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What is Ethereum? Explained With Features and Applications

Lesson 6 of 33 By Karin Kelley

Table of Contents

Ethereum is considered by many to be the second most popular cryptocurrency, surpassed now only by Bitcoin. According to The Motley Fool, the Enterprise Ethereum Alliance (EEA) has some big-name founding members, including Microsoft, Intel, and JPMorgan Chase.

“The adoption of Ethereum by the corporate world,” says CNBC, “means it could eventually be bigger than its early stage rival.” That means it’s time to get to know the Ethereum platform, including its features and applications, and what makes Ethereum different from Bitcoin.

Our “Ethereum Explained” Ethereum tutorial video lays it all out for you, and here we’ll cover what’s discussed in the video.

Basics to Advanced - Learn It All!

What is Ethereum?

Ethereum is a blockchain -based computing platform that enables developers to build and deploy decentralized applications—meaning not run by a centralized authority. You can create a decentralized application for which the participants of that particular application are the decision-making authority.

Ethereum Features

• Ether: This is Ethereum’s cryptocurrency.
• Smart contracts: Ethereum allows the development and deployment of these types of contracts.
• Ethereum Virtual Machine: Ethereum provides the underlying technology—the architecture and the software—that understands smart contracts and allows you to interact with it.
• Decentralized applications (Dapps): A decentralized application is called a Dapp (also spelled DAPP, App, or DApp) for short. Ethereum allows you to create consolidated applications, called decentralized applications.
• Decentralized autonomous organizations (DAOs): Ethereum allows you to create these for democratic decision-making.

These are Ethereum’s essential features. Before going deep into the Ethereum tutorial, let’s discuss each of these features in more detail.

Ether (ETH) is Ethereum’s cryptocurrency . It is the fuel that runs the network. It is used to pay for the computational resources and the transaction fees for any transaction executed on the Ethereum network. Like Bitcoins, ether is a peer-to-peer currency. Apart from being used to pay for transactions, ether is also used to buy gas, which is used to pay for the computation of any transaction made on the Ethereum network.

Also, if you want to deploy a contract on Ethereum, you will need gas, and you would have to pay for that gas in ether. So gas is the execution fee paid by a user for running a transaction in Ethereum. Ether can be utilized for building decentralized applications, building smart contracts, and making regular peer-to-peer payments.

2. Smart Contracts

Smart contracts are revolutionizing how traditional contracts work, which is why you need to use the tutorial to become more familiar with them. A smart contract is a simple computer program that facilitates the exchange of any asset between two parties. It could be money, shares, property, or any other digital asset that you want to exchange. Anyone on the Ethereum network can create these contracts. The contract consists primarily of the terms and conditions mutually agreed on between the parties (peers).

The smart contract’s primary feature is that once it is executed, it cannot be altered, and any transaction done on top of a smart contract is registered permanently—it is immutable. So even if you modify the smart contract in the future, the transactions correlated with the original contract will not get altered; you cannot edit them.

The verification process for the smart contracts is carried out by anonymous parties in the network without the need for a centralized authority, and that’s what makes any smart contract execution on Ethereum a decentralized execution.

The transfer of any asset or currency is done in a transparent and trustworthy manner, and the identities of the two entities are secure on the Ethereum network. Once the transaction is successfully done, the accounts of the sender and receiver are updated accordingly, and in this way, it generates trust between the parties.

Smart Contracts Vs. Traditional Contract Systems

In conventional contract systems, you sign an agreement, then you trust and hire a third party for its execution. The problem is that in this type of process, data tampering is possible. With smart contracts, the agreement is coded in a program.

A centralized authority does not verify the result; it is confirmed by the participants on the Ethereum blockchain-based network. Once a contract is executed, the transaction is registered and cannot be altered or tampered, so it removes the risk of any data manipulation or alteration.

Let’s take an example in which someone named Zack has given a contract of $500 to someone named Elsa for developing his company’s website. The developers code the agreement of the smart contract using Ethereum’s programming language.

The smart contract has all the conditions (requirements) for building the website. Once the code is written, it is uploaded and deployed on the Ethereum Virtual Machine (EVM).

EVM is a runtime compiler to execute a smart contract. Once the code is deployed on the EVM, every participant on the network has a copy of the contract. When Elsa submits the work on Ethereum for evaluation, each node on the Ethereum network will evaluate and confirm whether the result given by Elsa has been done as per the coding requirements.

Once the result is approved and verified, the contract worth $500 will be self-executed, and the payment will be paid to Elsa in ether. Zack’s account will be automatically debited, and Elsa will be credited with $500 in ether.

The Ethereum tutorial video includes a demo on the deployment of an Ethereum smart contract.

Take a deep dive on Bitcoins, Hyperledger, Ethereum, and Multichain Blockchain platforms with the  Blockchain Certification Training Course !

3. Ethereum Virtual Machine

EVM, as mentioned above in this Ethereum tutorial, is designed to operate as a runtime environment for compiling and deploying Ethereum-based smart contracts. EVM is the engine that understands the language of smart contracts, which are written in the Solidity language for Ethereum. EVM is operated in a sandbox environment—basically, you can deploy your stand-alone environment, which can act as a testing and development environment. You can then test your smart contract (use it) “n” number of times, verify it, and once you are satisfied with the performance and the functionality of the smart contract, you can deploy it on the Ethereum main network.

Any programming language in the smart contract is compiled into the bytecode, which the EVM understands. This bytecode can be read and executed using the EVM. Solidity is one of the most popular languages for writing a smart contract. Once you write your smart contract in Solidity, that contract gets converted into the bytecode and gets deployed on the EVM, thereby guaranteeing security from cyberattacks.

a) How Does EVM Work?

Suppose person A wants to pay person B 10 ethers. The transaction will be sent to the EVM using a smart contract for a fund transfer from A to B. To validate the transaction; the Ethereum network will perform the proof-of-work consensus algorithm.

The miner nodes on Ethereum will validate this transaction—whether the identity of A exists or not, and if A has the requested amount to transfer. Once the transaction is confirmed, the ether will be debited from A’s wallet and will be credited to B’s wallet, and during this process, the miners will charge a fee to validate this transaction and will earn a reward.

All the nodes on the Ethereum network execute smart contracts using their respective EVMs.

b) Proof of Work

Every node in the Ethereum network has:

• The entire history of all the transactions—the entire chain
• The history of the smart contract, which is the address at which the smart contract is deployed, along with the transactions associated with the smart contract
• The handle to the current state of the smart contract

The goal of the miners on the Ethereum network is to validate the blocks. For each block of a transaction, miners use their computational power and resources to get the appropriate hash value by varying the nonce. The miners will vary the nonce and pass it through a hashing algorithm—in Ethereum, it is the Ethash algorithm.

This produces a hash value that should be less than the predefined target as per the proof-of-work consensus. If the hash value generated is less than the target value, then the block is considered to be verified, and the miner gets rewarded.

When the proof of work is solved, the result is broadcast and shared with all the other nodes to update their ledger. If other nodes accept the hashed block as valid, then the block gets added to the Ethereum main blockchain, and as a result, the miner receives a reward, which as of today stands at three ethers. Plus, the miner gets the transaction fees that have been generated for verifying the block. All the transactions that are aggregated in the block—the cumulative transaction fees associated with all the transactions are also rewarded to the miner.

c) Proof of Stake

In Ethereum, a process called proof of stake is also under development. It is an alternative to proof of work and is meant to be a solution to minimize the use of expensive resources spent on mining using proof of work. In proof of stake, the miner—who is the validator—can validate the transactions based on the number of crypto coins he or she holds before actually starting the mining.

So, based on the accumulation of crypto coins the miner has beforehand, he or she has a higher probability of mining the block. However, proof of stake is not widely used as of now compared to proof of work.

Just like we need fuel to run a car, we need gas to run applications on the Ethereum network. To perform any transaction within the Ethereum network, a user must make a payment, in this case paying out ethers, to get a transaction done, and the intermediary monetary value is called gas.

On the Ethereum network, gas is a unit that measures the computational power required to run a smart contract or a transaction. So, if you must do a transaction that updates the blockchain, you would have to shell out gas, and that gas costs ethers.

In Ethereum, the transaction fees are calculated using a formula (see screenshot below). For every transaction, there is gas and its correlated gas price. The transaction fees equal the amount of gas required to execute a transaction multiplied by the gas price. “Gas limit” refers to the amount of gas used for the computation and the amount of ether a user is required to pay for the gas.

Below is a screenshot from the Ethereum network showing the transaction cost. You can see for this particular transaction, the gas limit was 21,000, the gas used by the transaction was 21,000, and the gas price was 21 Gwei, which is the lowest denomination of ether. So, 21 Gwei * 21,000 gave the actual transaction fees: 0.000441 ethers, or about 21 cents as of today. As mentioned, the transaction fee goes to the miner, who has validated the transaction.

To understand the gas limit and price, let’s consider an example using a car. Suppose your vehicle has a mileage of 10 kilometers per liter and petrol costs $1 per liter. Under these parameters, driving a car for 50 kilometers would cost you five liters of petrol, which is worth $5. Similarly, to perform an operation or to run code on Ethereum, you need to obtain a certain amount of gas, like petrol, and the gas has a per-unit price, called gas price.

If the user provides less than the amount of gas to run an operation, then the process will fail, and the user will be given the message “out of gas.” And Gwei, as noted above, is the lowest denomination of ether used for measuring a unit of a gas price.

e) How is Ethereum Mining Different from Bitcoin Mining?

4. Decentralized Applications (Dapps)

Let’s compare decentralized applications with traditional applications. When you log in to Twitter, for example, a web application gets displayed that is rendered using HTML. The page will call an API to access your data (your information), which is centrally hosted. It’s a simple process: your front end executes the backend API, and the API goes and fetches your data from a centralized database.

If we transform this application into a decentralized application when you log in, the same web application gets rendered, but it calls a smart contract-based API to fetch the information from the blockchain network. So, the API is replaced by a smart contract interface, and the smart contract will bring the data from the blockchain network, which is its back end.

That blockchain network is not a centralized database; it’s a decentralized network in which the participants of the network (the miners) validate (verify) all the transactions that are happening using the smart contract on the blockchain network. So, any transaction or action happening on a Twitter-type application that has now been transformed will be a decentralized transaction.

A Dapp consists of a backing code that runs on a distributed peer-to-peer network. It is a software designed to work in the Ethereum network without being controlled by a centralized system, as mentioned, and that is the primary difference: it provides direct interaction between the end-users and the decentralized application providers.

An application qualifies as a Dapp when it is open-source (its code is on Github), and it uses a public blockchain-based token to run its applications. A token acts as fuel for the decentralized application to run. Dapp allows the back end code and data to be decentralized, and that is the primary architecture of any Dapp.

5. Decentralized Autonomous Organizations (DAOs)

A DAO is a digital organization that operates without hierarchical management; it works in a decentralized and democratic fashion. So basically, a DAO is an organization in which the decision-making is not in the hands of a centralized authority but preferably in the hands of certain designated authorities or a group or designated people as a part of an authority. It exists on a blockchain network, where it is governed by the protocols embedded in a smart contract, and thereby, DAOs rely on smart contracts for decision-making—or, we can say, decentralized voting systems—within the organization. So, before any organizational decision can be made, it must go through the voting system, which runs on a decentralized application.

Here’s how it works. People add funds through the DAO because the DAO requires funding in order to execute and make decisions. Based on that, each member is given a token that represents that person’s percentage of shares in the DAO. Those tokens are used to vote in the DAO, and the proposal status is decided based on the maximum votes. Every decision within the organization must go through this voting process.

Real-World Applications of Ethereum

Voting systems, banking systems.

Head over to our “Ethereum Explained” Ethereum tutorial video to see an in-depth demo on how to deploy an Ethereum smart contract locally, including installing Ganache and Node in a Windows environment.

And if you want to take your career to the next level, what are you waiting for? Sign up for Simplilearn’s Blockchain Basics course or Professional Certificate Program in Blockchain . Remember that blockchain is the underlying technology not just for Ethereum but for Bitcoin and other cryptocurrencies. And according to ZipRecruiter , the average salary for a blockchain developer is a little over $154,000 a year and some salaries are as high as $242,000! 

If you have any questions or doubts, feel free to post them in the comments below. Our team will get back to you at the earliest.   

Find our Full Stack Java Developer Online Bootcamp in top cities:

About the author.

Karin has spent more than a decade writing about emerging enterprise and cloud technologies. A passionate and lifelong researcher, learner, and writer, Karin is also a big fan of the outdoors, music, literature, and environmental and social sustainability.

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Ethereum Blockchain - PowerPoint PPT Presentation

Ethereum Blockchain

Ethereum is the open source decentralized software program that allows you to create and deploy applications. – powerpoint ppt presentation.

• Smart contract is a self-operating computer program that automatically executes when specific conditions are met. 
• Smart contract can facilitate the exchange of money, content, property, shares, or anything of value. 
• The difference with ethereum and bitcoin blockchain is that its nodes store the most recent state of each smart contract.
• For each ethereum application, the network keeps track of the current information of all of these applications, including each users balance, all the smart contract code and where its all stored.
• EVM is a software that runs on the Ethereum network. 
• It enables anyone to run any program, irrespective of the programming language.
• Ethereum enables the development of thousands of different applications all on one platform. It means you dont have to create new blockchain for each application.
• Immutability Third party cannot make changes to data.
• Secure Secured through cryptography, applications are against hacking attacks.
• Zero downtime Apps never go down.
• Hardware Wallets  Trezor, Ledger Nano S
• Mobile Wallets  Jaxx, Ethereum Wallet
• Desktop Wallets  Jaxx, Coinbase
• Web wallets CoinPayments
• Paper Wallets  MyEtherWallet, Classic Ether Wallet, EthAddress

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Ethereum Blockchain

Nov 10, 2017

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The Etherecash platform works over a blockchain which is a peer-to-peer network wherelending occurs independently of a bank or a central authority. However, this is not where the Etherecash functionality is limited.https://www.etherecash.io/

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Presentation Transcript

Ethereum Blockchain: Understanding the FeeStructure The Ethereum platform is capable of providing computation power for the application other than just maintaining the Ether (Core Currency of the platform). The Ethereum network nodes are responsible for executing the computations along miningEther. Ether(ETH) Ether is the fundamental currency of the Ethereum blockchain. Ether can go up to 18 places after the decimal point. Like the smallest part of a dollar is called cent, the minor part of Ether is called Wei. So, very minute transactions are possible withEther. TransactionFees As the nodes provide the computational power, they should be incentivized. Whenever a smart contract is to be executed, the initiator sends a fee along with the request. The fee is utilized in various phases of the execution. In the end, if any part of the fee is left unspent then it will be returned to thesender. Also, if the amount of fee sent is not sufficient, the execution or the transaction would be returned to a fail state. And the no fee is returned as the efforts are made toexecute.

Gas is the denomination in which fees are paid. There are two different factors involved to determine the fee: Gas Price and GasLimit. Gas Price is the price in terms of Ether you are willing to spend on a unit of Gas. The Gas Price is measured in Gwei where a Gwei is equal to 1,000,000,000Wei. Gas Limit is the maximum amount of Gas a sender is willing tospend. Hence the fee is the product of Gas Price and the Gas Limit. For example, if the Sender sets the Gas Price to 20 Gwei and the Gas Limit to 50,000 then that implies the sender is willing to spend 20 Wei X 50,000 = 1,000,000,000,000,000 Wei = 0.001 Ether to execute thetransaction. Generally, the higher the Gas Price, the faster the transaction is chosen by the miners. To avoid transaction failures, miners can advertise the senders to set the Gas Price for which they would execute thetransactions. How does this impact EtherEcashplatform? The Ethereum blockchain is the fundamental component of EtherEcash platform, a revolutionary global peer to peer creditnetwork. The EtherEcash is a stage that brings individual lenders and borrowers all over the globe. A smart contract is created and executed whenever both parties sign a loanagreement. Executing a Smart Contract costs some money in terms of transaction fees on the Ethereum platform. To cover these costs, the EtherEcash levies a small brokerage fee to support and develop itself. And it also helps the EtherEcash platform to grow to provide the unmatchable services of its kind to a wide variety ofcustomers. Be sure to mark your calendars, the Etherecash pre-ICO is only days away! Pre ICO Launch: 25th October 2017–7th November2017 ICO Launch: 15th November 2017–19th December 2017. more info visitetherecash

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The Future of MLM is Smart contract Contracts by MLM Software Malaysia Team A powerful new technology has emerged in recent years, and it is disrupting the traditional ways of managing contracts. Enter, the blockchain platform and the world of smart contracts. At itu2019s most basic form, a blockchain is a massive digital ledger of economic transactions. This ledger can be used to record anything of value and importance. Decentralised-MLM-Software Decentralised-MLM-Software MLM Business with Ethereum Dapp and Smart Contract Typical use cases include birth and death certificates, deeds of ownership, financial accounts, medical procedures, claims, and anything else that can be recorded in computer code. MLM Software with Smart contract Crypto app factory : When we integrate smart contracts solutions into the working of an MLM business structure, it simplifies the selling while making it integral to the perpetual growth of the enterprise. With a peer-to-peer architecture, it generates more assets for the company. When smart contracts are configured into the core of your enterprise, it provides multiple advantages. It eliminates the chances of fraud that most of the wholesalers and end-users are exposed to. The inclusion of smart contracts brings a high level of precision in operations while establishing a strong trusted network. The integration enables automated transactions with authorized techniques. MLM Business with Ethereum Dapp and Smart Contract While it was created to support the Bitcoin cryptocurrency, developers quickly saw the potential for the blockchain platform to disrupt the entire system of traditional record-keeping. Ethereum, another cryptocurrency with its proprietary blockchain platform, is widely considered to be the future technology for contracts. What Are Smart Contracts? Smart contracts are self-executing, self-enforcing contracts. They are governed by the explicit terms and conditions laid out within them. Crypto App Factory providing best smart contracts for MLM Business. MLM Software With Smart Contract These virtual agreements can facilitate the exchange of money, content, shares, property, or anything of value. The self-executing nature of these contracts provides a tremendous opportunity for use in any field that relies on data to drive transactions. MLM software development company What Are the Advantages of Smart Contracts? These contracts already possess multiple advantages over traditional arrangements. This number is likely to increase in the future as the technology improves. For now, here are ten benefits to using them. 1. Accuracy One of the primary requirements of a smart contract is to record all terms and conditions in explicit detail. This is a requirement because an omission could result in transaction errors. As a result, automated contracts avoid the pitfalls of manually filling out heaps of forms. 2. Transparency The terms and conditions of these contracts are fully visible and accessible to all relevant parties. There is no way to dispute them once the contract is established. This facilitates total transparency of the transaction to all concerned parties. 3. Clear Communication The need for accuracy in detailing the contract results in everything being explicit. There can be no room for miscommunication or misinterpretation. Thus, smart contracts can drastically cut down on efficiency lost to gaps in communication. 4. Speed These contracts run on software code and live on the internet. As a result, they can execute transactions very quickly. This speed can shave hours off many traditional business processes. There is no need to process documents manually. 5. 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Savings Perhaps one of the most significant advantages of automated contracts is that they eliminate the need for a vast chain of middlemen. Thereu2019s no need for lawyers, witnesses, banks and other intermediaries. 10. Trust Smart contracts generate absolute confidence in their execution. The transparent, autonomous, and secure nature of the agreement removes any possibility of manipulation, bias, or error. Once solemnized, the contract is executed automatically by the network. 11. Guaranteed Outcomes (Bonus) Another attractive feature of these contracts may be the potential to reduce significantly or even eliminate the need for litigation and courts. By using a self-executing contract, parties commit themselves to bind by the rules and determinations of the underlying code. TAGS : Smart Contract MLM, MLM with Dapp, MLM with smart contract, Bitcoin MLM Software, MLM software development, MLM Software, Crypto MLM Software, Smart Contract based MLM Website : www.cryptoappfactory.com Whatsapp : 60164998736

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Smart contract mlm software u2013 Ethereum Blockchain The Future of MLM is Smart contract Contracts by Crypto Soft Malaysia Team A powerful new technology has emerged in recent years, and it is disrupting the traditional ways of managing contracts. Enter, the blockchain platform and the world of smart contracts. At itu2019s most basic form, a blockchain is a massive digital ledger of economic transactions. This ledger can be used to record anything of value and importance. Decentralised-MLM-Software Decentralised-MLM-Software MLM Business with Ethereum Dapp and Smart Contract Typical use cases include birth and death certificates, deeds of ownership, financial accounts, medical procedures, claims, and anything else that can be recorded in computer code. MLM Software with Smart contract cryptosoftmalaysia : When we integrate smart contracts solutions into the working of an MLM business structure, it simplifies the selling while making it integral to the perpetual growth of the enterprise. With a peer-to-peer architecture, it generates more assets for the company. When smart contracts are configured into the core of your enterprise, it provides multiple advantages. It eliminates the chances of fraud that most of the wholesalers and end-users are exposed to. The inclusion of smart contracts brings a high level of precision in operations while establishing a strong trusted network. The integration enables automated transactions with authorized techniques. MLM Business with Ethereum Dapp and Smart Contract While it was created to support the Bitcoin cryptocurrency, developers quickly saw the potential for the blockchain platform to disrupt the entire system of traditional record-keeping. Ethereum, another cryptocurrency with its proprietary blockchain platform, is widely considered to be the future technology for contracts. What Are Smart Contracts? Smart contracts are self-executing, self-enforcing contracts. They are governed by the explicit terms and conditions laid out within them. cryptosoftmalaysia providing best smart contracts for MLM Business. MLM Software With Smart Contract These virtual agreements can facilitate the exchange of money, content, shares, property, or anything of value. The self-executing nature of these contracts provides a tremendous opportunity for use in any field that relies on data to drive transactions. MLM software development company What Are the Advantages of Smart Contracts? These contracts already possess multiple advantages over traditional arrangements. This number is likely to increase in the future as the technology improves. For now, here are ten benefits to using them. 1. Accuracy One of the primary requirements of a smart contract is to record all terms and conditions in explicit detail. This is a requirement because an omission could result in transaction errors. As a result, automated contracts avoid the pitfalls of manually filling out heaps of forms. 2. Transparency The terms and conditions of these contracts are fully visible and accessible to all relevant parties. There is no way to dispute them once the contract is established. This facilitates total transparency of the transaction to all concerned parties. 3. Clear Communication The need for accuracy in detailing the contract results in everything being explicit. There can be no room for miscommunication or misinterpretation. Thus, smart contracts can drastically cut down on efficiency lost to gaps in communication. 4. Speed These contracts run on software code and live on the internet. As a result, they can execute transactions very quickly. This speed can shave hours off many traditional business processes. There is no need to process documents manually. 5. Security Automated contracts use the highest level of data encryption currently available, which is the same standard that modern crypto-currencies use. This level of protection makes them amongst the most secure items on the world wide web. 6. Efficiency A natural byproduct of the speed and accuracy of these contracts is the efficiency with which they operate. Higher efficiencies result in more value-generating transactions processed per unit of time. 7. Paper Free Businesses across the globe are becoming increasingly conscious about their impact on the environment. Smart contracts enable the u201cgo-greenu201d movement because they live and breathe in the virtual world. This removes the need for vast reams of paper. 8. Storage & Backup These contracts record essential details in each transaction. Therefore, anytime your details are used in a contract, they are permanently stored for future records. In the event of data loss, these attributes are easily retrievable. 9. Savings Perhaps one of the most significant advantages of automated contracts is that they eliminate the need for a vast chain of middlemen. Thereu2019s no need for lawyers, witnesses, banks and other intermediaries. 10. Trust Smart contracts generate absolute confidence in their execution. The transparent, autonomous, and secure nature of the agreement removes any possibility of manipulation, bias, or error. Once solemnized, the contract is executed automatically by the network. 11. Guaranteed Outcomes (Bonus) Another attractive feature of these contracts may be the potential to reduce significantly or even eliminate the need for litigation and courts. By using a self-executing contract, parties commit themselves to bind by the rules and determinations of the underlying code. TAGS : Smart Contract MLM, MLM with Dapp, MLM with smart contract, Bitcoin MLM Software, MLM software development, MLM Software, Crypto MLM Software, Smart Contract based MLM Website : www.cryptosoftmalaysia.com Whatsapp : 60164998736

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Ethereum Blockchain Development-MLM software chennai

Ethereum is a decentralized, open source, and distributed computing platform that enables the creation of smart contracts and decentralized applications, also known as dapps.

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Quick Peek To Become An Ethereum Blockchain Developer

The world is now drifting towards new technologies from AI to data science; everything has triggered a developmental wave chain across the different industries' different segments. Amongst these is Blockchain technology that has emerged as a game-changer. You can find a number of companies are looking for a Blockchain-based solution. Ethereum is an open-source Blockchain platform that forms the base for the development of decentralized applications.

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Ethereum price today: ETH is up 31.98% year to date

Wayne Duggan

Farran Powell

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Published 9:01 a.m. UTC May 6, 2024

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What is the current price of ethereum?

The price of ethereum, or 1 ETH, traded at $3,149.93, as of 8 a.m. ET. The highest intraday price that ethereum reached in the past year was $4,088.00 on March 12, 2024.

Ethereum chart

The chart above is pulling data as of 8 a.m. ET daily and doesn’t display intraday highs or lows.

Even though ethereum is not the first altcoin, it’s the most popular and successful. The cryptocurrency was launched in 2015. Its blockchain has generated tremendous growth and returns over the past nine years.

Ethereum price history

*The return comparisons are as of 8 a.m. ET.

Ethereum’s 52-week intraday high was on March 12, 2024, trading at $4,088.00 per ETH. Its 52-week intraday low was $1,500.00 on Aug. 17, 2023.

The leading altcoin has shifted global financial markets and amassed a global market capitalization of $378.29 billion. ETH is currently up 65.59% year over year.

Ethereum market cap

Today, ethereum's $378.29 billion market capitalization is second to bitcoin's. Bitcoin and ethereum represent 69.17% of the entire cryptocurrency market . Behind ethereum, the third-largest crypto is BNB, with a market cap of just $86.42 billion.

Bitcoin and ethereum's combined crypto market dominance has fluctuated over the years. But it has trended steadily higher since late 2022.

Ethereum's market cap of $378.29 billion is slightly more than some major blue-chip stocks , such as Home Depot (HD) at $339.77 billion and Johnson & Johnson (JNJ) at $360.81 billion.

What is ethereum? And how does ethereum work?

Ethereum is a blockchain-based network created to facilitate secure, decentralized financial transactions. The network's native cryptocurrency is ether.

Unlike bitcoin, ethereum’s programmable blockchain allows users to securely verify and execute code, including smart contracts and decentralized applications. Smart contracts on the ethereum network are software applications that run automatically on the blockchain when certain predetermined conditions are met.

The ethereum network's decentralized nature allows developers to run programs without relying on Big Tech companies or other third parties. Rather than running software on cloud servers housed in massive data centers owned by Google, ethereum users can run applications by leveraging ethereum's large network of small, private computers.

Applications on the ethereum blockchain include gaming, socializing, gambling and decentralized finance options. The ethereum blockchain is also home to the world's most significant non-fungible tokens . NFTs are unique digital creations representing ownership of digital property, such as a work of art, song or video.

Ethereum gas price

Ethereum gas is the fee network users pay to process transactions or use smart contracts on the network. Gas fees are akin to highway tolls. Users pay these fees to use the ethereum blockchain.

The unit of measurement for gas fees is gwei. One gwei equals one billionth of one ETH.

A history of ethereum prices

Ethereum prices 2015-2020.

Like bitcoin and other leading cryptocurrencies, ethereum had humble beginnings. Shortly after its launch in July 2015, ETH hit its all-time low of 42 cents in October 2015.

The popularity and trading volumes of cryptocurrencies started to snowball in 2017. ETH prices reached $1,000 for the first time in January 2018. The crypto ultimately peaked at around $1,300 less than two weeks later.

CME Group's announcement that it would launch bitcoin futures contracts drove ethereum’s 2017 rally. They were the first cryptocurrency-related products offered by a regulated U.S. financial institution.

Enthusiasm for cryptocurrency died down in 2018. That led to one of several crypto winters in the past decade.

The next crypto boom began in 2020. This time, ETH's parabolic rise was partly driven by government shutdowns of sports, casinos, and other leisure and entertainment options. Multiple government stimulus checks also left many Americans with extra disposable income to buy crypto.

Ethereum prices 2021-2024

Ethereum prices reached $4,891.70 on Nov. 16, 2021. But rising interest rates cooled investor enthusiasm for risk assets in 2022. A string of crypto industry layoffs and bankruptcies weighed on crypto prices, culminating in the bankruptcy of leading cryptocurrency exchange FTX in November 2022. ETH prices dipped below $900 during the 2022 crypto winter.

The ethereum rally resumed in 2023 and into 2024 as investors grew more optimistic about the U.S. economic outlook. The Securities and Exchange Commission’s approval of several bitcoin spot ETFs in January 2024 further bolstered ethereum prices. Many crypto enthusiasts see this as an encouraging sign for the approval of ethereum spot ETFs.

Bitcoin price vs. ethereum price

Since ethereum’s launch in 2015, there's no question that bitcoin and ETH have been spectacular investments.

The past year’s enthusiasm for bitcoin spot ETFs has reversed the performance gap between the two major cryptos. The price of bitcoin is up 122.35% year over year, compared to a 65.59% gain for ethereum.

How to buy ethereum

You can buy ethereum on popular cryptocurrency exchanges like Binance , Coinbase and Kraken. Ethereum trades under the symbol ETH. There are also online brokerages that support cryptocurrency trading, such as Robinhood , Interactive Brokers and Webull.

In addition, you can buy ethereum through leading payment apps Venmo and PayPal. Finally, ethereum can be bought directly by searching for a physical cryptocurrency ATM that sells ether.

How to store ethereum

Anyone buying ethereum directly must store their ETH in a cryptocurrency wallet . This is much like storing paper money in a physical wallet.

The private keys are needed to send or receive cryptocurrency in a digital wallet. A person who controls a wallet's private keys controls all the cryptocurrency associated with the wallet.

Ethereum wallets can be hardware wallets resembling USB sticks or software wallet apps that store ETH on a smartphone or another device. Hot wallets are connected to the internet, while cold wallets are not. Hot wallets are generally considered more convenient, but cold wallets can be safer and more secure.

Ethereum ETFs

In addition to buying ethereum directly, you can indirectly speculate on the ethereum market via ethereum funds .

The SEC approved the first wave of ethereum futures ETFs in late 2023. These ETFs don't invest in ethereum directly but instead hold ethereum futures contracts. Leading ethereum futures ETFs include the VanEck Ethereum Strategy ETF (EFUT), the ProShares Ether Strategy ETF (EETH) and the Bitwise Ethereum Strategy ETF (AETH).

The popular Grayscale Ethereum Trust (ETHE) tracks the price of ETH. But Grayscale can only trade over the counter in the U.S. until it receives approval to convert into an ETF. That conversion is contingent on the SEC’s approval.

Ultimately, ethereum investors hope that the SEC will approve spot ethereum ETFs. Spot ETFs invest directly in the underlying cryptocurrency rather than futures contracts or other derivatives. Grayscale and BlackRock are among several companies that have applied for SEC approval.

Frequently asked questions (FAQs)

Ethereum does not represent ownership of assets with tangible value and does not generate earnings, revenue or cash flow. ETH’s price is determined exclusively by supply and demand. If the popularity of the ethereum network continues to grow in the long term, demand for ethereum will likely grow over time.

No. Since the ethereum network upgraded from a proof-of-work model to a proof-of-stake model, ethereum mining is no longer necessary. But ethereum investors can still profit from the proof-of-stake system by staking ETH.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Wayne Duggan is a regular contributor for Forbes Advisor and U.S. News and World Report and has been a staff writer for Benzinga since 2014. He is an expert in the psychological challenges of investing and frequently reports on breaking market news and analyst commentary related to popular stocks. Some of his prior work includes contributing news and analysis to Seeking Alpha, InvestorPlace.com, Motley Fool, and the Lightspeed Active Trading blog. He’s the author of the book "Beating Wall Street With Common Sense," which focuses on practical investing strategies to outperform the stock market. He resides in Biloxi, Mississippi

Farran Powell is the lead editor of investing at USA TODAY Blueprint. She was previously the assistant managing editor of investing at U.S. News and World Report. Her work has appeared in numerous publications including TheStreet, Mansion Global, CNN, CNN Money, DNAInfo, Yahoo! Finance, MSN Money and the New York Daily News. She holds a BSc from the London School of Economics and an MA from the University of Texas at Austin. You can follow her on Twitter at @farranpowell.

Introduction to dapps

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Before learning about dapps, you should cover the blockchain basics and read about the Ethereum network and how it's decentralized.

Definition of a dapp

A dapp has its backend code running on a decentralized peer-to-peer network. Contrast this with an app where the backend code is running on centralized servers.

• Decentralized - dapps operate on Ethereum, an open public decentralized platform where no one person or group has control
• Deterministic - dapps perform the same function irrespective of the environment in which they get executed
• Turing complete - dapps can perform any action given the required resources
• Isolated - dapps are executed in a virtual environment known as Ethereum Virtual Machine so that if the smart contract has a bug, it won’t hamper the normal functioning of the blockchain network

On smart contracts

To introduce dapps, we need to introduce smart contracts – a dapp's backend for lack of a better term. For a detailed overview, head to our section on smart contracts .

A smart contract is code that lives on the Ethereum blockchain and runs exactly as programmed. Once smart contracts are deployed on the network you can't change them. Dapps can be decentralized because they are controlled by the logic written into the contract, not an individual or company. This also means you need to design your contracts very carefully and test them thoroughly.

Benefits of dapp development

• Zero downtime – Once the smart contract is deployed on the blockchain, the network as a whole will always be able to serve clients looking to interact with the contract. Malicious actors, therefore, cannot launch denial-of-service attacks targeted towards individual dapps.
• Privacy – You don’t need to provide real-world identity to deploy or interact with a dapp.
• Resistance to censorship – No single entity on the network can block users from submitting transactions, deploying dapps, or reading data from the blockchain.
• Complete data integrity – Data stored on the blockchain is immutable and indisputable, thanks to cryptographic primitives. Malicious actors cannot forge transactions or other data that has already been made public.
• Trustless computation/verifiable behavior – Smart contracts can be analyzed and are guaranteed to execute in predictable ways, without the need to trust a central authority. This is not true in traditional models; for example, when we use online banking systems, we must trust that financial institutions will not misuse our financial data, tamper with records, or get hacked.

Drawbacks of dapp development

• Maintenance – Dapps can be harder to maintain because the code and data published to the blockchain are harder to modify. It’s hard for developers to make updates to their dapps (or the underlying data stored by a dapp) once they are deployed, even if bugs or security risks are identified in an old version.
• Performance overhead – There is a huge performance overhead, and scaling is really hard. To achieve the level of security, integrity, transparency, and reliability that Ethereum aspires to, every node runs and stores every transaction. On top of this, proof-of-stake consensus takes time as well.
• Network congestion – When one dapp uses too many computational resources, the entire network gets backed up. Currently, the network can only process about 10-15 transactions per second; if transactions are being sent in faster than this, the pool of unconfirmed transactions can quickly balloon.
• User experience – It may be harder to engineer user-friendly experiences because the average end-user might find it too difficult to set up a tool stack necessary to interact with the blockchain in a truly secure fashion.
• Centralization – User-friendly and developer-friendly solutions built on top of the base layer of Ethereum might end up looking like centralized services anyways. For example, such services may store keys or other sensitive information server-side, serve a frontend using a centralized server, or run important business logic on a centralized server before writing to the blockchain. Centralization eliminates many (if not all) of the advantages of blockchain over the traditional model.

More of a visual learner?

Tools for creating dapps.

Scaffold-ETH - Quickly experiment with Solidity using a frontend that adapts to your smart contract.

• GitHub (opens in a new tab)
• Example dapp (opens in a new tab)

Create Eth App - Create Ethereum-powered apps with one command.

• oneclickdapp.com (opens in a new tab)

Etherflow - FOSS tool for Ethereum developers to test their node, and compose & debug RPC calls from the browser.

• etherflow.quiknode.io (opens in a new tab)

thirdweb - SDKs in every language, smart contracts, tools, and infrastructure for web3 development.

• Homepage (opens in a new tab)
• Documentation (opens in a new tab)

Crossmint - Enterprise-grade web3 development platform to deploy smart contracts, enable credit-card and cross chain payments, and use APIs to create, distribute, sell, store, and edit NFTs.

• crossmint.com (opens in a new tab)
• Discord (opens in a new tab)

Further reading

• Explore dapps
• The Architecture of a Web 3.0 application (opens in a new tab) - Preethi Kasireddy
• A 2021 guide to decentralized applications (opens in a new tab) - LimeChain
• What Are Decentralized Apps? (opens in a new tab) - Gemini
• Popular dapps (opens in a new tab) - Alchemy

Know of a community resource that helped you? Edit this page and add it!

Related Topics

• Introduction to the Ethereum stack
• Development frameworks

Was this article helpful?

Is Ethereum 'This Cycle's Basket Case'? 10x Research Points Out ETH's 'Only Bull Story'

A new report characterizes Ethereum (CRYPTO: ETH ) as this cycle’s underperformer in the cryptocurrency market, with ongoing challenges that are impacting its valuation and adoption .

What Happened : Despite its strong historical correlation with Bitcoin (CRYPTO: BTC ), Ethereum’s fundamentals are seen as a potential impediment to broader investment in the cryptocurrency ecosystem, according to 10x Research.

“Ethereum remains this cycle's basket case,” analyst Markus Thielen notes, highlighting the surprising stability of its correlation with Bitcoin at an R-square of 95%.

This linkage, however, has not translated into positive momentum for Ethereum due to its sluggish adaptation to market demands and technological advancements.

In the past, Ethereum was envisioned as a potential disruptor to traditional banking systems, with capabilities extending into areas like NFT minting and broad wallet adoption.

However, according to Thielen, “Ethereum developers did not react quickly enough,” which has resulted in lost opportunities and declining market share.

From a high of controlling 17.8% of the market, Ethereum's dominance has slipped to 15.8%.

The digital gold narrative, heavily promoted by institutions like Blackrock, has focused predominantly on Bitcoin, relegating Ethereum to a secondary position.

Thielen points out, “Blackrock themselves have said that ‘Bitcoin is overwhelmingly the No. 1 focus and a little bit Ethereum'.”

This sentiment is echoed in the lukewarm reception to Ethereum ETFs in Hong Kong, where they attracted only 15% of the inflows compared to Bitcoin’s 85%.

Further complicating Ethereum’s landscape are the regulatory uncertainties in the United States. The SEC has been notably silent on the approval of Ether ETFs, with expectations leaning towards denial.

“Bloomberg analysts close to the ETF approval process have downgraded their probability from 50% to 35%,” Thielen reports, indicating a bleak outlook for regulatory progress.

Also Read: Hong Kong Launches First $128M Crypto ETF Liquidity Fund

Why It Matters : The technical and economic aspects of Ethereum are also showing signs of strain. A significant indicator is the sharp decline in ETH Gas fees, suggesting a drop in transaction demand.

This observation led 10x Research to adopt a bearish stance on Ethereum as early as April 2, when ETH traded at $3,500, predicting much lower prices ahead.

Additionally, Ethereum has struggled to maintain its relevance in the stablecoin arena, losing ground to Tron in the issuance of Tether.

Thielen comments on the shifting landscape, “ USDT (CRYPTO: USDT ) on Tron (CRYPTO: TRON) for transfers is snowballing, and while stablecoin growth is bullish, Ethereum is missing out.”

In the investment sphere, the allure of Ethereum as a staking platform is waning. “The only Ethereum bull story there is staking and re-staking,” Thielen observes.

However, with on-chain Treasury yields offering more attractive returns, the incentive for staking Ethereum has diminished, leading to reduced demand for ETH.

What’s Next : As the digital assets sector evolves, the challenges faced by Ethereum will be a topic of keen interest at the upcoming Benzinga’s Future of Digital Assets event on Nov. 19.

The event will provide a platform for experts to delve into the broader implications of Ethereum's struggles and what it means for the future trajectory of blockchain technologies and digital currencies.

Read Next: Japanese Crypto Exchange Coincheck To List On Nasdaq Listing Via SPAC Merger

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Ethereum declines briefly, JP Morgan sees a spot ETH ETF approval despite recent Wells notice

• Ethereum spot ETFs will likely be approved despite recent Wells notices, says JP Morgan.
• Insights from Glassnode show that Ethereum has underperformed Bitcoin in terms of price performance since the recent bull cycle began.
• Ethereum will likely continue trading in key range without a bearish macro event.

Ethereum  (ETH) saw a sharp price decline on Friday following data revealing its underperformance compared to Bitcoin (BTC). Despite recent Wells notices to crypto firms, JP Morgan analysts predicted spot ETH ETFs would be approved.

Also read: Ethereum needs a bullish trigger, Joseph Lubin blasts the SEC

Daily digest market movers: Active user growth, declining gas fees, underperforming Bitcoin

In a recent Ethereum-based report, JP Morgan said that the SEC's recent Wells notices to Robinhood Crypto, Consensys, and Uniswap don't pose a challenge to the agency's potential approval of a spot ETH ETF. Although analysts of the banking giants expressed doubt if the products would see approval this month, they noted that the market won't see it as a huge disappointment.

"Markets do not expect an approval by this month as implied by the significant discount to NAV by the Grayscale Ethereum Trust ETHE," they said.

JP Morgan analysts also suggested the SEC may "face a legal challenge and eventually lose" if it denies applications for spot ETH ETFs, considering the agency already approved futures-based ETH ETFs.

In response, General Partner at Van Buren Capital Scott Johnsson expressed an opposite view, stating he would be surprised if a legal battle ensued following a potential spot ETH ETF denial. He mentioned that Grayscale hinted that it won't take the SEC to court this time after withdrawing a "key tool" — probably its application for futures ETH ETF. Johnsson also stated that a denial based on correlation arguments will be "tough to appeal."

Furthermore, Ethereum Layer 2s are about to set a new all-time high in terms of active addresses, with more than 5.2 million monthly active users as of May 5, according to data posted by Leon Waidmann. Combined with monthly active users from the ETH Mainchain, the Ethereum ecosystem would have recorded nearly 7.6 million monthly active users — almost 5x active users in 2022.

The surge in user growth coincides with declining gas fees for Ethereum Layer 2s, which have been reduced more than tenfold since the Dencun upgrade in March, according to data from IntoTheBlock.

Meanwhile, Glassnode data shows that Ethereum has underperformed in the last two years when compared to Bitcoin. This is seen in a low ETH/BTC ratio and ETH drawdown in this cycle (-44%), doubling Bitcoin's (-21%). The Net Unrealized Profit/Loss (NUPL) of Bitcoin "crossed 0.5 and entered the euphoria phase three months before the equivalent metric for Ethereum," noted Glassnode.

Typically, an NUPL greater than 0.5 means unrealized profit from investors is greater than half of an asset's market capitalization.

Read more: Ethereum could experience bullish run, ETH ‘ultrasound’ money narrative at risk

Another key insight from Glassnode data shows that Ethereum is trading close to the purchasing cost of short-term holders (investors who bought the asset within the last 155 days). The short-term holder's cost basis often serves as a resistance during a bearish trend or support during a bullish trend

With the price of Ethereum close to the average STH cost level of $3,010, Glassnode has suggested that recent buyers may "panic should the market experience downside volatility ." Recent reported whale purchases around this price level align with Glassnode's STH cost basis.

One interesting part of Ethereum's on-chain activity Glassnode highlighted is that long-term holders within the past one to two years are still holding onto their positions in hopes of "better profit-taking opportunities."

ETH technical analysis: ETH may continue trading in key range despite recent decline

Ethereum saw a price inefficiency on Friday, extending from $3,045 to $2,905. This was accompanied by a sharp liquidation of long positions, reaching $27 million within four hours.

Also read: Ethereum resume sideways move as Grayscale files to withdraw Ethereum futures ETF application with the SEC

ETH/USDT 4-hour chart

The move isn't a surprise as ETH has leaned toward the downside in the past few days despite uncertainty among traders. However, key predictions remain unchanged as ETH would likely remain trading within the $2,852 to $3,000 range.

The recent decline could present a buying opportunity for whales who have continued purchasing ETH around the $3,000 mark. Without any bearish macro event in sight, ETH would likely hold the range until the SEC decides on Van Ecks' spot ETH ETF application on May 23.

Ethereum FAQs

What is ethereum.

Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.

What blockchain technology does Ethereum use?

Ethereum uses decentralized blockchain technology, where developers can build and deploy applications that are independent of the central authority. To make this easier, the network has a programming language in place, which helps users create self-executing smart contracts. A smart contract is basically a code that can be verified and allows inter-user transactions.

What is staking?

Staking is a process where investors grow their portfolios by locking their assets for a specified duration instead of selling them. It is used by most blockchains, especially the ones that employ Proof-of-Stake (PoS) mechanism, with users earning rewards as an incentive for committing their tokens. For most long-term cryptocurrency holders, staking is a strategy to make passive income from your assets, putting them to work in exchange for reward generation.

Why did Ethereum shift from Proof-of-Work to Proof-of-Stake?

Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.

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• The Scotts Miracle-Gro Company-stock
• News for The Scotts Miracle-Gro Company

ScottsMiracle-Gro to Webcast Presentation at the William Blair 44th Annual Growth Conference on June 6, 2024

MARYSVILLE, Ohio, May 15, 2024 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE: SMG), the world’s leading marketer of branded consumer lawn and garden as well as indoor and hydroponic growing products, will participate in the William Blair 44th Annual Growth Conference in Chicago on Thursday, June 6, 2024.

Matt Garth, Chief Financial and Administrative Officer, will be a featured speaker at the conference presenting a business update at approximately 8:00 CT. Investors and other interested parties may listen to a live webcast of the presentation from the events page of the Company’s investor relations website. An archive of the webcast will be available on the website for at least 90 days.

About ScottsMiracle-Gro With approximately $3.6 billion in sales, the Company is the world’s largest marketer of branded consumer products for lawn and garden care. The Company’s brands are among the most recognized in the industry. The Company’s Scotts®, Miracle-Gro®, and Ortho® brands are market-leading in their categories. The Company’s wholly-owned subsidiary, The Hawthorne Gardening Company, is a leading provider of nutrients, lighting, and other materials used in the indoor and hydroponic growing segment. For additional information, visit us at www.scottsmiraclegro.com.

Forward Looking Statements Our presentation may contain forward-looking statements that set forth anticipated results based on management’s current plans and assumptions. We caution investors that forward-looking statements are not guarantees of future performance and actual events or results may differ materially from those statements. Investors should familiarize themselves with the full range of risk factors that could impact our results. These can be found in our Form 10-K filed with the Securities and Exchange Commission.

Contact Aimee DeLuca Sr. Vice President Investor Relations [email protected] (937) 578-5621

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