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Ethereum: this changes everything

Maybe you haven't noticed, but the world has changed. While most people were busy complaining about Trump, Brexit, the economy, the injustice of it all--complaining that the world is unfair and convinced that it was all going to hell--along comes an entirely different future. News flash: the future is now and it is called Ethereum.

It's like 1994 all over again (you know, that whole Internet thing). Only this time, we're going to get it right. Ethereum is Web 3.0, but much more than that. It is a new economic system in which there is no centralized power. Read that again. What is the opposite of centralized power? Power to the people. In other words: freedom and abundance for people like you and me.

Ethereum is as unstoppable as Bitcoin; however, is designed to power not only cryptocurrency but also any type of application in a decentralized way over what is called a Blockchain (essentially a database that is distributed over thousands of peer-to-peer computers). Data that is stored on a Blockchain is encrypted, so that only a user with the secure key can access it. You can (and should) research this elsewhere, but let's get to the point: it is now possible to build secure applications for the people on an Internet that is beyond the reach of corporations, intelligence agencies or anyone else. Just when they thought they had won, we are once again free.

What might those new applications do? Well, today it is already possible to trade a currency called Ether with a software wallet (much like Bitcoin is stored and traded). Beyond this, Ethereum has what are called Smart Contracts, which enable two parties to come to an agreement on anything (payment terms, shipment and delivery, profit distribution, whatever). Smart Contracts have already been used to establish virtual organizations called DAOs (Distributed Autonomous Organizations) made up of anonymous individuals. Get it? Companies that exist beyond the real world legal system, using a cryptocurrency. Pinch me.

This is very early-stage technology (though it has already been around for a few years). Ethereum is very much real and it isn't going away. This is the new frontier, the wild west. This is an opportunity that comes along maybe twice in a lifetime. If you get behind it, what follows are decades of prosperity. I'm all in. 

 

Posted by Mark Manney (mark.manney@infobeing.com).

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