What are the differences between etherium and other blockchains? In particular, what makes etherium different from other virtual currencies? In this article we will attempt to decode some of the more important information about etherium, including its applications, potential uses and its status as a reserve currency in comparison to other currencies.
Before delving into the comparisons between etherium and other virtual currencies, we must first understand what exactly constitutes an “etherial” asset. The definition of an etherial asset is any digital asset that serves the purpose of providing utility functions like savings accounts, commodities, stocks, bonds, etc. This definition excludes anything that serves less of a utility function, such as pre-mined software or open source code. However, there is one key distinction here: whereas other currencies can be traded on the over-the-counter (OTC) market for their underlying value, etherium cannot. Hence, while ethereals can be traded in the over-the-counter markets, they cannot be traded on the OTCs for their underlying value.
Thus, one of the key differences between ethereals and other virtual currencies is that ethereum does not have a block chain. Although developers can create custom block chains, it would be a time consuming project. Further, the rate at which blocks are created by developers may be capped, so only certain types of ethereals may be traded. In contrast, most other virtual currencies follow the traditional block chain protocol. As such, developers who wish to create their own block chains can do so, starting the process of creating new blocks immediately after they are released. As a result, the protocol is self-evolving – a feature that was formerly reserved for the classical banks.
Vitalik Buterin, the person behind the creation of the ethereum protocol, has taken great pains to ensure that it follows all of the necessary characteristics to qualify as a premier global platform. For example, he made sure that the protocol matches up with all of the existing regulation and standards set forth by the International Financial Regulations Organization. As a result, Buterin ensured that the ethereum platform would be able to function as smoothly and reliably as other leading platforms, including the NYSE, NASDAQ, and others. As a result, it is vital that investors are aware that they can trade with the ethereum network without having to worry about investing in unnecessary risk.
Because of its futuristic bent, many observers expected the ethereum project to burst onto the scene in some sort of spectacular way, but it didn’t. Despite being in the development stage for close to two years now, the project has yet to produce anything other than vaporware. Even if the creators could have gotten it to a point where it could be deemed usable for general purposes by the year’s end, there would still be significant room for delays and problems. This is because no one yet knows what the long term implications of running an ecosystem of currencies will be. In fact, the developers recognize this, but they do not know how to make it happen.
The developers have also made serious attempts to bring together different strands of information and computing technology in order to allow for the implementation of dApps on top of ethereum’s platform. This effort, called the Enterprise Ethereum Alliance, is aimed at unifying various facets of the ethereum ecosystem and making it easier for users to access and use the computational power of their computers in ways that were only possible before. In short, the goal of the EEA is to create an environment that makes it easy for eurus and entrepreneurs to create dApps that take advantage of ethereum’s computational power to run themselves. In turn, these will make it much easier for the general public to invest in these projects because they will be running in the background.
However, the ethereum team has not been idle since releasing its new dApps. In fact, the last few months have seen a number of important dApps hit the market. These include Parity, a digital asset trading platform, ZenCart, a eCommerce solution, and Telexra, a real time forex trading platform. While none of these may have instant user appeal, each of them represents a technological improvement upon the underlying ethereum platform and comes with its own set of benefits and features.
All in all, it is clear that there is no end in sight for the growth of ethereum and its associated projects. In fact, as developers continue to push the envelope of smart contracts and the ability to create robust dApps, investors will once again have more to gain by taking advantage of their computing power to invest in projects that they deem to be beneficial to their portfolio. What remains to be seen is whether or not the projects can live up to their extravagant claims, but as things stand now, there is no doubt that they are moving in the right direction. The future of the Internet is in good hands, and those who will benefit most from the technology will be those involved in the development of the next generation of blockchains. So long as these developers continue to produce cutting edge dApps, there will be no stopping them from ushering in the new age of enterprise applications on the web.