Ethereum Is the Most Important Technology Since the Internet

Tim Denning

It took me 12 months to learn these 3 sentences — here’s what is missed about Ethereum that explains the $20,000 predictions.

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Rich white guys used to dominate tech.

They invested in and got access to upcoming tech companies like Facebook and Google before the rest of us. If we were lucky, we’d eat the scraps after they listed on the public stock exchange for us normies to access.

Not anymore.

Ethereum has changed everything. The problem is many people don’t know. They think of cryptocurrency and assume Ethereum is like Bitcoin.

Bitcoin is so dumb anybody can understand it. It’s a digitally scarce asset to replace gold. Bitcoin acts like a proper savings account. You convert dollars to Bitcoin and then over time it prevents inflation from eating your money for breakfast without you knowing. It’s so simple a five-year-old can understand it — that’s why Wall Street gets it.

Ethereum is complex to understand at first. When you have coders writing about what it is, it confuses most of us. Ethereum is in the cryptocurrency category of tech which discombobulates people’s minds. We hear “currency” and think Ethereum is trying to be another form of money.

The word cryptocurrency should die. It confuses the mass transformation going on right now while many of us are sleeping on a shift bigger than what the internet gave us.

Ethereum is a supercomputer. Ethereum uses blockchain technology to decentralize every piece of technology or app you currently use.

“Decentralize” confuses people too. It means to give the ownership of the technology we use back to the users of it. It means we use a democratic governance system to make big decisions — such as whether a revolutionary new idea should be blocked because people don’t understand it yet. Users vote. How? You have to hold the token/coin/stock of the technology in question.

Let’s explore Ethereum further so you can take advantage of this once-in-a-lifetime paradigm shift that will change how we live forever. I will explain in simple terms, without all the jargon (because screw trying to look smart).

A Replacement for Every App on Your Phone

Those apps on your phone are starting to collect cobwebs. We know their dirty little secrets — how they track us, sell our data, serve us ads, play ping pong with our attention, and prevent us from connecting with each other via email.

Apple has started playing games with Facebook’s business model. The App Store even blocked the biggest game in the world (Fortnite) from people downloading it. And in Australia Facebook canceled the news.

Apps on your phone are going to die. They’ll be reborn using Ethereum.

Right now all the apps on your phone are connected to centralized computers that sit in the cloud. The cloud is really a series of giant buildings all over the world that house computers. Rather than running an app on Google Cloud, Amazon Web Services, or Microsoft Azure, Ethereum will decentralize the computers that host our apps.

Ethereum is like a giant distributed computer — Eric Jorgenson

When we decentralize where computers are stored, we give power back to the users of the internet. We prevent the decisions of a few elites from ruining our Saturday night and blocking our favorite app so they can make more money.

Individuals Become Banks That Issue Loans

Ethereum enabled the decentralized finance revolution (DeFi).

DeFi simply means that individuals become banks. We can easily lend our money out to people and businesses that need it. There’s no big bank in the middle to complicate a simple process and collect rent for the privilege of doing nothing. Your spare cash can be lent out. Mind blown?

Individual users will become more powerful than Wall Street. Let that sink in. That’s what Ethereum can do.

Developers Giving up Ping Pong Tables for Real Money

Developers were our slaves for the last few years. They got the leftovers.

Not anymore.

Developers are going to be wealthier than entrepreneurs in the new world run by Ethereum. Their work is incredibly important. For far too long big tech companies run by jocks in t-shirts treated them like useless nerds. They didn’t respect the gorgeous work it takes to write code and build software that is a pleasure to use and makes our lives easier.

That’s changing. The Ethereum network is currently bringing on 300+ new developers per month. That doesn’t include all the technologies that sit around Ethereum.

Bottom line: Ethereum is going to bleed the old world of tech dry by recruiting all the developers they need for their lies to stay in business.

A Digital Version of the Money You Already Have

Ethereum enables digital versions of currencies we already use, like the US dollar. Once you convert a regular US dollar from the government to a digital one, you can send it anywhere in the world for almost no cost.

A digital version of a currency can then reach further than it did before, into countries like Africa. Imagine this: more members of Earth being able to participate in the global economy and make money.

Ethereum enables an economy without borders or skin color to worry about.

Ethereum Changes Startup Investing

In the old days, you’d beg angel investors with wings for money, or get a pretentious family office to invest, or borrow money from mom and dad to build a startup.

If you survived the first few years you were a startup warrior. Then you’d hope to reach a point where venture capitalists would give you their filthy capital and take an enormous amount of your company away faster than a lightning bolt.

Ethereum changes all of that.

You can build software on top of Ethereum. You can issue a token (like a stock) and get your users to be your investors. No more venture vultures. No more begging. No more telling people who have no idea what your business does, and frankly, don’t care.

Ethereum makes your startup public to billions of people, instantly. Everyday people can invest in cool tech early (for once).

Money for Creators (Finally!)

NFTs turned into tulip mania for a while. People dismissed them easily — I did too. They think a Pokemon card that becomes an NFT and sells for thousands of dollars is a scam. But a Pokemon card printed on a piece of cardboard off a tree in ya backyard could seem worthless too.

It’s not the picture of the Pokemon character people have ever been buying since the 90s. Nope. People buy Pokemon collectibles for the scarcity. That scarcity is now transparent thanks to NFTs (a point lost on most).

An NFT is a digital representation of a creative piece of work. Your blog post is an NFT. Your tweet is an NFT. Your music is an NFT. Your photo is an NFT. By registering every digital asset on the blockchain, we can easily work out who owns what and distribute money easily and fairly.

With NFTs, you don’t trust a business with your art.
You trust code to protect your art.

Oh, and you can easily transfer ownership of your art. And when your art is resold over and over, you can take a cut of that too. Pwahhh.

This change will fuel a huge boom for us creators. If Picasso was still alive he’d become richer than Zuckerberg in this new world, thanks to Ethereum.

Land Anybody Can Own Without a Bloodsucking Real Estate Agent

Ever tried to buy land. It’s complicated AF. There are excessive fees. You need lots of different unprofessionals to execute the transaction.

Your banker is laughing at you. Your real estate agent is licking his lips and can’t wait to put another downpayment on a Porsche with the commission he gets from the transaction, where he didn’t do a lot.

Ethereum powers Decentraland. Decentraland is a digital universe where we may one day spend our time. You’ll pop on your VR goggles and go to work without leaving your postcode.

A company in Australia, Nugget’s News, hosts customer events in Decentraland. Lockdowns from a pandemic are less of a problem when you don’t need to be physically next to someone to do business. The dream of Decentraland is to enable a real version of the “Ready Player One” movie.

Decentraland is another form of real estate ownership. It’s got a long way to go. But it brings us commuters hope, as we are sick of being crammed into buses and trains like rotting sardines.

Digital land is an idea, so don’t dismiss it too quickly. Big ideas can seem stupid until they’re not.

Dividends for Owners of Ethereum

The mumbo jumbo change happening to Ethereum is confusing. They say Ethereum is going from a proof of work consensus model, to proof of stake. It means nothing to you and I.

Translation: if you own Ethereum tokens and pledge them to the network, you get a dividend.

Dividends are money you get for owning stocks. Now you will be able to get dividends for owning Ethereum. Simple. Another way to look at it is Ethereum pays you interest for owning some.

And Ethereum gives you more money for investing than your dinosaur savings account that rips you a new one with less than 1% interest for the privilege of giving a banker your hard-earned money.

The Part of Ethereum Missed by Almost Everybody

People fell in love with Bitcoin because there are only 21 million coins ever to be available. 89.2% of Bitcoins available have already been released. The rest will slowly be released up until 2140 (hope we’re both alive then to tell the story). The number of Bitcoins released every day halves every four years.

Soooooo

Bitcoin is scarce. It gets scarcer over time. Scarce assets that serve a purpose increase in price. Now let’s look at Ethereum. Ethereum used to be like the US dollar — a wolf in sheep’s clothing. There was no limit to the supply of Ethereum. Technically, like magic, more Ethereum could come into circulation. That’s changing.

Ethereum is migrating to version 2.0. The effect of this change is significant and lost on many critics.

Ethereum is about to have a triple halving in supply.
Ethereum is becoming incredibly deflationary.
Ethereum is becoming more scarce than Bitcoin.

It took me twelve months to give you those three sentences. Read them again.

Now You Know Why People Are Saying Ethereum Could Go to $20,00 per Coin

It’s not hype. It’s digital scarcity, more people entering the network, it is developers coming onboard to Ethereum and leaving companies like google for dead, and it’s every financial services product slowly migrating from human trusted systems to blockchain trusted systems controlled by code.

You don’t need to be too smart to understand Ethereum. If an average guy from the Australian desert can understand then you can too.

I see many people miss the point of Ethereum. They dismiss Ethereum as a cryptocurrency you invest in. Yes, you can obviously buy Ethereum as an investment, although that’s like sitting down for a buffet lunch and only drinking water.

Ethereum is the one technology you want to understand. Ethereum will find its way into every job in the world just like the internet did. Don’t be like my ex’s dad and refuse to give up the fax machine for the internet, thus being forced to retire. Actually, Ethereum is more important than the internet for one reason.

Ethereum is a replacement for the internet.

That’s why understanding Ethereum is more important than understanding the internet and buying a smartphone you can download apps onto. Ethereum rebuilds every piece of tech in a decentralized way. Why?

We’ve stopped trusting tech companies and that’s the harsh truth. Ethereum rebuilds trust.

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This article is for informational purposes only, it should not be considered financial, tax or legal advice. Consult a financial professional before making any major financial decisions.

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Aussie Blogger with 100M+ views — Writer for CNBC & Business Insider. Inspiring the world through Personal Development and Entrepreneurship www.timdenning.com

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