The Elysian Fields of Ethereum
Could we be on the threshold of techno utopia?
If the implications of blockchain’s potential come to fruition and create a juster, fairer society, the innovations baked into Ethereum will be thought of as the inflection point.
Blockchain’s potential to facilitate more than payments became more apparent with the creation in 2015 of the Ethereum blockchain. The Ethereum blockchain stores and records lines of computer code, including entire programs, which are visible to all.
This innovation enables the creation of smart contracts. Smart contracts are self-executing agreements in which a chain of actions follows when certain conditions are met. These are automatically enforced and tamper proof.
This math-based tamper-proof quality removes third-party and counterparty risks.
You must pay a fluctuating “gas” fee in ether to verify a transaction on the Ethereum network. That is the incentive like Bitcoin’s miner payments. Gas fees fluctuate based on the network traffic and capacity.
The Ethereum blockchain is designed to store lines of code. It and others like Cardano and Avalanche, issue and use their own tokens. Ethereum’s is called “ether.” Cardano’s is called “ada” and Avalanche is named “avax”.
