The Vitality of Investing in the Smart Contract Platform of Ethereum
The distributed ledger technology called “etherium” is utilized by the Enterprise Ethereum Initiative (EEI) and backed by Consensys, a venture capital firm. Consensys plans to use Ethlance as the foundation for its own enterprise platform on top of the Ethereum project. The projects aim at producing an open standard for software developers to use as they develop new applications.
The decentralized applications on the other hand are a technology made to facilitate smart contracts that run on top of the the Ethereum network. The decentralized applications platform also known as the ADA platform is planned to be compatible and work with other well knownICO platforms. Ethlance is the generic term used by Consensys in order to define their distributed ledger project. It is currently the second largestICO platform by market cap, after Bitfinex.
Vitalik Buterin, a young developer who is an advisor at one of the top investment companies in Russia believes that there will be many more projects using the ethereal network by late 2013. Consensys is currently working on a launch pad for the development of a newICO project called Elements; however, it is unclear when the platform will be ready. The project is being done in partnership with the Dubai Future Exchange and is scheduled to launch in Q4 2013. The development is being funded by an undisclosed amount from Dubai’s government.
The goal of this partnership is to apply the use of ethereal’s “smart contract” technology to a wide variety of different industries. The smart contract technology is supposed to make it easier for industries such as groceries, car dealerships, restaurants, banks, and other organizations to complete transactions without the aid of a third party. Since the start of this year, there have been numerous rumors about a possible switch to the ethereal network from that of the original eToro network. Although the company has not yet made any official announcements, Buterin seems to be leaning towards a future where both the eToro and Ethpool will be gone in a very short period of time. He states that he is “not a big fan of spam in general” and that he feels that the switch to the new protocol will actually hurt users more than help them. According to Buterin, there are still several reasons why he is holding off on making a switch to the decentralized system.
However, Buterin did state that he is “very bullish” on the potential for the use of smart contracts in the future. In order to take full advantage of this ability, the developers of e Ethereum will need to create a decentralized autonomous organization, or DAO. This DAO will serve as the central information source for everyone within the network. He further stated that he is “not sure how far” the decentralized autonomous organization can go.
Regardless of whether you are a developer looking to start a new project, or an investor who is trying to diversify your portfolio, the recent developments with the Ethereum network may have you looking towards thrum as a method for building your business. However, there are other options. In addition to the more traditional internet based trading, you can also consider investing in the smartest companies that are based on the new decentralized ledger technology. Investing in ether could provide you with the same benefits as any other investment on the market, but the best part about it is that you will be able to control your future.
