Ethereum - not just the next Bitcoin !

Ethereum has much greater potential than Bitcoin in terms of utility and market capitalization. Bitcoin is viewed as the first digital currency making use of blockchain technology. However the IT infrastructure behind Bitcoins is not on par with the newest developments in blockchain technology. This is where the newly emerging coins such as Litecoin and Ethereum enter the stage.

Ever since Vitalik Buterin released his white paper in 2013 detailing the concept of Ethereum, the blockchain platform has been rapidly growing. This past year has seen Ethereum face and surmount many challenges, from malicious attacks to unintentional consensus issues. Ethereum has been working through its growing pains but should see real progress made in several areas

Over the coming year, we should see Ethereum begin its transition from a Proof-of-Work consensus mechanism to a Proof-of-Stake system. This is the Casper protocol that the Ethereum Foundation has been diligently developing. While the network isn’t guaranteed to switch to PoS in 2017, the mining difficulty bomb (or in other words, the increasing difficulty of mining over time) should start to noticeably slow block times around midyear, thus making the changeover crucial.

Outside of multiple Ethereum-related startups, there are several entities worth watching in the coming year. The Chamber of Digital Commerce (CoDC) can be expected to continue working on promoting blockchain technology and its many benefits. The CoDC is also showing particular interest in Ethereum’s revolutionary concept of smart contracts. The more attractive smart contracts are to industry incumbents, the more likely it is that they will adopt Ethereum.

Another company that will continue pushing blockchain technologies forward in 2017 is Microsoft. Through their Azure platform, they offer blockchain-as-a-service (BaaS), which allows anyone to launch their own private Ethereum network with the click of a button on an Azure Quickstart Template. While that isn’t the same as using Ethereum’s public ledger, Microsoft’s platform will spread general knowledge of Ethereum’s existence, and promote confidence in its underlying technology.

Ethereum has the potential to not only disrupt various markets. Some of the ideas that are floating around already as follows.

The Internet of Things
Distributed Renewable Energy
3D Printing and the Decentralization of Manufacturing
Peer-to-Peer Finance
Distributed Web Hosting
Automation and the End of Wage Labor
Privacy and Intellectual Property
Governance and Management
Universal Basic Income

As you can imagine the possibilities are endless. Especially when Ethereum has a strong community behind it. Ethereum’s ‘vision’ appeals to many and its IT infrastructure made use of the experiences gained from Bitcoin.

For a more detailed understanding of Ethereum check out the reading list at https://github.com/Scanate/EthList

Ethereum is still in its early stages, there is a lot you can do to support the network. You could start by joining conversations in forums such https://www.reddit.com/r/ethereum/. You can develop Dapps. You could also invest in the technology by buying some ether. The potential gains you can expect would most likely beat anything you can make in the market these days.

Sources:-
https://www.ethnews.com/ethereum-what-to-watch-in-2017
https://www.quora.com/Is-ethereum-the-next-bitcoin
https://medium.com/basic-income/post-capitalism-rise-of-the-collaborative-commons-62b0160a7048
http://fortune.com/2017/02/28/ethereum-jpmorgan-microsoft-alliance/
http://btc-times.com/simplified-hack-of-ethereum/