If you want to launch a decentralized online service or improve your customers’ data protection with cryptography, you can hire an Ethereum developer, because this open-source blockchain platform will suit you perfectly. Ethereum application development can help build robust cryptocurrency solutions and infrastructure to execute smart contracts.
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 a special device called the Ethereum computer, any property (a bike, an apartment, a car, etc.) can be locked and unlocked with a digital system and used as a rental object, bringing its owner a profit.
Casinos, online gambling and lotteries
With the Ethereum platform, you can create fair casino-style gambling. Imagine being able to play poker online without being cheated by website staff or participate in a lottery without paying commissions to private gambling conglomerates. Ethereum blockchain development will help gamblers build their paradise without cheating and commissions.
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.
An Ethereum app development company creating apps to serve financial markets using Ethereum is one of the most obvious cases of its use. The spread of fraud and manipulation in today’s markets makes these apps the holy grail for those willing to make a cryptocurrency revolution.
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.
The Ethereum blockchain network introduced the smart contracts concept. Smart contracts are programs that havee “if-then-else”conditions. So if conditions are met, they transfer crypto assets. They are open-source programs, just like blockchain protocol programs.
Smart contracts are stored as part of the Ethereum blockchain blocks, and no one can change them after deployment. Execution results are continuously recorded in the blockchain, making transactions irreversible. Ethereum smart contracts are encoded in Solidity, Ethereum’s own language.
The Ethereum project includes an Ethereum virtual machine (EVM) platform. An Ethereum blockchain developer can create distributed applications (DApps) using this platform. Virtual machines execute smart contracts, so these DApps can perform business functions other than sending digital currency from one address to another.
DApps are similar to web applications, yet they have a couple of distinctive characteristics. While the interface can be in any language, DApps should have smart contracts as their backend code. DApps should have open-source code. Plus, DApps should use a crypto token created using a standard cryptographic algorithm. No single entity can contain most crypto tokens, and no entity can control the future of a DApp. This is done autonomously.
In addition, any changes in DApps should be approved by the user community through consent. Finally, a DApp should store its data in a decentralized blockchain, following cryptographic standards.
An Ethereum blockchain development company also can create crypto tokens using the Ethereum platform. To do so, it uses appropriate token encryption standards, such as ERC 20. Users of DApps can access these apps using crypto tokens. Computing in the core Ethereum network still uses its native cryptocurrency: Ether.
EVMs, smart contracts and DApps enabled any startup or Ethereum blockchain development company to create new decentralized business models and disrupt the existing centralized enterprises. These DApps allow users to make transactions between each other without a central regulatory authority that charges exorbitant fees. Transactions take place using the DApp crypto token.
Hundreds of crypto startups have offered their products built on the Ethereum platform and launched their initial coin offerings (ICOs) on the platform. One example is LockTrip, a rental marketplace with a 0% commission. It aims to supplant Booking.com and AirBnB.