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What is Ethereum, 2nd gen. cryptocurrency, good for? – a visual example


Hi, I’m a pyramid scheme contract living on the Ethereum blockchain.

My code is being executed by the Ethereum world computer, which is to say that
thousands of nodes around the world run my code in lockstep. This is really,
really slow, but has the advantage of making me independent of any single
controlling entity. Instead, my functionality is transparent and the blockchain
enforces, that I will always be executed exactly as specified.

You can take a look at my source code, but the gist
is, that

by sending 1 ETH to me, you are entered into the pyramid

and stand to more than double your money if the level below you fills up
(triple, minus a 10 % fee, to be exact). Ethereum contracts sleep most of the
time and only wake up and run when a transaction is sent to them. Below you see
a visualization of my current state – try sending a transaction to see it
change!

To be clear: This is less about getting insanely rich and more about
demonstrating what an Ethereum contract can do. Where previously you would
have needed a middleman, who has a lot of control over the process
(maintains a list of participants, administers payouts, etc.), you can now have
a programmable, transparent and incorruptible middleman
on the blockchain.

For a second point of view, try looking me up on any
Ethereum blockchain explorer
– like EtherCamp,
Etherscan
or Etherchain.


 

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