It seems to be yesterday’s affair when Bitcoin was the evident protagonist in every tech-savvy conversations but so was the telephone when it was invented by Alexander Graham Bell in 1876.
Still, it might be quite possible that you are reading this post on a much higher end version of what Graham Bell discovered back then, and this giant leap took just more than a century.
If you can be visionary enough to perceive the foot trend of this scientific evolution of telephone (from the laboratories of Graham Bell to your cozy beds where you have pre-enabled feather touch browsing on your device) with which we are most well versed in this present era than you could very well capture the clear glimpse of the future of the society driven by this revolution.
Like the natural spring that breaks through the ground yielding some of the most precious minerals from the Earth’s womb, similar, has been the breakthrough of this technology that is set to demolish all boundaries of our physical world, with one after the another evolution of these digital diams, each one unique in it’s own way, we are nearing towards a future that has an absolute potential to realize the dream of a border less world. At least, in the monetary sense!!
It’s no wonder that we as a generation are being the privileged witnesses of this spectacular revolution and would certainly bag some fairy tales for our generations to come, as stories of telegrams is fairy tales to our ears in this age of “i-messages”.
With Bitcoin as a show stopper for all this while, it was hard to imagine a digital currency nearing the perfections and securities that Bitcoin had to offer, until Ethereum hit the market. On the contrary we should not be over skeptic to measure all this on the scale of absolute perfection, remember we are still in the gramophone phase steadily marching towards the Boom Box (Patience would be the only key at this phase).
It was the autumn of 2013 , when a 19 year old Canadian lad (originally from Russia) got his hands so firm on this juvenile technology that he ended up negotiating for more leveraging in the scripting language with the Bitcoin core developers so as to infuse, customized app that would work on Bitcoin Blockchain itself.
Failing to get any response, Vitalik Buterin (age:23) decided, “to himself be the change that he wanted to see in the system”. His dream to offer the world Decentralized Apps was realized with the birth of Ethereum.
The quest to build a Bitcoin-like software, that could support and create “Decentralized apps”, began in the springs of 2014 with an initiative from the swiss company Ethereum Switzerland Gmbh along with a non-profit organization called The Ethereum Foundation. The prime motive of both these organization was to create a viable ecosystem for Decentralized app technology that could be molded as per the needs of the user.
The Ethereum block-chain became live for the first time on 30 July 2015, under the name of FRONTIER that used Proof of work consensus algorithm, which is nothing but an approach to deter the Service Denial problems that we often encounter in our daily lives in form of payment denials and Bank Rejections.
A task often in form of a problem generated by the server that would evoke a certain amount of work needed to be done from the user’s end, thus, proving its authenticity in the system. It’s a distinct form of CAPTCHA that we often end up solving to prove that we are humans and not robots, while browsing over the Internet.Now they are planning to upgrade with “Proof of Stake” consensus algorithm instead of “Proof Of Work” in the near future,rendering more stability and strength to the Block Chain.
As Bitcoins are the value token for the Bitcoin BlockChain, similar, is Ether (a value token) to Ethereum BlockChain.The cause Buterin argued for, with the Bitcoin core developers was very well accomplished with the invention of Ethereum in form of smart contracts. These were the customization that he longed for, in the Bitcoin ecosystem. The app that can be customized in it’s own way for the adequate implementation and execution of Ethereum contracts.
Ethereum seems to be able to meet both the ends by accomplishing the goals of being a crypto currency and a digital platform to develop apps that could be in sync with the BlockChain itself. Thus Ethereum bestows upon its users the capability to customize their own Block as per their needs and requirement for faster, better and fastidious execution of their respective contracts.
Ethereum in a sense is proving its metal as a demolisher of limits that were set to an extent in case of Bitcoins. What else could be more liberating than capability of generating your own cryptocurrency and also processing the capabilities to control and modify it as per your needs and situation.
Benefits of Ethereum smart contracts:
-Faster processing
Since these smart contracts contain self-executing codes, need for manual processing is eliminated. This reduces the time taken for processing and leads to real time updation.
– Zero fault tolerance
Self-executing transactions also result in error free execution and updating, which means accurate results.
– Highest confidentiality
Due to decentralized nature of the platform, there is very less manual interference and almost every task is automated.
– Reasonable costs
#Ethereum provides with custom tokens or provides the developers the ability to develop and deploy apps and smart contracts on customized blockchain. This reduces the rework costs.
– Global viability
Due to its reliable processing in short time span, Ethereum has the universal applicability in all the sectors from healthcare to renewable energy.
The entire propaganda seems to be extremely elusive in terms of benefits the world is reaping out of the Ethereum. After meeting all the benchmarks set by Bitcoin it has surpassed the former in terms of flexibility it offers in terms of customization of your own environment.
Few of the roles that are very well executed by the Etherium are illustrated below-
Payment System-
In the entire evolution from Barter to Bitcoin the most exciting payment system we have encountered so far are these digital currencies, though we never know to what heights we may expand to. Among these digital diams the Ether holds a unique position in the digital paradigm where in it has the opportunity to mimic the capabilities of Bitcoin and work on the setbacks of the BlockChain. In Ethereum BlockChain Transactions are being verified by the network of miners and then logged on to the immutable ledger.
Gold Investing-
Digix became the first to develop a technology based on the Ethereum Blockchain, where you can buy gold coins in tokenized form that would be much easy to store and viable to purchase. The fiat that you invest in gold is actually the conversion of your Ether into gold that cryptographically gets linked to and managed by a Singaporean gold vault. That even negates the chances of a person going empty handed even if Digix goes Bankrupt, you can always redeem your tokens for physical Gold.
Now imagine how soothing the life would be if other precious and strategic commodities like oil, Diamond, metals and many others that influence the world trade could be brought under the same ambit.
Crowdfunding-
The entire concept of crowdfunding is based on putting up of an idea by an enterprise or a startup to hook potential sponsors those can understand and fund the Idea. Now in this digital era a startup can pitch an Idea on the Ethereum Blockchain set an assertion for the expected income and if it is achieved the smart contract automatically transfers the money to the startup with zero fee involved.
The previous spring marked the onset of a biggest crowdfunding projects with the launch of The DAO. This is the first of its kind decentralized venture capital fund that works on Wisdom-Of-The-Crowed voting system to make investment decisions. The legal implications are still being worked upon, however the time is not distant when you can expect your next generation to work with companies that are devoid of Board of Directors and would entirely work on Blockchain based technology to analyze the market trend and make prudent decisions.
Webhosting-
The idea of unanimously holding a website without any intervention from the private web hosting company makes the internet more democratic ecosystem, defying all censorship trolls to mask information from the common site by are governments or our neighbors. This supposedly is an end to the long withstanding quest of Right To Information.
Stablecoins-
These are the least risk takers in the field of digital currencies where you can benefit from the Blockchain without actually indulging in a real crypto transactions. A team of developers at Maker is aiming to develop a stable coin pegged to Index published by IMF this seems to be an ambitious project and one should definitely keep an eye for it.
Social network-
How disdainful this would be if, you get censored on your favorite social platform? This can happen only when you are at the mercy of the network host but what if this network is controlled by a smart contract that would be governed by mutual cooperation of all the network members.
This is no more a hypothesis, a group of researchers by the name of AKASHA is working to develop a decentralized online community with clever voting technology, open source code and rules governed by smart contract.
Consensys-
This is what Buterin dreamt off in the Bitcoin Blockchain an unprecedented app which could be easily proclaimed the life line for all the developers who are aiming to create their existence in the Etherium Niche.
Energy Transfer-
Defying all laws of physics this technology has invented a digital way to transfer energy in peer to peer format. The unique partnership between energy company LO3 and Consensys that allows consumers to transfer or sell stored renewable energy that gets automatically transferred through BlockChain technology and smart contracts. All this may sound a bit odd to our ear but this is the transition we are going through and this would awaken us to the future of our Humanity.
Coinomia being one of the pioneers in this digital trend, has already launched the smart contracts for Ethereum BlockChain that would enable the mining enthusiasts to ripe the maximum within the stipulated time frame. So it’s an enormous opportunity for all of you out there to avail the maximum out of it.
