This highly advanced platform is mainly centered on three major smart contracts. These contracts allow you to:
- Build, issue and develop your own virtual currency
- Create a crowdfund for an upcoming project
- Start an organization
1. Build, issue and develop your own virtual currencyEthereum creates applications which allow you to build your own form of currency and payment system with the use of a digital token that has its own business value. With the use of this application, you can set your digital tokens to a form of currency that can be stored, transacted and accepted by any virtual wallet that runs with similar preprogrammed codes. The value of these digital tokens can be set to a certain amount and operated based on your personal preference. Apps, specifically games, can run based on this type of currency. Hence, if you are a developer who wants to put value to an app that you created, you can turn transactions to digital coins or tokens that can take up the value of real money.
2. Create a crowdfund for an upcoming projectIf you have a project which needs a certain amount of budget, you can create a crowdfund contract where interested individuals can contribute their money without the fear of being ripped off. This crowdfund contract can be set in a way that the money will be released after a certain goal is reached or accomplished. If you have a great idea which needs heavy funding, you can utilize Ethereum to carry out the process of obtaining appropriate resources to support your projects.
Safe crowdfunding is a win-win situation for you as a creator as well as that of your contributors. You can accumulate funds for a project you want to start. On the other hand, your contributors feel safe knowing that their money is directed towards a meaningful goal that will also bring them gains in the long run.
3. Start an organizationEthereum’s application enables you to start your own democratic organization while utilizing the skills of a virtual robot that takes care of all voting processes and releases the results among all members. This kind of autonomic organization takes care of all proposals and credits all selections for a completely unrestricted and unbiased form of virtual administration.
You can start an organization without personal biases affecting the voting, decision-making and agreement between you and your members.
The Benefits of EthereumEthereum is a platform that is capable of creating applications that eliminates breaches and downtimes in a project and organization. It operates based on its Ethereum Virtual Machine which is a form of online system that accepts tokens as a form of value exchange.
This blockchain platform executes its functions based on a series of computer protocols or smart contracts which were previously mentioned in this article.
Learn more about Ethereum on Ethereum.org