Ethereum essentially, has eliminated the need for the middleman. Based off blockchain technology, it provides developers with the platform and base work to build and eventually launch their decentralized technological applications. New, improved and faster Blockchain technology was made famous by Bitcoin, as its application was used to enable peer to peer electronic exchange of digital currency, but this technology has a different application process in Ethereum wallet; rather than being employed as a means of process, this technology is enabling users of Ethereum to model applications to carry out processes through the creation and programming of smart contracts.
Ethereum’s blockchain is geared towards running the code of decentralized application through smart self-executing contracts, and on Ethereum these can come in the form of technological applications, programs or sites that are programmed to run independently, thereby eliminating the need of a middleman, as well as commission, any sort of censorship, fraud, tampering or corruption.
Ethereum Wallet’s Decentralization
There is still currency on Ethereum, and this currency comes in the form of the crypto token that exists in a smart wallet (a downloadable application), but application developers also use Ether to pay for services and fees on that network. Within Ethereum wallet, the user can create their own type of digital token that can be used as a representation of any sort of asset, currency, or anything of value. By using standard coin API as well as templates for developers, Ethereum enables its creators’ currency to be compatible with other applications, contracts, smart wallets and more. As such, just in the realm of online currency, Ethereum enables tradability across platforms of currency. The ability to transact money within 10 seconds on average gives Ethereum a huge edge over Bitcoin’s ten minute confirmation time.
The goal of Ethereum wallet is more than just trading however, its distinctiveness and innovation lies in the idea of a service, company or community that is not controlled by any single entity. For those in fear of a 1984 Big Brother come to life, or the rise of a dystopia run by malevolent corrupt officials, in Ethereum lies their hope for a utopia governed by the people, for the people, with the people’s interests at heart. Although Ethereum may not have transcended such technological boundaries so far and has not made its way into the current systems and communities, it has extended so far as into virtual realities with living players. Etheria, a virtual world similar in concept to Minecraft, in which players can harvest materials from tiles to create their world, was made through Ethereum blockchain. With no single owner, Etheria is decentralized and running on Ethereum, with the players in the network in charge of the virtual world and the game. The rules, the world, everything in Etheria is created by the participants. There is no worry of any sudden redevelopment of the world’s interface, drastic unexpected changes to the game or even the developer shutting it down. The players have the world in their hands, literally.
Real World Contracts with Ethereum
Taking this one step closer into the real world, Ethereum can also be employed to increase transparency in associations with a desire for democracy in decisions made by employers and shareholders. With an Ethereum contract, associates are able to submit proposals and have them processed by the autonomous programmed entity that is the contract. The voting process will thus be untainted, transparent and immune to other influences. These operations that are often tinged with corruption from power struggles or bribery will now be honest and efficient, while still being all inclusive.
Moving with exclusivity, Ethereum run social media sites appeal to supporters of the free speech movement. With applications such as Instagram being chastised and criticized for its constant censorship, or even its copyrights to pictures posted, some artists have taken to other avenues, finding fault with the community guidelines and terms of service set up by these company run sites. Ethereum supports such artists and their avenues, with platforms that aim to broaden, enhance and improve on the artists’ prospects and avenue of displaying and selling their art. As a cooperatively run community, there is no one user to lay down the law of the land.
Ethereum Wallet Social Media Development
With the increase of the popularity of social media, we live in the day and age where online trading, purchases and investments are commonplace, yet fraudulence, catfishing and scamming still runs rampant. Ethereum thus banks on the wavering trust between parties in transaction, helping to alleviate this frustrating facet of dealing with an unknown second party in instances such as crowdfunding and kickstarting. Instead of worrying when or if the funded project will ship, or if the whole project is run by swindlers and scammers, Ethereum’s contracts enable an automated control of the funds received, where the contract holds the funds until a given date or threshold goal, and depending on the development, funds will either be released by the contract to the project owners, or returned to the contributors. With Ethereum involved in this crowdfunding process, the need for trust is eliminated and any sort of commission, service fee or prolonged procedure is unnecessary. The entire process is streamlined, efficient, corruption-free and self-executing.
Any transaction involving assets and funds always garner suspicion, especially when it comes to channeling funds into projects or entities. Ethereum wallet has been used as a way for small businesses in Africa to gain funding, promoting growth. Instead of worrying about the outcome or the destination of funds lent, the developers have programmed the contract such that money loaned to this bank of funds are converted and distributed to the businesses through this developed transaction system. Through this, the owners of the small businesses are empowered through this financial aid, and change across Africa at the grass roots level is supported. The funds go directly to the business owners, and with the removal of the middleman, it garners an environment of trust and security.
The possibilities for the programs that can be run by Ethereum are endless and beneficial to many aspects of various communities. Ethereum appeals to the paradoxical cynical yet hopeful facet of human nature, that rejects the notion of corruption and selfishness that lies in the pits of the human heart, while dreaming of a selfless, pure, efficient utopia.