Despite massive global networks, trust still needs to be built. Recently, the Ethereum platform has been gaining traction to build decentralized trust in a transparent and democratic economy. In addition, the economics of Ethereum accommodate functionality traditionally performed by centralized authorities or institutions. So, if you are looking for a reputable trading platform to use, you must visit Ethereum Code.
The use of smart contracts and decentralized applications enable participants on Ethereum to rely on efficiencies and automation rather than inefficiency and human discretion. It is fascinating as it could help disrupt traditional systems that have operated without the benefit of transparency or accountability for decades upon decades.
The success of the Ethereum protocol would need to go beyond the governance model, which consists only of autonomous agents acting on their behalf, if it is to fully realize its promises for decentralized trust in supply chain management relationships. Democracy is a valuable mechanism for achieving consensus and allowing individuals to prosper within the context of free market capitalist economies. The ability to vote with tokens supporting a cause is an essential feature of Ethereum-based smart contracts.
Ethereum automates contracts:
Experts would argue that the Ethereum ecosystem and its governance by autonomous agents (essentially blockchain accounts) truly empowers the growth and evolution of decentralization, autonomy, and democracy. The philosophy behind the Ethereum ecosystem is that autonomous agents can interact freely without being limited to national borders or geography for their operations.
This approach to development also enables Ethereum to be readily adaptable to many varied jurisdictions that might otherwise be hostile towards cryptocurrency. The emergence of new specialized tokens for different use cases that fall under the umbrella of Ethereum (i.e., Ethereum classic) is only one example of how Ethereum is evolving to serve a broader range of purposes.
The utility of the Ethereum protocol is such that it acts as a catalyst for many other projects and smart contracts: launching new tokens, managing financial records, and even operating decentralized exchanges are becoming more common practices on these platforms. Unlike other blockchains, such as bitcoin and Litecoin, which are limited in their functionality, Ethereum can be utilized to its total capacity. There is no question that the Ethereum platform has a lot to offer both proponents of decentralization and new entrants into the world of blockchain technology.
The success of the Ethereum protocol would need to go beyond the governance model, which consists only of autonomous agents acting on their behalf if it is to fully realize its promises for decentralization, autonomy, and democracy. Democracy is a valuable mechanism for achieving consensus and allowing individuals to prosper within the context of free market capitalist economies.
Ethereum can revolutionize voting:
The ability to vote with tokens supporting a cause is an essential feature of Ethereum-based smart contracts. In the earliest days of bitcoin, one could leave bitcoins in a wallet and then gain access to them again at some later date, should they choose to do so. This method was used by people on the Litecoin blockchain too, and it was called ‘Lighty’s Keeper.’ It is a big reason why many have taken such interest in the concept of a DAO (decentralized autonomous organization).
As opposed to traditional voting, which has become increasingly political or divisive over time, there are several reasons why organizations may benefit from shifting towards a DAO model for voting on actionable items within their ecosystem. First, People can transparently utilize Ethereum:
Building an ecosystem on the Ethereum platform will only embark upon a new path of evolution when voting through intelligent contracts is transparent between all interested parties. However, transparency may not be universally appreciated or wanted. In China, for example, there is a lot of resistance to the idea of transparency. But if any political organization considers switching to one of the Ethereum-based DAOs, then that DAO should have its voting mechanisms open to public scrutiny.
People can use Ethereum to create self-governing organizations:
The Chinese government believes that the country’s leadership will continue to evolve and change over time. For example, China is currently working on a national “cybersecurity organization” that will operate on blockchain technology, but it may be years before such a body is launched. The organization’s mission statement states that the group will “strengthen the quality of the internet security system, maintain national network security, build an information security management system and promote the use of information networks.”
A significant difference between this type of organization and other types of intelligent contracts operated via Ethereum is that a DAO would only have authority in conjunction with tangible assets held by its members (e.g., physical assets).
Leaders of such organizations can control their organization’s voting tokens and establish policies that may need to be aligned with the majority view. It is known as the dark side of democracy. However, those who look at this phenomenon from a broader perspective will see that it could be more revolutionary.
The goal for Ethereum developers should be to create transparent, accountable software that can hold leaders (or “executables”) accountable if they are found to be corrupt or negligent in their duties. There is no reason why the same logic cannot apply when voting on a security level.