Ethereum Plus is a platform that promises to streamline the access and deployment of Ethereum smart contracts. The project was announced on July 17. Here’s what you need to know.
What Is Ethereum Plus?
Ethereum Plus is a project that promises to advance Ethereum’s smart contracts to make them accessible in a wide variety of applications.
Ethereum smart contracts are flexible programmable ledgers or protocols that vastly enhance the usefulness of blockchain technology. It’s the key innovation of Ethereum’s blockchain. However, many people still don’t know how to implement these smart contracts in their business. Ethereum Plus plans to “globalize digitized contracts and offer better funding alternatives.”
The project was announced in a press release on July 17, 2017. The developers have scheduled an ICO for the middle of August. By 2018, Ethereum Plus plans to release its smart contract platform to the world.
How Does Ethereum Plus Work?
Ethereum Plus’s key innovation is a series of built-in templates called Ethereum Plus Smart Contracts.
These contracts are designed to be plug and play. Businesses can choose their contract, then initiate a transaction.
Ultimately, Ethereum smart contracts are useful – but you still need some programming and blockchain knowledge. This is slowing the adoption of Ethereum smart contracts in the enterprise world. Ethereum Plus has proposed its own solution, which makes it easier for companies to implement blockchain technology – specifically, smart contract technology – into their existing environment.
As company founder Ramaswamy Raja explains, “We have finally developed an eco-friendly blockchain application.”
In layman’s terms, Ethereum Plus is a smart contract system based on Ethereum smart contracts. It’s designed to be so easy that an average individual could create his or her own smart contract with ease. All you need to do is click buttons and make a few edits. You can choose from pre-existing smart contracts designed for specific roles.
A key part of Ethereum Plus is the use of ETHP tokens. as mentioned above, the Ethereum Plus token sale is scheduled for the middle of August (August 15 to September 11). The token, like other cryptocurrencies, is totally decentralized. Token holders can conduct transactions and invest using ETHPs.
Ethereum Plus’s website doesn’t do a great job of explaining how ETHP tokens work. The website is worded in broken English, which makes it difficult to determine the functions of the currency. Here’s how the website attempts to explain it, however:
“Accompanied by several signs possessed by the leading light- Ethereum, the Ethereum Plus makes headway. Ethereum Plus or ETHP as is globally known is descendent of the Ethereum family. ETHP inherits the sophisticated Ethereum Blockchain Methodology for easy regulations or transfer of funds/exchange of currency. Exchange of ETHPs with FIAT and/or any other cryptocurrency is easier, secure and transparent.”
Ultimately, ETHP doesn’t seem to be unique from other cryptocurrencies. It just seems to be a cryptocurrency designed specifically for the Ethereum Plus platform.
When asked what the ETHP token is, the company’s response is that it’s “empowering technology and people.”
Awkward wording aside, Ethereum Plus will release ten million tokens. Tokens are locked at a rate of $5 USD per token. Based on those numbers, the company is attempting to raise $50 million USD through its token sale.
Who’s Behind Ethereum Plus?
Ethereum Plus is led by Founder Ramaswamy Raja, co-founder Sai Teja, and CTO “Siva”.
Before founding Ethereum Plus in July 2017, Raja was an ECN Trading Manager at ForexTime (FXTM). He’s based in Bengaluru, Karnataka, India.
Ethereum Plus appears to be registered in Dubai (the initial press release lists “Dubai” as a location), although the company’s founding team and executives seem to all be based in the Bengaluru area.
Ethereum Plus Conclusion
Ethereum Plus is a proposed platform that promises to make Ethereum’s smart contracts easier to use. The platform involves a series of “plug and play” smart contracts that can easily be implemented into a variety of business applications. With the help of the Ethereum Plus platform, anyone can create their own smart contracts – even if they have no programming knowledge or blockchain experience.
Obviously, Ethereum’s smart contracts are a valuable addition to the blockchain community. However, many companies lack the specialized knowledge on how to implement smart contracts. That’s where Ethereum Plus wants to help.
There are some problems with Ethereum Plus. The whitepaper and website features awkward, vague wording about certain concepts, and neither the website nor the whitepaper goes into great technical detail about the project. We also don’t know the proposed timeline for the company, including proposed launch dates. All we know is that they plan to release their Ethereum Plus smart contract system in 2018, and their ICO is scheduled for August 15.
Despite the lack of technical details, the company’s whitepaper describes their ICO as the “best investment plan” and claims that it’s “best defined as the cutting edge in cryptocurrencies!”.
There are some big question marks surrounding Ethereum Plus. However, a company that can bring Ethereum smart contracts to the masses could be a very valuable addition to the blockchain community. Stay tuned for more information about Ethereum Plus as the ICO and development continues.