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Real World Applications Of Ethereum

Okay, Wtf Is Ethereum?

Okay, Wtf Is Ethereum?

A beginners guide to the worlds second most popular cryptocurrency. By now, chances are pretty good that you've heard of bitcoin, the cryptocurrency unleashed on the world in 2009 by a mysterious person or group that goes by Satoshi Nakamoto. Maybe you've heard it's the currency that fuels massive darknet drug markets like the now-defunct Silk Road . Or maybe your encounter with the cryptocoin was more benign and you saw one of the weird looking bitcoin ATMs in a convenience store. But unless you're already pretty involved in the cryptocurrency world, you may not have heard of ethereum, the second largest crypto asset that's recently been giving bitcoin a run for its virtual money. Even if you have heard of ethereum, you may be at a loss when it comes to explaining how it differs from bitcoin. In either case, you've come to the right place. Ethereum is often touted as a "world computer." What that fancy language really means is that ethereum is a platform for the creation of decentralized applications (dapps), using what are known as smart contracts . Smart contracts are bits of code that automatically execute an action after certain requirements have been metsay, sending a slice of an app's profits to investors after a predetermined date has passed. Bitcoin has smart contracts, too, but ethereum makes them really easy to use since they're baked into the system's design. All of this takes place on a blockchain, which bitcoin uses, too. All a blockchain does is act as a public ledger that lists everything that goes on in the network in real-time. It's the tool that makes the whole thing possible. The blockchain, and thus the ethereum network, is distributed across thousands of computers (or "nodes") around the world. It's also "Turing complete," which means that smart c Continue reading >>

What Are Ethereum's Real-world Use Cases?

What Are Ethereum's Real-world Use Cases?

What are Ethereum's real-world use cases? So Ethereum has a plethora of real-world use cases! Anything that can benefit from trustless interactions is a good place to start. So specifically from an organisational perspective: If you'd like to have a look at some companies already building on top of Ethereum, check out: Airlock - a IoT (Internet of Things) company implementing a decentralised generalist locking system. CubeSpawn - a FMS (flexible manufacturing system) offering big factory automation to small shops. Crypto Swartz - A tag-based backend reputation system for online content. Also IBM/Samsung's Adept (Internet of Things) is a fork of an early Ethereum Proof of Concept release. Is this answer still relevant and up to date? Heres an example within the insurance industry: Blockchain will change Insurance as we know it, the administrative burdens that the insurance industry has to deal with is both unproductive and uneconomical for both the insured and the insurer. Blockchain will drastically improve the efficiency and reliability of contract and service within the Insurance industry. Whether a person or a business, Insurers are required to verify the identity of those seeking insurance. This is to comply with anti-money laundering acts, regulatory acts and internal procedures to ensure that the person / business has an insurable interest. By using blockchain technology, an insurance company can verify the legal existence of a company via a smart contract that can be coded to search government official websites such as Companies House, which is the UK company registry. This can be instantly done on a global scale, and reduces this administrative task that humans currently do. This contract can also monitor these companies and automatically update their registere Continue reading >>

Ethereum: A Real Buying Opportunity?

Ethereum: A Real Buying Opportunity?

With the second largest market cap in the cryptocurrency world, Ethereum has drawn a lot of attention from investors and crypto enthusiasts alike. Its garnered even more attention recently after posting a 3,784.26% run in 2017. After a run to above $1,400 the price of Ethereum has dropped considerably along with all of the other cryptocurrencies to start off 2018. After the broad market correction Ethereum now presents a real buying opportunity. It is currently trading at $730, and most analysts have Ethereum above $1500 (conservatively) to finish the year. What the media and press dont seem to understand is that the market didnt crash. Cryptocurrencies were already overpriced, then came the regulatory issues, ban news and a healthy dose of FUD which caused the market to correct better than 60%. Even with this massive selloff, Ethereum is up over 145% in the past 6 months. Thats why its important to look at the big picture. This crypto crash as the media would have you believe, has happened several times before, historically in the first few months of the year and all followed by massive rallies. Remember, the media was the one telling you to buy with Bitcoin at 19,000. Theyre a glorified bunch of halfwits who are clueless when it comes to cryptocurrency. What we are saying is that Ethereum right now presents a very real buying opportunity to get in at a price we may never see again in our lifetimes. The Media Is Clueless and not working for your benefit. Remember the coverage on Jamie Dimon of JP Morgan commenting that cryptocurrencies were a scam and all of the media coverage following about Bitcoin being a fraud? Well after calling them a fraud, and watching the market dump.. JP Morgan bought the shit out of Bitcoin. So.. Dont Trust What Comes Out of Their Mouthes, Continue reading >>

Please Offer A Practical Example Of How Smart Contracts Are Useful. | Hacker News

Please Offer A Practical Example Of How Smart Contracts Are Useful. | Hacker News

Please offer a practical example of how smart contracts are useful. Largest crowdfunding in history can't be ignored - whether it ends in tears for most investors is another matter entirely. Groups of actors across the world can make an agreement that is enforced by a smart contract. When an actor fails to live up their obligation they are refused payment. There is no way to take off with something that is not yours. There is no reliable or efficient way to cheat. You don't have to know the other actors you are making an agreement for something with. Can you do this now without a smart contract? Of course. The usefulness is in that it's universally visible and lowers the barrier to entry and is far less complex. > make an agreement that is enforced by a smart contract Please give me an example of how an agreement can be enforced by a smart contract. > When an actor fails to live up their obligation they are refused payment It works the same way with colored pebbles. > There is no way to take off with something that is not yours Why not? I know this is an abstract question in this context which is why I asked for a practical example so we could share a thought experiment regarding how the use of a smart-contract would play out in real life. > There is no reliable or efficient way to cheat Cheat what? Once again this is totally abstract. Seems to me like cheating is just as easy if not easier because the role of law-enforcement is questionable at best and nonexistent at worst. To cheat, all I have to do is agree to the terms of the contract then violate it after I have secured the funds or property. Then what? > You don't have to know the other actors you are making an agreement for something with I'll grant that this is possible and useful in special cases (e.g. online Continue reading >>

Ethereum: Real-world Applications - Ethereum Noobs

Ethereum: Real-world Applications - Ethereum Noobs

Ethereum: Real-World Applications - Ethereum Noobs Ethereum creator Vitalik Buterin recently revealed a new long-term plan for the future of the blockchain network at Devcon3 , Ethereums flagship conference. During his presentation, Buterin said that the amount of activity on the blockchain is orders of magnitude larger than it was just a couple of years ago, which can be attributed to the growing number of real-world applications of Ethereum. In this article, we examine the most significant of these applications, paying special attention to those with high disruptive potential. On its official website , Ethereum is presented as a decentralized platform that runs smart contracts. Compare this to the official website of Bitcoin , which presents the worlds most popular cryptocurrency as an innovative payment network and a new kind of money, and it immediately becomes obvious how different the aspirations of the two projects are. But in light of Bitcoins extremely high transaction fees and frequent network congestions , many are turning to Ethereum, the second largest cryptocurrency by market capitalization, as a possible alternative to Bitcoin and a cryptocurrency payment system without any scalability issues. Ethereum people have often tended to tip-toe around its usefulness for payments; many cut their crypto teeth on Bitcoin, and they are generally uninterested in picking a fight. But Im going to argue that Ethereum is not just capable of doing online payments, but actually seriously great, writes Edmund Edgar, the founder of Social Minds. Unlike Bitcoin, Edgar argues, Ethereum has an established governance procedure for capacity increases, allowing the Ethereum blockchain to naturally grow as the total number of users rises. At Devcon3, Buterin proposed a new type of Continue reading >>

4 Real-world Applications Of Ethereum That Could Change The World We Live In

4 Real-world Applications Of Ethereum That Could Change The World We Live In

4 Real-World Applications of Ethereum that Could Change the World We Live In Ethereum is a name that inadvertently pops up in any discussion about cryptocurrencies. 4 Real-World Applications of Ethereum that Could Change the World We Live In 10.01.2018 Leave a comment But, Ethereum is really a platform. Ether is the cryptocurrency that powers it. Ethereum has a lot of other applications than being a cryptocoin. It derives its utility from the technology and its versatility. Ethereum is a big platform that can be used to create decentralized applications. In the world of Ethereum, they are called DAPPS, short for Decentralized APPS. There are many developers that are trying to build something amazing on this platform. Investors can see the ball rolling and they are putting in the money to keep it rolling faster. So, what are these applications that have the power to transform the world? Any technology that has the potential to improve the existing healthcare system is always welcome because it is such a basic need. Any small improvement in this domain impacts every person on the planet. So, it is a pretty big deal. Ethereum has the potential to become that next big thing in healthcare. Imagine that there is a traveler from the US in Germany. His luggage is stolen and so are his medicines. He needs a prescription refill. But, that cannot happen till the local doctor gives him a prescription. But, the new doctor may not be aware of all the conditions the patient is suffering from. So, how will he give a safe prescription? Such predicaments can be completely resolved when the Ethereum platform is used to store patient data. Hospitals will be able to save their patient records and share it will the world. So, the traveler can go into any hospital in the world, and the docto Continue reading >>

Real World Use Cases For Ethereum

Real World Use Cases For Ethereum

In addition to being a great investment coin, Ethereum is a platform that enables what has come to be known as web 3.0. Web 2.0 (the internet as we know it) is basedoncentralized servers; to have access to the internet and most of the services therein, we have to rely on third-party servers. These servers charge us fees and collect our data (often against our will). With Ethereum, there are no centralized servers. Instead, Ethereum runs on blockchain technology, a kind of distributed ledger technology that is upheld by a network of thousands of different computers, called nodes. In exchange for performing the duties that secure the network and verify the transactions that take place on it, the nodes receive rewards in the form of ETH tokens. Ethereum was the first cryptocurrency that was built to function primarily as a settlement layer. This means that it was designed as a platform for other things to be developed on. In contrast, Bitcoin was designed initiallyto transact as a form of digital cash (though,over time, Bitcoin has become more of a settlement layer itself). One aspect of Ethereums suitability as a settlement layer is its capability for creating and executing smart contracts . What are Smart Contracts? How Ethereum Works Ethereums smart contracts have been famously explained by Nick Szabo as being similar to a vending machine. When you use a vending machine, you put money in, press a button, and receive your candy. Its all automated; there is no third-party that needs to come and make sure that you inserted your coin or unlock the door to give the candy to you. Smart contracts operate similarly, except they usually have nothing to do with candy; rather, they can be applied to tons of different scenarios across different industries. Smart contracts take the Continue reading >>

Blockchain: A Very Short History Of Ethereum Everyone Should Read

Blockchain: A Very Short History Of Ethereum Everyone Should Read

Blockchain: A Very Short History Of Ethereum Everyone Should Read Opinions expressed by Forbes Contributors are their own. Even those who are not familiar with blockchain are likely to have heard about Bitcoin, the cryptocurrency and payment system that uses the technology. Another platform called Ethereum, that also uses blockchain, is predicted by some experts to overtake Bitcoin this year. Ethereum is an open-source public service that uses blockchain technology to facilitate smart contracts and cryptocurrency trading securely without a third party. There are two accounts available through Ethereum: externally owned accounts (controlled by private keys influenced by human users) and contract accounts. Ethereum allows developers to deploy all kinds of decentralized apps. Even though Bitcoin remains the most popular cryptocurrency, its Ethereums aggressive growth that has many speculating it will soon overtake Bitcoin in usage. While there are many similarities between Ethereum and Bitcoin, there are also significant differences. Here are a few : Bitcoin trades in cryptocurrency, while Ethereum offers several methods of exchange, including cryptocurrency (Ethereums is called Ether), smart contracts and the Ethereum Virtual Machine (EVM). They are based on different security protocols : Ethereum uses a "proof of stake" system as opposed the "proof of work" system used by Bitcoin. Bitcoin allows only public (permissionless or censor-proof) transactions to take place; Ethereum allows both permissioned and permissionless transactions. The average block time for Ethereum is significantly less than Bitcoins: 12 seconds versus 10 minutes. This translates into more block confirmations, which allows Ethereums miners to complete more blocks and receive more Ether. It is estimat Continue reading >>

Dapps - List Of Successfully Running Smart Contract Applications That Solve A Real World Problem? - Ethereum Stack Exchange

Dapps - List Of Successfully Running Smart Contract Applications That Solve A Real World Problem? - Ethereum Stack Exchange

List of successfully running smart contract applications that solve a real world problem? I'm still diving into smart contracts and learning the way it works, but what are some successfully running smart contracts applications that solve a real world problem? Is there a list of these projects? When I say successful, I mean something that either generates a profit to sustain itself or an dapp that is widely used with its source code open. The dapp needs to beable to run on its own interacting with the ethereum blockchain only and no 3rd party service/website. This would also qualify as a successful smart contract application where no one controls it. It's a platform for making bets on sports games. We are fully functional (no ICO) and running successfully on the Ethereum blockchain. We noticed that there were too many obstacles for traditional sportsbetting: shady bookies, complicated game mechanics, regional restrictions, etc. We solve these issues through simple game formats and leveraging smart contracts. All funds are handled autonomously, including payouts, and nobody can be restricted from entering. We sustain a modest profit through very low fees attached to each smart contract. Hopefully this can be a start to the list you're looking for! What is it that you need on the Ethereum blockchain that you cannot do with a centralized server? If you app still requires a trusted 3rd party, what is the point of the blockchain in your use case? Patoshi Feb 28 at 19:31 We don't require any third party! Ethereum blockchain allows us to provide the user important benefits: provably fair, we cannot alter the game or tamper with funds, anonymity. CryptoSportz Feb 28 at 21:31 You are the 3rd party. If you don't exist, how would your system stay up running? How do you provide spo Continue reading >>

These Are 8 Real World Uses For Ethereum

These Are 8 Real World Uses For Ethereum

You are at: Home Knowledge These are 8 real world uses for Ethereum Lets talk today about some real-life applications of ethereum. First of all, Ethereum is a huge platform that is used to build decentralizedservices, also called dapps (decentralized apps).However, just like a large container ship or an airplane, Ethereum also needs fuel to work. This fueliscalled Ether and is traded publicly on several cryptocurrency exchanges. So,very important, Ethereum is NOT the same as Ether.We wrote a very detailed post about that topic some while ago, just click here if you want toknow more. Anyways, now that you know that Ethereum is not the same as Ether,lets talk about what it can be used for. As mentioned before, Ethereum is a huge network. This network is formed of thousands of computers all around the world. This is also called a decentralized network. The main benefit of this is that the computers that form it cannot be shut down, or controlled, by a single entity. And well, a secure and decentralized network has unlimited applications. Ethereum will completely revolutionize the health-care system. All hospitals around the world can store, access and sharetheir patients records. This isa key factor in developing new vaccines for viral outbreaks, or even preventing them in the first hand. You can go toa doctor in Thailand for a check up when you are on holidays and to ahospital in New York when you are back home again, and both will have the same information about you. But thats not all. Remember the whole wearables craze a couple years ago? Well, like it or not, those devices are here to stay. Now imagine that the data your smart watch records every day are automatically shared with every hospital in the world. This way, patterns could be found in medical conditions like Continue reading >>

Zastrin | Learn Ethereum Programming By Doing Real-world Projects

Zastrin | Learn Ethereum Programming By Doing Real-world Projects

We are excited to introduce our new Referral program! If you liked our courses, please share this coupon code with your friends. For every friend who buys a course using your code, they receive 25% off and you will be credited 25% of the course price in to your account that you can use for future purchases. Zastrin teaches you Ethereum blockchain programming through real-world projects. Our courses will help you learn the core concepts and introduces you to the key libraries and frameworks required to build production quality dapps. Our step-by-step guides help you build projects from the ground up. Overview of a generic blockchain, concepts and workings of the Ethereum blockchain and languages and frameworks required to build decentralized applications. Decentralized application development is unlike web/mobile development. There are many moving parts and you have to carefully consider various issues such as security, time/space complexity and so on. Our courses help you think and architect successful decentralized applications. Truffle is a dapp development framework that is used to make application development easy. It abstracts away many complexities of the Ethereum blockchain development and helps accelerate development. Our Dapps will be built using the Solidity programming language using the Truffle framework. The goal of these courses is to help you understand the concepts of the Ethereum blockchain and build real-world decentralized applications. By the end of this series of courses, you'll be able to build your own decentralized applications. This is a beginner course ideal for any one with very basic or no knowledge of the Ethereum blockchain. In this course, you will build a simple Decentralized Voting application. In this course, you will build a Dapp whic Continue reading >>

7 Cool Decentralized Apps Being Built On Ethereum - Coindesk

7 Cool Decentralized Apps Being Built On Ethereum - Coindesk

7 Cool Decentralized Apps Being Built on Ethereum Imagine a company or service that isn't controlled by any single individual, board or other central entity. Known as a decentralized application, or 'dapp' for short, the concepthas been one of the more novel ideas to emerge from theblockchain community. Armed with self-executing smart contracts , proponents of the technology have envisioned ways to replace everythingthat today requires a centralized leadership, from businesses and services to governments. In some ways, bitcoin could be considered the first dapp, as it is fully open-source, rewards contributors, runs without a central authority and uses blockchain technology to help facilitate its continued use case as an online currency. Next-generation innovators are now seeking to apply these same principles to a variety ofonline services they believe could be built in the dapp format, armed with a littleeffort, know-how and the will to charge forward into the unknown. Although a new field, dapps are growing in number and many now exist in various stages of completeness, from concept to working prototype andfunctional platform. Ethereum 's decentralised blockchain and its native digital currencyEther areproving perhaps the most widely used tools for dapp building , as its networkis specifically builtfor the purpose and the Ethereum Foundation, its trade organization overseeing development, runs regular 'hackathon'events to promote new decentralized applications. For this feature, CoinDesk casts its eye over the current offerings and picks out sevenof the more interesting projects beingdeveloped usingthe Ethereum blockchain. The Vevue project promises to "bring Google Street View to life", by enabling users to take 30-second video clips ofrestaurants, hotels, places, Continue reading >>

Designing Real-world Applications Using Ethereum Blockchain- Part 0

Designing Real-world Applications Using Ethereum Blockchain- Part 0

I am writing a series of articles which touches upon all aspects of implementing a blockchain based solution of a real world problem using Ethereum . We will go through a systematic process of problem statement analysis, discuss solution approaches, design constraints, implementation, and finally auditing &testing. I will be splitting this series into severalparts. Analyse a problem statement, related to supply chain management, which was given in a recently conducted BlockChain hackathon in Bangalore in Janurary2018. Look at an alternative design to solve this problem, which does not use blockchain Work towards the problem with emphasis to blockchain We will be solving Problem 2:A technical solution to tracking product quality and reliability of organic Banganapalli mango variety inexport BlockChain: Beyond the virtual goods marketplace: As of early 2018, the most popular Ethereum Dapps, and the top source of all transactions are games. Ofcourse, this was triggered by a large extent by CryptoKitties. There is a general consensus that this is a fad, and that real-world applications will gain prominence soon. Blockchain is good for problems which involves: a) Heterogeneous stakeholders with different goalsor c) Theres an underlying issue of bureaucracy. Key Point 0: If there is mutual trust, then you probably dont need blockchain. A server with DB and a sequence REST API calls might be all that you might need. You may very well end up venturing into the rabbit hole that is micro-services, lambda computing, auto-scaling..NoSQL databasesbut safely avoid blockchain rabbit hole! Key Point 1: As responsible Engineers, our tech decisions need to be in line with the expectations of key stakeholders in the process. The stakeholders typically will have a better understanding of Continue reading >>

Ethereum Is The Cryptocurrency That's Replacing Bitcoin

Ethereum Is The Cryptocurrency That's Replacing Bitcoin

Ethereum Is The Cryptocurrency That's Replacing Bitcoin Learn about the innovative technology that powers this up and coming cryptocurrency and how it could change the world. Even if you only have a layman's understanding of cryptocurrency, you've probably heard of Bitcoin. Bitcoin is a digital currency and payment system that eliminates the need for banks or middlemen and allows for secure transactions thanks to heavy encryption. You might not have heard of Ethereum yet, though. Its a lesser-known open source platform built off blockchain technology that's causing a stir in the world of cryptocurrency thanks to its ability to build decentralized applications. Both Bitcoin and Ethereum are open for use by the public, and use blockchain technology but that's where the resemblance ends. Bitcoin has only one application of the technology: as a monetary system of exchange, for use in online Bitcoin payments. The Ethereum blockchain is more complex, using an advanced scripting language that lets it run the programming code of virtually any decentralized app, from title registries to electronic voting systems. That means it has a vast number of applications and uses, beyond just financial exchange. But if you're interested in that, Ethereum's cryptocurrency, known as ether, runs on "smart contracts." It's a type of conditional trade, where transactions can only be made if certain specifications are met using an "if, then" system. It's this level of innovation that helped propel Ethereum to the place of the second most valuable cryptocurrency in the market just two years after its launch. The Complete Ethereum Blockchain Mastery Bundle is a collection of four online courses taught by Certified Bitcoin Professional Ravinder Deol that gives you the foundation to be an early ado Continue reading >>

A Current List Of Use Cases Forethereum

A Current List Of Use Cases Forethereum

The last time Hackerfall tried to access this page, it returned a not found error. A cached version of the page is below, or click here to continue anyway A Current List of Use Cases for Ethereum Around The Block Medium People often ask me, What is Ethereum used for? What does it do? Even for those who understand blockchains , Ethereum , and smart contracts , pointing to specific use cases can sometimes be surprisingly difficult. So lets explore. The purpose of this guide is to act as a reference point for new members of the community who can sometimes become overwhelmed by the current disorganized nature of news flow. The themes in the following apps are trust minimization/elimination, diversity, and disruption. As you read, keep in mind how transaction fees for reputation/trust are removed by simply cutting out the middleman entirely, and how established business models across a wide variety of industries are threatened. Keep in mind, however, many of these apps are incredibly early stage, and its hard to know which ones will take off and which ones will fail. The primary use case of Bitcoin also applies to the Ethereum network. There is much debate about Ether being used as a currency or store of value, but for the time being, Ether can be and is actively being used to transfer value. Payments are validated by a network of nodes/miners and logged onto the immutable ledger, just like the Bitcoin blockchain. The team at Digix has engineered a method for anyone to buy gold in tokenized form on the Ethereum blockchain. Ask yourself, how easily (and inexpensively) can you buy, say, $500 worth of gold right now? With Digix, you can convert your fiat (or Ether) immediately into gold tokens that are cryptographically linked to and backed by the Singaporean gold vault. At an Continue reading >>

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