Cryptocurrency All-in-One For Dummies. Peter Kent
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Название: Cryptocurrency All-in-One For Dummies

Автор: Peter Kent

Издательство: John Wiley & Sons Limited

Жанр: Личные финансы

Серия:

isbn: 9781119855828

isbn:

СКАЧАТЬ all your issues and solutions before finalizing your decision tree.

      Making a plan

      At this point, you should have a clear understanding of your goals, obstacles, and what blockchain options you have available.

      Here’s a simple road map for building your project:

      1 Explain the project to key stakeholders and discuss its key components and foreseen outcomes.

      2 Write a project plan.This is a living set of documents that will change over the life of your project.

      3 Develop the performance measurements, scope statement, schedule, and cost baselines.

      4 Consider creating a risk management plan and a staffing plan.

      5 Get buy-in and define roles and responsibilities.

      6 Hold a kickoff meeting to begin the project.The meeting should cover the following:Vision for the projectProject strategyProject timelineRoles and responsibilitiesTeam-building activitiesTeam commitmentsHow your team will make decisionsKey metrics the project will be measured against

      

After you complete your project, you aren’t done! Go back and analyze your successes and failures. Here are some questions to ask yourself:

       Are my key stakeholders happy?

       Did the project stay on schedule?

       If not, what caused it to be delayed?

       What did I learn from this project?

       What do I wish I had done differently?

       Did I actually create new value for my company or save money?

      

You may want to return to this chapter when you have a deeper knowledge of blockchain technology and you’re developing a plan to build a project.

      Getting Your Hands on Blockchain

      IN THIS CHAPTER

      

Creating and using a Bitcoin and Ethereum wallet

      

Exchanging Bitcoin for Ether

      

Creating a blockchain asset

      

Leasing a blockchain asset

      

Deploying a private blockchain

      Blockchains are very powerful tools and are positioned to change how the world moves money, secures systems, and builds digital identities. If you aren’t a core developer, you probably won’t be doing any in-depth blockchain development in the near future. That said, you still need to understand how blockchains work and what their core limitations are because they’ll be integrated into many everyday online interactions in the near future — from how businesses pay people to how governments know that their systems and data are intact and secure.

      In this chapter, you dive right into blockchain technology. You purchase your first cryptocurrency and find out how to exchange it for other currencies. You set up special applications that will give you access to a whole ecosystem of decentralized applications (known as dApps). You also set up a secure environment to use your cryptocurrency, and create and lease out digital blockchain assets through a blockchain game.

      This chapter provides you with an understanding of many of the basic functionalities that blockchain technology offers. You also develop a basic understanding of some of the additional security you need to have while working with cryptocurrency. And you begin to establish the basic crypto accounts that you need in later chapters.

      The Ethereum blockchain is one of the largest and most powerful blockchains in the world. It was designed to build dApps, which are applications that are built within a trustless, decentralized network. Within the Ethereum network, developers utilize smart contracts to build these applications. Ethereum also utilizes a cryptocurrency called Ether to reward users for providing computing power and creating the trustless system that these smart contracts need in order to execute.

      Smart contracts are not really like a typical business contract. Instead, smart contracts are code deployed across a decentralized network. Like a business contract, they have predefined terms. A key difference is that smart contracts are enforced by their blockchain network. They’re an important computing innovation because they allow individuals who don’t know or trust one another to collaborate without fear that the other party won’t perform as outlined by the terms that the two parties have agreed on.

      

Blockchains that utilize a cryptocurrency can sometimes be called “trustless” systems because the code is enforced by the network (as opposed to a business contract, which is enforced by a court system).

      In the following sections, you set up accounts to purchase your first Bitcoin. You also exchange some of the Bitcoin you buy for Ether so you can utilize Ethereum dApps in the following sections.

      Creating a secure environment

      You first need to create a secure environment to work online. A growing number of reasons exist for you to think about using a secure browser and a virtual private network (VPN); they prevent your data from being collected without your consent and help to avoid hackers. The average user can be targeted by hackers when using cryptocurrency and an unsecured Internet connection.

      In this section, you download the Brave web browser, ProtonVPN, and a MetaMask browser extension. You can use all three of these services without paying. However, they also offer improved service for a fee.

      

Get a piece of paper and a pen ready to write down important information. Never take a screenshot or photo of things like passwords or seed phrases.

      Downloading and installing the Brave browser

      Brave is a new Google Chromium–based secure web browser that is fast, open source, and privacy focused. It blocks advertisements and trackers, and has a feature that lets you reward publishers that you like with tokens. Internet pioneer Brendan СКАЧАТЬ