How the Enterprises of EEA Plan to Use Ethereum
The Ethereum project was created in 2015 by Vitalik Buterin, and since then it has become one of the most prominent cryptocurrency on the market right after Bitcoin. But Ethereum has more uses than that of being just a cryptocurrency.
Ethereum expands on Bitcoin’s original design as a payment system, retaining its decentralization, immutability, and security, but at the same time adding more flexibility from a programming perspective. It compiles code which is scripted in the Solidity programming code, also known as the Ethereum’s native language.
Thus, developers can create smart contracts which self-execute transactions and build decentralized apps.
The native token of the Ethereum platform is called Ether which currently ranks in second place according to market cap, having a value of $117.40 USD.
But what is EEA and what’s Ethereum got to do with it? Well, just keep on reading and you will find out about EEA and its relation to Ethereum.
What is EEA?
EEA is the acronym for Enterprise Ethereum Alliance which represents a group consisting of a diverse assortment of companies. EEA was established in February 2017 by 30 member companies, academic institutions, and startups, which include big names such as Microsoft, Intel, JP Morgan, Santander, ConsenSys, ING, Accenture, UBS, BlockApps, AMIS, and BP.
The Enterprise Ethereum Alliance intends on facilitating the implementation of a new app which is developed on the Ethereum blockchain for any interested party or collaborating member.
The main objective of EEA is to further the maximum potential of Ethereum as a payment and dApp/smart contracts medium by congregating organizations, individuals, and companies.
Participants are able to make and customize their own private version of the Ethereum blockchain or even implement private blockchains for supply tracking.
Its website provides various groups which all members can join in order to work together and come up with solutions for various industry issues by using the technologies and appliances of the Ethereum blockchain.
EEA’s consortium currently numbers more than 150 companies, and it is expecting to accommodate even more members in the near future.
In order to join the group, you will have to fill out an application form with various personal and company information such as size and employee number. Candidates are required to promote and enable enterprise apps based on Ethereum; and consent to EEA’s guidelines and policies regarding intellectual property rights, confidentiality, and antitrust.
To maintain EEA membership, the contributing parties are required to pay a yearly membership fee:
- Individuals, groups or companies that have under 50 people have to pay a fee of $3,000 per year.
- Companies that have between 51 and 500 employees are required to pay $10,000/year.
- Companies that have over 5,000 employees must pay the maximum fee of $25,000 per year.
The EEA collaboration organizes yearly events which focus on presenting new ideas, topics, research, as well as providing networking opportunities for participants.
The main subjects which are central at these events are regarding KYC and AML compliance, the development of Ethereum dApps, and what is the status quo of the project.
Members of EEA are able to join and develop projects with multiple working groups, gain access to open code, hold EEA conferences, and receive discounts on sponsorships offered by EEA.
Most of the advantages offered by EEA are related to its quest to offer improvement for a better future. It establishes the open-sources standards for member companies regarding the development and operation of Ethereum’s blockchain, as well as addresses how the existing standards should be deployed for enterprise use.
EEA has experienced a fulminating increase of 500% since its inception. But the alliance is not the only one in the space that aims to standardize blockchain technology and its development. Its two noteworthy competitors are IBM’s Hyperledger and the R3 consortium.
Currently, the organization’s prospects are looking good, seeing as its influence grows steadily on a monthly basis. This greatly benefits Ethereum’s cause, its investors and the businesses that intend on implementing its technology.
The Enterprise Ethereum Alliance has contributed a great deal to Ethereum’s success and status in the world of the blockchain. Considering that smart contracts and dApps have huge untapped potential, many more companies will most likely join EEA in the coming years.