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It’s impossible to spend much time in the cryptocurrency and blockchain world without hearing about Ethereum, or ETH for short. In this article, you’ll learn what Ethereum is, what makes it different and why it’s better than Bitcoin, at least for certain purposes.Guess the price directionBitcoin/TetherBTCUSDT33,743.81−2.71337493372733743.81UpDownWhat is the Ethereum cryptocurrency?Strictly speaking, Ethereum refers to an open-source software platform that is based on blockchain technology, enabling developers to create decentralised applications, or dApps. However, Ethereum is also used to refer to the Ether coin (ETH), a cryptocurrency built on the Ethereum platform. When someone talks about buying, trading or paying with Ethereum, they mean the Ether currency.Ethereum’s historyEthereum’s story starts with Vitalik Buterin, who became involved with Bitcoin as a 17-year-old programmer in 2011. Buterin became aware of Bitcoin’s shortcomings and created Ethereum as superior blockchain technology.I thought [people in the Bitcoin community] weren’t approaching the problem in the right way. I thought they were going after individual applications; they were trying to kind of explicitly support each [use case] in a sort of Swiss Army knife protocol.— Vitalik Buterin, Ethereum co-founder.A timeline of Ethereum’s early history:2013: Buterin released a white paper describing the basis for Ethereum.2014: Buterin and the other co-founders crowdfunded Ethereum through an ICO that raised more than $18 million.2015: The first live release of Ethereum, known as Frontier, was launched.What is Ethereum’s purpose?Ethereum is a blockchain technology platform designed to enable a large variety of functions. A popular comparison is if Bitcoin is e-mail, then Ethereum is the whole Internet.Ethereum is used for computer services that are based on dApps and smart contracts, which saves time and money by eliminating intermediaries, third-party brokers and inefficient monopolies like big companies or even government authorities.In essence, it follows the decentralised philosophy of Bitcoin but is applied to much more than just money.What is Ethereum written in?Given that the Ethereum Virtual Machine (EVM) functions as a ‘world computer’ with many nodes, it uses multiple programming languages, including C++, Python, Ruby, Go and Java. A specialised language called Solidity is used to write smart contracts in the Ethereum Virtual Machine.ETH’s hard forkIn 2016, $50 million worth of Ether was stolen by a hacker, an act that raised concerns about the platform’s security. The resulting controversy split the community, and Ethereum forked into two blockchains: Ethereum (ETH) and Ethereum Classic (ETC).ETH tokensEthereum has both the Ether (ETH) crypto coin and Ether tokens. The latter can function as a currency within the Ethereum Virtual Machine (EVM). ETH tokens are transferred within the EVM to execute smart contracts.What is a smart contract in Ethereum?A smart contract is a computer program that functions as a contract, i.e., it binds individuals and/or businesses to meet obligations.The smart contract’s code automatically executes the terms when tokens are deposited. The benefits include:Digital format: There’s no need to print or post paper, and it’s easily shareable.Autonomous operation: It cuts out intermediaries, there’s no back-and-forth.Trust: Information on a smart contract is encrypted and backed up on a shared ledger.Security: Encryption makes contract information incredibly difficult to steal.Speed: Automatic execution makes smart contracts faster.Cost: It saves on paper costs, lawyer fees, etc.Smart contracts act as multi-signature accounts, only executing if the specified percentage of parties agree.Smart contracts can be encoded on any blockchain, but developers working on Ethereum can programme smart contracts with a much broader range of instructions than what’s possible on Bitcoin. It allows Ethereum smart contracts to be more complex and versatile. They can serve as the base for a decentralised application or other autonomous functions on the blockchain.Why is Ethereum better than Bitcoin?ETH has several advantages over Bitcoin. It isn’t limited in the same way that BTC is. Ethereum uses the Ethash method for its mining algorithm. As a result, the block processing speed is faster.What is the difference between Bitcoin and Ethereum?BTCETHCoin Limit21 MillionNoneAlgorithmSHA-256EthashAvg block time10 minutes12 secondsHowever, Ethereum’s main advantage over Bitcoin is its functionality. Bitcoin can only record transactions. Ethereum powers apps that can be used for almost anything a programmer desires.What is an ETH wallet?An Ethereum wallet is where the private keys to access the cryptocurrency are stored. The StormGain crypto trading platform comes with a built-in ETH wallet, in which you can earn up to 10% annual interest on your currency.Cryptocurrency tradingEthereum is the crypto coin with the second-largest market share after Bitcoin. Ethereum also has the second-highest trading volume among cryptocurrencies. By using StormGain, traders can earn significant bonuses and rewards for trading Ethereum.The price history of ETH, in USD and BitcoinEthereum miningEthereum is currently mined via a proof-of-work algorithm. Much like Bitcoin, Ethereum miners dedicate their computing hardware to solving tasks that support the blockchain and receive ETH in return.What is a good hashrate for Ethereum mining?The frequency with which the ETH mining hardware can process hashes determines how likely it is to earn a reward.A hashrate of around 45.0 MH/s is considered suitable for a consumer GPU. However, the whole mining system may soon become irrelevant for Ethereum.What is Ethereum’s future?Ethereum will upgrade soon to version 2.0, a move planned for 2020. The main feature is a change from proof-of-work to proof-of-stake validation.Ethereum 1.0 is a couple of people’s scrappy attempt to build the world computer; Ethereum 2.0 [with PoS] will actually be the world computer — Vitalik ButerinThe current system is notoriously wasteful of energy. A proof-of-stake protocol will mean that users stake their ETH as collateral to verify a transaction (and claim the reward).On 18 August 2008, the domain name bitcoin.org was registered.[11] Later that year, on 31 October, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System[12] was posted to a cryptography mailing list.[13] This paper detailed methods of using a peer-to-peer network to generate what was described as "a system for electronic transactions without relying on trust".[14][15][16] On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins.[14][17] Embedded in the coinbase of this block was the text:The Times Jan/03/2009 Chancellor on brink of second bailout for banks.[18]The text refers to a headline in The Times published on 3 January 2009.[19] This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.[20]:18The first open source bitcoin client was released on 9 January 2009, hosted at SourceForge.[21][22]One of the first supporters, adopters, contributors to bitcoin and receiver of the first bitcoin transaction was programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction on 12 January 2009 (bloc 170).[23][24] Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.[14]In the early days, Nakamoto is estimated to have mined 1 million bitcoins.[25] Before disappearing from any involvement in bitcoin, Nakamoto in a sense handed over the reins to developer Gavin Andresen, who then became the bitcoin lead developer at the Bitcoin Foundation, the 'anarchic' bitcoin community's closest thing to an official public face.[26]The value of the first bitcoin transactions were negotiated by individuals on the bitcoin forum with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's.[14]On 6 August 2010, a major vulnerability in the bitcoin protocol was spotted. Transactions weren't properly verified before they were included in the transaction log or blockchain, which let users bypass bitcoin's economic restrictions and create an indefinite number of bitcoins.[27][28] On 15 August, the vulnerability was exploited; over 184 billion bitcoins were generated in a transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol.[29] This was the only major security flaw found and exploited in bitcoin's history.[27][28][30]Satoshi Nakamoto[edit]Main article: Satoshi Nakamoto"Satoshi Nakamoto" is presumed to be a pseudonym for the person or people who designed the original bitcoin protocol in 2008 and launched the network in 2009. Nakamoto was responsible for creating the majority of the official bitcoin software and was active in making modifications and posting technical information on the bitcoin forum.[14] There has been much speculation as to the identity of Satoshi Nakamoto with suspects including Dai, Szabo, and Finney – and accompanying denials.[31][32] The possibility that Satoshi Nakamoto was a computer collective in the European financial sector has also been discussed.[33]Investigations into the real identity of Satoshi Nakamoto were attempted by The New Yorker and Fast Company. The New Yorker's investigation brought up at least two possible candidates: Michael Clear and Vili Lehdonvirta. Fast Company's investigation brought up circumstantial evidence linking an encryption patent application filed by Neal King, Vladimir Oksman and Charles Bry on 15 August 2008, and the bitcoin.org domain name which was registered 72 hours later. The patent application (#20100042841) contained networking and encryption technologies similar to bitcoin's, and textual analysis revealed that the phrase "... computationally impractical to reverse" appeared in both the patent application and bitcoin's whitepaper.[12] All three inventors explicitly denied being Satoshi Nakamoto.[34][35]In May 2013, Ted Nelson speculated that Japanese mathematician Shinichi Mochizuki is Satoshi Nakamoto.[36] Later in 2013 the Israeli researchers Dorit Ron and Adi Shamir pointed to Silk Road-linked Ross William Ulbricht as the possible person behind the cover. The two researchers based their suspicion on an analysis of the network of bitcoin transactions.[37] These allegations were contested[38] and Ron and Shamir later retracted their claim.[39]Nakamoto's involvement with bitcoin does not appear to extend past mid-2010.[14] In April 2011, Nakamoto communicated with a bitcoin contributor, saying that he had "moved on to other things".[18]Stefan Thomas, a Swiss coder and active community member, graphed the time stamps for each of Nakamoto's 500-plus bitcoin forum posts; the resulting chart showed a steep decline to almost no posts between the hours of 5 a.m. and 11 a.m. Greenwich Mean Time. Because this pattern held true even on Saturdays and Sundays, it suggested that Nakamoto was asleep at this time, and the hours of 5 a.m. to 11 a.m. GMT are midnight to 6 a.m. Eastern Standard Time (North American Eastern Standard Time). Other clues suggested that Nakamoto was British: A newspaper headline he had encoded in the genesis block came from the UK-published newspaper The Times, and both his forum posts and his comments in the bitcoin source code used British English spellings, such as "optimise" and "colour".[14]An Internet search by an anonymous blogger of texts similar in writing to the bitcoin whitepaper suggests Nick Szabo's "bit gold" articles as having a similar author.[31] Nick denied being Satoshi, and stated his official opinion on Satoshi and bitcoin in a May 2011 article.[40]In a March 2014 article in Newsweek, journalist Leah McGrath Goodman doxed Dorian S. Nakamoto of Temple City, California, saying that Satoshi Nakamoto is the man's birth name. Her methods and conclusion drew widespread criticism.[41][42]In June 2016, the London Review of Books published a piece by Andrew O'Hagan about Nakamoto.[43] The real identity of Satoshi Nakamoto still remains a matter of dispute.Growth[edit]2011[edit]Based on bitcoin's open-source code, other cryptocurrencies started to emerge.[44]The Electronic Frontier Foundation, a non-profit group, started accepting bitcoins in January 2011,[45] then stopped accepting them in June 2011, citing concerns about a lack of legal precedent about new currency systems.[46] The EFF's decision was reversed on 17 May 2013 when they resumed accepting bitcoin.[47]In June 2011, WikiLeaks[48] and other organizations began to accept bitcoins for donations.2012[edit]In January 2012, bitcoin was featured as the main subject within a fictionalized trial on the CBS legal drama The Good Wife in the third-season episode "Bitcoin for Dummies". The host of CNBC's Mad Money, Jim Cramer, played himself in a courtroom scene where he testifies that he doesn't consider bitcoin a true currency, saying, "There's no central bank to regulate it; it's digital and functions completely peer to peer".[49]In September 2012, the Bitcoin Foundation was launched to "accelerate the global growth of bitcoin through standardization, protection, and promotion of the open source protocol". The founders were Gavin Andresen, Jon Matonis, Patrick Murck, Charlie Shrem, and Peter Vessenes.[50]In October 2012, BitPay reported having over 1,000 merchants accepting bitcoin under its payment processing service.[51] In November 2012, WordPress started accepting bitcoins.[52]2013[edit]In February 2013, the bitcoin-based payment processor Coinbase reported selling US$1 million worth of bitcoins in a single month at over $22 per bitcoin.[53] The Internet Archive announced that it was ready to accept donations as bitcoins and that it intends to give employees the option to receive portions of their salaries in bitcoin currency.[54]In March, the bitcoin transaction log, called the blockchain, temporarily split into two independent chains with differing rules on how transactions were accepted. For six hours two bitcoin networks operated at the same time, each with its own version of the transaction history. The core developers called for a temporary halt to transactions, sparking a sharp sell-off.[55] Normal operation was restored when the majority of the network downgraded to version 0.7 of the bitcoin software.[55] The Mt. Gox exchange briefly halted bitcoin deposits and the exchange rate briefly dipped by 23% to $37 as the event occurred[56][57] before recovering to previous level of approximately $48 in the following hours.[58] In the US, the Financial Crimes Enforcement Network (FinCEN) established regulatory guidelines for "decentralized virtual currencies" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as Money Service Businesses (or MSBs), that may be subject to registration and other legal obligations.[59][60][61]In April, payment processors BitInstant and Mt. Gox experienced processing delays due to insufficient capacity[62] resulting in the bitcoin exchange rate dropping from $266 to $76 before returning to $160 within six hours.[63] Bitcoin gained greater recognition when services such as OkCupid and Foodler began accepting it for payment.[64]On 15 May 2013, the US authorities seized accounts associated with Mt. Gox after discovering that it had not registered as a money transmitter with FinCEN in the US.[65][66]On 17 May 2013, it was reported that BitInstant processed approximately 30 percent of the money going into and out of bitcoin, and in April alone facilitated 30,000 transactions,[67]On 23 June 2013, it was reported that the US Drug Enforcement Administration listed 11.02 bitcoins as a seized asset in a United States Department of Justice seizure notice pursuant to 21 U.S.C. § 881.[68] This marked the first time a government agency claimed to have seized bitcoin.[69][70]In July 2013, a project began in Kenya linking bitcoin with M-Pesa, a popular mobile payments system, in an experiment designed to spur innovative payments in Africa.[71] During the same month the Foreign Exchange Administration and Policy Department in Thailand stated that bitcoin lacks any legal framework and would therefore be illegal, which effectively banned trading on bitcoin exchanges in the country.[72][73]On 6 August 2013, Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction,[74][75] and Germany's Finance Ministry subsumed bitcoins under the term "unit of account" – a financial instrument – though not as e-money or a functional currency, a classification nonetheless having legal and tax implications.[76]In October 2013, the FBI seized roughly 26,000 BTC from website Silk Road during the arrest of alleged owner Ross William Ulbricht.[77][78][79] Two companies, Robocoin and Bitcoiniacs launched the world's first bitcoin ATM on 29 October 2013 in Vancouver, BC, Canada, allowing clients to sell or purchase bitcoin currency at a downtown coffee shop.[80][81][82] Chinese internet giant Baidu had allowed clients of website security services to pay with bitcoins.[83]In November 2013, the University of Nicosia announced that it would be accepting bitcoin as payment for tuition fees, with the university's chief financial officer calling it the "gold of tomorrow".[84] During November 2013, the China-based bitcoin exchange BTC China overtook the Japan-based Mt. Gox and the Europe-based Bitstamp to become the largest bitcoin trading exchange by trade volume.[85]In December 2013, Overstock.com[86] announced plans to accept bitcoin in the second half of 2014. On 5 December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoins.[87] After the announcement, the value of bitcoins dropped,[88] and Baidu no longer accepted bitcoins for certain services.[89] Buying real-world goods with any virtual currency had been illegal in China since at least 2009.[90]2014[edit]In January 2014, Zynga[91] announced it was testing bitcoin for purchasing in-game assets in seven of its games. That same month, The D Las Vegas Casino Hotel and Golden Gate Hotel & Casino properties in downtown Las Vegas announced they would also begin accepting bitcoin, according to an article by USA Today. The article also stated the currency would be accepted in five locations, including the front desk and certain restaurants.[92] The network rate exceeded 10 petahash/sec. TigerDirect[93] and Overstock.com[94] started accepting bitcoin.In early February 2014, one of the largest bitcoin exchanges, Mt. Gox,[95] suspended withdrawals citing technical issues.[96] By the end of the month, Mt. Gox had filed for bankruptcy protection in Japan amid reports that 744,000 bitcoins had been stolen.[97] Months before the filing, the popularity of Mt. Gox had waned as users experienced difficulties withdrawing funds.[98]In June 2014 the network exceeded 100 petahash/sec.[citation needed] On 18 June 2014, it was announced that bitcoin payment service provider BitPay would become the new sponsor of St. Petersburg Bowl under a two-year deal, renamed the Bitcoin St. Petersburg Bowl. Bitcoin was to be accepted for ticket and concession sales at the game as part of the sponsorship, and the sponsorship itself was also paid for using bitcoin.[99]In July 2014 Newegg and Dell[100] started accepting bitcoin.In September 2014 TeraExchange, LLC, received approval from the U.S.Commodity Futures Trading Commission "CFTC" to begin listing an over-the-counter swap product based on the price of a bitcoin. The CFTC swap product approval marks the first time a U.S. regulatory agency approved a bitcoin financial product.[101]In December 2014 Microsoft began to accept bitcoin to buy Xbox games and Windows software.[102]In 2014, several light-hearted songs celebrating bitcoin such as the "Ode to Satoshi"[103] have been released.[104]A documentary film, The Rise and Rise of Bitcoin, was released in 2014, featuring interviews with bitcoin users, such as a computer programmer and a drug dealer.[105]2015[edit]In January 2015 Coinbase raised US$75 million as part of a Series C funding round, smashing the previous record for a bitcoin company. Less than one year after the collapse of Mt. Gox, United Kingdom-based exchange Bitstamp announced that their exchange would be taken offline while they investigate a hack which resulted in about 19,000 bitcoins (equivalent to roughly US$5 million at that time) being stolen from their hot wallet.[106] The exchange remained offline for several days amid speculation that customers had lost their funds. Bitstamp resumed trading on 9 January after increasing security measures and assuring customers that their account balances would not be impacted.[107]In February 2015, the number of merchants accepting bitcoin exceeded 100,000.[108]In October 2015, a proposal was submitted to the Unicode Consortium to add a code point for the bitcoin symbol.[109]2016[edit]In January 2016, the network rate exceeded 1 exahash/sec.[citation needed]In March 2016, the Cabinet of Japan recognized virtual currencies like bitcoin as having a function similar to real money.[110] Bidorbuy, the largest South African online marketplace, launched bitcoin payments for both buyers and sellers.[111]In July 2016, researchers published a paper showing that by November 2013 bitcoin commerce was no longer driven by "sin" activities but instead by legitimate enterprises.[112]In August 2016, a major bitcoin exchange, Bitfinex, was hacked and nearly 120,000 BTC (around $60m) was stolen.[113]In November 2016, the Swiss Railway operator SBB (CFF) upgraded all their automated ticket machines so that bitcoin could be bought from them using the scanner on the ticket machine to scan the bitcoin address on a phone app.[114]Bitcoin generates more academic interest year after year; the number of Google Scholar articles published mentioning bitcoin grew from 83 in 2009, to 424 in 2012, and 3580 in 2016. Also, the academic journal Ledger published its first issue. It is edited by Peter Rizun.2017[edit]The number of businesses accepting bitcoin continued to increase. In January 2017, NHK reported the number of online stores accepting bitcoin in Japan had increased 4.6 times over the past year.[115] BitPay CEO Stephen Pair declared the company's transaction rate grew 3× from January 2016 to February 2017, and explained usage of bitcoin is growing in B2B supply chain payments.[116]Bitcoin gains more legitimacy among lawmakers and legacy financial companies. For example, Japan passed a law to accept bitcoin as a legal payment method,[117] and Russia has announced that it will legalize the use of cryptocurrencies such as bitcoin.[118]Exchange trading volumes continue to increase. For the 6-month period ending March 2017, Mexican exchange Bitso saw trading volume increase 1500%.[citation needed] Between January and May 2017 Poloniex saw an increase of more than 600% active traders online and regularly processed 640% more transactions.[119]In June 2017, the bitcoin symbol was encoded in Unicode version 10.0 at position U+20BF (₿) in the Currency Symbols block.[120]Up until July 2017, bitcoin users maintained a common set of rules for the cryptocurrency.[121] On 1 August 2017 bitcoin split into two derivative digital currencies, the bitcoin (BTC) chain with 1 MB blocksize limit and the Bitcoin Cash (BCH) chain with 8 MB blocksize limit. The split has been called the Bitcoin Cash hard fork.[122]On 6 December 2017 the software marketplace Steam announced that it would no longer accept bitcoin as payment for its products, citing slow transactions speeds, price volatility, and high fees for transactions.[123]2018[edit]See also: Cryptocurrency bubble § 2018 crashOn 22 January 2018, South Korea brought in a regulation that requires all the bitcoin traders to reveal their identity, thus putting a ban on anonymous trading of bitcoins.[124]On 24 January 2018, the online payment firm Stripe announced that it would phase out its support for bitcoin payments by late April 2018, citing declining demand, rising fees and longer transaction times as the reasons.[125]2019[edit]As of September 2019, there were 5,457 bitcoin ATMs worldwide. In August of that year, the countries with highest number of bitcoin ATMs were the United States, Canada, the United Kingdom, Austria, and Spain.[citation needed]2020[edit]On 2 July 2020, the Indian company 21Shares started to quote a set of bitcoin exchange-traded products (ETP) on the Xetra trading system of the Deutsche Boerse.[126]On 1 September 2020, the Wiener Börse listed its first 21 titles denominated in cryptocurrencies like bitcoin, including the services of real-time quotation and securities settlement.[127]On 3 September 2020, the Frankfurt Stock Exchange admitted in its Regulated Market the quotation of the first bitcoin exchange-traded note (ETN), centrally cleared via Eurex Clearing.[128][129]In October 2020, PayPal announced that it would allow its users to buy and sell bitcoin on its platform, although not to deposit or withdraw bitcoins

I Saw a Post on Instagram about How Facebook is not Mark Zukerberg’s Idea and how he copied/Stole Divya Narendra’s Idea which he previously called “HARVARD CONNECTION”.(Image source- Instagram , Page- Hutiyagram)ConnectU (originally Harvard Connection) was a social networking website launched on May 21, 2004, that was founded by Harvard students Cameron Winklevoss, Tyler Winklevoss, and Divya Narendra in December 2002.Users could add people as friends, send them messages, and update their personal profiles to notify friends about themselves.Users were placed in networks based upon the domain name associated with the email address they used for registration.The site subsequently relaunched and became an active online community at Harvard Connection for a time, but has since been discontinued.Sanjay Mavinkurve was the first programmer asked to build HarvardConnection.Sanjay commenced work on HarvardConnection but left the project in the spring of 2003 when he graduated and went to work for Google.After the departure of Sanjay Mavinkurve, the Winklevosses and Narendra approached Narendra’s friend, Harvard student and programmer Victor Gao to work on HarvardConnection.Gao, a senior in Mather House, had opted not to become a full partner in the venture, instead agreeing to be paid in a work for hire capacity on a rolling basis.He was paid $400 for his work on the website code during the summer and fall of 2003, but he excused himself thereafter due to personal obligations.MARK ZUKERBERGIn November 2003, upon the referral of Victor Gao, the Winklevosses and Narendra approached Mark Zuckerberg about joining the HarvardConnection team.By this point, the previous HarvardConnection programmers had already made progress on a large chunk of the coding: front-end pages, the registration system, a database, back-end coding, and a way users could connect with each other, which Gao called a "handshake".In early November, Narendra emailed Zuckerberg saying, “We’re very deep into developing a site which we would like you to be a part of and ... which we know will make some waves on campus.”Within days, Zuckerberg was talking to the HarvardConnection team and preparing to take over programming duties from Gao.On the evening of November 25, 2003, the Winklevosses and Narendra met with Zuckerberg in the dining hall of Harvard's Kirkland House, where they explained to an enthusiastic Zuckerberg, the HarvardConnection website, the plan to expand to other schools after launch, the confidential nature of the project, and the importance of getting there first.During the meeting, Zuckerberg allegedly entered into an oral contract with Narendra and the Winklevosses and became a partner in HarvardConnection.He was given the private server location and password for the unfinished HarvardConnection website and code, with the understanding that he would finish the programming necessary for launch. Zuckerberg allegedly chose to be compensated in the form of sweat equity.On November 30, 2003, Zuckerberg told Cameron Winklevoss in an email that he did not expect completion of the project to be difficult. Zuckerberg writes: "I read over all the stuff you sent and it seems like it shouldn't take too long to implement, so we can talk about that after I get all the basic functionality up tomorrow night." The next day, on December 1, 2003, Zuckerberg sent another email to the HarvardConnection team. "I put together one of the two registration pages so I have everything working on my system now. I'll keep you posted as I patch stuff up and it starts to become completely functional."On December 4, 2003, Zuckerberg writes: "Sorry I was unreachable tonight. I just got about three of your missed calls. I was working on a problem set." On December 10, 2003: "The week has been pretty busy, so I haven't gotten a chance to do much work on the site or even think about it really, so I think it's probably best to postpone meeting until we have more to discuss. I'm also really busy tomorrow so I don't think I'd be able to meet then anyway." A week later: "Sorry I have not been reachable for the past few days. I've basically been in the lab the whole time working on a cs problem set which I'm still not finished with."On December 17, 2003, Zuckerberg met with the Winklevosses and Narendra in his dorm room, allegedly confirming his interest and assuring them that the site was almost complete.On the whiteboard in his room, Zuckerberg allegedly had scrawled multiple lines of code under the heading “Harvard Connection.” However, this would be the only time they saw any of his work. On January 8, 2004, Zuckerberg emailed to say he was "completely swamped with work [that] week" but had "made some of the changes ... and they seem[ed] to be working great" on his computer. He said he could discuss the site starting the following Tuesday, on January 13, 2004.On January 11, 2004, Zuckerberg registered the domain name thefacebook.com. On January 12, 2004, Zuckerberg e-mailed Eduardo Saverin, saying that the site [http://thefacebook.com] was almost complete and that they should discuss marketing strategies.Two days later, on January 14, 2004, Zuckerberg met again with the HarvardConnection team. However, he allegedly never mentioned registering the domain name http://thefacebook.com nor a competing social networking website, rather he reported progress on HarvardConnection, told them he would continue to work on it, and would email the group later in the week.On February 4, 2004, Zuckerberg launched http://thefacebook.com, a social network for Harvard students, designed to expand to other schools around the country.On February 6, 2004, the Winklevosses and Narendra first-learned of http://thefacebook.com while reading a press release in the Harvard student newspaper The Harvard Crimson.According to Gao, who looked at the HarvardConnection code afterward, Zuckerberg had left the HarvardConnection code incomplete and non-functional, with a registration that did not connect with the back-end connections. On February 10, 2004, the Winklevosses and Narendra sent Zuckerberg a cease and desistletter.They also asked the Harvard administration to act on what they viewed as a violation of the university’s honor code and student handbook. They lodged a complaint with the Harvard Administrative Board and university president Larry Summers; however, both viewed the matter to be outside the university's jurisdiction.President Summers advised the HarvardConnection team to take their matter to the courts.FACEBOOK LAWSUITIn 2004, ConnectU filed a lawsuit against Facebook alleging that creator Mark Zuckerberg had broken an oral contract with them. The suit alleged that Zuckerberg had copied their idea and illegally used source code intended for the website he was hired to create.Facebook countersued in regards to Social Butterfly, a project put out by the Winklevoss Chang Group, an alleged partnership between ConnectU and i2hub, another campus service. It named among the defendants ConnectU, Cameron Winklevoss, Tyler Winklevoss, Divya Narendra, and Wayne Chang, founder of i2hub.A settlement agreement for both cases was reached in February 2008, reportedly valued at $65 million.However, in May 2010, it was reported that ConnectU is accusing Facebook of securities fraud on the value of the stock that was part of the settlement and wants to get the settlement undone. According to ConnectU's allegations, the value of the stock was worth $11 million instead of $45 million that Facebook presented at the time of settlement. This meant the settlement value, at the time, was $31 million, instead of the $65 million.On August 26, 2010, The New York Times reported that Facebook shares were trading at $76 per share in the secondary market, putting the total settlement value at close to $120 million.If the lawsuit to adjust the settlement to match the difference goes through, the value will quadruple to over $466 million.According to Steven M. Davidoff, "Facebook never represented its valuation in this negotiation, and so there is no prior statement that the company needs to correct."He is the fifth richest person in the world, but he might have build his foundation on a lie.(All the information can be found on Wikipedia. Here’s the link to it:Divya Narendra - Wikipedia )

Guide for e-Filing of Income Tax Return (ITR) OnlineAs per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).The process of electronically filing income tax returns is known as e-filing. You can either seek professional help or file your returns yourself from the comfort of your home by registering on the income tax department website or other websites. The due date for filing tax returns (physical or online), is July 31st.Who should e-file income tax returns?Online filing of tax returns is easy and can be done by most assessees.Assessee with a total income of Rs.2.5 Lakhs and above.Individual/HUF resident with assets located outside India.An assessee required to furnish a report of audit specified under sections 10(23C) (IV), 10(23C) (v), 10(23C) (VI), 10(23C) (via), 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB of the Act.Assessee required to give a notice under Section 11(2) (a) to the assessing officer.A firm (which does not come under the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).An assessee required to furnish returns U/S 139 (4B) (ITR 7).A resident who has signing authority in any account located outside India.A person who claims relief under sections 90 or 90A or deductions under section 91.All companies.Types of e-Filing:Use Digital Signature Certificate (DSC) to e-file. It is mandatory to file IT forms using Digital Signature Certificate (DSC) by a chartered accountant.If you e-file without DSC, ITR V form is generated, which should then be printed, signed and submitted to CPC, Bangalore by ordinary post or speed post within 120 days from the date of e-filing.You can file e-file IT returns through an E-return Intermediary (ERI) with or without DSC.Checklist for e-Filing IT ReturnsThere are a few prerequisites to filing your tax returns smoothly and effectively. Major points have been highlighted below.How to choose the right form to file your taxes electronicallyIt can be confusing deciding which form to submit when filing your tax returns online. The different categories of Income Tax Return (ITR) forms and who they are meant for are tabulated below.ITR 1 (SAHAJ)Individuals with income from salary and interestITR 2Individuals and Hindu Undivided Families (HUF) not having income from business or professionITR 3Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorshipITR 4Individuals and HUFs having income from a proprietary business or professionITR 4S (SUGAM)Individuals/HUF having income from presumptive businessITR 5Firms, AOPs,BOIs and LLPITR 6Companies other than companies claiming exemption under section 11ITR 7Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)Check your tax credit - Form 26AS vs. Form 16You should check Form 26AS before filing your returns. It shows the amount of tax deducted from your salary and deposited with the IT department by your employer. You should ensure that the tax deducted from your income as per your Form 16 matches with the figures in Form 26AS. If you file your returns without clarity on errors, you will get a notice from the IT department.Claim 80G, savings certificates and other deductionsYou can claim extra deductions if you forgot to claim them. Similarly, you can also claim deductions under section 80G on donations made to charitable institutions.Interest statement - Interest on savings accounts and fixed depositsA deduction for up to Rs.10,000 is allowed on interest earned on savings accounts. However, interest earned on bank deposits, if any, forms a part of your taxable income and is taxable at applicable slab rates.In addition to the above, have the following at hand.Last year's tax returnsBank statementsTDS (Tax Deducted at Source) certificatesProfit and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if applicableEnsure your system is equipped with the below.Java Runtime Environment Version 7 Update 6 or aboveList of Required Documents for e-filing of tax returnsIt is always good to stay a step ahead, especially when it comes to tax filing. The checklist provided below will help you to get started with the e-filing of tax returns.General details:Bank account detailsPAN NumberReporting salary income:Rent receipts for claiming HRAForm 16Pay slipsReporting House Property income:Address of the house propertyDetails of the co-owners including their share in the mentioned property and PAN detailsCertificate for home loan interestDate when the construction was completed, in case under construction property was purchasedName of the tenant and the rental income, in case the property is rentedReporting capital gains:Stock trading statement is required along with purchase details if there are capital gains from selling the sharesIn case a house or property is sold, you must sought sale price, purchase price, details of registration and capital gain detailsDetails of mutual fund statement, sale and purchase of equity funds, debt funds, ELSS and SIPsReporting other income:The income from interest is reported. In case of interest accumulated in savings account, bank account statements are requiredInterest income from tax saving bonds and corporate bonds must be reportedThe income details earned from post office deposit must be reportedIncome Tax Slab RatesIncome Tax Slab rates For Financial Year 2017 – 2018 And Assessment Year 2018-2019(As Declared in the New Budget) :For Individuals and HUF (Age – Less than 60 years):Income Tax SlabTax rateUp to Rs.2,50,000NILAbove Rs.2,50,000 and up to Rs.5,00,0005%Above Rs.5,00,000 and up to Rs.10,00,00020%Above Rs.10,00,00030%*10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.*15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.For Individuals and HUF (Age – 60 years and more, but less than 80 years):Income Tax SlabTax rateUp to Rs.3,00,000NILAbove Rs.3,00,000 and up to Rs.5,00,0005%Above Rs.5,00,000 and up to Rs.10,00,00020%Above Rs.10,00,00030%*10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.*15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.For Super Senior Citizens (age - 80 years and more):Income Tax SlabTax rateUp to Rs.5,00,000NILAbove Rs.5,00,000 and up to Rs.10,00,00020%Above Rs.10,00,00030%*10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.*15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.Income Tax Slab Rates for Year 2016 – 2017 :For Individuals and HUF (Age – Less than 60 years):Income Tax SlabTax RateUp to Rs.2,50,000NILAbove Rs.2,50,000 and up to Rs.5,00,00010%Above Rs.5,00,000 and up to Rs.10,00,00020%Above Rs.10,00,00030%*12% surcharge is imposed in case the total income is above Rs.1 crore.For Senior Citizens (Age – 60 years and more, but less than 80 years):Income Tax SlabTax RateUp to Rs.3,00,000NILAbove Rs.3,00,000 and up to Rs.5,00,00010%Above Rs.5,00,000 and up to Rs.10,00,00020%Above Rs.10,00,00030%*12% surcharge is imposed in case the total income is above Rs.1 crore.For Super Senior Citizens (Age - 80 years and more):Income Tax SlabTax RateUp to Rs.5,00,000NILAbove Rs.5,00,000 and up to Rs.10,00,00020%Above Rs.10,00,00030%*12% surcharge is imposed in case the total income is above Rs.1 crore.Income Tax Return Due Date:Generally, the due date for filing Income Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of Individuals) is 31st July of the next Financial Year. For example – The ITR due date for Financial Year 2016-17 would be 31st July, 2017.How do I file e-Returns?Fill income tax returns offline and upload XML on the official website: IncomeTaxIndiaeFiling.gov.inPrepare and submit ITR 1 online.Is your Credit Score good enough for Loan/Credit Card approval? Check in less than 3 min!Check for FREESteps to follow to file Income Tax Returns:Filing your income tax returns online doesn't have to be a complicated process. Simply follow the below steps.First, log on to IncomeTaxIndiaeFiling.gov.in And register on the website.Your Permanent Account Number (PAN) is your user ID.View your tax credit statement or Form 26AS. The TDS as per your Form 16 must tally with the figures in Form 26AS.Click on the income tax return forms and choose the financial year.Download the ITR form applicable to you. If you're exempt income exceeds Rs.5,000, the appropriate form will be ITR-2 (If the applicable form is ITR-1 or ITR 4S, you can complete the process on the portal itself, by using the 'Quick e-file ITR' link - this has been explained below).Open excel utility (the downloaded return preparation software) and fill out the form by entering all details using your Form 16.Check the tax payable amount by clicking the 'calculate tax' tab.Pay tax (if applicable) and fill in the challan details.Confirm all the data provided in the worksheet by clicking the 'validate' tab.Generate an XML file and save it on your desktop.Go to 'upload return' on the portal's panel and upload the saved XML file.A pop-up will be displayed asking you to digitally sign the file. In case you have obtained a digital signature, select'˜Yes'. If you have not got digital signature, choose 'No'.The acknowledgment form, ITR Verification (ITR-V) will be generated which can be downloaded by you.Take a printout of the form ITR-V and sign it in blue inkSend the form by ordinary or speed post to the Income-Tax Department-CPC , Post Bag No. 1 , Electronic City Post Office, Bangalore, 560 100, Karnataka within 120 days of filing your returns online.Steps to file ITR 1 & ITR 4S Online:Prepare and Submit ITR1 / ITR 4S (Sugam) OnlineYou have the option to submit ITR 1/ITR 4S forms by uploading XML or by online submissionLogin to e- Filing applicationGo to 'e File' 'Prepare and Submit ITR Online'Select the Income Tax Return Form ITR 1/ITR 4S and the assessment year.Fill in the details and then click the submit button and choose DSC (Digital Signature Certificate)’ (if available) Click on ‘Submit’.After submission, acknowledgement detail is displayed.Click on the link to view or generate a printout of acknowledgement/ITR V form.To use DSC, you have to register it in the e-filing application. You can do so by logging in on the e-filing website of the IT Department and updating the Profile Settings section. Under Profile Settings, you have to select Register Digital Signature Certificate and download the ITD e-Filing DSC Management Utility. You can use this utility to generate the DSC file.Private portals:You could also make use of several websites to file your income tax returns online. The portals typically charge fees (Rs. 250 to 300) depending on the kinds of service they offer.Things to watch out for while e-filing:If the same mobile number or email address is used for more than four taxpayers, you cannot file returns on the website, unless the required change is done. For instance, in some cases, more than five returns may be filed— yours, wife, mother, mother-in-law and the Hindu undivided family (HUF) of which you are the karta, the executor of a will.If your name mentioned in your bank documents or official statements is even slightly different from the one given in the PAN card, the portal will consider you a different individual. In certain instances, some individuals give their father's name as their 'middle' name in their PAN card, but do not use it for their bank accounts.If a non-resident Indian has to file income tax returns, he will need both an India number and a foreign number.Frequently Asked Questions: e-filing Income Tax ReturnsI file ITR online without an account on the Income Tax e-filing portal?No, You have to create an account on the portal to file your ITR online. It is an easy process'“ you have to register yourself by providing details such as user type (individual, HUF, companies, chartered accountants, agencies or tax deductors), your PAN, first and middle names and surname, date of birth, and fill in the registration form. If you already have an account but have forgotten password, you can generate it through the'˜Forgot Password' option.How many days do I have to verify the Income Tax Return I filed online?You have to either send the ITR-V to CPC, Bangalore, or verify it online through electronic verification code or Aadhaar-linked one-time password, within 120 days of e-filing the return.Can I e-verify my ITR instead of sending a hardcopy to CPC, Bengaluru?Yes. The Income Tax Department now allows you to e-verify ITR through an electronic verification code (EVC) or through a one-time password by linking your PAN and Aadhaar.Can I e-file my return before all my tax payments are done?You can only file your Income Tax Return'“ online or through an agency'“ after all your tax payments for the year are done. The deadline for filing ITR is July 31 of the year after the end of a given assessment year'“ that is, you get 4 months to file ITR. This helps you put your accounts in order and make sure all tax-related payments are sorted.Is it mandatory for me to do the e-filing or can I depute it to someone?You can seek the help of chartered accountants and agencies dedicated to ITR filing. It is wiser not to allow anyone to have your PAN and password in order to prevent any kind of fraud.How to check the status of Income Tax Refund?You can check the status of Income Tax Refund online on the website of the Income Tax Department of India. You can track the refund status after 10 days (from the date the refund was sent to you). To check the status, you have to enter your Permanent Account Number (PAN) and choose the correct Assessment Year.What is HRA ?HRA stands for House Rent Allowance. It refers to the amount of rent you pay for your place of residence. While filing Income Tax, you can claim HRA. You can enjoy tax exemption on HRA up to a certain limit. If you are unable to submit rent receipts to claim HRA exemption, then you can claim it while filing your ITR. If you have paid more than Rs.1,00,000 on rent in a financial year, then you will have to provide the PAN of your house owner/landlord. HRA exemption will be the minimum of the following:Actual HRA received.Actual Rent Paid.Rent Paid – 10% of Basic Salary.50% (metro)/ 40% (non-metro) of Basic http://Salary.To claim HRA exemption in ITR1 (If your employer has not calculated HRA), you have to deduct the HRA exemption amount from your Gross Salary and enter the result in the section ‘Income from Salary/Pension’.What is ITR–V ?If you e-File ITR without using DSC or you e-File through e-Return Intermediary, then ITR-V form will be generated for you. You have to print this form, sign it and submit it to CPC, Bangalore using Speed Post or Ordinary Post only within 120 days, starting from the e-Filing date.Credit Score of 750 = Easy approval on Loans/Credit Card! Check now in less than 3 min!Check for FREENews About E-Filing Tax ReturnITR – 2 Should be Used to Show Income from Salary and Income from Capital GainsAssessees who earn income from capital gains and income from salary will have to file their income tax returns in the form ITR-2 so far as annual year 2017-18 is concerned. Individuals are expected to prepare their income returns offline through the use of ITR-2 utility (JavaExcel) which can be found on the income tax department’s eFiling portal. They will then have to general an xml file before uploading the same on the portal. Only ITR 1 and 4 cancan9 be prepared as well as submitted online. The communication was made through a notice dated July 24, 2017, and is part of the e-governance initiative which aims to facilitate conduct of assessment proceedings in an electronic manner.5th September 2017Last date for tax payment, filing GST returns extended to 25 AugAugust 20 was communicated to be the last date for filing GST returns and paying taxes. However, several firms had reported technical issues at the GST return filing website on Saturday, a day before the deadline. In view of this, the government has extended the deadline for filing tax returns to August 25.The Finance Ministry also reported that it had received requests from States that were recovering from floods for the extension of the deadline. Jammu and Kashmir had also sought more time, as the GST-enabling laws in the state were passed after the actual rollout of the tax regime.The Finance Ministry has requested taxpayers to file their returns well before the deadline, so as to avoid facing any last minute glitches.24th August 2017GST Council receives requests for slash in tax rates post GST implementationThe GST Council is currently flooded with requests for bringing down the tax rates on a variety of products. The Council has stated that such requests have been received for as many as 133 different commodities from several http://stakeholders.At the time of the GST implementation on 1 July 2017, the GST Council had segregated 1,200 products into four slabs, incurring tax at the rates of 5%, 12%, 18%, and 28%. However, there has been a lot of dissatisfaction over this demarcation and changes have been sought by many.Some of the requests received by the Council are:Slashing GST on IT products to 12% from the current 18%.Reducing GST on IT hardware from 28% to 18%.GST on helmets to be reduced to 5% from 18%.Tax on textiles to be reduced from 5% to nil.GST on tractors to be slashed to 5% from the current 12%.Tax on granite slabs to be reduced to 18% from 28%.A reduction in tax is sought on packaged drinking water to nil from the current 18%.On motorcycles with engine capacity between 350 cc and 500 cc, the additional 3% cess over and above the 28% tax rate is requested to be removed.The GST on sanitary napkins has been sought to be nullified from the present 12%.The GST Council refers some of these change requests to the fitment committee. Once the fitment committee confirms that there is merit in these demands, the approval will be provided for the changes.23rd August 2017Deadline for Filing Returns Extended by the GovernmentSection 139AA has been introduced by the government this year. Under this section, it is compulsory for individuals to quote their Aadhaar number at the time of filing their returns after the 1st of July, 2017. One of the most common issues faced by the people is linking. For instance, some people have only mentioned their initials in their PAN, but their initials have been expanded in their Aadhaar card. As a result, there will be problems when linking their PAN to their Aadhaar. Other problems faced by the people include applying for Aadhaar. A large number of individuals across the country still do not possess an Aadhaar card. As a result, Aadhaar centres across the country are witnessing people rush to them for instant solutions. Due to such issues, the government has decided to give people some more time to link their PAN and Aadhaar.3rd August 2017IT Return Deadline Extended Till the 5th of AugustThe Government has extended the deadline for the filing of IT returns for FY 2016-17. August 5 has been set as the new deadline. The Twitter handle of the IT department made the official announcement, and cited the reason for the same as the difficulty faced by taxpayers. The tweet read, “In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended to 5th August, 2017.”"The last date for filing of ITRs remains July 31. There are no plans to extend this deadline. The department has already received over 2 crore returns filed electronically. The department requests taxpayers to file their return in time," an official had said last month. However, considering the difficulties faced by taxpayers in filing their IT returns, the government decided to extend the deadline.1st August 2017E-Filing of Income Tax Verification with Aadhaar OTP, EVC and Net BankingFollowing the completion of e-filing of the tax returns by every taxpayer, the next crucial step will be to electronically verify their returns as well. This is the final step in the process, and also the most important step. Tax returns will not processed by the Income Tax Department if they have not been verified. Returns that were filed electronically will also have to be verified electronically, and there are three ways to get the job done. Individuals can either choose to do so using their Aadhaar number, the electronic verification code, or their net banking account.1st August 2017E-filing the ITR is easier than you thoughtThe Income Tax (IT) Department has made it easy for the taxpayers to carry out e-filing of Income Tax Return (ITR) through their website. If you are a taxpayer looking for e-filing ITR, this is a great alternative compared to the method of sharing your details with a third party such as Chartered Accountants. Now you can visit the IT Department’s website to complete your e-filing with few simple steps. The website provides complete step-by-step guidance in filling in the forms and submitting it. The IT Department has kept the entire process simple for the common man to understand. The ITR forms are currently available on the IT Department’s website./p>18th April 2017Income Tax Department launches e-filing for two ITRsThe Income Tax Department recently launched services to support the e-filing of two types of ITR. ITR-1 (Sahaj) and ITR-4 (Sugam) are enabled for e-filing on the website - https://incometaxindiaefiling.gov.in. The IT Department has also notified that the other five ITRs will be soon enabled for e-filing. Individuals who are required to complete their e-filing can visit the IT Department’s website to access the services. The e-filing service will be available until the 31st of July. This initiative will help the IT Department in processing more ITRs efficiently.7th April 2017IT department offers e-filing facility through their websiteThe Income Tax (IT) Department has taken a series of steps to boost e-filing for various types of income group. The IT Department is working towards various solutions that will help the taxpayers in making easy tax payments. This initiative will aid the IT Department in reducing tax evasion and also the non-filing of tax. The individuals can take advantage of the e-filing service from the IT Department’s website. Currently, the IT Department accepts e-filing for certain income group, they are also working towards adding more segments soon.5th April 2017Aadhaar will be made mandatory for filing IT return and application of PAN cardThe government has proposed to make Aadhaar mandatory for filing Income Tax (IT) return and for the application of PAN card. This initiative will help the government in issuing PAN card on real-time basis based on the Aadhaar's e-KYC facility. Currently, the initiative is at the initial stage of consideration that has been proposed through an amendment of the Finance Bill. Soon, the individual who wish to file their income tax return or apply for a PAN card will require the furnishing of Aadhaar details.27th March, 2017