The Mainstream factor is hitting upwards the term of blockchain and everything related to it.
However, there is much to be explained about ‘the media eater’ and its structure. So things will be cleared starting of today with Ethereum – a blockchain-enabled platform which makes token/coin keepers to develop smart contracts with each other.
Ethereum is very often compared to Bitcoin [BTC] as both find use of the famous blockchain technology – a decentralized framework to store data, but BTC is only a virtual currency which has the target to do ‘currency only related work’ while Ethereum on the other hand will be delivering a smart contract platform on top of it too.
Let’s turn back on history a little bit. The internet is built on a system where information and data stored by third parties — think Apple holding your credit card information, or Flickr hosting your photos — is accessible and portable. You can use Apple Pay to pay for things online or share and link to Flickr photos using hyperlinks to specific photos or galleries.
Here Ethereum does take control and ownership of the user information from the other/third party and gives it back to the initiator/original user. The above mentioned data will be kept in decentralized nodes, and only the user can decide when or how it can be used. The final phase of ‘data being put to function-use’ is executed by, what Ethereum’s founder call, smart contracts which are – a self execution-able automated contracts which would spare time, fees and skip many steps to the final result which are taken nowadays, example – real estate trading or selling could be done with no paperwork nor a lawyer. Ethereum allows computer programmers to write code that uses everybody’s data.
Potentially a lot, though several hurdles sit in the way of blockchain taking over things like ad tech. Startups such as Papyrus, for example, want Ethereum to govern the way programmatic advertising is deployed by letting internet users decide what facets of their personal data are available to advertisers. Then, advertisers and publishers can bargain with end users over the value of their personal information.
Civil, a journalism startup that just closed a $5 million funding round, wants to use smart contracts as a mechanism to facilitate direct relationships between publishers and their readers, where readers can do everything from subscribe to paywalled content to fund investigations on a project-specific basis.
Users of the particular platform would be able to buy their take in the journalism ventures made by an Ethereum-enabled coin which would be put on a initial coin offering next year to come.
Ethereum does have its currency as mentioned above called Ether, but it does much more than just that. ETH makes it possible for developers to create their own Ethereum-based virtual currency which will find its purpose based on what the makers set its rules.
To continue clearing the confusion – Ethereum’s Ether is very much different from cents or dollars. Ether and its complete licensed token ‘package’ are so new, there is a real market cap on the amount of financial activity they can hold.
Back in 2014, 90 million Ether digital coins were launched which now brings its market cap – according to coinmarketcap – $28 billion which is 25% less than the total amount spent on U.S. desktop advertising last year, according to the Interactive Advertising Bureau. Even if every coin in Ethereum’s economic ecosystem went toward digital media, it’s still far from enough to overhaul digital advertising tomorrow.
The number of coins created increases as needed, so if the ideas that Ethereum powers take root, this problem should lessen over time.
So, as final – Ethereum and its system does present a kind of race against Facebook, Google or Amazon as the giants hold a lot of audiences data that has been collected about them. So, any kind of paradigm or structure that will be taking back the information to the original user does present its own type of challenge.
Ethereum and its big future Awaits!