Ensuring BroFistCoin’s future by utilizing the real power of Ethereum: Smart Contracts

We decided to build BroFistCoin on top of the already established Ethereum blockchain instead of creating our own separate blockchain.

There are many good reasons for that. For one, creating a separate blockchain from scratch would’be been highly impractical. In this short 3 minute article you will learn more about Ethereum and why we decided to utilize its power in our project.

What’s Ethereum?

Think of Ethereum as a giant network of computers that collectively power the Ethereum Virtual Machine- A platform capable of running Smart Contracts- applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.

With no support for Smart Contracts our initial project would’ve been good for one thing only (mining a coin). And while adding support for Smart Contracts to the project would’ve been theoretically feasible, it would have looked a lot like trying to reinvent the wheel.

What are Smart Contracts?

The way that Ethereum is set up allows us, the developers, to quickly and effectively create powerful applications known as Smart Contracts that run on the Ethereum blockchain. These can then be used to create fully decentralized apps known as Dapps. If you need a few examples just look at CryptoKitties or EtherIslands.

Additionally a Smart Contract can also be used to store data. This means that you can essentially use a Smart Contract as a decentralized database. CryptoKitties, for example, stores the specifics of every Kitten ever created permanently inside their Smart Contract.

Infrastructure for a decentralized Internet

Vitalik Buterin, the lead developer behind Ethereum once said that “we are essentially building an infrastructure for the new internet”.

A bold statement for sure, but when you consider the fact that Ethereum can run literally any program that a developer can conceive of coupled with the fact that you can store data within the network itself, his statement suddenly starts to make a lot more sense.

Because we can use any modern front-end technology to build interfaces for interacting with Smart Contracts directly, it’s only a matter of time before someone builds a decentralized Facebook or Reddit that runs solely on the Ethereum Virtual Machine.

What does any of this have to do with BroFistCoin?

If you’ve made it this far you hopefully understand the basic concepts of what makes Ethereum so much more powerful than anything the world has seen before.

BroFistCoin was developed as a cryptocurrency to comply with a common set of rules (the ERC-20 Standard) to properly function within the Ethereum ecosystem. This means that we can now build our own decentralized applications that use the BroFistCoin ERC-20 compliant token (PEW) as currency.

The chair collectible example

For example we could issue a virtual version of PewDiePie’s chair as a collectible item on our website.

Anyone who pays 399 PEW coins would be able to purchase a virtual chair and the chair’s Smart Contract would store data about users who have bought the virtual chair in a decentralized public database.

While we haven’t yet started working on the collectible it’s actually something we’ve been considering for quite some time now. If you like the idea you can encourage our developers to build a Smart Contract for it in our Discord channel.

Incentive to create better memes

Our vision over at brofistcoin.io is to provide an incentive for meme creators to come up with original content.

Whether you like it or not, memes are a part of our culture and therefore it is our responsibility to pave the way for future generations by creating quality memes instead of reposting the same thing over and over again.

Earn BroFistCoin by contributing to the community

Instead of mining it using your computer you can earn BroFistCoin by contributing to the community.

Whenever you create a new and exciting meme that the meme lord PewDiePie praises in one of his Meme Review or LWIAY episodes, you, the creator, will be sent a certain amount of BroFistCoin for your efforts.

If you’d like to learn more about our project you’re welcome to check out our website for more details.