Ethereum, The Final Frontier?
Old blood meets new blockchain
The development of Bitcoin in 2008 introduced the idea of a distributed and decentralized ledger system enabling users to execute peer-to-peer transactions with no mediators. Bitcoin offered users lowered transaction fees for cross-border/international exchange, real account ownership through private keys, truly secure and autonomous transactions, and an auditable ledger system known as the blockchain. Ethereum took all this and did the blockchain one better by integrating smart contracts and decentralized applications (DApps) on it.
Who is a Smart Contract?
While Bitcoin’s blockchain is more or less a public ledger system distributed over a network of geographically dispersed computers — or nodes, Ethereum’s blockchain can be likened to a distributed computer. It provides a Turing-complete, decentralized virtual machine for executing scripts through an international network of public nodes. Its Turing completeness means the network is not only capable of solving any mathematical problem computationally, but also capable of creating itself. This unique attribute is the foundation of Ethereum’s smart contract capabilities.
Smart contracts are programmed conditions issued through protocols, consisting of consensual arrangements between two or more parties for the facilitation, verification, or enforcement of predefined terms without intermediaries. Smart contract creates a trustless system as every agreement is secured by immutable terms without third-party interference. Smart contracts eliminate the friction inherent in traditional payment systems, ensuring that all parties involved are compensated instantly with irrefutable proof on the blockchain.
But Can It Run….
Most online applications are hosted on a centralized infrastructure under the control of a single entity. These entities manage users’ information and are the curator of any content on their platform. Developers are constantly at the mercies of these entities and have little or no control over their application data. Ethereum remedies this by decentralizing control through a globally-synchronized state, eliminating censorship, and directly connecting users to developers.
On Ethereum network, any developer can publish their application based on open source protocols and users are guaranteed that their favourite application will not just up and disappear one day — or erase their data.
Ethereum’s network is driven by a cryptocurrency token called “ether” (or ETH). Ether is used to compensate nodes for participating on the network and securing its integrity and is transferable between accounts.
Development Roadmap
Ethereum is the most popular cryptocurrency after Bitcoin. Its popularity has resulted in some noticeable issues, especially scalability and privacy concerns. Several updates have been issued to address these issues including the most recent Byzantium hard fork. According to its developmental roadmap, Ethereum is addressing scalability issue through the upcoming launch of the Casper testnet and the introduction of Plasma. These solutions will be the first step in scaling up the hard-coded limit per block on the blockchain from 15 transactions per second to roughly the 45,000 per second processed by Visa. Ethereum will be shifting to a hybrid PoW/PoS protocol as early as Q1 next year to integrate this upgrade and reduce the high carbon footprint that a traditional PoW platform will require to process that much transaction.
“[C]ombining blockchain tech and strong privacy may well be one of the next major frontiers in secure application development” Ethereum’s creator, Vitalik Buterin, once said, echoing one of the core tenets behind disruptive jobbing ecosystem, ConnectJob.
A Secure Ecosystem With ConnectJob
ConnectJob is a geolocational, mobile app compatible with any Android or IOS device that directly connects professional jobbers with service seekers in their locality. The blockchain-based platform is ushering groundbreaking service delivery through smart contracts allowing users to directly exchange services and values. All exchanges on the platform is recorded on the blockchain providing an immutable, irrefutable, auditable proof of transaction.
ConnectJob’s ecosystem is powered by the ERC20 compatible with ConnectJob Tokens (CJT). This utility token drives the settlement and reward system of the platform. ConnectJob is offering CJT tokens at 20% discount to all contributors from 12/01/2017 to 12/20/2017 for its presale event. Already over 5 million tokens have been sold in the first week. Tokens can be purchased using Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), Dash (DASH), or in fiat (USD/EUR) at 2400 CJT per ETH.
For more information please visit: http://ico.connectjob.io/
Media Contact: media@connectjob.io
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