I've adopted cryptocurrency like a mad man in the last couple of months, with my own mine powered by 50 graphics cards, but I do it for the love of technology and for the love of the future. Ethereum, and many other cryptocurrencies are the future of finance in the world.
Ethereum creator Vitalik Buterin has said that Ethereum could replace things like credit card networks, and gaming servers. Buterin explains: "There's the average person who's already heard of bitcoin and the average person who hasn't".
Buterin continued: "Where Ethereum comes from is basically you take the idea of crypto economics and the kinds of economic incentives that keeps things like bitcoin going to create decentralized networks with memory for a whole bunch of applications. A good blockchain application is something that needs decentralization and some kind of shared memory".
At the moment the network is simply too slow for most mainstream applications, but that will change. Buterin continued: "Bitcoin is processing a bit less than 3 transactions per second. Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa".
But what about the gaming side of Ethereum, well that's an interesting one as Buterin continues: "You could run StarCraft on the blockchain. Those kinds of things are possible. High level of security and scalability allows all these various other things to be built on top. Ethereum is a secure base layer that doesn't have too many features".
Buterin finished by saying: "Crypto is all about incentives on various levels. You cannot reason about the security of blockchain consensus protocols without incentives".
Last updated: Sep 21, 2017 at 06:11 am CDT
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