3 July 2020
If there is a cryptocurrency that has it all, it would be Ethereum. Ever since its launch back in 2015, Ethereum has never stopped growing, even managing to pull off a partnership with Microsoft. Even though it is the most well known for its cryptocurrency, Ether, many people still do not understand how Ethereum is used. Here, we will tell you exactly how you can use Ethereum and its implications for broader society.
Ethereum is the first platform to put in place Smart Contracts that are made available to its users. The best part about Smart Contracts is that you no longer need any third parties for your transactions. This is because Smart Contracts are computer codes. They help aid in the exchange of money, content, property, and shares.
Since these contracts are recorded in the blockchain itself, no one can edit them. Also, they are free of censorship, downtime, fraud, and interference from third parties.
If you find it difficult to trust others on the blockchain platform, then Smart Contracts are just the thing for you.
A Smart Contract works like any paper contract, the only real difference is that all of the information is recorded and stored on the blockchain platform. This ensures the utmost security of any transactions you may make.
Another fantastic feature of Ethereum is dApps. dApps stands for decentralized applications. Many creators can develop different applications and systems on this platform. These would be software applications stored on cloud computing platforms. dApps run on many systems at the same time. Likewise, these systems run on the same network. Also, they communicate with each other to complete a specific task or command.
These dApps make transactions, trades, and exchanges easier for users. They also keep track of every transaction to improve their transparency.
Thanks to Ethereum and Ether, creating dApps is easier and more accessible than ever before.
Tokens and Wallets
Ether is not the only token in this platform, there are plenty. You can create your token under the Ethereum platform. You can even name it and decide what it does.
As well as other cryptocurrencies, Ethereum has many wallets available. They allow you to keep track of your crypto as well as make purchases and payments anywhere. From buying a coffee to a house, you can do it all with Ethereum.
Ethereum is also used to build Decentralized Autonomous Organizations, known as DAO. These are autonomous and decentralized organizations that have no leader.
The whole idea behind these organizations is that no one runs them. They have no one to change them or reprogram them at all. Once they are running, there is nothing you can do about it. DAOs are run by a programming code based on a collection of Smart Contracts. This is designed to replace specific rules and structures in the contracts. Thus, eliminating the need for getting third parties involved.
Stephen Tual, former CCO of Ethereum, described them as a group of one or more contracts. These could be funded by a group of like-minded individuals. They operate with transparency and are independent of any human intervention. A DAO will stay on the network as long as it covers its survival costs. Of course, having a customer base that uses said service will also help it to stay on top.
One of Ethereum’s latest projects is ConsenSys. This is a program designed to help corporations, governments, and NGOs. ConsenSys optimizes workflows and unlocks new blockchain-based business models. They do this by renovating the whole IT infrastructure of each corporation.
ConsenSys has partnered with Microsoft. They have done this in order to offer Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure. Now, clients and developers are a click away from having a cloud-based blockchain environment.
Everyone knows the potential of the Ethereum and the platform it offers.
There are plenty of ways in which you can use Ethereum. Use it to your advantage.