With the advent of Bitcoin, the world has begun to see the potential for a new form of decentralized currency, devoid of any reliance on banks. Now, monetary transactions can be conducted via peer-to-peer sharing along the Bitcoin block chain. The intermediaries and middlemen have effectively been taken out of the picture.
This new technology has the effect of disrupting established financial markets. Since banks become an inessential piece of the equation that function only to draw money away from the individual. By way of fees for the services provided by another, the bank gets money.
Imagine what effects it will do if this open source technology applies to areas outside of the financial markets. Think of block chain technology like the Internet. Email is like Bitcoin, in the sense that it is only one of many applications that run on top of the network. The possibilities are endless.
After studying the Bitcoin platform and publishing many articles on the topic. Vitalik Buterin comes up with the idea that the block chain to run a number of different applications. Take out the profiteering middlemen, and operate away from a centralized control unit.
Late in 2013, Buterin released the white papers describing his ideas for such a program. The new program is Ethereum. Following the release, several other programmers joined the team. They launched the most successful crowd funding campaign to date in July 2014. Raising some $18 million to create the Ethereum platform.
On this new platform, programmers can create decentralized applications or DAPPs for a variety of functions. Ranges from the financial, similar to Bitcoin’s digitalized cash exchange, all the way into real estate and insurance.
Ethereum Platform Technology
The Ethereum Mining Software technology is unique in its ability to run numerous DAPPs along the same block chain. Instead of having to create a new block chain for each new application.
The benefits of these applications being created on the Ethereum block chain are they cannot be changed by any third party. Once the code has written, they cannot be censored because they operate on an open source network formed around the idea of consensus. They are protected by cryptography with no central source of control giving them protection from potential hackers, so they never shut down or go offline.
The one major problem with DAPPs, however, is that a human programmer is responsible for creating each individual application. As is the case with any creation of mankind, there is the space for human error. Regardless of whether or not the best intentions are in place.
It is in this way that hackers or those with malicious intent are able to find holes within the source code to be able to bypass the rules written into the smart contract. Anyone can write a smart contract on the Ethereum platform. The contract executes the parameters that are outline in the original creation without the need for any external influence.
Foundational Points of Ethereum Mining Software
Ethereum is unchangeable which is one of its foundational points. When you create a contract it is final. Any third party cannot change it. Even if there are oversights or bugs written into the code that surface later down the line. They will continue to exist, flaws and all. It raises some serious questions if any executive changes made to address the issues. Such to the true nature of decentralization, another foundational point of Ethereum.
Ethereum Mining Software has a lot of potential in changing the way we deal our finances. This includes the world of real estate and insurance. Until the bugs are worked out, we will continue to see the platform’s instability reflected in the sharp gains and tremendous drops of Ether on the stock market.
Veritaseum is one of the new Crypto Currencies utilizing the Ethereum Block Chain in order to execute its smart Contracts.
Ethereum Mining Software – Coded for Human Error