Ethereum coins are actively used as an instrument for the transfer of value. Payments are verified by all other participants in the network (nodes or miners), and records of payment are stored in a ledger that cannot be changed post factum, just like in Bitcoin’s blockchain.
Kickstarter, Indiegogo and other similar platforms have dominated crowdfunding for several years now. They help startups present their idea to a broad audience and set a fundraising goal. If the project is successful, Kickstarter collects 5% of the profits and gives the rest to the startup. Within an Ethereum blockchain, a startup also can present its idea and set a fundraising goal. However, in this case, it does not need to pay any fees. A smart contract automatically will send money to the startup based on the results of a successful campaign, without any intermediation fees.
Corporate finance management
Development of an essentially decentralized venture capital fund relies on the “wisdom of the crowd” to make investment decisions. The role of the crowd is taken by all investors, who get a vote in exchange for the funds invested into the project. We can observe an example of revolutionary experiments with venture capital funds in the field of Ethereum blockchain development. Soon we will see more companies managed by blockchain code rather than by presidents and boards of directors.
Internet of Things (IoT)
With the help of the Ethereum computer, you can block any real world object – a vehicle, real estate, etc. – within the system, and rent it out, making a profit.
Casinos, online gambling and lotteries
The Ethereum platform allows you to create online casinos where customers do not cheat website staff and runs lotteries where participants do not pay commissions to the organizers.
Prediction markets, such as Predict It, offer market makers and marketeers the opportunity to bet on the outcome of an event. Existing decentralized counterparts, such as Augur and Gnosis, allow their participants to engage in collective investments and predictions. A proper solution to the problem of predictors would have a positive impact not only on the future of the companies, but also on the reputation of blockchain as a technology because the task of determining the reliability and validity of information received from the outside and transmitted to blockchain still remains unsolved. The potential success of such services will lead to a new type of governance based on the “wisdom of the crowd,” which, according to some experts, could have many useful applications.
Decentralized web hosting should offer a solution in which a certain website is stored simultaneously by all network participants. This means that it cannot be subjected to DDoS, attacked or censored by any government. This opens up the prospect of a truly free Internet. If you set up decentralized poker, for example, you get online gambling and it will be difficult for the state authorities to close it. This is a simple and revolutionary factor.
Using stable coins is a way to enjoy the benefits of blockchain technology without taking the risks associated with cryptocurrencies.
Premarital agreements and wills
Users easily can formalize prenuptial agreements and wills and put them in the blockchain. With simple smart contracts in the blockchain, a deceased person’s property automatically can transfer to their next of kin. There is no legal basis for such use of the technology right now, but it could become the standard some day.
One of the most obvious use cases for Ethereum developers is creation of financial market applications. These are powerful tools in the hands of people seeking to revolutionize the cryptocurrency market and protect it from fraud and manipulation.
Ethereum can help establish fair election systems, where each voter can cast no more than one vote. They also can ensure no one is excluded from voting.
If you want to launch a decentralized online service or improve the protection of your customers' data using cryptography, then the open-source Ethereum blockchain platform is perfect for this. On its basis, you can create reliable cryptocurrency solutions and infrastructure for the execution of smart contracts.
The process of developing distributed fault-tolerant ETH applications at Boosty Labs is focused on quality and achieving your business goals, most often we use the Solidity language.
You can implement any idea: from an asset exchange service and a tech investment fund to a crowdfunding platform.
Specialists and companies around the world are interested in this technology. It allows you to get rid of intermediaries in the chain, and the conditions are executed automatically, which makes smart contracts faster and cheaper than conventional ones.