6 ms·

I'm still confused on what Ethereum really is and how likely it will succeed.

by dfischer 10y ago

brighton36 10y ago
No one needs this product. It's designed to sell tokens to the clueless.
- drcode 10y ago
  You should let JP Morgan, Microsoft, IBM, Samsung, Deloitte, Merill Lynch and Bank of America know, so they can cancel their ethereum projects ASAP.
  - manigandham 10y ago
    What projects are they doing?
    - drcode 10y ago
      You can Google them all individually, but in general lots of companies are building asset management systems, usually with some sort of hybrid of private along with the public ethereum network
      - hueving 10y ago
        >with some sort of hybrid of private along with the public ethereum network i.e. they're not using it as it is
        valkea 10y ago
        The ethereum network was designed for people to develop systems all the way from fully private to fully public.
  - brighton36 10y ago
    I do that every week
ianpurton 10y ago
It's a bitcoin clone but with the secure proof of work removed and replaced with insecure proof of stake. Sounded great at the time and they made lots of money from a crowd sale.
- drcode 10y ago
  ethereum uses proof of work.
  - michaelhorton 10y ago
    For now. Switching proof of stake with casper.
thescriptkiddie 10y ago
It's like Bitcoin but with a Turing-complete scripting language and other features that make smart contracts more practical.
natrius 10y ago
Ethereum is a platform for decentralized applications. I think of it as a giant scroll in the sky that everyone can write to, but each line has to be cryptographically signed to identify its writer, and existing lines in the scroll can't be modified. A giant digital scroll in the sky is meaningless, but Ethereum lets you write actual programs as entries in the scroll that define what new entries actually mean. The DAO defines entries that mean "I'm funding the DAO", "I'm voting for a DAO proposal", and "I'm withdrawing my remaining funds from the DAO". Since these entries can't be modified, any app can evaluate the scroll and display conclusions about what has happened in history. Since Ethereum is Turing-complete, any interaction between people can be defined as entries in the scroll. Ethereum is the raw material for social coordination. Instead of dreaming of ways the world should work, you can build new ways and see if people want to use them. It's incredibly exciting, and I hope more people join us in building social software that users control.
- dfischer 10y ago
  That sounds compelling, what are the obstacles for it to truly make a difference? How much adoption would it require? It seems incredibly ambitious which is great but what can _we do_ to make it more likely to succeed? What does the next 3-5 years look like? Is it meant to be a new form of government at a state level? Or more oriented to small scale like a company?
  - natrius 10y ago
    I hope the product I'm building will have a big impact within a year, but I'm biased. Adoption is easy because Ethereum-based apps can be plain old websites. The hard part is building something compelling. I don't think it's really about replacing governments or companies. I view this technology as a way to empower individuals. Think of how marketplaces like eBay, Uber and Airbnb have empowered individuals to trade without an employer. Imagine those without the monopolist middlemen taking a cut and kicking people they don't like out of the market. Imagine open, efficient marketplaces for every kind of trade that free more and more people from the soft feudalism of corporate employment. Imagine new kinds of incentive systems to get more good outcomes and fewer bad ones. Our economy is our collective nervous system, and we can now program the whole thing without permission. If you want to see this technology to succeed, you can help build products that use it or be an early adopter whose feedback helps guide products in the right direction. We'd love to have you in r/Ethereum.

I'm still confused on what Ethereum really is and how likely it will succeed.

brighton36 10y ago

No one needs this product. It's designed to sell tokens to the clueless.

drcode 10y ago
You should let JP Morgan, Microsoft, IBM, Samsung, Deloitte, Merill Lynch and Bank of America know, so they can cancel their ethereum projects ASAP.
- manigandham 10y ago
  What projects are they doing?
  - drcode 10y ago
    You can Google them all individually, but in general lots of companies are building asset management systems, usually with some sort of hybrid of private along with the public ethereum network
    - hueving 10y ago
      >with some sort of hybrid of private along with the public ethereum network i.e. they're not using it as it is
      - valkea 10y ago
        The ethereum network was designed for people to develop systems all the way from fully private to fully public.
- brighton36 10y ago
  I do that every week

ianpurton 10y ago

It's a bitcoin clone but with the secure proof of work removed and replaced with insecure proof of stake. Sounded great at the time and they made lots of money from a crowd sale.

drcode 10y ago
ethereum uses proof of work.
- michaelhorton 10y ago
  For now. Switching proof of stake with casper.

thescriptkiddie 10y ago

It's like Bitcoin but with a Turing-complete scripting language and other features that make smart contracts more practical.

natrius 10y ago

Ethereum is a platform for decentralized applications. I think of it as a giant scroll in the sky that everyone can write to, but each line has to be cryptographically signed to identify its writer, and existing lines in the scroll can't be modified. A giant digital scroll in the sky is meaningless, but Ethereum lets you write actual programs as entries in the scroll that define what new entries actually mean. The DAO defines entries that mean "I'm funding the DAO", "I'm voting for a DAO proposal", and "I'm withdrawing my remaining funds from the DAO". Since these entries can't be modified, any app can evaluate the scroll and display conclusions about what has happened in history. Since Ethereum is Turing-complete, any interaction between people can be defined as entries in the scroll. Ethereum is the raw material for social coordination. Instead of dreaming of ways the world should work, you can build new ways and see if people want to use them. It's incredibly exciting, and I hope more people join us in building social software that users control.

dfischer 10y ago
That sounds compelling, what are the obstacles for it to truly make a difference? How much adoption would it require? It seems incredibly ambitious which is great but what can _we do_ to make it more likely to succeed? What does the next 3-5 years look like? Is it meant to be a new form of government at a state level? Or more oriented to small scale like a company?
- natrius 10y ago
  I hope the product I'm building will have a big impact within a year, but I'm biased. Adoption is easy because Ethereum-based apps can be plain old websites. The hard part is building something compelling. I don't think it's really about replacing governments or companies. I view this technology as a way to empower individuals. Think of how marketplaces like eBay, Uber and Airbnb have empowered individuals to trade without an employer. Imagine those without the monopolist middlemen taking a cut and kicking people they don't like out of the market. Imagine open, efficient marketplaces for every kind of trade that free more and more people from the soft feudalism of corporate employment. Imagine new kinds of incentive systems to get more good outcomes and fewer bad ones. Our economy is our collective nervous system, and we can now program the whole thing without permission. If you want to see this technology to succeed, you can help build products that use it or be an early adopter whose feedback helps guide products in the right direction. We'd love to have you in r/Ethereum.