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Author Topic: Question regarding Ethereum for my research  (Read 258 times)
Abdiovich (OP)
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April 05, 2017, 11:40:24 AM
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Dear people/lovers of Ethereum,

I know I have also opened a topic for Dash. I'm sorry to open another topic for another project, but I need to do this for my research and I'm looking forward to see the excitement in the answers for my questions  Grin.

I'm a student in Holland who is doing a research- and advisory report on the advantages and disadvantages of the Blockchain. In relevance to my research I'm also doing a research on a few protocols, like Ethereum,.

I have a few questions about Ethereum.. I would greatly appreciate the help I can get here for my research. I have read the whitepaper and also seen a lot of videos about Ethereum. For me and my research is important that I can have opinions from experts/developers/traders for Ethereum and how they see Ethereum as a project.

Firstly I would like to know if you're a developer for something (doesn't have to be Ethereum, can also be another cryptocurrency) or a trader.. Because I want to compare the answers of developers/experts with traders.


My questions are:
1. What is Ethereum as a technology?
2. What is the vision of the project Ethereum?
3. What are the advantages of using Etherscript in smart contracts?
4. Which errors/mistakes of the Bitcoin protocol does Ethereum solve?
5. Why would someone choose Ethereum above other cryptocurrencies? In other words, what are the advantages of Ethereum above other currencies, e.g. Dash and BitShares?
6. What are the disadvantages of Ethereum?
7. How can Ethereum help developping the Blockchain Ecosystem? Where does Ethereum stand in the Blockchain Ecosystem?
8. Is Ethereum ready to be used mainstream? Why is it (not) ready?


I really really would appreciate the help I can get for this. I need to have at least 10 people (the more the better!!  ) that answered my questions to can get further with my research..

I know that some of the answers will be the same as others that have answered it. It doesn"t matter! For me it's important to have different point of view from people across the world. I also know that are a lot of videos explaining this, but I'm searching for personal opinions..

I also have a few questions about Dash and BitShares (also in my research) See my other topics for the questions regarding those two projects...

Thanks in advance!!

Yours sincerely,

Abdiovich
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April 05, 2017, 12:30:42 PM
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Ok, i'll try to give some answers, altough i'm not technical. Some info about ethereum: https://www.reddit.com/r/ethereum/comments/61y5ix/welcome_to_rethereum_the_reddit_front_page_of_the/
Some of your answers are found in that link.

4. Proof of work ( ethereum will move to pos in ~1year ). POW atm keeps bitcoin from evolving. Miners, who control bitcoin's security can't agree with the economic majority ( investors ) about the way to move forward.

POW can be 51% atacked much cheaper than POS.
POW can be destroyed by quantum computers.
POW with asics caused mining, economical and political centralization of bitcoin in china. That's extremely dangerous especially since it's a communist/ almost totalitarian state.

Bitcoin has centralized governance, one protocol, one team. Ethereum has 7 different implementations of the protocol each with independent teams.

Attacking bitcoin's pow costs ~20mil ( according to vitalik ). Attacking ethereum in POS would cost hundreds of millions$ (owning the majority of staked eth in POS)

Less vulnerable to selfish mining, because if 2 blocks are equal, one is randomly selected therefore the succes chance is 50%.

5. Ethereum can do what every other cryptocurrency does, and more, because it is a platform for anything you can think of. Any application you can think of can be used and deployed on ethereum. Example, bosch will use it to fight odometer fraud https://twitter.com/BoschGlobal/status/842378912017616897.
United Nations is using ethereum for their world food programme  https://insight.wfp.org/what-is-blockchain-and-how-is-it-connected-to-fighting-hunger-7f1b42da9fe  https://www.reddit.com/r/ethtrader/comments/6144xe/ill_just_leave_this_here/dffpbf1/

Also there are hundreds of dapps in work, beta, or already deployed on ethereum. There are just too many examples, you'd have to search for them yourself.

Ethereum is the only decentralized blockchain project that aims to solve scalability, both off chain with raiden and on chain with the implementation of casper. No other project has a team competent enough to tackle onchain scaling ( they do flirt with offchain scaling on bitcoin's side, something similar to raiden ).

Ethereum is backed by fortune 500 corporations and institutions, which are working closely with the ethereum foundation ( microsoft, jpmorgan, santander, thomson reuters, united nations, etc )

Ethereum is the most advanced dapp/smart contract platform. Any other project is a joke in comparison.

There are hundreds of developers not afiliated with the Ethereum foundation that, one way or another, work on ethereum.

There are many more advantages but i can't either remember them all, or it's just because i'm not technical. You'd have to do more research yourself.

6. One disadvantage now is that ETH is still POW and just like bitcoin, it can be 51% attacked, altough it would still cost tens of milions. But every other project, excepting bitcoin, is even more vulnerable because of the smaller security.
Another disadvantage is that it doesn't have yet privacy while some projects do, but that will be fixed in ~2months.
One more would be the fact that it doesn't scale yet, but no other project scales ( by scaling i mean close to visa level, or better ). Raiden will bring offchain scaling, and 1mil + transactions per second will be possible.
Another disadvantage is that, because eth is a decentralized platform, and since everyone can deploy projects on it, some of the random amateur developing teams out there may not be competent enough and may deploy projects that are vulnerable to attacks or simply broken.

7. How can it help develop the blockchain ecosystem ? Read all above. Also bitcoin mostly gained the attention of random joes, ethereum gained the attention of people who matter, people that have funds, decision power or political influence.

8. Depends what you mean by mainstream. As a global payment system, with raiden, ethereum could handle it, since it would scale more than visa. As a dapp platform, i think ( not sure ! ) it still needs to scale onchain with casper next year.
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