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Ethereum: The Future Of Credit?

Sep 22 2017

Ethereum

Ethereum may represent the future of credit, according to the cryptocurrency's founder Vitalik Buterin.

Like most other cryptos, Ethereum is based on the blockchain, a system that allows the currency to be hack-proof while simultaneously allowing every coin to be traced back to its origin point. This provides a level of secure transparency that Buterin believes can revolutionize security and economics.

The biggest stumbling block at present is the speed at which crypto transactions are processed. Bitcoin, the most well known cryptocurrency, processes about three transactions per second, while Ethereum is a little faster at five. Uber provides 12 rides a second, suggesting that cryptocurrencies need to process transactions much faster for large-scale commercial applications.

Buterin believes that the required speed will be attainable "in a couple years" while also suggesting that the technology has more than just economic applications. It is also an ideal fit for anything requiring parallelization, or multiple programs running at the same time.

"[Ethereum offers a] high level of security and scalability allow[ing]... other things to be built on top" Buterin said. This allows it to act as a "secure base layer" for a variety of technological applications, including video games. Ethereum itself does not have that many features, so it will not obstruct anything else that comes to use the underlying technology. As a result, there are few industries the blockchain could not improve as it advances.

Buterin separates the populace into two groups: those who have heard of cryptocurrencies and those who haven't. He believes that he can expand the first group by talking about all of the things Ethereum can do, ensuring the growth of crypto in the process.

What is Ethereum? A Simple Explanation Anyone Can Understand

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