Bitcoin is finally inspiring some competition, the first of which goes by the name Ethereum. Created by Bitcoin enthusiasts, Ethereum elaborates on the groundwork that Bitcoin set down. Ethereum does so by introducing "a full-fledged programming language that makes it possible to encode binding agreements embedded in the same transaction record that tracks the flow of Ether," as reported on Fast Co. Labs.
Ethereum is essentially a next generation cryptocurrency that will allow users to experiment with contracts to ensure that their accounts are on the up and up. Of course the Ethereum framework also addresses possible use by criminal organizations. By adopting a Bitcoin-style shared transaction record, anonymous contracts are pretty much limited, thus the appeal is not there.
Next Generation Cryptocurrency
Ethereum Revolves Around Contractual Scripting Language Software
Trend Themes
1. Next Generation Cryptocurrency - Ethereum introduces a full-fledged programming language for encoding binding agreements in cryptocurrency transactions.
2. Contractual Scripting Language Software - Ethereum's scripting language enables users to experiment with and ensure the legitimacy of contracts in cryptocurrency transactions.
3. Bitcoin Competition - By elaborating on Bitcoin's groundwork, Ethereum is providing competition by offering a more advanced and secure cryptocurrency platform.
Industry Implications
1. Cryptocurrency - Ethereum is disrupting the cryptocurrency industry by introducing a next-generation platform with advanced features.
2. Blockchain - The Ethereum framework is revolutionizing the blockchain industry by enabling the encoding of binding agreements into transaction records.
3. Fintech - Ethereum's contractual scripting language software is creating new opportunities for innovation and disruption in the FinTech industry.