The Need For Speed
Technology is all about speed. In the early days of the Internet the ability to deliver digital information was limited by things like dialup modems, DSL and legacy copper wiring. Once those shortcomings were overcome, Internet usage exploded. Over 20 years later, the explosion continues.
Blockchain technology isn’t there yet. That is one of the exciting elements of the whole cryptocurrency puzzle. The dramatic price rise of Bitcoin suggests its acceptance as a global alt currency is taking place.
At the same time, Ethereum’s blockchain, which among other things creates Smart Contracts, has become the go-to platform for industry applications. Many of these applications are being developed and financed through the record number of Initial Coin Offerings we have seen just this year.
Right now cryptocurrencies in general are at the same spot the Internet was in back around 1995. Cryptocurrency transactions are in slow gear. The need for speed is a short-term hurdle.
Casper Is Here, But There Is More
Recently we highlighted the work at Ethereum of one of its developers, Viad Zamfir in the creation of Casper. Under Viad’s efforts, the Ethereum verification process from “Proof of Work” to “Proof of Stake”.
In practical terms this accomplishes two things. Casper dramatically lowers the cost of verification while increasing speed. This is not the only benefit by far, but this alone is a big deal.
Now comes the Ethereum Raiden Network. This is Ethereum’s version of Bitcoins Lightning Network. The technical definition of Raiden is allowing off-chain scaling solutions for performing so called ERC20-compliant token transfers. Supposedly this enables near-instant, low fee, scalable and privacy preserving payments.
The operative words here are off-chain scaling and privacy preserving.
We are not here to confirm or endorse the Ethereum Raiden Network. This will take some time in practical use to judge. The important thing to keep in mind is that the issue of transaction speed limitations is in the process of being overcome. Who comes up with the fastest mousetrap will be fun to watch.
We welcome your views. Simply email your opinions to james@SilentNotary.com
A few conclusions are clear. What is good for Ethereum is good for all. Until now Ether has not served a significant role in worldwide payments. With increasing transaction speeds, that role will expand.
What is Good For Ethereum Is Good For SilentNotary
The future of Ethereum supports the confidence and support of SilentNotary as the world’s first blockchain notary. The founders of SilentNotary are committed to using their first mover advantage to build a global ecosystem of trust.
The SilentNotary business model is the most comprehensive anywhere addressing all sectors including B-2-B, B-2-C, B-2-G and IoT. In addition, SilentNotary offers the most customer interfaces including mobile apps, chatbots, web, email and API.
SilentNotary is taking the Ethereum platform one step further with it’s patent pending Lightstamp technology to bring trust to an addressable market of over 60,000 businesses and more than 2.3 billion mobile users worldwide.
SilentNotary’s diverse and growing team now totals over 14 and is ready for the future.
News About The SilentNotary ICO
In the spirit of the holidays, SilentNotary is holding a Christmas and New Year Sale from December 13th until the 27th. Registered participants will receive a one-time discount of 24%. This offer is only good during the limited time so be sure to get registered now. We look forward to sharing the holiday spirit with you.
James Waggoner
