BLOCKCHAIN FOR NEWBIES
The potential of smart contracts, decentralised applications and the rise of Ethereum as the backbone of the Internet 3.0. However, hype often comes with a positive bias so staying critical is of great importance. To balance out all the positivity about Ethereum, I will present the most well-founded arguments by Ethereum’s critics.
Technology has changed the way we communicate and get things done in the 21st Century. For instance, you can find a company on the Internet instead of using the Yellow Pages, and you can email your friend instead of writing a letter. The same types of changes are now happening with contracts and agreements, with the advent of digital smart contracts. But what makes them smart, and how do they differ from E-signature?
For Bitcoin and Ethereum to compete with more mainstream systems like Visa and Paypal, they need to seriously step up their game when it comes to transaction times. While Paypal manages 193 transactions per second and Visa manages 1667 transactions per second, Ethereum does only 20 transactions per second while Bitcoin manages a whopping 7 transactions per second!
This is not to be construed as investment or legal advice, but rather meant as a template to show the process behind an ICO, and what a project’s stakeholders (team, board, stakeholders) should think about when conducting an ICO.