Planet Gorik

My personal blog

Category: cryptocurrency

What is Ethereum?

On the one hand, Ethereum is a cryptocurrency like Bitcoin. But it is also very different.

Bitcoin is designed as a digital currency, with the specific purpose of exchanging money. All transactions are stored in the Bitcoin blockchain.

Ethereum also uses a blockchain, but it is designed as a platform to run decentralized applications. Continue reading

Blockchain and cryptocurrency explained

I’m a fan of new ideas and new ways to adjust our society to the evolution that the Internet has brought us.

I’ve kept my eye on bitcoin for some time now. Not as a big time investor, but as a technology watcher. Although my little share of bitcoin has the biggest return I’ve ever seen. On paper that is, because I don’t want to sell it. Bitcoin is like digital gold. You keep it for a rainy day. I’m not a day trader.

But the blockchain technology behind bitcoin has so much applications than only being a digital currency. Blockchain is the future and it will change the way the world does commerce in the future.

Hate banks that make you beg for a loan and charge high interest fees? Blockchain will allow worldwide micro loans between individuals at much lower cost.

Hate the large fees you pay to banks, PayPal or Credit Card companies when you want to transfer money between people in different countries? Or hate being at the mercy of their ever changing rules, canceling accounts for no good reason, just to protect their own assets? Cryptocurrency solves this problem.

Hate lawyers, notary fees, expensive escrow services? Look into smart contracts build upon blockchain technology.

I’m fascinated by the evolution and the potential that blockchain and cryptocurrency will bring to our world and I plan to write more about it.

In the meantime, read this awesome article by Nick Szabo, one of the founding fathers of the concepts behind cryptocurrency:

http://unenumerated.blogspot.be/2017/02/money-blockchains-and-social-scalability.html

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