Will the Real Web 3.0 Please Stand Up!

Ethereum: smart contract based platform technology soon to be released.

A world in which smart contracts are programmed by developers is right around the corner. The web decentralization revolution has started.

Developers take note, new opportunities could spark a wave of new start-ups. Not since the Java programming revolution of the 1990's have we been presented with innovation of this kind.

Ethereum is a blockchain-like protocol that permits secure decentralized, peer-to-peer transactions allowing for a whole host of development based industries from accounting and legal to voting and banking systems. Many other uses will come into play as open source programmers start to gravitate to this new medium. Ethereum's Platform runs on a new fuel known as “ether”.

"Ether is a necessary element -- a fuel -- for operating the distributed application software platform we are building: Ethereum. Without the requirement of payment of ether for every computational step and storage operation within the system, infinite loops or excessive storage demands could bog down Ethereum and effectively destroy it."

Currency denominations have strange sounding names such as:

• wei
• szabo
• finney
• ether

Basically, ethereum is a decentralized database platform that allows for efficient storage along with effective transaction processing while maximizing computations. Ethereum makes use of an embedded scripting language.

“Ethereum provides the ultimate abstract foundational layer: a blockchain with a built-in Turing-complete programming language, this allows developers the ability to write smart contracts as well as decentralized applications allowing them to create their own arbitrary rules for ownership, transaction formats and state transition functions.”

Ethereum aims to improve transactions per second scalability down to an average 12 second time block. Version 1.0 is soon to be released, to be followed with future upgrade versions offering greater scalability for storage as well as improved computational capability gains.

Smart Contracts are the building blocks

Decentralized programmed transactions may sound like stuff from science fiction and may be considered by some similar to a “Star Wars” like phenomenon. Believe it or not, but it may be coming to you at warp speed via technology that will challenge and enhance our current antiquated contract based legal system.

Basic everyday contracts come in to play when there is an offer, an acceptance and exchange of value (consideration).

On the other hand, the newly termed “smart contracts” are digital computer coded decentralized programs that run on various block chain based platforms like Ethereum. Although they have not yet been widely adopted, that is going to change in the future as bockchain based systems like “Ethereum” provide the various tools developers will need to integrate contracts and the front end client-side interfaces. These systems will provide a greater degree of privacy and much more security compared to current web based centralized systems.

Tools and Skills:

Scripting languages such as Solidity and Serpent. New technologies and GUI’s such as Alethzero, Mix, Mist, Swarm, Whisper and others.

Ethereum Swarm - P2P decentralized storage solution

Swarm is a non-released concept stage file storage and data transmission protocol geared towards web data and content hosting. All this static data will be mapped to a hash address. It looks like Swarm will work in conjunction with Whisper (P2P Messaging) and the Ethereum protocol. All these are accessible through a front end client such as Alethzero which developers can use as a tool for managing their decentralized projects.

Ethereum Whisper - P2P decentralized messaging solution

Whisper is a non-released concept stage messaging protocol that can be integrated with both the Swarm and Ethereum protocols. The Whisper project is geared more towards transactions that last for short periods of time and do not need to be archived. So it is a means of temporary recording and signaling. We should think of this as transactions without a need to archive.

The front end tools for building the web like user interface will be generic and familiar to developers. These tools include Javascript, Python, Java, C , CSS, HTML and Ajax.

These smart digital contracts must be carefully programmed and should include built-in features such as dispute resolution terms which may offer arbitration language and multi-signature process provisioning.

Some resources that are at various stages of progression:

Ethereum – https://ethereum.org

Other independent development initiatives

Ether.Fund – http://ether.fund

Etherex – https://www.etherex.org

Augur – http://www.augur.net

Knowledge is power. So now, you know.

Rocky Fikki is a tech and open-source maverick, foreseeing trends in next level technologies that will change the way we work and conduct business.

Caveat: “This is not offered and should not be considered as legal advice”. It is mere opinion and a very brief synopsis of this topic”

Sources: Ethereum.org, Ethereum White Paper