Alex McCreary

Emerging Digital Currency Tech Could Change the Way We Use the Internet


A new age is emerging out of a community focused on developing distributed computing. Some are calling it “the new internet,” and its ideas are quickly reaching the mainstream. The ideas behind this new distributed computing network have been mentioned more frequently in TV shows and news networks, and the network, itself, has even penetrated large companies.

In 2014, a new blockchain network called Ethereum surfaced. Ethereum has a few key differences compared to other digital currencies: speed, mining algorithm and a development platform. Ethereum’s network can confirm currency transactions more quickly than Bitcoin, which means it takes less time to transfer currency between entities. Also, Ethereum’s mining algorithm allows for a greater number of miners at a lower hardware cost.

 

Ethereum has a development platform built into the blockchain, which uses a technology called “smart contracts.” Solidity, a programming language, was designed to develop these smart contracts. Some simple applications of these smart contracts are voting systems, gambling games, crowdfunding and blind auctions. The Ethereum network recently took a step towards a new internet; developers created a domain name service for the network called Ethereum Name Service (ENS). The ENS was deployed to the Mist wallet and implemented a blind auction to allow people to claim ‘.eth’ domain names for use on the Ethereum network.

Some companies even have smart contract application ideas and plans that are crowdsourcing funds. Similar to a new stock company’s Initial Public Offering (IPO), some companies plan to develop blockchain applications to raise funds in what is called an Initial Coin Offering (ICO). These ICOs have piggy-backed off of the Ethereum network and developed their own currencies called tokens. Companies raise funds by selling their tokens. For example, Bancor has plans to develop a management system of these tokens, and during its ICO, it raised over $150 million worth of Ethereum’s currency in three hours. Another example is Civic, which recently raised over $33 million to develop an identity verification system on the blockchain.

There are so many potential applications for decentralized computing technology, and we’ve only just begun recognizing their potential. What could be the next great blockchain application? And will it replace what we know today as “the internet”?

About Alex McCreary

Alex is a Senior Developer at Merit. Alex’s background in security and risk analysis, along with his expertise in tech starts-ups and cryptocurrencies, gives him a unique point of view on solving client challenges. The Non-Conformist, he believes that Ethereum > Bitcoin.

See More

RELATED
INSIGHTS

Merit

Web Design and Market Invention

Web designers are the architects that create the visual elements of the site, the stuff the user sees. Web developers create the functionality that works in the background. When working together, the two disciplines deliver a seamless, clean experience that ignites a buyer’s interest.

Trevor Stauffer
Five Lessons From the Growing Artisan Economy

We hear a lot about the artisan economy. It’s a movement towards personalized, hand-made, small-scale production that has been gaining lots of momentum in the US. So much momentum, in fact, that artisans are taking a measurable chip out of mid-sized manufacturers. According to the Inter-American Development Bank, if the artisan economy were a country, it would have the fourth largest economy in the world. While larger sized businesses obviously cannot compete with some aspects of the artisan economy, they can certainly reflect on some of the principles that are propelling artisan growth and apply them to their own organizations.

READ IT
Trevor Stauffer

Nonni's Biscotti owns its Market, but will it stay in first place?

Before Nonni’s came out with its first gourmet cookies in 1988, few Americans had a clue what a biscotti was. But the company presented its simple, crunchy cookies as a classier, healthier alternative to traditional American cookies, and biscotti soon became a national trend.

READ IT
Casey Boggs
Portland, Oregon: A Growing U.S. Market of Invention

Portland, Oregon has promptly become one of America’s most alluring and fastest-growing cities. According to the U.S. Census, the Rose City is growing at clip of 1.36 percent per year. Known for its unmatched lifestyle, food, and drink, the city is also notorious for its creative weirdness. Yes, “Keep Portland Weird” is not only a cute motto, but a way of life.

READ IT
Casey Boggs

How A Corporate Crisis Leads To Market Invention

In the past year, several companies have seen their previously respected reputations, staff morale, and overall profits severely dwindle as a result of a damning crisis that hit their business. However, a crisis should be seen as a learning lesson and opportunity to change, improve and invent.

READ IT
Trevor Stauffer

The $70 Billion Bean

A $70 billion international industry began centuries ago with some hyper goats in the desert.

Merit
Three Market Invention Trends for the Legal Industry

The traditional operation model for legal services is antiquated. Historically, the market has tolerated rampant inefficiency and low value for price. Lawyers typically don’t score high on the “benefit to society” scoreboard, either. But modern consumers want change: there is a growing demand for legal firms that engage with clients and operate with speed, accuracy, and convenience. And consumers want this efficiency at a much lower cost.

READ IT
Merit

Market Invention Techniques for Realtors

Only a few years ago, many people believed that most Millennials would never be homeowners.

READ IT
MERIT MARKETING
Harrisburg Office
2201 N Front Street, Harrisburg, PA 17110
Portland Office
917 SW Oak Street #303, Portland, OR 97205