Ethereum – the next Bitcoin or the new Internet?

Ethereum is the next big thing in the blockchain world. Period.

But what the heck is blockchain? If you don’t know it yet watch the short video below:

Why You Should Care About Blockchain | Food For Thought

Blockchain is the technology behind Bitcoin, but it's more than just a tool for buying drugs on the dark web. Here's why you should care.

Opublikowany przez Super Deluxe na 20 czerwca 2017

 

As you now know blockchain is not just the Bitcoin or just a crypto currency. Blockchain is a technology that has hundreds of applications and digital currencies are just some of them. Another one is Ethereum – younger “cousin” of Bitcoin with many more capabilities than just paying for guns and drugs at the online black market.

Ethereum is a distributed and decentralized public blockchain network just like the Bitcoin but there are many technical differences between these two. First of all the purpose of Ethereum is much more than just a digital currency. Bitcoin offers just a peer-to-peer payment system when Ethereum focuses on running smart contracts using its blockchain infrastructure. This means that Ethereum platform is capable of way more than just tracking ownership of its digital currency. Ethereum is an environment for applications that run without any possibility of downtime, censorship, fraud or third party interference. These apps run thanks to a custom built blockchain system. The system that is a huge, decentralized and shared infrastructure that can transfer value, information and ownership. In the simple words: “Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.”

Source: https://blockgeeks.com/guides/what-is-ethereum/

 

Decentralized applications are not controlled by any individual or central entity, which exclude the possibility of any censorship, fraud or manipulation. Additionally decentralization means no central point of failure and this combined with increased protection thanks to using cryptography techniques makes decentralized apps very reliable and secure.

Decentralized applications have the potential to disrupt many of industries including finance, education, healthcare, insurance, real estate, music, public sector and many others. Potential possibilities are countless and still emerging. These are just couple examples of project build on Ethereum technology:

Virtue Poker a Peer-to-Peer decentralized poker platform built using Ethereum.

Smart ID is a platform that is changing the way both individuals and organizations manage their digital identities. It’s built by the team from Deloitte to provide a new, transparent way for individuals, organizations and devices to obtain, verify and share identity credentials with one another.

Weifund provides an open platform for crowdfunding campaigns that leverages smart contracts. It enables contributions to be turned into contractually backed digital assets that can be used, traded or sold within the Ethereum ecosystem.

Provenance is using Ethereum to make opaque supply chains more transparent. By tracing the origins and histories of products, the project aims to build an open & accessible framework of information so consumers can make informed decisions when they buy products.

Augur is an open-source prediction & forecasting market platform that allows anyone to forecast events and get rewarded for predicting them correctly. Predictions on future real world events, like who will win the next US election, are carried out by trading virtual shares. If a person buys shares in a winning prediction, they receive monetary rewards.

Source: https://blockgeeks.com/guides/what-is-ethereum/

 

Blockchain technology is changing the way we use the Internet. It enabled people to easily exchange not only information but also value and property. Thanks to Ethereum people can create their own decentralized applications and speed up the shift from the Internet of information to the Internet of value. With this in mind, we can only wonder about all the exciting future applications of blockchain.

 

 

Sources:

https://blockgeeks.com/

https://www.ethereum.org/

https://www.deloitte.co.uk/smartid/

https://virtue.poker/#home

https://www.forbes.com/sites/laurashin/2015/12/28/should-you-invest-in-bitcoin-10-arguments-against-as-of-december-2015/#6c62d9673895

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