Following the launch of the first production-ready version of Ethereum this month, bitcoin businesses are moving to investigate how they might apply the blockchain platform as part of their existing products or services.
So far, startups as diverse as cloud money platform Uphold , bitcoin mining firm BTCS and hardware device provider Ledger are among those that have announced Ethereum initiatives. And in what may be one of the most high-profile signs of interest, bitcoin startup Coinbase plans to hold an internal event on the platform this week .
However, exactly how these companies will seek to use Ethereum, and whether they will do so in a way that is consistent with the vision of the next-generation blockchain platform remains unclear. Announced in 2014 , Ethereum is distinguished by its support for smart contracts and ability to support decentralized applications or dapps .
Despite these wide uses, interviews suggest bitcoin startups are adding support for Ethereum through services that aim to boost the liquidity of its transaction token, ether, and that while they are excited about its larger potential, they’re not sure how to define this opportunity or what it may mean for their business.
Uphold EVP Jorge Pereira, for example, said that his firm is seeking to add support for ether as a first step, but that it will remain open to other applications as they emerge. Still, he spoke to overall change in perception that has brought about this shift.
Pereira told CoinDesk: "Before, Ethereum was a curiosity. No one knew whether it would take off. Now it’s achieved a number of goals that make it something that has sizeable potential. The first thing we can easily do is provide support for holding and converting ether, however, with Ethereum we don’t see the goal being that." Elsewhere, members of the bitcoin […]
