Like Ethereum itself, our expertise started off working with Bitcoin platform. Our mission was to figure out a way to use a trustless way to issue private company shares. After working with Bitcoin to get a proof-of-concept done, we came to the conclusion that that is not the right platform for two reasons :
- It is expensive to do transactions (moving values from a wallet to another wallet)
- The transaction speed is really slow. We decided to give the Ethereum platform and it was all love afterwards. Outside of the standard power of the blockchain platforms such as immutability, protection against tampering, security etc, here are the reasons for our choosing and developing expertise in the platform.
In our 10+ experience of building hundreds of software applications powered by centralized databases, Ethereum is bringing a breath of fresh air to the solution architects and developers. With no database clusters to install, back up and do other administrative activities, no license or hosting fee, Ethereum provides an out of the box database environment to build and deploy applications reliably and quickly. There are also business problems and usecases that could never be solved using a centralized datastores can be solved with applications built in it.
Ethereum has an inbuilt virtual machine, a turing complete computer available to anyone. One can write an executable code and run it as smartcontracts. For the database experts, this is like running a stored procedure in a publicly available database and all you pay is just for transactions, nothing else. Think of all the cost savings from an technology. It is made possible, thanks to Ethereum.
Reasonable Transaction Costs
Ethereum is open source. It is available publicly for anyone to use. The transactions in the blockchain are prioritized by the cost aka “gas” paid in Ether. From deploying a smartcontract to moving tokens from wallet to wallet requires “gas”. Ethereum follows a true open market model in executing these transactions. Basically, the higher the “gas” you are willing to pay, the faster the transactions will occur. With more than a few applications implemented, we have a fairly accurate sense of the various cost items for running distributed applications and find them to be very reasonable.
Ethereum has a development / sandbox, known as TestNET. The Ether used in the TestNET can be mined by anyone which makes applications development easier. One can architect, develop and run decentralized applications in TestNET and use it for testing until it is ready to be moved into production, otherwise known as MainNET.
Ethereum is trusted behind many of the token offerings. The ERC-20 standards has become a defacto standard behind token offerings. The platform also supports many other standards such as ERC-771 which is the foundation for the non-fungible, crypto collectibles solutions. THe platform has a solid development leadership, has industry consortiums like Ethereum Enterprise Alliance and with investors owning assets in Ether. Together, the trust on the overall platform is very strong.
Our expertise in Ethereum
We have applied our expertise in Ethereum in getting the following native and hybrid solutions done :
- Proof of concept DAPPs with fungible and non-fungible tokens.
- Validation frameworks
- Token contracts for ICOs
- Document immutability and tracking
- Trading solutions with no middlemen
Some of our notable accomplishments in Ethereum are covered in our blog. Please read them. And if you need more info, please contact us.