In the world of Bitcoin there seems to be an endless supply of new coins being introduced on a daily basis with the aim of trying to either supplement the cryptocurrency ecosystem with aditional features or just to make a quick buck with clones. As the market matures, the competition for these currencies becomes more intense and developers have to find innovative ways to add something of value to their coin to try to capture the attention of the market which for the time being is composed of mostly tech savvy individuals.
The Ethereum project tries to differentiate itself from the rest by labeling itself as the next generation of cryptocurrency platform that addresses inherent weaknesses in the Bitcoin protocol. This is said to result in adding of value to "Ether" , the unit of currency in the Ethereum project by making it easier for developers to add legal, financial or other contracts on top of its blockchain. This is not a new idea and has been tried before with Mastercoin and Coloured coins but is supposed to be a more seamless experience with this new currency as it completely steps aside from the bitcoin protocol.
The developers have launched a crowdfunding campaign which is probably the first of its kind. In this campaign interested parties can directly invest into the platform using Bitcoins and get Ethers in return at the conversion rate of 0.001 BTC to 1 Ether making one Ether worth nearly 80 to 90 cents depending on conversion. The developers have capped the campaign to 30,000 BTC after which they will close funding campaign.
There is a lot of skepticism, criticism and general excitement in the crypto community regarding this new coin. If nothing else, the amount of interest it has garnered might be sufficient to make it achieve a decent if not successful crowdfunding campaign. The specific criticisms and the rebuttals that the developers have tried to give for these criticisms will be discussed in the next article in this series. As the interest in this coin heats up with the crowdfunding date approaching, we will try to delve deeper into this new coin and if it is technically capable of having any serious impact in the overall paradigm of cryptocurrency. We will also discuss if a currency even really needs to add value to the ecosystem to be successful in light of success of a currency like Dogecoin.
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Image source : Nationalreview.com
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