4 ms·
>Ethereum - Cool tech, but all the innovative parts of it are highly unproven. I think it's quite proven. Turing complete contracts work according to their cod
by Jabanga 9y ago
>Ethereum - Cool tech, but all the innovative parts of it are highly unproven.
I think it's quite proven. Turing complete contracts work according to their code. This has already allowed hundreds of automated token sales to take place, and anyone to copy paste some code to make their own token (with most using the ERC20 standard).
Alpha versions of several Dapps like Augur have been created and there is the Ethereum Name Service (ENS) which was programmed to do several innovative things:
* automatically release names for registration on a staggered schedule
* use hidden bids that are all revealed during a reveal phase
* require the winning bidder to deposit the winning amount of ETH in the ENS contract for as long as they want to maintain control over the name, thus attaching a rental cost for squatting on a valuable name like exchange.eth, which means the rent charged is proportional to the economic rent extracted by rent-seekers.
* allow peer to peer trade of names
All of these ENS features have been working for months. And this is simply a contract built on Ethereum.
And there are people working on contracts to lend out the ETH held for reserving ENS names, showing there are no limits to what can be done, subject only to the cost of the computing resources of the EVM.
Just as another quick illustration of the openness of Ethereum to innovation, here's a project that automatically created 10,000 unique digital collectibles, each a graphical depiction of a cryptopunk character, put them on the Ethereum blockchain, and then let anyone that wanted to, claim them for free.
All 10,000 were claimed and there has already been 25.0317 ETH ($7,762.83 USD) worth of cryptopunks purchased from those holding them, and there are currently 91.2646 ETH ($28,302.97 USD) in bids for cryptopunks for sake:
http://www.larvalabs.com/cryptopunks http://www.larvalabs.com/cryptopunks