A blockchain is a digital ledger of transactions that is duplicated and distributed across an entire network of computer systems. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network. Since each Ethereum transaction requires computational resources to execute, each transaction requires a fee. Gas refers to the fee required to successfully conduct a transaction on Ethereum.
Bitcoin was a pioneer in the blockchain revolution by establishing a public, permissionless, distributed ledger system to validate, store, and replicate transaction data on computers all over the world. Ethereum expands these concepts by harnessing that same blockchain capability for computer code. While Bitcoin offers one particular application of blockchain technology, a peer-to-peer electronic cash system, Ethereum allows for scripts of code to be run as a global computational network. This concept has a wide range of potential applications such as voting, global supply chains, medical records, the financial system — the opportunities are endless.
Ethereum is a distributed public blockchain network that focuses on running the programming code of any decentralized application. More simply, it is a platform for sharing information across the globe that cannot be manipulated or changed.
Ethereum is useful and valuable because of its ability to have a wide variety of intelligent applications built on top of it, including anything from financial contracts to voting and governance applications. Today, the authentication for these processes can take days or even weeks. With Ethereum, verification is almost instant. As the platform grows, it could continue to change the way we do business and transact on a daily basis.
An ERC20 token is a blockchain-based asset with similar functionality to bitcoin, ether, and bitcoin cash: it can hold value and be sent and received. The major difference between ERC20 tokens and other cryptocurrencies is that ERC20 tokens are created and hosted on the Ethereum blockchain, whereas bitcoin and bitcoin cash are the native currencies of their respective blockchains.
A coin is a cryptocurrency that can operate independently, while a token is a cryptocurrency that depends on another cryptocurrency as a platform to operate. For example, an ERC-20 is a token.
Staking, simply put, is the holding of your cryptocurrency assets to support the functionality and security of a blockchain for which you are rewarded to do so. The owner of the assets, in this case the iM Token, would elect to lock their IM in exchange for rewards. Every staking opportunity offers a different reward or “APR” when you choose to stake your cryptocurrency.
Yes you can! Each wallet uses a private key to secure its assets. Look for the 12 word recovery or mnemonic in the settings menu of your current wallet and then use that 12 word phrase to add it to your new wallet.
Wallets give you a 12 word recovery phrase that prevent you from losing access to your funds. We encourage you to write down your recovery phrase and store it in a secure location.
First, install MetaMask on your Chrome or FIrefox browser.
Scond, create an account by clicking on the extension icon in the upper right corner to open MetaMask. Make sure to install the latest version.e. You will be prompted to create a new password. Reveal secret words, there you will see a 12 words seed phrase. This is really important! We recommended storing a copy of your seed phrase offline and in a safe place.
Next, deposit funds into your wallet. You can now see your public address and share it with other people to send and receive the iM Token!
For Bitcoin, the standard amount of conformations is 6 for the transaction to be completed. On average this takes about an hour, but can fluctuate depending on the network load. Other cryptos may require more or less confirmations, but this doesn’t always mean it will be slower or faster. Ethereum requires 24 confirmations, but the transaction will be completed much quicker.
If you are sending an ERC-20 token you will need ETH in your wallet in order to pay a miner’s fee when sending this cryptocurrency. This is because ERC-20 tokens are issued on the Ethereum blockchain and transactions on the Ethereum network, such as sending ERC 20 tokens, require Ether.
Wallets operated by private companies can be a great way to store cryptocurrencies however, you must proceed with caution. Theoretically, an organization can use secret keys to steal your funds. There have been situations where users couldn’t withdraw their funds from wallets. It’s important to pick well-known, trustworthy companies to store your cryptocurrency. Metamask, Safepal, and Coinbase are a few wallets we recommend.
Many countries have introduced laws restricting the use of cryptocurrency. The authorities of many other countries have warned that they will restrict it in the near future. Bitcoin is banned in Pakistan, Nepal, Algeria, Cambodia and Bolivia, and China. Before investing beware of regulation and taxes that your country imposes on cryptocurrency.