The future of the internet is based on two things: the internet’s underlying technology and the social behaviour of users. Internet technologies drive consumer behaviour and drive technology. On the other hand, people are the backbone of the internet and what drives their online social behaviour. In a recent article on TechCrunch, Greg Marshall spoke of how we can use Ethereum’s “ICO” or Initial Coin Offering to change the way we fund projects get funded.
With regards to the project, the first step towards building the future of the internet is to build the platform itself using ethereum’s underlying protocols, such as Mist andetherchain. Once this is done, the second step is to build smart contracts that run on top of the ethereum network. These smart contracts will allow eCommerce and other decentralized apps to be building, enforced by smart contracts that run on the ethereum protocol. In the article, Greg mentions that one of the big advantages of using this methodology is that you don’t need to pay upfront to develop your app. Users are able to contribute to the development and reap rewards, later on, once it has been launched and successful.
This makes Ethrech a great platform for developers looking to get started building their own decentralized apps, as well as businesses looking to incorporate the technology into their business models. In its current form, ethereum works primarily as an online storybook. Stores are able to list their services, products and other information on the ethereum network. A smart contract, then, runs between the buyer and the seller, who are then both rewarded for their services. The major appeal of this is that it doesn’t matter where the money comes from, and that ethereum works in a distributed fashion, meaning that contracts are visible to everyone, no matter where they may be.
Another major attraction is how easy it is to use. Developers can sign up on the project’s website and then begin to build any number of decentralized apps. The process is actually quite simple. Anyone with a computer and an Internet connection can participate. As of today, there are several hundred econtracts running on the ethereum network, many of which have already seen significant success. The ease of use is another major reason why many see it as the best way to go about creating a profitable future for themselves and their companies.
With so many people joining the ethereum community every day, it should come as no surprise that there’s a lot of buzz surrounding the project. One of the reasons why it’s growing so quickly is because of how easy it is to make money off the network. One of the smartest aspects of building your econtracts on the decentralized application platform is to leverage the power of social media. Social media allows you to reach out to a significantly larger audience than you could have on your own.
One of the ways that developers are leveraging the power of e Ethereum is by using smart contracts. Smart contracts are essentially online applications that run on the ethereum network, allowing anyone to conduct some kind of money transfer without needing to handle a credit card. For example, a developer could create a website where people can pay for their eCommerce site’s products using their PayPal account. This is just one example of how smart contracts can be used; e Hemp, a company based in New Zealand, for instance, has already created a white paper that details how its e Hemp smart contracts will work.
Another way that smart contracts can work for eCommerce sites is through “safe transactions.” A smart contract can be programmed in such a way that it only accepts payments from certain designated individuals – say, only people who are owners of specific eCommerce websites or only people who have verified their identity through the eCommerce website owner’s personal ID. Through this kind of transaction, eCommerce stores avoid taking on the expense of having to process credit cards or wire money from their accounts. They instead cut down on the number of fraudulent transactions that occur on their website, and they avoid the headache of tracking down those responsible for these incidents. These Hemp website developer explains:
Private keys, like passwords, are also an easy option for eCommerce. Private keys are combinations of keys held by different parties, which is why they’re called private. If you use a private key for your eCommerce account, you’re effectively separating your financial life from your business life. However, if you don’t want to share your private key with anyone, you can simply create another email account and use that instead. The main advantage to this is that you can still keep your finances safe while still being able to do business, but third party access to your private key would need to be avoided at all costs.