Despite its exaggerated hype and general public perception, there really isn’t a need to jump into etheric currency at this time. There are a lot of factors that make investing in ether very sound. Firstly, it has a much lower percentage of transaction cost than most other traditional coins. Secondly, it offers a global platform for trading unlike any other coins currently on the market. Lastly, many big name companies have already begun experimenting with the technology, which is driving up its value yet again.
Most people familiar with the workings of digital currencies understand that they function by using a public ledger, or to be more precise, a distributed ledger. What separates the etheric platform from other currencies is that it utilizes a smart contract system known as the Solidarity protocol. When a user makes a transaction, it will go through the contract first before being broadcasted to the rest of the network. This guarantees that every transaction is traceable and irreversible. Transactions made on the ethereum ledger are referred to as ethnic transactions.
Since the onset of widespread media coverage about ethereum, more people are starting to realize what it is all about. The biggest difference between the currency and other virtual currencies like BitUSD and Qubit are the ways in which the transactions are processed. Unlike BitUSD and Qubit, ether is fully transferable, meaning it can be used anywhere in the world for everyday purchases and transactions. As a result, ethereum has really only begun to scratch the surface of possible applications. But that doesn’t mean that you can’t begin to use ethically conduct transactions right now.
One of the biggest uses for Ethiopia right now is eCommerce. Many companies in Ethiopia are starting to leverage the power of the Ethopian open source software to enable fast and cheap payments for their clients. By using this form of payment, companies will be able to take advantage of eCommerce in order to process credit card purchases, providing their customers with the ability to get bill payments, gift cards, and even prepaid visa cards through the Internet. Because Ethiopia is working to develop its own Internet infrastructure, it makes sense that they may want to make it as easy as possible to conduct business on theirblockchain. By leveraging the ethopiaender’s public network, companies will be able to instantly get hold of their transaction history, making it very easy for them to perform follow up work. By taking the extra time to go through the necessary contracts, companies will be taking advantage of one of the most powerful systems ever created in the internet.
Another potential use for ethereum is for businesses and organizations that need to conduct confidential transactions. Most of the applications that you have seen for eCommerce have been designed for end-users to buy and sell products or access services on a decentralised public network. The problem with these types of programs is that they are written mostly in Java or similar languages that are not easily accessed by Go programmers. By turning to an open-source platform such as ethereum, developers can write their code in languages that are generally understood by programmers. Because there will be a standard set of protocols and reference implementations that all users will need to adhere to, this will ensure that there is no possibility of private key leaks that lead to security issues.
Another potential use for ethereum is in the form of a crowd sale. Crowdsales are a new innovation that allows people to access limited quantities of a product, giving them significant influence over the price that the product goes for. Since the execution of a crowdsale relies on smart contracts that are written in smart-contract languages like ethereum, it is possible to completely protect buyers and sellers from each other while still allowing the market to function. This makes ethereum a great platform for experimentation and research within the field of eCommerce. Since the main purpose of a crowd sale is to raise capital, it is imperative that the company that is organizing the sale has effective business plans in place.
If you are planning on using ethereum as a platform for a smart contract, then you need to make sure that you have good communication strategies in place with eCommerce businesses that you intend to do business with. Most eCommerce businesses will work with ethereum based smart contracts written in Solidity programming language. The primary reason for this is to make sure that eCommerce transaction processing is not affected by outside parties, whether they are business partners affiliates, suppliers or other individuals. Since eCommerce is primarily a backend system, it is imperative that you have the ability to interact with your smart contracts on a third party basis if that is what you desire.
Although the hype surrounding ethereum is considerable, there is still much that remains unknown about this new platform. However, it is clear that Vitalik’s work on the Metaverse has certainly generated a lot of interest by developers and entrepreneurs interested in building eCommerce applications. Although there is still much more to learn, the work of Vitalik and his former colleague, eToro’s Joseph Loukaris, is clearly set to inspire developers and entrepreneurs around the world to take full advantage of ethereum’s capabilities.