If you are new to the world of finance and trading, you may not have heard of ether. But if you take the time to learn and explore the different uses of the financial technology known as the Internet, you will find that there is an abundance of potential for it’s potential as a foundational platform in the global marketplace. The potential applications of ether go far beyond the currency itself. As it has shown itself to be secure, flexible and user friendly, it can easily fill the gaps left behind by traditional online trading platforms such as eToro and Githop.
What is ethereum? ethereum is a general-purpose, distributed ledger designed to facilitate smart contracts – self-executing, reusable computer programs that facilitate transactions without requiring an intermediary. When you are creating an eCommerce web platform, it is important that your website functions as quickly and efficiently as possible. By taking advantage of the scalability and flexibility offered by a good eCommerce platform, you can increase the speed of transactions while maintaining maximum user security.
Why should you use ethereum for your next eCommerce project? ethereum is a highly efficient and reliable public network that is accessible over the Internet. This is achieved through a smart contract system called ethereum Swarm which automates the execution of smart contracts, i.e., online transactions. This allows for complete privacy, freedom and control of your transactions, something that traditional platforms cannot provide.
Another great reason to use ethereum for your eCommerce project is that it uses the Proof of Stake mechanism to govern the distribution of ether into transactions. Unlike other blockchains, with ethereum you don’t need to rely on the complex scheduling algorithm of miners to distribute your profits. Instead, the algorithm controls how ether is spent on each transaction, allowing you to completely control your profit and loss margins.
In contrast to other blockchains, e Ethereum has an open-closing nature. Transactions are not closed on the behalf of any one individual or group. Instead, transactions are completed through the participation of multiple cryptographic miners who agree to transact on the behalf of many others. These miners operate in a self-governing environment, where they decide how much ethereum is available for each user. Therefore, eCommerce projects can scale up and become more robust without relying on the whim of any one entity. As long as sufficient traction is made by users, the protocol can easily adjust to sudden changes in demand.
Many eCommerce ventures will include ethereum smart contracts, dApps, and websites. These will all run autonomously and be managed from the main etherium network. No user account is necessary to run these dApps. Rather, anyone with a computer and an internet connection can participate. In fact, many users will choose to do business on eCommerce sites that are not hosted on ethereum because of its lower cost of operation and greater speed for transfer.
Once a website is launched on the ethereum platform, it is served by a smart phone, which is then connected to the rest of the network. Users can send transactions right from their smartphone using an app. As long as the smartphone has internet, it is capable of sending and receiving transactions. Furthermore, this same connection allows eCommerce sites to accept payments wirelessly. This means that eCommerce transactions are processed almost instantly which drastically reduces both operational and overhead costs.
As more eCommerce businesses are launched on the ethereum network, users may find that they no longer need to have to depend on a particular source of virtual currency. Since thorium will gradually replace traditional currencies on the eCommerce platform, the need for physical change of money will fade away. Since thorium will be the base for all future transactions on the ethereum platform, there is no need for users to convert their current assets to the virtual form. In fact, users will enjoy zero percent transaction fees for the first few months as the network is developed and bugs are ironed out.