COOL AS IS BITCOIN IS, IT HAS ITS LIMITATIONS. It is not Turing-complete, for example. Ethereum allows the foundation of a new universe of decentralized applications, based on Blockchain technology, and the atomization of money. It takes the decentralized beauty of Bitcoin and turns it into an enormously powerful supercomputer. Ethereum could be used for ride-sharing apps, smart contracts
, content distribution, and so on.
Says the Ethereum blog: "Technologies like Swarm could serve as the underlying static hosting infrastructure, removing the need to highly distribute and cache specific content. Because “decentralized dropbox” has been discussed with such frequency, expect HTTP-like bindings or services to be built atop this type of blob storage, making integration with the decentralized web 3.0 even simpler. This effort will also allow replacement of typical content delivery networks (CDN) with a distributed hash table (DHT) pointing to file blobs, much how BitTorrent works. Because of the flexibility offered by ethereum contracts, the model of content access could be creator pays, reader pays, or some hybrid system."
The smart contract
is the work-horse of the Ethereum blockchain. This contract, called a decentralized app or Đapp...
YOU SPEND ETH to harness the computational power of the network. When smart contracts call on miners to perform some work, they need to pay for it with "gas". The transaction costs equals the gas price times the amount of work to be performed up to the designated gas limit. As of November 2018, a good price for gas was 2-5 Gwei (one GWei being equal to one "giga wei"... or 0.000000001ETH. 1GWEI = 0.01 Microether.)
For standard transactions, the gas limit is set to 21,000. To see all the pending transaction, click here
. There are a heap of transactions paying around 0.111ETH, but they don't linger longer than 21 days. Increase the gas up to 0.112ETH, and the waiting time drops dramatically.
Transactions contain a nonce
, a consecutive number that is added to each transaction. Generally, the network tries to execute transactions in a consecutive order.
Ethereum is developing the Mist Browser
, which it hopes will revolutionize the way we interact with the web. In the meantime, you can also run on Status
, or MetaMask on Chrome.
Ethereum browsers will allow you to remain constantly logged in (even to a site you have never visited before!) without having to remember an array of passwords (your private key is your password.) You could visit a music site like UJO Music
, then listen to music for a small sum of Ethers. Head over to ETHLend
, and take out a peer-to-peer loan without the need for divulging your particulars. Browsers enable one to exchange Bitcoin for Ethereum, or to contribute to ICOs. To find your tokens on MetMask, you might need to know its token contract address.
ORACLES ARE the gateways between the Ethereum network and the outside world. Services like Oraclize
can confirm that your Keybase identity is, indeed, you. XYZ is touted as a geographical oracle, validating the physical coordinates of an object on the planet or conceivably beyond.
Currently Ethers are going for 0.09342BTC (according to Poloniex.)
Ethereum addresses start with a "0".
A token, for example TIME, has a contract address (in this case 0x6531f133e6deebe7f2dce5a0441aa7ef33) showing all of its balances and token holders. The last time I checked
, TIME had 2901 token holders, one of them me!
Unlike Bitcoin, tokens and be minted or "burned".
Some of these projects might transition to their own private blockchains in due course!
: website here
If like me you have ever wanted to start your own company, Aragon could help you. If you want to set up your own virtual nation, Aragon could cover some of your judicial issues. It could even feature a decentralized court. Link to your Keybase identity
, which can be converted into a human-friendly name thanks to the Ethereum Name Service
. ... Aragon can be downloaded on to Windows. One idea to introduce democracy to Ethereum in general is Carbon Votes
. The Carbon Vote was initiated in the great schism of 2016, the DAO Hard Fork. (for more details about Aragon, click here
: website here
Real estate blockchain platform, offering the possibility of P2P renting, and the like. You will be able to buy tokens of individual properties, once their DEX is set up (one token will equal one square millimeter of a property.)
: REP: website here
Prediction markets are one of the most exciting applications of smart contracts. Apps are currently available for Windows, MacOS and Linux users, and there is a website run on the ipfs. Imagine if Climate "sceptics" had to put their money where their mouth was? As of October 2018, it was possible to bet on the likelihood of Brett Kavanaugh being confirmed as Supreme Court Justice of the United States. REP is currently traded on Poloniex and other exchanges (for more details about Augur, click here)...
Basic Attention Token: BAT
An attempt to disrupt the online advertising industry. There will be 1.5 billion tokens produced; currently, 1 ETH=6400BAT. If you download and use a browser called Brave (once it becomes available), you can earn BAT just to view ads made by companies who will deploy them to earn your attention.
: website here
: BHT: STU
Aims to enable students to find relevant, career-enhancing jobs to finance their study.
: TIME: website here
Labour is described as the most tradeable resource in the economy. As of June 2017, one TIME token was worth US$22.64. Holders of the tokens can receive a portion of transaction fees. They can be purchased on HitBTC
is a decentralized jobs marketplace launched by ChronoBank.
: DAY: website here
Even more so than labour, time is the ultimate resource. There are 3333 TimeMints in each DAY. If you want a smart contract to come into force at a particular time in the future, you need to purchase a token. Let's say you need to make weekly rent payments for your lodgings on Atlant; Chronologic could power the timing.
: CVL: website here
As a former journalist, this project appeals to me. I will definitely pick up some tokens when they become available after September 2018.
: COV: website here
Will allow members to subscribe to the strategies of professional investors in the crypto sphere. The Covesting Exchange is hoped to be listed in December 2017.
: DNT: website here
Starting on July 18, 2017, 600 million tokens will be distributed to participants in the ICO.
Ethereum Name Service
Not technically a token, but an attempt to overlay a naming system over the long hexadecimal strings which comprise the blockchain universe. Once registered, names could be traded on the coming ENS Bazaar.
A foray into the predictions market, it aims to become the "Google of Customized Information Searching". It would seem that the accuracy of this tool would be dependant on its liquidity. Nonetheless, I have invested in it, and I hope to make money from it when it is up and running!
Futarchy is the goal here... the creation of organizations which run solely on the wisdom of the crowd...
: website here
Smart contracts that are legally enforceable.
Buy and sell idle computer performance on the Internet using this blockchain. Golem hopes to become the AirBNB of computer processing! Transactions are based on Ethereum. The crowdsale, held in November 2016, raised more than US$8 million
. It is now worth considerably more. Down the track, clay, stone and iron golems are planned. See Golem's Reddit here
: : .
Will strive to combat Internet censorship around the world.
: POWR : website here
Like politics and the banking system, the electricity network is ripe for revolution.
The population of Africa is expected to triple over the coming decades, and vast swathes of the continent live in the dark. Micro-grids, and the proliferation of solar panels on rooftops, bring power to the people. Power Ledger is a marketplace for the purchase and sale of energy. Electricity producers ("prosumers") would be able to sell their excess energy to their neighbors in return for Sparkz. In Australia, 1Sparkz = AUS$0.01.
: PST: website here
Decentralized search engine, run by its users. Features it own advertising system, and pays users just to search (for more details about Presearch, click here
: RVN: website here
Aims to become a decentralized review site, to benefit not only consumers, but even gadgets in the IoT (refrigerators wanting to replace empty bottles of milk, and the like). In the early days, however, Revain will concentrate on companies which have held an ICO.
Each TenX token holder will receive a 0.5% payment from every transaction made on the system.
Aims to apply AI and the blockchain to online advertising, particularly banner and video ads. Advertisers pay for an action to be performed (such as signing up for a newsletter), eliminating clickfraud. Publishers can validate that such actions have indeed been performed, as all relevant data is recorded on the blockchain.
It is interesting to note that the Global Positioning System (GPS)that we all rely on is provided by the US Government. Several large states, such as Russia and China, have began creating their own alternatives. If you are not a large state, XYZ could provide you GPS that the government doesn't control.
: WTC: mobile site here
An interface between the blockchain
, and the IoT.
World Bit Bank
Imagine being able to navigate the Internet without having to sign in and out of sites all the time? uPort is a step in this direction: self-sovereign identities for the masses. Instead of having to remember multiple passwords for different websites, you could sign in with your own personal private key, stored on your mobile phone. Your identity would be linked to your Facebook and Twitter accounts. uPort identities can take many forms: a company, person, or even a thing, such as a file on the IPFS
. The mobile app features an encrypted messaging server (Chasqui),
Decentralized exchanges, known as DEX, are one of the great innovations of the Ethereum ecosystem. Ether must be entered into a smart contract for trades to take place.
One of the largest and most extensive DEXs out there. You need to transfer funds from the exchange to your wallet if you want to withdraw funds.
Once it is going, you will be able to buy BAT, TIME, etc. If you want to use it you need to unwrap your Ethers, and turn them into W-ETH
: website here
A market for data, by the people, for the people.
seems to be a hub of the Ethereum universe. This is where Vitalik Buterin lives, and is where.. Estonia is not far behind.
RECOMMENDED WEBSITES & WEBLOGS
Aleph (Smart Contract Analytics)
Recommended Gas Cost
State of the dApps