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In the article the author ‘Ed Finn’ mentions that three years ago, a group of programmers launched a new software platform called Ethereum which was inspired by the Bitcoin. This software allowed in conducting transactions without any central bank or currency authority. ’TOKENS’ called Ether instead of dollars and pounds were in use. They likewise permitted “keen contracts” to bargain in a wide range of routes, from alternatives contracts fixing to future ware costs to expound corporate administration and voting plan. After all the thought process and working out the bugs, they created a clever contract a Digital Autonomous Organization. Later on a hacker exploited a flaw in the code which made the creators of DAO very upset.
As Ethereum is a digital currency they were trying to figure out ways to reverse the flaw. Cryptocurrencies depend on a public ledger system,that works as a “blockchain”. So everyone who makes a transaction sends out an announcement on the network of fellow traders and all that gets bundled up into a “Block” so everyone competes to see who can authenticate it fastest. The main purpose is to provide transparent unit of currency making sure that no money is stolen or used twice. After all that the Ethereum community “fixed” the problem by creating a new Ethereum Classic where transaction in question never took place. They became second and seventh in the world for cryptocurrency including ethereum classic. Financial groups created public investment funds to the currencies like Bitcoin and Ethereum and even retailers accept them as a form of payment. It proves that money can become code, means it was no longer defined by its financial value but computational value. Its validation for transactions is not by volume or exchange rates but the processor cycles required to compute the next bit of blockchain.
They are also called as programmable money. All of this happens to matter because now we have started valuing things instead of Processor cycle instead of the price something can be sold for, which will result us in engaging ourselves in future ruled by machines. The more the value tends to become thornier, the more we tend to rely on algorithms for encoding and defining our parts of information, and not just to manage it. people have started seeing money as in terms of code and no longer in terms of financial valueWhat is meant to be a data should be a data only and not question about our value because it will then lead our whole lives changing towards senseless lives based on orders and logics of machines or technology. Also, can say as of like vehicles with no drivers or bodies with no soul and just running with set of instructions.
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