Considered as one of the most revolutionary and highly useful technologies to emerge in decades, ether is quickly becoming the best platform for smart contracts, data storage and digital asset exchange. The best thing about it is that it is completely frictionless, i.e. it works without any involvement on the part of the user. Users don’t need to understand how smart contract functioning works. On the contrary, any person can get involved by starting to trade in the ethereum network without any problems.
In simple terms, ethereum is an open-source distributed ledger with smart contract functionality built on top of block chain technology. Nowadays, more than ninety percent of global transaction is recorded in this ledger. Ethical usage of the ethereum protocol is now endorsed by prominent personalities. A lot of financial institutions are now operating in the backdrop of its widespread support.
Basically, ethereum works on the principle of programming smart contracts, which run on the backbone of distributed ledger technology. The execution of these programs is mediated through decentralized application platform or DApps. In a way, these are the platforms that facilitate and provide users with a wide range of benefits. For instance, ethereum works on the principle of making digital currencies like ether move across different exchanges. Thus, exchange rates are made transparent and tamper free.
However, not all developers are keen on this feature of ethereum. Developers, especially developers from outside the business community don’t have much of an experience with such technologies. But, owing to their limited knowledge with programming languages, they have started supporting the projects using third party development firms. This has increased the scope of developers in the platform and also increased its use as a business platform.
Everex is one such firm, which has created an interactive interface for ethereum network users to interact with their transactions. Now, with the help of this interface, people can view their transactions and confirm their inputs. This further adds to the credibility of this kind of a system as a strong decentralized system forICO, an interchangeable acronym for Ethical Digital Autierchanting. In fact, the recent development by Swiss bank ING Direct shows that ethereum’s Cryptocurrency initiative is backed by some big players from the finance industry including banks.
Vitalik Buterin, co-creator of ethereum was quoted as saying that he thinks there will be a large market for decentralized systems. He further added that there will be several more protocols to follow and so on. Buterin further added that there will be two types of currencies in the future, one being ether and other one will be “cryptocoin”. He further added that there will be a big difference between “ethereum” and “cryptocurrency”. “Equinox” is a fork of the” Ethereum” project which aims to provide a cheaper and more convenient method of doing money transfer. Buterin believes that the market for decentralized systems will increase and it will become crucial for every company or organization to adopt it if they want to flourish.
However, while the recent developments are positive for ether and decentralized Ledger technology, experts have warned that the developers should not be carried away by all the news and go ahead and implement their systems blindly without proper research. Vitalik Buterin once again reminded the developers that they should not experiment with their new technology on live networks. Rather the developers should conduct proper research and then finally start working on a live environment. In the past, Buterin has also stressed the need for proper research and then only the developers can implement their ideas on top of the ledger.
There are different projects based on ethereum which include software for smart contracts and dapps. However, these projects will run only on ethereum network and therefore cannot connect to any third party platform. If you are planning to build your own dApps or smart contracts, then you should strongly consider using ethereum or other best available platforms such as Zencour, Ardor and Maidsafe. Even though there are differences between the projects based on ethereum and other platforms, but the underlying principle is still the same – make smart contracts on a platform which supports ethereum network.