Ethereum Wallet sees Global Adoption

By | November 28, 2016

Globalization has united nations across the world. Ethereum wallet is here to help the world become an increasingly connected place. We’ve seen isolationist policies in countries before, and Trump claims to be moving in that direction. However, globalization is inevitable. Free trade across the world is increasing. It has become a necessity for countries across the globe to cooperate in order to sustain themselves and provide a better future for their citizens.

How Ethereum Wallet will Connect People

There is no universal currency in the world today. The closest thing we have is the USD (United States Dollar), which is the standard for what prices are based on internationally. However, it is impractical to base all value on one nation’s currency. The United States may experience change in the coming years, and prices would certainly fluctuate. This brings about the need for a global digital currency called Ethereum. This currency is stored inside a user’s Ethereum Wallet which shows the individual’s balance in ETH. It can be used by anyone, anywhere in the world. As our global population increases, the need for a decentralized worldwide standard of money rises.

Ethereum wallet seeks to globalize money

Ethereum wallet seeks to globalize money

By introducing a global currency, people can easily trade with one another without using currency conversions. Payment processors will no longer be able to charge upwards of 5% on conversions between currencies. PayPal earns the majority of its revenue by taking high fees whenever individuals need to transact between different currencies. Clients are missing out on huge amounts of money every time they make a deal. Due to this, individuals are hesitant to make foreign trades as fees can rack up quite quickly. The solution to this problem is rather simple: create an Ethereum wallet and people will trade with each other with zero percent fees. Currently, a single transaction costs $0.00025 in USD.

PayPal earns money from your money. Digital currency couldn't come sooner.

PayPal earns money from your money. Digital currency couldn’t come sooner.

It’s unbelievable how cheap it is to send and receive Ether. Best of all, the signup process takes at most a minute to get through. The difficulty lies in learning how to use the new platform, which can be complicated if online wallets aren’t used. Desktop wallets are currently confusing and take a long time to get used to as the blockchain syncing process will deter many new users. The blockchain is a universally accessible technology that stores all of the transactions that have taken place on the network. In addition, Ethereum stores smart contract data into the blockchain as well.

Smart Contracts for International Trade

Developers can write custom contracts for trade deals across the world. All it takes is a bit of programming knowledge to get started. The programming language is called Solidity. With smart contracts, money can be handled by trusted decentralized software. It is similar to Javascript, so most developers will learn the language very quickly. This means that deals can be written with code in the future. People no longer need to trust one another to fulfill the deal. Instead, the terms and conditions of the deal will be automatically processed as it is coded directly into the Ethereum smart contract.

It is predicted that coding will become a mandatory class taught in school within the next few years. The educational system is changing, and languages like Javascript and Ethereum’s Solidity are gaining traction in our technological world. Every student will have an Ethereum wallet in the future, and they will all write smart contracts to advance their own learning. Money can be introduced to audiences of a younger age.

Transparency and Accountability Improved

There’s a growing demand for governments, companies, and high value individuals to disclose more information. Luckily, the technology now exists to hold these groups accountable for their actions. Since all data is stored on the Ethereum blockchain, information is view-able by anyone at anytime. Companies will have to disclose what they do with their money in the future. For example, a fishery will need to show what they are doing with each fish they catch, as well as how many fish they caught. Any information that isn’t shown on the blockchain will be easily tracked down. Charities will need to disclose the exact amount of funds going towards charitable goals, and how much is going towards miscellaneous tasks. It is public knowledge that charities have been started by many dishonest folk who kept the majority of the funds for themselves and their friends.

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