Decentralized Ethereum Payments

Feb 23, 2018 · 2 min read

I am an Ethereum Maximalist. I believe that through sharding and other technologies, Ethereum is going to scale to 10,000 tx/s to become the fastest, most powerful blockchain with the largest community of apps and users. It has already started. Ethereum is already the #1 programmable decentralized computer system in the world. It has the largest, most able community and already boasts the highest transactions/day of any decentralized network. It has first movers advantage and it will become (if not already is) the Windows of blockchain.

This means that soon, the first centralized corporation will launch their own smart contract on the Ethereum blockchain which will interact with decentralized users and contracts. Once that happens, the rest will follow suit and Ethereum will have full interaction with real world data and real world human responsibilities and actions.

‘Ether’ is not a token and so it unfortunately it does not interact with smart contracts. It would be ideal if it did because it is fairly distributed with proof of work and it is pretty good for payments. Now wrapped Eth (wEth)is a token, except its a bit cumbersome. There could be multiple contract clones all claiming to be wEth and ether is not meant to be a payment mechanism between humans. It is designed and will continue to be used for computers to pay other computers for remote execution and as lifeblood to sustain the network.

The Ethereum community is lacking a pure token which is decentralized medium of exchange and payments. Tokens that are ICOed cannot be this. Bitcoin is a fantastic example of a decentralized medium of exchange, but it does not interact with smart contracts either unfortunately. In order to fill this void, 0xbitcoin has been launched as a smart contract at 0xb6ed7644c69416d67b522e20bc294a9a9b405b31 . This is a replica of Bitcoin. It is mined like Bitcoin. It is decentralized and fairly distributed like Bitcoin with no pre-mine and no ICO. It will very heavily increase its mining difficulty exactly like Bitcoin with a similar compounding algorithm for difficulty targeting. It can interact with all smart contracts and can be passed between Ethereum accounts as fast and the Ethereum network allows.



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