Outline of the Ethereum Project

Outline of the Ethereum Project

Many distributed applications (DApps) have been developed since the announcement of  Smart Contract-capable Ethereum.
This article we will introduce three promising new projects that have had explosively successful ICOs: Augur, Singular, and Golem.

 Distributed Forecast Market “Augur”

Function of Smart ContractAugur is a project to create a distributed forecast market. In the forecast market, each user can set a wager on the outcome of an event that will take place in the future. If their prediction is correct, they receive remuneration based on the final result.

The biggest problem in the forecast market is the fact-finding process.
Holders of REP* issued by Augur ICO have an obligation to report on the outcome of the betting event and certify facts via majority rule through a Smart Contract.
Once the facts are determined, compensation is given to the majority and, conversely, a penalty is imposed on the minority. In order to earn the reward, it is necessary to input a vote on the actual event outcome.
This system which utilizes the function of inputting events occurring in the real world onto a blockchain is collectively called “Oracle.” Distribution of the gambling pool money is also performed without intermediaries, based on the results of the fact-finding, via Smart Contract.

*Augur’s token name

Rights Distribution Platform “Singular”

Rights distribution platformSingular is a distributed application aiming to distribute fair profits to authors and stakeholders through distribution of contents. Many of the current content distributions are either monthly or download sales, so previously there was no accurate data based on the number of views, etc. It was impossible to know whether distributors were allocating fair revenue to authors, creators, et.
Content delivered via Singular will be billed to the user using Ether (ETH), based on the number of times it is played.
Moreover, by using pre-set smart contracts when dealing with stakeholders (such as artists, engineers, producers, etc.), earnings obtained through them are automatically transparently allocated.

Calculation Resource Sharing “Golem”

Golem is a project that aims to create a shared economy of computing power (calculation resource), or a so-called “distributed supercomputer.”
Users can provide surplus computing power and other users can purchase the necessary computing power.
Resource providers must be matched with resource beneficiaries in this shared economy.
In the past, companies had determined this match, so brokerage commissions, prices, etc. could not be freely set, at the expense of the customer.
By using Smart Contract, these problems are automated, and prices will be decided in a way that fits the supply-demand relationship more.

 

As described above, a large number of distributed applications utilizing smart contracts are being developed and projects that solve existing problems in order to realize significant efficiency are getting a lot of attention.
If such projects succeed procuring funds during their ICOs and proceed with development, future users will be able to enjoy great benefits as well.