Ethereum Use Case

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Ethereum Use Case hosted by Joe Hernandez & Kathleen Reilly.

Donnie Benjamin & Alex Slobodnik of Consensys will give an overview of the tools they have for developers and their future plans in Chicago.

Chip Gutman of Nectarchain will explain the tradeoffs second layer scaling solutions make, and why they are excited about Ethereum’s future.

Raul Jordan is a Ethereum developer focused on scaling Ethereum. He has deep knowledge about the work being done to scale Ethereum via a “Beacon” chain & sharding, eventually bringing us. Serenity.

What is Ethereum?

In 2014, Vitalik Buterin and a team of developers announced the release of Ethereum to the public and this marked the birth of an interesting new form of blockchain technology. Bitcoin introduced the concept of using technology to send money directly from one person to another, cutting out the middleman: the bank. Ethereum took it a step further and introduced us to the concept of using software to replace middlemen for all kinds of different services.

Another way to put it is that the Ethereum network eliminates the need for many types of inefficient and unnecessary middlemen. The way this is done is by providing a platform for something called smart contracts. Smart contracts are essentially software that is like programmable money. A simple example would be to use Ethereum to send your child some money. Let’s say they’re in college and you want to ensure that they always have enough to live off of.

Perhaps you decide to start by giving them 5 Ethereum. And then you set things up so that every time their account balance falls below 1 Ethereum, 5 more Ethereum is automatically transferred from your Ethereum wallet into theirs. The smart contract is smart in the sense that it knows in advance when to do something and only does it when certain conditions have been met. And, in addition to being programmable to automatically execute, it is direct from one person to another.

There is another reason why smart contracts are are truly smart. Not only are they programmable and peer-to-peer, but they are also unbiased. Smart contracts can settle any transaction in an unbiased manner without any human intervention. Since there is no human intervention, there is no room for corruption or unjust decisions to be made.

But Ethereum can do so much more than that first example illustrates. Here’s another example. Imagine using an Ethereum smart contract for escrow services.
For instance, let’s say you want to buy my house. Typically we would use a trusted third party to hold the money while you make sure that you can obtain the deed and I make sure I can receive your money. With a smart contract, however, when certain conditions are met and both you and I are ready to go ahead with the transaction, the smart contract would initiate and, simultaneously, the deed would be transferred into your name and I would receive your payment. This all can be done with Etheruem’s smart contracts, which could make the escrow safer, faster, and cheaper. Also, it would be recorded on an immutable and permanent ledger.

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