[Video] Ethereum: the World Computer

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SAFE network will speak to the mass, not to developers.

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I don’t see this as a battle. I very much respect both Vitalik and the Ethereum team as well as I respect the Storj team and Bitshares. All building great technologies using cryptocoins and P2P-technologies. All working on the future of the internet. Ethereum and Maidsafe are quite different. I think Ethereum will be great for things like blockchain-voting where 250 people from an organisation all vote using a nice (D)App and where all votes are stored in blocks x,y and z. Easy for everyone to check using a block-explorer. SAFE will be more about storage at first, providing a P2P-Dropbox like map on your computer/smartphone where you can put files. Also safe:websites where you can create your own profile etc. Bitshares seems to be the first system with a coins pegged to the USD-price. They’re all doing different things with the same goals. And the great thing is, we as users get it all for free.

The future will even be more bright. All these projects are looking into decentralized computation. That’s gonna provide a lot of magic, where the biggest supercomputers in the world are actually P2P-networks.

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Ethereum isn’t a direct competitor. Comparing them is like comparing apples with oranges.

Safe net is defining a new network, as an alternative to blockchain technology. Ethereum on the other hand, is about building a more advanced blockchain, with decentralised execution built in. Very different goals.

It is good to see ethereum being delivered. I am confident that safe net will be delivered soon too. However, the battle will not be over release dates - it will be blockchain vs distributed consensus as a platform to build on. IMO, if safe net works as hoped, the scalability of the approach will be orders of magnitude better, becoming ever more stark as the number of nodes grows.

However, safe net will have no answer for providing decentralised processing at launch, much like Bitcoin didn’t as the first blockchain implementation.

When safe net does implement a decentralised processing though, it will also be distributed too - instead of every node processing each task, only the close group will. This could be the difference between 32 nodes running a task vs 1000s (increasing with network size). Clearly, that will be a big deal, as it will be reflected in transaction fees and the economics will drive people towards a vastly cheaper option.

Perhaps some of the ethereum team could consider writing a safe net version of their application? If the same language could be used, it would mean tasks could be run on either network, future proofing existing ethereum apps? I am not sure if that is possible, but it would be good to explore.

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You guys are right, there no need to battle. Both projects are great. I’ve been looking to their examples and think they also have pretty nice ideas and a bunch of good developers with amazing skills…

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Ethereum is cool, but I don’t see any reasons why I should buy and hold ether coins.

An exceptional ROI (so far) maybe? :wink:

As far as I know, the ether coins brought last year can yet not be traded. Should be a few guys who would like to get out once the trading starts.

But still, why do I need an ether coin? With a safecoin I can buy data storage, what can I do with a ether? I know what the protocol is capable of, but do I need the coin to be using it?

Yes, executing code in contracts costs Ether. It’s kind of the fuel of contracts.

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I do not really understand etheruem as an user compared to all the other blockchain projects are been developed. To me it seems etheruem aim to condense all the niche project’s all to one source. It seems to centralize development all to be put on one blockchain to be branched onto side chains. In essence the government can regulate bitcoin, ethereum will be attempting to be regulated alt-coin currency by building a master block chain for all"apps". I may have this totally wrong, but the difference with maid safe network it can not be centralized on governed servers and miners. I see etheruem as the itunes of the blockchain crypto-currency world. To me it kinda sucks and is really endangering what free development is about.

Sounds like the same voice artist as on the Maidsafe introduction video. I believe Ethereum has a place on the safenetwork. Once the safenetwork platform is operational and stabilized why wouldn’t Ethereum take advantage of its increased security and privacy features?

simplish explanation:

Ether is used as a fuel in contracts.

Contracts can be almost anything that can be automatically fulfilled without any user intervention, so an automatically fulfilling contract to remove any lack of trust of parties wishing to be not so honest.

Say i create a simple contract, when you deposit 100 maid into a specific address, and have been given a BTC deposit address, you send the equivalent value of bitcoin to the address provided by the sender.

This is a simple contract that requires no trust from other people, the contract will automatically execute providing safety for both parties.

You could make the contract a little more complex, the same as before, but it isn’t a fixed sum of maidsafe for the deposit, it is any amount you deposit and the code in the contract will in real time at the time of the deposit in the address will compare and get a exact average price for real time trades but without any real limits on amounts. you could make it 2 way so bitcoin deposited will have safecoin sent to them

This is like a trading pair on an exchange now, You create 100 other contracts for multiples of different coins and you have your own smart contract decentralized , auto fulfilling of orders exchange .

Every single time someone trades and uses your contract, so sends money to you to be exchanged by your contract, it will use your contract which will cost a small amount of ether. so the more popular your contract is the more it will cost, but it will also make you more money because you are earning fee’s or money on each execution of your contract.

This is where the true value of ethereum will be derived , How much can each ether earn the owner in contract executions?

if 1 ether allows you to have 1000 smart contract executions and your average earnings for those 1000 contracts is 10 dollars , then the coin would likely be a little under or similar to that price (usually lower)
because lets face it who is going to buy a coin for twice the price of what it can earn? it is a broken economic model if such would happen , there would be no point in using it. create contracts that instantly lose you value and worth.

now thats a very basic example and a easy idea of what you could use as a smart contract but there are many other sectors that could be improved with smart contracts , anything in the world with a middle man would likely be replaced, mortgages , escrow services, gambling services.

The concept of ethereum is really great but the hype and the lack of development (still only being command line only) that it is soooooooo over priced currently , 1 ether on a brand new network with hardly anyone on it isn’t going to make any contracts worth while , but in the next few years as it develops and more people use it, more business options it will develop and likely increase in value nicely , or give ideas people the opportunity of making some very nice money in smart contract writing

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I’m not currently holding ethereum but can tell you that based on the technicals (uber-high volume plus steadily rising price) “someone” has been buying up loads of it over the past 24 hours. So I wouldn’t say it’s currently overvalued because someone(s) deep-pocketed definitely think it’s undervalued.
Furthermore, anecdotally from talking with my contacts around the investments biz, ethereum seems to be one of the few cryptos besides bitcoin that these people have heard something about and there’s a name recognition there (most think there’s a Goldman Sachs connection).

what you have just said is all pure conjecture , it’s totally subjective. “someone”

someone is buying loads of coins so that means its not over valued?

name recognition means its worth more? how does that even work?

how does the amount of people knowing about something derive its value? people using it yes, but not just cos they heard of it

Edit,

I gave core foundation reasons as to why the value of ethereum is likely to be overvalued , in the most basic terms of how much ethereum costs and how much each individual coin can earn you back as of right now.

You have give 2 extremely subjective reasons for why you think its not , Volume is not fully indicative of worth , never on such a short amount of time. the steady rise? in what terms is 50% growth in a day stable or steady growth, it’s not , it is extremely volatile , most traders trade on volatile currencies , they make them the most money , adding to the volume amount, but not actually increasing core value of the asset.

There are people who made 10-16 times their purchase price, people selling 100,000 dollars worth on kraken and also poloniex when it was hugely inflated compared to the next 2 days afterwards, those same people who have created 200-500 bitcoin from a small 20-50 btc investment now have the ability to buy back many more than they started with, which also adds to the volatility in price, also adding to the amount being traded since its more profitable to trade a more volatile coin.

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Seeing as I don’t have access to Poloniex’s account database and seeing as volume is increasing as price increases, yes, “someone” is buying Ethereum. Don’t know how much clearer that can be given those two things. 0 conjecture.
And since I obviously won’t name the hedge fund analysts or mutual fund wholesalers I speak with on a daily basis, who know what bitcoin is and have vaguely heard of ethereum, maybe you should search Google trends for ethereum versus bitcoin versus other cryptos…my theory is ethereum ranks relatively well versus other bitcoin alt’s…hence name recognition and more credibility.

That wasn’t the conjecture .

Yes volume is increasing or is at a high rate, but your assumption that it’s “someone” or the true motive and reason for it is pure conjecture, there is very heavily manipulation in all crypto markets, especially a market that has recently given some people 10-16 times returns on original investment buying back in for hundreds of BTC a few days later increasing their holdings by 2-4times

there is hundreds of reasons for what you have observed. volume and price increasing? in what the last day?
the volume was increasing on the first day and the price was dropping, at least come up with something that can be compared to a market for more than a 12 hour chuck of analysis . if you say “volume on markets increase price” and that only accounts for a single instance and increased volume can infact and has regularly decreased price, then the statement is only true for a single moment in time and is useless as any sort of analytical tool, for anything let alone value of something

Ethereum is also managed by Swiss group, expect high manipulation. People with millions of dollars worth of bitcoins are betting on Ethereum, they’ll do whatever. This is not just some small altcoin Ill add to that.

Oh, yes and please don’t try to get lost in the volatility. And keep your hat on if you get in there.

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Based on volume and price, it looks like the Ethereum pump has just about run out of steam in the short-term… Wouldn’t want to be a short-term trader there now.
Should have some good attention from traders now for the impending SAFE network launch in a couple days what-with Ethereum initial pump not getting in the way.