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Hackernoon logoNow you can explain your friends why ETH is worth it’s value by@vamshi

Now you can explain your friends why ETH is worth it’s value

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@vamshiVamshi @ BearTax

Co-founder of BearTax

Ethereum, one of the top 3 cryptocurrencies by volume and market capital is worth $900 now! Why does ETH actually has this value is most asked question and this article will explain you.

Photo by Joel Bengs on Unsplash

Ethereum — Not a radio active element — but equally powerful

Ethereum, as soon as I heard it — sounded like a radio active element. But on learning more about it, felt like it’s more powerful than that. Coz it could make this world a better place with the avoidance of middle men in many controversial areas. It’s a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. It’s a blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

Smart contracts — how could they help?

As we all know, for most of the legal verifications and to ensure a standard set of crucial things to happen following a set of other actions by involved parties — we need middle men, a trusted third party who helps to vet the action. But these third parties cost a lot and as humans they could be biased or could be made biased under various circumstances.

Photo by Andy Kelly on Unsplash

But if an enormously powerful globally shared infrastructure lets you do this trustlessly — no one needs to trust anyone, will avoid the trusted third parties and charges that come along. How cool is that!

This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.

Digital Arts & Ownership — Importance of it

I wrote in my previous article about the creative digital art and the importance of memes in everyday life to express our reactions as well as to keep things on a lighter note (link below)

These creators, who use their gifted brains in coming up with some dank memes with tons of creativity needs a pat on their back. They help so many relate to the situation, they help so many to express their emotion without hurting others`.

This masterpiece art has to be protected and they have to be given rights and due credit and even pay them for their work — but in current scenario, there’s no way to identify a meme creator except for a watermark, which if big would spoil the meme or if small can be cropped away.

How Ethereum could help protect ownership of creators?

That’s where Ethereum comes into picture which can grant an owner the ownership of a digital goods without the need of a trusted third party, if there’s enough technology which can work in conjunction which can prove that it’s unique and not claimed by anyone — then it would help millions of creators to claim ownership and can prove it anywhere on this planet (on in this universe :D). That’s where Artificial Intelligence and Ethereum could go hand in hand.

Memeschain — Own & Monetize from your creative memes

There comes an interesting project today on product hunt, which allows these awesome creators to actually own their memes! Everything as we discussed with the help of artificial intelligence and blockchain technology.

Thanks to it’s makers for allowing creators to own their creative digital art and monetize them. It helps a lot of meme creators to secure the ownership and earn from their creation.

One can create an account easily without any username or password (thanks to advanced cryptographic signing with Metamask+Ethereum) and then upload your creatives(memes). Memeschain then verifies the uniqueness of the image by using machine learning and it’s background algorithmic intelligence. Once it is determined as unique — all you have to do is to claim your ownership! Voila — you own that awesome stuff you created and it could pay off a lot in future when you either trade it or grant permissions for reuse.

This platform stands #1 product of the day on @Producthunt at the time of this writing with highest number of upvotes, which shows the effective need of it as well as the awesomeness in the very idea of building such a platform.Quick chat with it’s maker @srameshr gives us more insights on motivation behind building this, their vision and technical details of the platform, which I would write in separate article.

They are soon launching the ability to auction your memes as well as to sell for a fixed price in ETH — which creates a sustaining economy of owning digital collectibles in the form of memes. Looking forward for more updates on this

Prove your ownership anywhere in this universe

That’s the power of Ethereum. To enable such a global shared infrastructure with as less cost as possible, and which allows someone to prove the ownership easily makes it valuable.

Writing something to blockchain costs Ether($ETH) but verification is free — so such platforms can enable creators to register and claim ownership for nominal cost instead of going through various expensive third parties, at the same time allows one to verify the authenticity of ownership free of cost!

For every transaction to be written, Ether($ETH) is needed. Imagine various ownership use cases this platform can enable apart from just memes — eg: digital art, documents, quotes and many more without need of a trusted third party — which brings a huge demand to ETH substantiating the value it holds.

Now you can explain your friends why ETH has it’s value

Now that you saw this simple yet powerful use case of owning a meme and instantly verifying without a trusted middlemen, this could help you explain what exactly Ethereum is and how it helps in building a globally shared infrastructure to enable decentralized trustless smart ecosystems.

It’s easy for you to explain it to someone

You own something? You gotta prove that you own — no lawyer needed — just the blockchain helps you validate and verify within seconds without 3rd party.


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