What is Ethereum?
Ive spent the last few days absolutely obsessed with Blockchain and particularly Ethereum. What is it?
Its essentially Bitcoin (as it is now) but you can run things off it. Now imagine the internet 2.0. Imagine being able to buy land as the concept of land was being thought up. You’d buy the lot before everyone could say ‘I want some’.
Now my understanding is that Blockchain in the case of Ethereum could be the foundation, the basis, which the next era of online activity is built upon. Don’t get me wrong, this is mega complicated, I have still a tonne to learn and get my head around but, I believe it’s got the ability to completely redefine online transactions, finance, patents, property etc. Even online real estate, a new platform of websites. It’s basically the new paper.
Or is it?
What’s to stop another system coming along and getting the bugs fixed before Ethereum really gets traction?
Well you could say that about Bitcoin, obviously being first has an advantage. Many have tried to replicate bitcoin and few have come close. Added to that Ethereum is more complicated by definition but, you never know.
I think the concepts between the two are like Cash vs Equity. With Equity = Liabilities – Assets. Cash is an asset, equity is a stake. Bitcoin is cash, Ethereum is the flexible world of business. It has a life of its own and if you want cash in the real world you need equity.
Ethereum is the most popular platform for developers, as soon as the new Netscape/Browser system is created to navigate the world of Ethereum the new internet will appear.
Now, what about scale-ability? Apparently its all deeply flawed. It’s possible, you just need computing power and faith in someone to see a way through (humanity has a knack for this) and this will come. Remember when a 1 gig hard-drive was bananas.. Plus while everyone worries about that, it gives me enough time to get hold of the money to invest. Will Etha hit $14000 like bitcoin. I bet it does.