The Ethereum Blockchain is a new and powerful open source software project that combines the security and robustness of the Metaverse, the Stellaris network, and the bitcoin protocol. Vitalik Buterin, the creator of the Ethereum technology stated in an interview with Financial Times Magazine, “Ethereum is more than a digital currency. It is the glue that will bind the internet of things.” With this statement, it appears as though Buterin has certainly made his mark with the creation of this cutting edge technology.
The reason why the developers behind the project chose to create the ethereal platform was to create a decentralized application platform that could scale to thousands of users, without the need for a central administrator. The network is designed to function without a single body maintaining control. This philosophy brings with it many exciting prospects for both business and consumers. According to Buterin, “ICO’s are being used by banks to empower themselves. Our aim is to make them go mobile.”
In the mean time, the company has formed an open source consortium called the Enterprise Alliance. Led by bankers, investors, software engineers, and legal advisers, the alliance aims to foster development of the Ethereum platform. By working together, the group hopes to improve the usability and security of the system. The enterprise alliance also hopes to provide a path for faster growth and market penetration for the ether tokens circulating in the marketplace.
A few months before the release of the Enterprise Alliance, the project’s developer team had completed the release of the Parity Project. The project, which was developed by Consensys, had the goal of creating a new virtual machine, called the Parity Project, in order to experiment with different approaches to scalability. The team used the Ethereum network to test out their idea. Their work paid off when the platform was adopted as the basis for the upcoming “Polkis” hard fork. This hard work will take place sometime in July, but the interim will help users who are worried about the possibility of a huge outage.
At the time of this writing, the ether classic trading is at an all-time high. Most people would agree that the technology behind the Ethereum platform is quite remarkable. However, recent news about a possible network attack by a group of hackers who attempt to overload the network with fake transactions has frightened away potential investors. As a result, ether classic prices have tumbled. Many developers and traders are trying to determine if this is the right time to enter the future of blockchains.
Many developers are fearful that ethereal’s original design will be copied by other developers who want to create their own private blockchains. Since ethereal uses a client-server model to operate, it follows a predictable pattern, which is why it’s so appealing. In fact, the original ethereal code was so elegant that smart contract programming became too difficult for programmers to crack. The original design also makes it easy for users to transact with one another without having to go through a broker. Because of all these appealing factors, many developers feel that ethereal’s market is just waiting for another disruptor to come along and reverse the ethereal’s success.
The problem comes in when you realize that the original developers have already implemented many features into the protocol. Even though the network hasn’t been compromised in any way, the fear is that other developers will continue to hack the system in order to hijack investor funds or simply make profits themselves. This could ultimately destroy what makes the Ethereum Project so unique. Right now, the team has limited technical resources, which leaves them at a disadvantage when compared to other projects that have been built before. With more technology companies showing interest in building applications on top of the ethereal, the team has to adapt quickly if they want to maintain their lead in the upcoming months and years.
Regardless of whether or not investors will embrace the Ethereum Project in the coming years, there is no doubt that the team behind it is moving forward at a rapid pace. In just two years, the group was able to build upon its foundation and successfully implement several different features that make the protocol so unique. Whether investors embrace ethereal in the near future remains to be seen. As things stand now, it seems as though the future of decentralized software platform is still firmly locked on the ethereummine.