The cleverness of Ethereum

Lao Mao’s special note: Ethereum has seen a huge increase recently. Please do not use this article as a basis for investment. Investment requires caution and the consequences are at your own risk.

This Weibo post by Yemao means that Ethereum has begun to attract attention from the Bitcoin investment community.

In the digital currency market capitalization rankings, Ethereum has firmly stood in the second position after Bitcoin.

As a technical novice, I don’t have the ability to fully explain to others what Ethereum is. However, I unexpectedly discovered that Ethereum is so smart that it almost bypasses all the pitfalls that Bitcoin has encountered. Could it be that Ethereum also has an IQ of over 180? :)

Distribution method

Ethereum adopted the Bitcoin IPO issuance method, and raised a total of 31,529 BTC at the time. Calculated at the Bitcoin market price at the time, it was worth about 18.4 million US dollars.

Satoshi Nakamoto single-handedly laid the theoretical foundation for Bitcoin, and Ethereum not only stood on the cornerstone of Bitcoin, but also used Bitcoin crowdfunding to reserve sufficient start-up capital on the one hand, and accumulated a large seed user base on the other hand. More importantly, it won attention and expectations from all over the world. Compared with the obscurity of Bitcoin in its early days, Ethereum is simply a child of a noble family who was born with a golden key, and it can be said that it truly won at the starting line.

Development method

Ethereum uses multiple programming languages ​​to implement the protocol, and the client written in Go is the default client. In the environment of multiple programming languages ​​competing, the product that best meets the planning ideas is obtained, and in this way, more people's thoughts are concentrated to make the program more complete, which will make the development of the entire process more stable and reliable.

POW to POS

The benefits of doing so are obvious. Since mining is only a phased process, investing in the production of mining machines is obviously a loss-making business. More people use graphics cards to mine, which achieves fairness in distribution. Once it is converted to POS, the performance is incomparable to the POW mechanism. Because of this mechanism, the so-called problems such as miner computing power hijacking will not occur, nor will there be problems such as excessive concentration of output due to a mining machine arms race.

Technology without labels

Ethereum is purely a Turing-complete development platform. Although it is very professional in technology, it has never labeled itself as a free currency or a replacement for legal tender. It is just a gentle basic platform that can be used by anyone. No government or institution would be averse to a platform based purely on blockchain technology. In fact, the government and financial institutions do need a professional and reliable blockchain technology platform, which makes cooperation at a higher level possible.

Elite Route

In addition to being popular among true technology geeks, Ethereum is also good at taking the high-end elite route. We don't see the Ethereum team keen on doing any activities in the "cryptocurrency circle", but it has received investment from Wanxiang Group and is very close to the professional auditing company Deloitte. Even the R3 system of the world's top eleven banks favors Ethereum. Such an approach is unimaginable in Bitcoin, a currency concept based on "disruption". But the problem is that the elite route is often a shortcut to success, just as poor children may become successful people, and children born with a silver spoon in their mouths actually have more chances of success.

IQ Isolation

This may offend some people, but it is the true fact.

Some scams that seem to be full of loopholes are actually believed by some people. This is the cleverness of the scammers. They use obvious loopholes to isolate the smart people and leave a bunch of idiots to play around. Ethereum, on the other hand, does the opposite. It uses extremely abstract concepts that most people cannot understand, but the few who can understand them are fascinated by them. This approach actually isolates most people with low IQ from early participation opportunities, and allows people who understand the value of Ethereum to have more opportunities to participate. This also ensures that the seed users of Ethereum are people who can hold and participate for a long time.

Until now, most pure speculators still stick to the concept of "coin". They still don't understand it and therefore cannot participate. The proportion of real investors is larger, which also makes the future development of Ethereum more stable.

Two benefits

Benefit 1: What exactly are Ethereum and Ether?

Although analogies are difficult to express the real core idea, using analogies is also a way to help others begin to understand:

Ethereum can be imagined as a piece of land in the new world that has been leveled. All the infrastructure is ready. Anyone can build what they want on this land as long as it complies with the basic rules of this land.

At the beginning, there was nothing on this land, but now there are many high-rise buildings under construction, and it is becoming more and more prosperous. Even the world's eleven largest banks will build R3 buildings on this land, and more large companies are inquiring about how to move in. It is becoming possible for this land to become a prosperous new world day by day.

Ethereum is nothing more than the circulating currency of this new world. It can be used to pay utility bills and purchase services. It is also the financial blood of the entire new world.

Benefit 2: Spend two hours listening to experts tell you what Ethereum is

Audio program: Let’s talk about the cool ETH

Benefit 3: If you have any other questions, you can go to the Ethereum Chinese Community

Ethereum Chinese Community (http://www.ethfans.org)