There is a lot of jargon getting thrown around these days and sometimes it may not always be clear. So I will give a quick run down of some things we hear and read in crypto space.
Digital assets are programmable assets that exist in the form of electronic data. We are hearing this term more often now and we will continue to see more development in this area. With blockchain technology digitization of assets can and probably should be decentralized, traceable, highly transparent and most importantly free of third parties or intermediaries.
I emphasize Satoshi's vision in alot of my articles because the whole reason I became involved in blockchain was because of Satoshi Nakamotos idea of a smart economy with sound fundamentals, decentralization, transparency and security.
The term digital identity is becoming a more common sales pitch for some projects. Digital identity refers primarily to the identity information of people, organizations and other entities that exist in electronic form. The authentication process usually includes, but not limited to facial features (biometrics), finger prints, voice, sms and other multi factor methods of authentication. This includes the issuing and verifying process as well.
Ethereum is definitely an amazing project. However, some of the problems that Ethereum is facing are congestion and high fees. These are two issues that aren't necessary for a successful decentralized blockchain. These issues are affecting the transferring of value as well as the development of smart contracts. There are many projects that are tackling this issue head on and the results are amazing.
The idea of a smart contract is not new. Ethereum has made this a very trendy word no doubt. However, the concept is quite old. The smart contract was first proposed in 1994 by a cryptographer named Nick Szabo, shortly after the creation of the World Wide Web.
So, what is a smart contract?
The definition of a smart contract according to Mr. Nick Szabo is, when a pre programmed condition is triggered, the smart contract will execute the corresponding contract terms. We are at a pivotal point in finance and technology (Fintech). Blockchain technology is providing us with a decentralized, tamper resistant efficient system in which smart contracts are extremely useful.
The ecosystem is the heart beat of any open source decentralized community. We are that community. This information is paramount when considering the value and potential of a project. Projects that we are investing our hard earned money.
In summary, Satoshi's vision will always help you when considering a project.
I am not against Ethereum. I believe that it is useful. However, there are many projects that are offering security and efficiency at a fraction of the cost. Keep a look out for new posts I will share a few other huge projects you are interested, I will get into consensus mechanisms and potential future heavy hitters. Thank you and enjoy.
