Blockchain, Crypto Currency, and Smart Contracts - the 3 pillars of Ethereum and the foundation of Web3.0
The public has a superficial understanding of the Internet 1.0.
They know it as a network, computers, connections, and devices for online activity such as shopping, social media, work, etc. But they don’t know the protocols of the Internet, what keeps it alive, how people fit into its sustenance. And the public doesn’t really care about that either.
With Web 2.0, more people find tech talk accessible and acceptable, know about IoT, Alexa, Siri, self-driving cars, drones, VR, Ted Talks, IFTTT, online learning, and so on.
Blockchain, Crypto Currency, and Smart Contracts, the foundations of the new Internet that is rightly being hailed as Web3.0, will be broadly known by their effects.
This is where we don’t rely on or expect fiat, government, banks, or corporations to have central control over our identity, money, and decisions. These Web3.0 technologies give us a distributed, decentralized platform to bring institutional, transformative change at a scale and pace never seen before.
These components will re-invent supply chain management, logistics, voting, banking, medical records, data storage, social structures, communications, and organizational entities, and they represent a seismic, exponential evolution as significant as the birth of the internet.
This is the dawn of an era, the next generation of the internet. It is happening now, it is happening everywhere, and it is unstoppable.
How do we know that things are afoot?
- China legalized Bitcoin trading
- Bitcoin is now legal tender in Japan
- India has eliminated some fiat denominations to experiment with crypto currency
- The formation of the Enterprise Ethereum Alliance has rallied over a hundred major corporations (including Microsoft, IBM, Samsung, Deloitte, Accenture, Intel, JP Morgan, Merck, Toyota) around Ethereum blockchain to bring identity and fintech solutions into reality
- Hyperledger of the Linux Foundation, and R3 bank consortia are powering up for blockchain R&D
- Bitcoin went ballistic from $1000 to over $2600 in 4 months
- Ether rose from $15 to over $200 in 4 months
- ICOs (initial coin offerings) are crowdfunding new startups every week with many millions of dollars, some of which sell out in hours
- Consensus 2017 Conference brought together all the big players to speak about their projects and plans for 2017 and 2018, including major initiatives such as @identity2020 to serve the world’s 2 billion underbanked
- Estonia is bringing health care medical records to the blockchain
- Dubai intends to run their city on the blockchain by 2020
Crypto Currency will re-invent money and free us from the death spiral that is the fiat debt economy. Turing complete Smart Contract programs will power auto-executing agreements that eliminate intermediaries and make settlements cheaper and faster. Blockchain will decentralize and distribute control to realize faster, more accurate, and more secure voting, public records, and increase operational efficiencies that unlock the real power of the internet to all business verticals, financial markets, and government and social spheres.
Hype and hyperbole abound here and across the internet, but even the universe needed a big bang before the world was formed.
Good luck to everyone as we face global volatility while things shake out, reshape and reorganize during the most significant and most exciting tech development of our time.
Let’s thank Satoshi Nakamoto (creator of Bitcoin) and Vitalik Buterin (inventor of Ethereum) for their roles ushering us into this strange but exciting time.
Cheers to the fantastic YouTubers who bring us daily news and insight about this rapidly developing space in educational and entertaining ways:
Ivan on Tech - https://www.youtube.com/user/LiljeqvistIvan
ETHEREUM SUBREDDIT - https://www.reddit.com/r/ethereum
DEVCON TWO - https://vimeo.com/203348073