12:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1480","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The Commonwealth Bank<\/a> will allow users of its app to buy and sell cryptocurrencies, a first for any major Australian bank.<\/p>\n\n\n\n
The past Wednesday, Commonwealth Bank announced its partnership with crypto exchange, Gemini, and Blockchain analysis firm, Chainalysis, to offer the service to over 6.5m Australians.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/CommBank\/status\/1455688027800432644\n<\/div><\/figure>\n\n\n\n
The partnership will offer CommBank users access to 10 cryptocurrency assets including, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.<\/p>\n\n\n\n
The set date for launch isn't until 2022, but Commonwealth Bank plans to conduct a pilot for the platform within the coming weeks.<\/p>\n\n\n\n
Is this a wise move for one of Australias biggest banks and will other worldwide banks follow in their footsteps?<\/p>\n","post_title":"Australia's Commonwealth Bank App To Offer Crypto Trading","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"australias-commonwealth-bank-app-to-offer-crypto-trading","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:58","post_modified_gmt":"2022-01-08 07:50:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=2232","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1601,"post_author":"1","post_date":"2021-11-02 14:09:06","post_date_gmt":"2021-11-02 03:09:06","post_content":"\n
Over 100 miners operating illegally in a Venezuelan farm based in a residential zone have been seized by authorities. Reports<\/a> from Venezuelan outlets state the farm was located due to its overload on the National Electric System in the Palo Verde sector of Miranda State.<\/p>\n\n\n\n
Sunacrip, the National Superintendency Of Crypto Assets and Related Activities were informed of the above information and looked further into the situation. They found 100s of Bitcoin mining equipment operating without the required permits.<\/p>\n\n\n\n
$\"\"$
Dipcpnb offical<\/a><\/figcaption><\/figure><\/div>\n\n\n\n
Although mining bitcoin is completely legal in Venezuela, it requires permits from Sunacrip to protect the National Electric System from overload due to the intensive energy consumption these rigs require.<\/p>\n\n\n\n
Working under the laws and regulations, workers with the required permits are allowed to import and commercialize digital mining equipment. Additionally, they can provide cloud mining services and offer hosting services for digital mining.<\/p>\n\n\n\n
But this process isn't guaranteed, so some people decide to work behind the law and create these illegal mining rigs to bypass the regulations. Sunacrip isn't against cryptocurrencies at all but, when you bypass the law and put the burden on the citizen's power there is obviously backlash.<\/p>\n","post_title":"100s Of Bitcoin Miners Seized By Venezuelan Authorities","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"bitcoin-miners-seized-by-venezuelan-authorities","to_ping":"","pinged":"","post_modified":"2022-01-08 18:50:50","post_modified_gmt":"2022-01-08 07:50:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1601","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1529,"post_author":"1","post_date":"2021-10-29 17:25:31","post_date_gmt":"2021-10-29 06:25:31","post_content":"\n
One of the largest art sales in history may have just taken place, CryptoPunk #9888 sold for $530 Million.<\/p>\n\n\n\n
Although, this is no more than just an elaborate hoax. See it is hard to trick people when you buy your own artwork, especially on a public blockchain.<\/p>\n\n\n\n
A Twitter bot tracking the sales of every CryptoPunk tweeted this on Thursday night shortly after 8 pm. <\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/cryptopunksbot\/status\/1453872415591829504\n<\/div><\/figure>\n\n\n\n
You may wonder \"What makes this NFT worth half a billion dollars?<\/a>\" and the truth is, not much actually. <\/p>\n\n\n\n
Using Rarity<\/a> ranks its Rarity Score at a mere 136.49<\/a>, compared to Punk #7804 which actually sold for $7.57M and has a rarity score of 2329.18<\/a>.<\/p>\n\n\n\n
Due to the fact this punk lacks desirable features from a collectors perspective, it quickly attracted attention to how it could sell for this sum of money. <\/p>\n\n\n\n
A look at the Ethereum Blockchain Ledger shows that it was nothing more than smart, smart contract trickery.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/nanexcool\/status\/1453874296812670976\n<\/div><\/figure>\n\n\n\n
Why Would You Buy Your Own NFT?<\/h2>\n\n\n\n
The purchase was made using a flash loan contract, essentially this is a loan that is repaid immediately. <\/p>\n\n\n\n
The owner of this Punk bought his own Cryptopunk and instantly paid back his loan, using smart arbitrage he bought millions of eyes onto his NFT for only $800 in Ethereum Gas Fees.<\/p>\n\n\n\n
Is this purely genius marketing to a not so spectacular Cryptopunk?<\/p>\n","post_title":"What's Behind The $530M CryptoPunk #9998","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"cryptopunk-9998","to_ping":"","pinged":"","post_modified":"2022-03-14 21:05:56","post_modified_gmt":"2022-03-14 10:05:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1529","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1518,"post_author":"1","post_date":"2021-10-28 21:57:46","post_date_gmt":"2021-10-28 10:57:46","post_content":"\n
A Satoshi Unit, or SATS, is currently the smallest denomination of Bitcoin (BTC), named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto. As dollars split into cents, Bitcoins split into Satoshis with one Satoshi equaling 0.00000001 BTC.<\/p>\n\n\n\n

Currently, one Satoshi equals<\/a> 0.00059 USD.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Why Is A Satoshi Unit Used?<\/strong><\/h2>\n\n\n\n
As the price of Bitcoin rises, the size of each transfer gets smaller. 1 BTC now may only be equal to 0.8 BTC in a few months. Smaller denominations of Bitcoin make it easier to conduct transactions and make smaller transactions easily understood. Instead of having 0.0000873 BTC, you\u2019d instead have 873 Satoshis, this is much simpler to tell someone.<\/p>\n\n\n\n
Having the denomination of Bitcoin so small allows for better adoption in everyday use. Having it to two, or three decimal places could still place it in the thousands of dollars range.<\/p>\n\n\n\n
As Gwei<\/a> with Ether, the Satoshi Unit is a practical implementation for Bitcoin when putting a price on small transactions and equally small transaction fees. But they may play an even more important part when it comes to the wide-scale adoption of cryptocurrency.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Bitcoin Units Of Measurement<\/strong><\/h2>\n\n\n\n
1 Satoshi<\/td> 0.00000001 \u20bf<\/td><\/tr>
10 Satoshi<\/td> 0.00000010 \u20bf<\/td><\/tr>
100 Satoshi<\/td> 0.00000100 \u20bf = 1 Bit \/ \u03bcBit (you-bit)<\/td><\/tr>
1,000 Satoshi<\/td> 0.00001000 \u20bf<\/td><\/tr>
10,000 Satoshi<\/td> 0.00010000 \u20bf<\/td><\/tr>
100,000 Satoshi<\/td> 0.00100000 \u20bf = 1 mBTC (em-bit)<\/td><\/tr>
1,000,000 Satoshi<\/td> 0.01000000 \u20bf = 1 cBTC (bitcent)<\/td><\/tr>
10,000,000 Satoshi<\/td> 0.10000000 \u20bf<\/td><\/tr>
100,000,000 Satoshi<\/td> 1.00000000 \u20bf<\/td><\/tr><\/tbody><\/table>
Graph Taken From Bitcoin Wiki<\/a><\/figcaption><\/figure>\n","post_title":"Satoshi Unit (SATS) Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"satoshi-unit","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gwei\/","post_modified":"2022-06-02 22:19:19","post_modified_gmt":"2022-06-02 12:19:19","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1518","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1508,"post_author":"1","post_date":"2021-10-27 20:19:57","post_date_gmt":"2021-10-27 09:19:57","post_content":"\n
Wei is the smallest denomination of Ether, or ETH, the cryptocurrency on the Ethereum network.<\/p>\n\n\n\n
Wei takes its name from Cypherpunk member Wei Dai who proposed the first real cryptocurrency called B-Money<\/a>, which is essentially a forerunner to Bitcoin, although it never passed the drafting phase. <\/p>\n\n\n\n
In turn, it can be compared to Bitcoin\u2019s 'Satoshi Unit' which represents 0.00000001 Bitcoin for similar reasons to Ether, to make a transaction fee more clear.<\/p>\n\n\n\n
Why Use Wei?<\/strong><\/h2>\n\n\n\n
As the price of Ether rises, the size of each transfer gets smaller. 1 ETH now may only be equal to 0.8 ETH in a few months. <\/p>\n\n\n\n
But using Ether to quote a gas fee<\/a> may become a headache as prices go up because it will become a smaller fraction of Ether. Therefore, Wei is used when dealing with smaller transactions playing an important part in gas fees and transaction fees.<\/p>\n\n\n\n
As shown on Ethereum's Technical Documents<\/a>, these are the several sub-units, indicating the quantity used.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n","post_title":"Wei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:21:00","post_modified_gmt":"2022-06-02 12:21:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1508","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1505,"post_author":"1","post_date":"2021-10-27 20:15:38","post_date_gmt":"2021-10-27 09:15:38","post_content":"\n
What Is Gwei?<\/strong><\/h2>\n\n\n\n
Gwei or gigaWei is the most commonly used denomination of Ether's Wei<\/a>. It's comparable to Ether like a cent is to a dollar because gas prices are easily specified with Gwei. <\/p>\n\n\n\n
1 Gwei is equal to 0.000000001 ETH, and usually, its easier to quote gas prices<\/a> with 87 Gwei compared to like 0.00000087 ETH.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Denominations Of Ether<\/h2>\n\n\n\n
Along with Gwei, there are other base units on the Ethereum network. These were named after people whose work heavily influenced the infrastructure of the Ethereum Blockchain. As shown on Ethereum's Technical Documents<\/a>, these are the several denominations of Wei.<\/p>\n\n\n\n
Unit<\/th> Wei Value<\/th> Wei<\/th><\/tr><\/thead>
Wei<\/td> 1 Wei<\/td> 1<\/td><\/tr>
Kwei (babbage<\/a>)<\/td> 1e3 Wei<\/td> 1,000<\/td><\/tr>
Mwei (lovelace<\/a>)<\/td> 1e6 Wei<\/td> 1,000,000<\/td><\/tr>
Gwei (shannon<\/a>)<\/td> 1e9 Wei<\/td> 1,000,000,000<\/td><\/tr>
Microether (szabo<\/a>)<\/td> 1e12 Wei<\/td> 1,000,000,000,000<\/td><\/tr>
Milliether (finney<\/a>)<\/td> 1e15 Wei<\/td> 1,000,000,000,000,000<\/td><\/tr>
Ether<\/td> 1e18 Wei<\/td> 1,000,000,000,000,000,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/p>\n\n\n\n

Although gas fees aren\u2019t the most spectacular part of Ethereum, they\u2019re vital to keeping the ecosystem running and scalable!<\/p>\n","post_title":"Gwei Definition","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gwei","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/wei\/","post_modified":"2022-06-02 22:20:48","post_modified_gmt":"2022-06-02 12:20:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1505","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1497,"post_author":"1","post_date":"2021-10-26 21:05:36","post_date_gmt":"2021-10-26 10:05:36","post_content":"\n
What Are Gas Fees?<\/h2>\n\n\n\n
Gas fees are the cost that is required to attempt a transaction. This is decided based on the computational energy needed to confirm a transaction.<\/p>\n\n\n\n
These transactions take time, energy, and computational effort, which doesn't come for free. The fees are decided upon the supply and demand of the blockchain at the time of the transaction, through the blockchain's protocol<\/a>. Gas pays the miners<\/a> for the energy spent validating the transactions, while also preventing spam and infinite loops<\/a>.<\/p>\n\n\n\n
Gas fees are required for almost every action that takes part on a blockchain, the more complex the action, the higher the associated fee.<\/p>\n\n\n\n
How Do Gas Fees Work?<\/h2>\n\n\n\n
The Ethereum network can only compute 13 transactions per second, because of this miners pace the stream of requests coming through and choose the transactions that'll give them the best returns. Portions of Ether called Gwei <\/a>are linked to each transaction, called the \u201cGas Price\u201d. It is like a bribe that pushes you to the front of the transactions waiting to be confirmed. The higher the bribe, the faster your transaction is confirmed.<\/p>\n\n\n\n
Your \u201cGas Limit\u201d is the greatest amount of Ether you\u2019d send as GWEI, the lower your gas limit, the further back you are in the line of transactions. Miners will always choose what is best for them. The gas you pay depends on how much you use. If you denote 50,000 GWEI, but the miner only used 30,000 worth of GWEI, you\u2019ll get back the difference of 20,000.<\/p>\n\n\n\n
Ethereum gas fees work in equilibrium with the price of Ether. As stated above, miners set the price of gas based on the current demand. As Ether prices rise so do the fees and as it drops, so does gas.<\/p>\n\n\n\n
How To Lower Your Gas Fees<\/h2>\n\n\n\n
You could potentially lower the fees using a tool like Etherscan<\/a>'s Gas Tracker<\/a> or BscScan's Gas Tracker<\/a> before sending any cryptocurrency. This shows how busy the blockchain is at any time, the less busy it is, the fewer gas fees you\u2019ll pay. So if you're not in a rush, it pays to wait until demand is lower.<\/p>\n\n\n\n
How To Calculate Gas Fees<\/h2>\n\n\n\n
One GWEI is equal to 0.000000001 ETH or one-billionth Ether. GWEI is the cent to Ethers dollar.<\/p>\n\n\n\n
The standard gas limit is 21,000 GWEI. So you multiply the average price of gas by 21,000 and you\u2019ll get your estimated gas<\/a> fee price. Then convert<\/a> that into Ether and that\u2019s that.<\/p>\n\n\n\n
(Complexity In Gas) x (Gas Price In Gwei) = Transaction cost<\/p><\/blockquote><\/figure>\n\n\n\n
<\/p>\n","post_title":"Gas Fee","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"gas-fee","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/infinite-loop\/","post_modified":"2022-07-21 22:14:51","post_modified_gmt":"2022-07-21 12:14:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1497","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1501,"post_author":"1","post_date":"2021-10-26 20:54:12","post_date_gmt":"2021-10-26 09:54:12","post_content":"\n
What Is An Infinite Loop?<\/strong><\/h2>\n\n\n\n
An infinite loop is a sequence in a computer program looping continuously without stopping. Infinite loops are usually a bug and stop when a server is shut down to fix the bug, rewrite the code attached to the bug, and then redeploy the program.<\/p>\n\n\n\n
This wouldn\u2019t work on a decentralized and distributed blockchain network. It would be difficult to stop all the nodes around the world. Even if you were, with increasing transactions per second, this would cause thousands of transactions to build up. Even if it were for a minute.<\/p>\n\n\n\n
Ethereum Gas And Infinite Loops<\/strong><\/h2>\n\n\n\n
To stop this issue, Ethereum introduced Gas. Like a car that stops when it runs out of gas, if a transaction runs out of gas it\u2019s stopped.<\/p>\n\n\n\n
Before sending a transaction you set a gas limit you\u2019d be willing to pay. If a transaction or smart contract gets stuck in a loop and runs out of \u2018gas\u2019 it reverts the computation and sends it back to you, without the gas you lost, unfortunately.<\/p>\n\n\n\n
Gas also prevents spamming and DDoS attacks. Paying the gas fee for thousands of bots to flood a system would cost an attacker too much to be worth it. Making a blockchain system even more secure for its users.<\/p>\n","post_title":"How Does Blockchain Fix An Infinite Loop?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"infinite-loop","to_ping":"","pinged":"","post_modified":"2022-02-21 18:35:07","post_modified_gmt":"2022-02-21 07:35:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1501","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":1480,"post_author":"1","post_date":"2021-10-24 18:54:27","post_date_gmt":"2021-10-24 07:54:27","post_content":"\n
What Is An NFT?<\/h2>\n\n\n\n
Non-Fungible Tokens (NFTs<\/a>) are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. In a direct comparison, NFTs cannot be traded like cryptocurrencies despite being based on a blockchain. NFTs cannot be guaranteed to trade for the amount they're bought for.<\/p>\n\n\n\n
What Is A JPEG?<\/h2>\n\n\n\n
Joint Photographic Experts Group (JPEGs) are a standard image format for containing lossy and compressed image data. The ability for photos to be compressed make it a standard across much of the internet, being quick and easy to send back and forth between various devices.<\/p>\n\n\n\n
NFTs vs JPEGs: The Screenshot Debate<\/h2>\n\n\n\n
Naturally, when something is screenshotted on the internet it takes the form of a JPEG. Although you can screenshot an NFT, this doesn\u2019t make you the owner of it, nor does a screenshot have any value. NFTs are more than the image, it is ownership of the image. <\/p>\n\n\n\n
This is because NFTs are generally Ethereum ERC-721<\/a> tokens or the equivalent for a separate blockchain. ERC-721<\/a> tokens are digital assets based on a blockchain and are linked with distinctive codes and metadata to separate them from other tokens on the blockchain. <\/p>\n\n\n\n
ERC-721 implements an API for smart contracts<\/a>\u00a0allowing for defining features in an asset to be preserved. This feature would allow for the transfer of NFTs while being able to trace them back to their original smart contract address to ensure their legitimacy.<\/p>\n\n\n\n
These types of tokens can be used to create unique artworks, memorabilia, trading cards, and tickets for certain events. So if you were to screenshot an NFT of a ticket to a sporting event and cannot prove that you have an original copy by tracing it back through the blockchain, you will not gain access to the event.<\/p>\n\n\n\n
Are NFTs Just Pictures?<\/h2>\n\n\n\n
Every NFT is different, and these differences are what value one art piece more than another. The digital scarcity of an NFT is what drives a majority of its value. In the NFTs vs JPEGs debate, NFTs can retain value over time due to certain assets linked to the NFT, JPEGs will always be just the picture.<\/p>\n\n\n\n
You may see some NFTs from the same collection sell for millions and some for thousands, this is due to the rarity of assets linked to the NFT. Certain NFTs have rare attributes, the rarer the attribute the rarer the NFT, much like trading cards where the better characters are harder to find and more sought after.<\/p>\n\n\n\n
While NFTs themselves hold a lot of value, NFTs can offer more than just the art piece you buy. One of the most popular NFT collections, Bored Ape Yacht Club<\/a>, gives access to their Miami Clubhouse, only to owners of their NFT. NFTs are sometimes more than just art, they can be one way to expand your network. With celebrities being a part of these networks a couple hundred thousand for access to these people may seem worth the price to certain investors.<\/p>\n\n\n\n
Can JPEGs Be NFTs?<\/h3>\n\n\n\n
Despite a screenshot of NFT being worthless, JPEGs can actually be minted as NFTs.<\/p>\n\n\n\n
Most artwork NFTs start off as JPEGs anyways and those have no actual value. So once you convert a JPEG to an NFT by linking it to an ERC-721 NFT Contract it will then 'gain value'.<\/p>\n\n\n\n
But if you were to screenshot an NFT and then upload it back onto the blockchain under your own ERC-721 NFT Contract, users will be able to compare the contract linked back to the NFT and see that it isn't the official contract. You can find the verified contracts of certain NFT projects using a site like Etherscan<\/a>.<\/p>\n\n\n\n
What Does Minting Your NFT Mean?<\/h2>\n\n\n\n
Minting is the process of adding your NFT to a blockchain, a public ledger<\/a> that is tamper-proof and is where you can verify the owners of various NFTs.<\/p>\n\n\n\n
When you buy an NFT from somewhere like Opensea<\/a>, the artist mints the NFT before listing it for sale. This allows you to verify the legitimacy of it on the same page you will buy from.<\/p>\n","post_title":"NFTs vs JPEGs: Digital Scarcity And Screenshots","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"nfts-vs-jpegs","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/nft-essentials-the-erc-721-standard\/\nhttps:\/\/www.thedistributed.co\/distributed-ledger-technology\/","post_modified":"2022-06-29 23:12:28","post_modified_gmt":"2022-06-29 13:12:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=1480","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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