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What is Ethereum and Ether

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According to Aristotle, Ether is the fifth and the most perfected element. Not strange that Vitalik Buterin, a programming genius, called his project Ethereum. Soon you will understand why. Ethereum is a fundamentally new platform for applications. It is in the same type a platform and a programming language which allows the developer to create and publish distributed applications of the new generation. The client for OC Windows, Linux and Mac OSX 10.9. can be uploaded on the Ethereum website. Ether is the inner currency of the platform. The network can be used for encoded and safe transaction of anything: agreements, money, voting results, etc. Unlike Bitcoin network, Ethereum doesn’t ask for access to your personal data or funds, which opens the doors to many, recently impossible, applications. Ethereum protocol is public and can be used for any program development. At the same time, the program can be written in any programming language. And the written application will be fulfilled in the perfectly protected “cloud”. Separate accounting units, called Ether, are building blocks, which are functioning within the general network. Every unit is a computer program that has its own balance, memory, and code. On their basis applications with open source code are built. Among such applications can be programs for conclusion the contracts, creating cloud data storages, decentralized hosting, forecast markets, trading platforms, and even your own currencies.

Cashila to Trade Ethereum

But their only existence the companies that use blockchain technology challenge the central banks as a system. But at the same time, Cashila, the first world Bitcoin-oriented payment system with the central bank license, demonstrates that the break between these two worlds is not invincible. From now on, the company offers an opportunity to trade and save Ethereum fast and easy. Today, it is not surprising when the Bitcoin based platform are interested in Ethereum and even invest into it. Various currency platforms suggest their users available ways to buy and sell Ether, the inner currency of the Ethereum. Kraken, Bitfinex, Coincheck, and Korbit have implemented such service this year. However, as for payment processing in Ethereum, looks like no one cares about it. Cashila is going to become a pioneer in this field, planning to confirm its assistance in the sphere in the nearest future. At the moment, the most requested service is the possibility to fulfill everyday payments or direct transactions to any part of EU by using Bitcoin. In addition, the users are able to receive Bitcoin or Euro payments to their online wallet from Cashila. Since the release Homestead has seen the world, the talks about adding Ether to Cashila platform haven’t stopped. So far, it is unknown whether this service will have an autonomous platform or it will be just one from many on the service that will allow the actual exchange between Ether and Euro. According to Jani Valjavec, the co-founder of Cashila, Ether purchase is still quite complicated for the ordinary people. That’s why the company has created this service to simplify the purchase and safe keeping of Ether. It will allow buy and sell crypto-currency by one mouse click. The additional benefit of the service will be the support of both ETH and EUR wallets, which allows to quickly switch the currency. In addition, the EU citizens will be able to put and withdraw money via SEPA – in the countries where such possibility exists. For the newcomers, purchasing Ether has always been a complicated procedure because of detailed identity check on the most currency platforms. Cashila has simplified this process, and the users can do without identity verification. The only thing when the verification is still needed – if you want to cross the limit of 1000 EUR. The majority of useful decisions requires quite high commission fee for their services. However, according to the existing information, the commission will be only 1% of trading operations and money transferring, which seems not a high price for the services of such level.

Ethereum Threatens Intermediaries

Will a machine be able to hire people? Now it sounds like a quote from the fiction book, but soon it can become a reality. According to Vitalik Buterin words, in the near future machines will be able to conduct interviews. It will look nearly as following: the conditions for the publishing mechanism and new website design choosing are set. After the several options will be provided, users evaluate them, the winner receives reward, and the machine chooses his option of design. Such work model already has a name: Decentralized Autonomous Organizations, or DAO. Buterin himself describes them as kind of payoff for big companies’ managers. “Industrial revolution for the first time helped us to replace human work by machines, - he wrote in a Bitcoin Magazine in 2013. – But it is only the automation base that excludes hand work from the process, when the company management still remains untouched. […] Is there a possibility to remove managing staff from the system?” Decisions based on DAO should raise concerns of the companies that provide simple services such as providing servers, or similar. For example, Dropbox, that is just storing data. Ethereum contracts can easily do the same. The situation with other financial services and voting systems is the same. The necessity in intermediaries with their servers eliminates, one should not trust them anymore. The notion “trustlessness” is a key one in Ethereum. Right now we are obliged to trust Internet-giants that we provide with our personal info or resources. We’re not aware what they do with it and how our data are protected from corporations or government. All our operations require the trust to our contractor, with whom we sign an agreement, and we should rely on his decency. But the Ethereum contract will always be “decent”, in addition, it will be always accessible on the platform. In conclusion, the main part of the Ethereum success will depend on how it would be used, and what applications will be created on its basis. However, its popularity may become its soft point and even lead to failure, if p2p network is overloaded by the too big amount of information. Servers, after all, exist not for nothing. “It is clear that if the whole world will use our decision, we would have problems, since we will face a huge overload. – admits Tual. – One of the decisions under the consideration is the usage of another language that will allow to keep only currently important for a particular user part of the blockchain, providing the possibility to use it and check transactions. The other decision can become a creation of the several chains of blocks, meaning several Ethereums. This question is still being discussed right now.”