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The Blockchain attracts more and more "steak holders" from business enterprises and the finance sector and also becomes more interesting for investors. We already mentioned the activities of "Raiffeisen Bank International" on our Crypto Future blog – but also shipping companies and high politics now show interest in the great possibilities of the decentralized network.

Meanwhile also the petrochemical industry recognizes the blockchain. Shell the international oil giant with headquarters in London, has invested an indefinite amount in the London based startup "Applied Blockchain" (photo: Marcus de Wilde from A.B. with Crypto Future CEO Tomislav Matic) via its investment arm “Shell Trading International”. Founded in 2015, the company develops blockchain applications focused on distributed ledgers and smart contracts for its customers. The start-up should help the energy giants to adapt the new technology to their own business. "Applied Blockchain" currently has clients in the banking and telecommunications sector as well as automotive industry and -suppliers and the aerospace industry. But there are also many possibilities in the energy sector - so Shell, BP and Statoil are working on their own blockchain-based trading platforms.

For example, Austrian company "Wien Energie" has already launched its first successful blockchain projects and carried out a gas trade with the blockchain.

 

It sounds as simple as ingenious - but with the help of the Ether Blockchain it might soon be possible to put an end to the worldwide malnutrition problem. The so-called "Smart Farming 2.0" - the intelligent farm of the future, should have a "comprehensive learning ability" to ensure higher productivity and efficiency in food production. The farm independently controls the correct temperature, humidity, solar radiation, carbon dioxide and irrigation of a plant breeding system using IoT technology, sensors and analysis software with a networked environment. Smart Farming is designed to provide proactive predictions, real-time response and situation-specific simulation around the clock. The new decentralized platform based on Blockchain technology would also eliminate the need for costly middlemen. The purpose of the food blockchain is to store the origin of the product, its producers, region and business movements, thus making it possible to reward producers with greater transparency and traceable, verified information for the consumers.

In addition, the project is currently researches and develops plant-based meat in Asian cuisine to tackle the issue of meat shortage. The AgriTech & Food Science Project identifies itself as the world's first decentralized initiative based on Ethereum Blockchain and Smart Contracts.

 

Not only that the Ethereum Blockchain enables equal participation of all users on the common data network. The technology could revolutionize the democratic processes as we know them. With the help of the Blockchain it would be possible to make the voting completely forgery - extrapolations on election night as we know them would become unnecessary - because the traditional vote count would be eliminated and the final result could be fixed at 5pm.

And indeed, the potential has already been recognized:

For example, the Brazilian government permits people to start petitions on topics to be discussed in the parliament. If the petition is signed by one percent of the country's population, it will be submitted to the congress and the government will be required to review it.

However, as the handling of these petitions regularly causes a massive paperwork Brazilian programmers are now testing the Ethereum Blockchain to solve this problem.

The Brazilian government supports the initiative and has started to develop a mobile app that will allow everyone to sign up for this system online for signing petitions or to start them. These signatures are "hashed" and recorded daily on the Ethereum Blockchain. Such a system ensures that no signature is lost or forged.

 

 

 

1.) Etherium Casper

Casper is not a specific project. It is a mix of two research projects currently being carried out by the Ethereum Development Team. These are Casper, FFG (Friendly Finality Gadget and Casper, CBC (correct-by-construction).

Casper FFG aka Vitaliks Casper is a hybrid POW / POS consensus mechanism under development. This is the version of Casper that should be implemented first. It is quite designed to facilitate the transition to the "proof of stake". The way it is designed is that there is a "proof of stake" protocol superimposed on the "proof of work" ethash protocol. While the blocks will still be exploited via POW, every fifty block will be a POS control point, where the purpose is evaluated by a network of validators. The implementation of Ethereum Casper would have several advantages. They can all be listed under the following categories: Assistance for decentralization, energy efficiency, economic security, scaling and transition to POS.

People do not adapt easily to change. When they get used to something, it's very difficult for them to get out of this comfort zone.

Even though Casper is not yet officially used, the inclusion in the test system is an important milestone before the final adoption of ethereum's own proof of stake system. In addition to the energy savings compared to the proof-of-work consensus, Casper hopes for faster-processing transactions and decentralization of the network structure. 

2.) Etherium Sharding

The concept derives from "shard" and means in the architecture of databases that one decomposes a database into different partitions and stores them on different servers. This obviously improves the performance of the database as well as search queries. The fact that sharding (the breaking up of a blockchain into individual shards), makes the shards stronger than their single computers is easy to understand. However, no one really knows how it would work and if it’s even possible. After all, the unit of the blockchain is what makes it special. The basic idea is to incorporate the function of randomly assigning validators into the Caspar contracts to individual partitions of the blockchain or transactions so that they no longer have to perform the complete verification of all transactions and the execution of all contracts, but instead only a part of it. Thus, proof of stake becomes the basis for distributing the load of the blockchain to different knots

 

Ethereum ("Ether" or "ETH") has grown rapidly during the last months and besides Bitcoin is probably the best known term in the Blockchain universe. But what exactly is Ethereum? And why is it actually no Bitcoin competetor?
ETH created by Vitalik Buterin started running in 2013and got finally improved in 2015. Just half a year has lasted it to come on a market capitalization of half a billion US dollars – a sum which already doubled two weeks later. Market capitalization in January 2018: 70.66 billion euros.
The development of Ethereum lies in the hands of the "Ethereum Charity Foundation" with its headquarter in Switzerland.
The second important organization is the "Enterprise Ethereum Alliance". This alliance wants to create industrial standards on the basis of the „only smart contracts supporting Blockchain, which works in the real world“, and to develop standard-software solutions for the whole market. These should be usable as an open source software.
This alliance should not to be underestimated – just take a look at the foundation members: Accenture, Credit Suisse, Intel, J. P. Morgan, Microsoft, Santander, ING-DiBa to mention only the best known names. Ethereum already runs productively, gets wide support from the economy and can refer to a well-arranged market capitalization.
The network consist like Bitcoin of single participants ("Nodes") who run an Ethereum client. Every node contains the whole Blockchain which is from approx six to eleven gigabytes. The Windows client specifically uses at least 20 gigabytes.
The whole functionality of Ethereum is simple and also the rules for leading the Blockchain and the administration of the network. The most important point of the ETH Blockchain is probably the consensus algorithm. Originally Ethereum used the (known by Bitcoin) "Proof of Work" (PoW) protocoll which binds the Mining to arithmetic power which is invested to solve cryptographically tasks.
In 2017 an important attempt consisted in changing the system into Proof of Steak (PoS). The major difference is that any invested arithmetic achievement is not determined by the Miners generation of blocks. Instead, it’s fixed by an algorithm telling which miner is next in the row. Miner can become who sticks to the rules of the Blockchain – and for that deposits Ether as a security. In this way the power to generate new blocks depends on the Ether credit instead of hardware.

Blockchain technology could be a sustainable revolution in various sectors of everyday life, as the decentralized network virtually eliminates the traditional "intermediaries" in commerce, administration and the financial sector. The fact that the big local banks are particularly interested in this is shown by the following current developments. Raiffeisen Bank International (RBI) is building its own blockchain system - true to the motto. Before the revolution eats you, you better go to its head. A concept that was lived centuries ago by various monarchs and is today, for example, in the automotive sector (keyword e-mobility). In addition, there are many advantages - as Blockchain has the potential to make the entire financial sector more efficient and, above all, more secure. In this context, the RBI gave on 22.11. also known joining the global "R3" network: "By joining R3, we will be able to share and collaborate with like-minded people, which will significantly increase the speed, security and usability of our own blockchain innovations. The use of technology platforms such as 'Corda' enables us to build up comprehensive infrastructure know-how that will underpin future commercial blockchain applications, "explains Michael Höllerer, Chief Representative of RBI, which is responsible, among other things, for the digitization strategy of the RBI Group, who, among other things, is responsible for the digitization strategy of the RBI Group, the Bank's motivation to join this leading blockchain consortium. "

 

Crypto Future GmbH
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Donau-City-Street 7
1220 Vienna, Austria

  • Phone: +43 1 376 50 50
  • E-Mail: office(at)cryptofuture.com

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