Ahead of the 2017 expectations on the various projects that are likely to be rolled out on the Ethereum platform, the key issue of trust stands out as a recurring feature that makes the network different.
Based on the presumption of the new projects and their potential to make the network reach the mass market sooner than most users could imagine, Consensys’ Carolyn Reckhow says Ethereum is going to democratize business logics.
This fact is applicable to the financial world and other industries that have complex interactions between parties that require trust between each other.
In one of the series of interviews shot at Devcon 2, Ethereum’s annual developer conference in China last September she stated:
“Ethereum is a piece of technology that would help to actualize the organic movement of human systems and human relationships.”
She adds that it allows for peer to peer transactions without the need for a centralized trust third party.
She says in a video interview: “What makes Ethereum special and different from other Blockchains like the Bitcoin Blockchain is that it has a virtual machine that runs like a Turing-complete programming language containing these pieces of codes called smart contracts that can essentially allow for more complex transactions and logic.”
Mist leading developer Alex van de Sande explains that Ethereum manages resources without the need for a bank as the software can hold money, property, shares, tokens, golds and would only release them according to the rules that were collectively agreed upon.
He talks about governments that want to show their transparency:
“Now if you want to build a bank or a company or make a trade or anything like that you can trust the network to handle the money for you. I think that’s fantastic if you think about government for example. I think that’s fantastic for a transparent governance.”
“Ethereum will ensure that the strict rules on how the process should go is observed ensuring no money will be spent in a manner that is outside the rule. It won’t allow bending of the rules or paying off someone to ignore the rule. The rules are there. Once you put the money on the rules the network will follow the rules that you want to follow.”
Mist is Ethereum’s special-purpose browser that offers an overall view of its Blockchain and all the necessary tools to interact with other components like Ether and smart contracts. It is a new type of browser and wallet that serves as a gateway to access the decentralized web. In this video Alex discusses Mist.