It would seem, more recently we celebrated that bitcoin reached parity with the dollar, and now it has dropped from $1000 to $420, simultaneously giving rise to life over 700 clones, based on the blockchain.
One of the relatively new cryptocurrency Ether on the platform of Psych three months of 2016 added value of about 1200% (growth in January-March with up to 0,002 BTC BTC 0,026), and by market capitalization ($882 million) came in 2nd place after Bitcoin ($6.5 billion), significantly ahead of the Ripple ($273 million) and Litecoin ($148 million).
The success of Psych was predictable.
The last time Psych has attracted the interest of giants such as JPMorgan Chase, Microsoft, and IBM. They see this platform as an improved version of bitcoin, a kind of Bitcoin 2.0, writes the NY Times. Experts believe that the success Psych is partly due to technical difficulties in the processing of bitcoin transactions and division within the bitcoin community, because of what some investors and businesses have chosen to seek alternative cryptocurrency for its projects.
Like bitcoin, Psych works publicly available on the blockchain, but offers a lot more than bitcoin — programmable transaction called “smart contracts”, an idea which in 2013 suggested canadian programmer-Prodigy of Russian origin, Vitaly Buterin. Winner of Olympiads in mathematics and programming, throwing their University studies, at the age of 19 has created the platform for Psych, which now can make a small revolution in the financial industry and the cryptocurrency market.
A smart contract is an electronic algorithm that describes a set of conditions which leads to certain events in the real world or digital systems. Thus, many types of contractual relationships may be partially or fully samulioniene, for example, insurance payment, tax payment, salary payment, payment of winnings at the bookmaker or increased contribution to the financial pyramid-type MMM — everything is done automatically.
Besides, on the platform of Psych anyone can issue their own cryptocurrencies. This is useful for startups, various bonus programs, etc. For the production of their cryptocurrency does not require special programming skills. IBM even experimenting with Psych for application in the Internet of things.
“We have done a great job of developing the platform, — said Vitaly Buterin in an interview a year and a half ago. — Now we need the app. It is possible to find the main use of this system, it might take several years. As, for example, is not immediately understood the power of social networks”.
Investment for the development of platforms and remuneration of employees the acne Buterin with cofounders attracted by premining and pre-sale of Ether coins for $18 million in the same way can sofinansirovanija and other start-UPS, issuing their own cryptocurrency.
In the beginning of 2016 created several dozen applications for Psych — and the project finally took off.
Newspaper NY Times tells the story of one of the companies ConsenSys, which creates applications for Psych.
ConsenSys founder Joseph Lubin (right) and Director of corporate business development Andrew Case (left)
ConsenSys Founder Joseph Lubin (Lubin Joseph). He helped acne when starting Psych, and now got about 50 programmers and manufactures application systems of Psych, including distribution and automatic payment music, a new kind of financial audit and so on. Some applications may ostautsya under direct orders of the corporations.
While Psych is an experimental technology, in comparison with the reliable Bitcoin. The future of the project Vitalik Buterin depends on what kind of infrastructure will develop around it, will the banks use the block chain and produce their own independent cryptocurrency on the platform of Psych. In any case, it is believed that this is the most interesting project in the cryptocurrency market since the advent of Bitcoin in 2009.