Ethereum By Example

Image Source The rise of blockchain has pushed crypto currencies to the forefront and enabled them to reach more and more people every day.  And while crypto mass adoption has been visible more than ever with currencies like Bitcoin and Ethereum, others didn’t have such an easy time taking off.  Bitcoin accumulation has created an abundance of wealth for those who own it, while Ethereum has provided business opportunities via creations like smart contracts. But there were also cryptocurrencies like Dogecoin and SpaceBit, and, most famously, Ethereum’s DAO that failed quickly after the launch because of unclearly mapped progression paths, bad publicity, security breaches, and unethical behavior.  In that sense, many people believe that the reason for these shortcomings is the absence of regulations and frameworks that prevent bad business practices and malicious behavior. The continued ability to conduct all these activities in the sector, unchecked, has resulted in the cr...

Blockchain 1.0: Currency The implementation of distributed ledger technology (DLT) led to its first and obvious application: cryptocurrencies. This allows fincancial transactions based on blockchain technology or DLT  (for the sake of simplicity often seen as synonyms ) to be executed with  Bitcoin  being the most prominent example in this segment. It is being used as “cash for the Internet”, a digital payment system and can be seen as the enabler of an “Internet of Money”.   Blockchain 2.0: Smart Contracts The new key concept are  Smart Contracts,  small computer programs that “live” in the blockchain. They are autonomous computer programs that execute automatically and conditions defined beforehand such as the facilitation, verification or enforcement of the performance of a contract. One big advantage this technlogy offers, is the blockchain making it impossible to tamper or hack Smart Contracts. So Smart Contracts reduce the cost of verification, ...