What Is An Ethereum Parity Node?

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Why Choose to run a Parity node?

First off: 

What is Parity?

Parity is the main client (application) for interacting with the Ethereum blockchain. It has a whole host of features such as:

  1. Accounts (any multiple of wallets and addresses you may hold)
  2. Addressbook (saved network addresses you might send/receive ETH from)
  3. Applications (Decentralized Applications (DApps) that you can interact with)
  4. Contracts (hidden by default, it allows you to interact with smart contracts; this is how people participate in ICOs and multi-sig transactions.)
  5. and Signer (allows you to interact and transact with Decentralized APPs (DApps) — it gives you control over transaction requests from the DApps)

 

How do I get it, install it?

We now offer a full Parity node as well as a geth version:

From your Blockdaemon organization dashboard, click on launch new>Start a private blockchain

1. Choose Parity

2. Choose a cloud server

3. Select node location

luanch_parity_node_full_shot.jpg

 There is no step 4.  You're all done.

 

Pros

 It gives you full control over almost every interaction that you would need to complete on the Blockchain.

Here are a few helpful items:

  1. You can enable browser notifications for when you receive tokens. This sounds trivial but these are helpful when I’m sending coins to my Parity wallet. It’s always nerve-racking when you’re sending a few thousand dollars and hoping that you didn’t mistype an address.
  2. Creating a new account can be completed via a well-explained user interface (UI)
  3. Basic tools to force a strong password are put into place.
  4. The user is forced to type “I have written down the phrase” for recovering their account and to provide the recovery phrase on the final step. This is a great security measure. You can also print it directly from the UI. Sweet.
  5. In order to send funds or to participate in an ICO contract, you have to confirm your password. This is a basic protection that is absolutely needed for a system like this.

 

Cons

 

  1. Parity starts at login. This wouldn’t be a bad default setting if you didn’t need to sync the entire blockchain which can negatively impact your internet connection bandwidth and increase RAM usage to high levels while syncing.
  2. While the UI feels intuitive, there is still a lot of terminology that a non-engineer might have trouble with. Geth, keystore, JSON, multi-sig can be overwhelming unless you really know your stuff.
  3. The process to participate in an Initial Coin Offering (ICO) is incredibly arduous. There are YouTube videos out there explaining what to do but you really have to do your research in order to get this working.
  4. The Parity node has been known to temporarily lose connection. When this happens — you cannot navigate to any other options as a modal box appears. 
  5. If someone has access to your computer, they control your node. Be careful as always.

 

Key Takeaways

Here are a few of the key takeaways:

  1. This is a great tool for Engineers and advanced traders. It unlocks all of the functionality you would need. However, although it mentions end-users in the application

 

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