The project Ethereum is just starting, but the idea has already captured the thoughts of the crypto-currency community. If you are not familiar with the market, you just can’t estimate the importance and innovativeness of the Vitalik Buterin’s project. However, it’s never late to start getting acquainted with the new trends. Maybe, in few years, it would be our new reality.
And to illustrate the popularity of crypto-currency and Ethereum in particular, here is a story of Bitcoin Kid – a 15-year-old crypto-currency fan.
His name is Whit Jackson and he is a Los Angeles sophomore student. And, as you may guess, a crypto-currency venerator. Whit says that his acquaintance with crypto-currency has started from Dogecoin. It was not about the currency, which had interested him, but about a popular meme Doge. However, after he got involved into the maze of crypto-currency, Whit became its core fan.
Jackson spent a lot of time on related forums and communities, where more experienced users initiated the boy into the crypto-currency mysteries. Not strange that soon Jackson found out about Vitalik Buterin, a 21-year-old genius and creator of the Ethereum.
Bitcoin Kid is not an ordinary student with mediocre outlook. In his 15 Jackson is a CTO in Etherparty – the platform which aims at simplifying the Ethereum smart-contracts issuing. In addition, he is an intern on Tether, the platform for currency trading.
Jackson says that his passion for techno-world and crypto-currency is the result of communicating with the right people, who had time and desire to make complicated things simple and interesting for the American teenager.
Vitalik Buterin Explains Terminology
If you are not a programmer, it would be not so easy to understand the terminology of the crypto-currency market. Vitalik Buterin explains the main terms which will make everything clearer for you.
Smart Contract. This is the easiest form of decentralized automation, the mechanism, which includes digital assets and two or more sides, who invest the assets in the contract. After that assets are automatically distributed between the sides according to the formula, figures of which are unknown at the moment of contract signing.
To put it another way, Pete is going to pay $500 to John for website creation. A smart contract will be working the following way: Pete puts $500 on contract, and they are blocked. When John is ready with the website creation, he sends Pete message, asking to unblock money. If John states that he has fulfilled his job, but Pete doesn’t agree, then in 7 day term their case will be examined by the judge, who will decide which side will receive money.
The main peculiarity of the smart contract is the limited number of sides. Smart contracts may act endlessly.
Autonomous Agent. It is the one side of automation specter: autonomous agent needs a person to create it, but afterwards it will be fully independent. A good example is a computer virus, which distributes itself on countless computers, “surviving” without human’s help. Fully autonomous agent is a dream for now. Such artificial intelligence would be able to change itself according to circumstances, and maybe broaden to the level when it would be able to produce details for its further functioning. Between the agent like a virus and the artificial intelligence there is an extensive grade which offers numerous possibilities. Autonomous agents are quite complicated things to develop, since they should be “intelligent” enough to avoid many “dangers”, so this is very broad and perspective field of work for talented programmers.
Decentralized Application. It resembles smart contracts, but it has two significant peculiarities: decentralized application has unlimited number of users and it is not related to finances. There are two main kinds of DA: fully anonymous DA and based on reputation DA. First one includes many anonymous knots and the system consists of the series of fast interactions between them. The second type is reputation based DA, where the system monitors all knots within the system by means of security arrangements.
Korbit Added Ethereum to the Currency Pool
One more currency platform has decided to add Ethereum to the currency list available for trading and exchange operations. After the success of this digital currency in Japan, thanks to Coincheck, Korbit in Korea has become the next platform that included Ethereum in its big financial family. So Ether is slowly but steadily catching up with Bitcoin in the means of availability. Still, it has to pass a long way to the similar success of Bitcoin.
Ethereum community has found out about it because of the message, where the exchanger team announced about adding Ethereum to its trading markets. This is one more plus to the perspective crypto-currency, since Ether becomes more accessible for the users all over the world. Similar actions in Japan and Korea less than in 72 hours are quite remarkable event to pay attention.
At the moment users can only trade between Bitcoin and Ethereum, since the similar decisions for other fiat currencies are not realized right now. However, the Korbit users can credit their accounts with Korean wons and convert them into Bitcoin very fast. The intermediary services can be very irritable, but sometimes they are necessary to achieve a goal and fulfill a task.
Besides this, Korbit users will be able to transfer money from their wallet KRW/BTC in BTC/ETH wallet. These swaps will be fulfilled immediately, without additional fees. Traders warn that substantial fluctuation of Ethereum rate can lead to the temporal stop of currency exchange operations with Ether.
It will be interesting to observe whether there is a demand for Ethereum in Korea, since the country is quite passive in its Bitcoin interests. The trading of two most widely used crypto-currencies may cause the increase of trade value on Korbit.
By reason of the fact that there is no opportunity to trade Ether in a pair with KRW, platform doesn’t cause much interest. Still, it is definitely a great achievement, since it gives an opportunity to the new users to fulfill exchange operations between Bitcoin and Ethereum without difficulties.