According to Ethereum communications officer, their eponymous product is the most popular among companies seeking to establish their blockchain apps for the next decade or so. The platform’s developers announced on the 22nd of July that they would be soon launching the full version of the popular not-for-profit product. And yesterday, the Ethereum team announced the public launch of the first version of the platform. CCO of Ethereum, Stephan Tual said in his post,
The Dev team joins me in thanking each and everyone of you for your support during the past year and half. It’s incredible to see the progress that has taken place since that humble first commit on Christmas Eve 2013. The vision of a censorship-proof ‘world computer’ that anyone can program, paying exclusively for what they use and nothing more, is now a reality.
The platform enables developers to create blockchain apps as well as a token value. In addition to this, its blockchain protocol is allows for smart contracts in a manner that is more flexible and widespread than the one offered by bitcoin.
In his previous post, Stephen talked about the possibilities of the Ethereum network. Let’s talk about some of the features of this inter-bank verification network that would be working to maintain the security and integrity of the system. This could be achieved by the fact that the private networks linking the financial institutions would guard where their databases are stored. This is as they would be stored in centralized severs with controlled access. This would make the auditing much easier and would also make it cheaper and faster for banks to deal with one another.
Smart Contracts are definite services established via algorithms based on ledger systems that cannot be censored. There are questions on how the Smart Contracts will work within the legal framework. This was clear during Barclays-run in East London when Ethereum made a presentation and a huge crowd showed interest. According to Richard Brown, the banking industry innovation executive architect, the software will need to be updated as times passes on to avoid inevitable problems that are like to challenge its efficiency.
In the near future, these smart contracts will be used for a wide array of services such as voting systems, financial exchanges, voting systems, crowdfunding platforms, self-enforcing contracts, and intellectual property. There is however a strong debate ongoing with regard to the scope of operations that were previously done by humans it could undertake in addition to the legal frameworks that it would work within. This is driven by the fact that as per the currently available smart contracts, it is software which is controlling assets. This means that there is still a lot to be done in order to facilitate its full use.
It is non-profit
The decision to make the platform a non-profitable organization is one that was made at its inception. This is mainly because the creators were not as much inclined to making profits as they were to developing a great system. This explains why its capital was crowdfunded and is managed by an organization rather than individuals. It also offers ether tokens as incentives. These appreciate in value at a given rate per annum.
The ether tokens
The platform has announced its intention of issuing close to 30 million ether tokens by mining and validation of blocks. This is in addition to the 76 million tokens that were issued during the initial allocation but are yet to have any value. They also plan to move the proof of stake so as to curtail the inflation of the tokens.
The organization also states that it has greatly reduced the risk that is involved in owning ether since they have established smart contracts which incorporate control systems that provide a lot of control with regard to who will be able to access the tokens. This also eliminates the need for a third party wallet company.
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