Although the phenomenon of crypto virtual money has been thought and discussed since 2000s in the world, it has passed through the theory and practice with Bitcoin and found its application area. Together with Bitcoin, crypto virtual money has emerged as a means of carrying out online transactions. Subsequently, many alternative crypto virtual currencies were formed. One of the most important of these is the crypto virtual money, called Ethereum, created by the Russian software developer Vitalik Buter. The most important features that distinguish Ethereum from other crypto coins; It has a system called Smart Contract and includes a completely different blockchain organization that has not been previously tested in other crypto coins. In this way, Ethereum has attracted a great deal of interest from investors since the first day of its release, and Ethereum al sats have gained a wide place in the crypto money markets.
With its unique and separate arrangement called Ethereum, Smart Contract, it is considered to be one of the best of the crypto virtual currencies traded with the blockchain system, but also has many additional differences. With its dynamic structure, Ethereum (ETH) is a cryptocurrency system that can be considered as the best in all currencies in other currencies and even in the crypto virtual money market.
As the founder mentioned in his explanation of the process and purpose of this software; In the crypto virtual money markets, if Bitcoin gold is called Litecoin silver, Ethereum should be called the oil of crypto virtual money markets. We will be able to see clearly how this will happen in the near future.
In this article, we briefly talk about Smart Contract, the most revolutionary innovation offered by the crypto virtual currency system called Ethereum (ETC), and we will talk about the features Ethereum offers outside of the Smart Contract and which will provide confidence in it.
Smart Contract: A new revolution in crypto coins
Smart Contract is actually the biggest innovation Ethereum offers in the virtual money ecosystem. However, in this article we will discuss the other features of Ethereum in more detail. Nevertheless, we thought that it was not right to pass without mentioning the Smart Contract phenomenon.
In its simplest definition, Smart Contract is an arrangement that brings a different interpretation to the money exchange relationship. Any Smart Contract that you create on the Ethereum platform allows you to use the product you have purchased, or to use only the person (s) you wish to use. This is an application that provides trust in trading relationships and eliminates intermediary authorities. Because this is an event that reduces the risk of stealing or getting into the hands of the wrong product.
Other innovations Ethereum offers
The Smart Contract, which is very roughly described here, can be dealt with as a revolution in the crypto virtual money ecosystem as mentioned before and puts Ethereum into the best equipped and best crypto virtual currency. However, we consider the other advantages of Ethereum, which are also unique in addition to the Smart Contract.
Ethereum is not just a currency but a platform for all other things.
Ethereum, unlike its common belief, does not only represent a crypto virtual currency. In fact, Ethereum is not the name of a crypto virtual currency. Crypto is a complete platform where all the economic transactions that can be done with virtual money can be tracked and processed. The current crypto virtual currency on this platform is Ether.
With its Smart Contract and ICO (First Digital Money Supply) concepts, Solidity and the Ethereum platform, which has different applications called ity dapp bu, which makes it possible to communicate and communicate within the framework of this contract through Smart Contracts, are absolutely complex and never simple. a crypto should not be considered as virtual money.
Address by the Russian government
Because Ethereum’s developer, Vitalik Buterin, was a Russian citizen, and Russian President Vladimir Putin showed interest to the Ethereum currency, attention turned to this virtual money. Of course, it is important to note that this interest is not due to a simple nationalist approach. Ethereum’s peculiarities and the revolutionary innovations it brings to crypto virtual money systems have played an important role in this.
After the private meeting of the Buterin-Putin duo, who met in an economic forum in Russia in June 2017, Putin, in his statement, said that the crypto virtual coins should be treated as a new branch of industry. He also said that crypto coins were one of the key factors in the new economy and did not hide his support for Ethereum. After this meeting, Ethereum also received the support of the Russian state and the confidence was renewed.
Initial Coin Offering Concept
This expression, which can be translated into Turkish as the first digital money supply or the first supply of crypto virtual money, was first revealed by Ethereum. In fact, although it is not considered as a separate concept from the Smart Contract concept, it is a concept that deserves to be evaluated under a separate title.
Initial Coin Offering and Smart Contracts on the Ethereum platform make it possible for everyone to offer their own digital money. After the money supply in this system, the people in the system can buy this money in exchange for the Ethereum in their hands and the Etherler is given the account of the person offering the money. In fact, this creates an environment that allows the person in the system to print his own money.
What does that do? At the point of providing the source of the investment to be made, the money is supplied to the person who presents the money and passes through the Ether. For example, you will do a project and need resources. You have collected this resource via the Ethereum platform via ICO. Of course, in order for the money you collect, you have to make sure that something is tangible to ensure that people invest in the crypto money you offer. Projects submitted in this way must be very detailed and studied. The success of your project will be the result of your investors showing interest to your currency and your project will make a profit.
A recent development related to Ethereum, which includes many different innovations like this, came from the Turkish government. September 20, 2018 Date held on the medium-term the Republic of Turkey’s economic plan, the Treasury and Finance Minister Berat Albayrak by a booklet published in the website of the ministry during the explanation given for granted ICO in the fifth chapter objectives Growth and Employment on and made a short description of it. This situation was evaluated by some commentators that the Turkish government could initiate money supply via ICO or incentives.
In short; Ethereum has many other features in addition to its Smart Contract, indicating that it will be one of the best in the crypto virtual money market.