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Ethereum Foundation contributor Josh Stark highlighted Ethereum’s (ETH) “hardness” as its defining quality in the digital economy, emphasizing its ability to provide unmatched predictability and immutability for decentralized applications.
Stark argued that these qualities make Ethereum a resilient foundation, setting it apart from other blockchains and traditional institutions. His statement comes amid Ethereum’s price struggles as its value against Bitcoin (BTC) hits its lowest point in 1,285 days.
Understanding ‘hardness’
Stark explained that Ethereum’s “hardness” reflects its ability to make the future more predictable. This quality, he argues, is essential to Ethereum’s position within the digital economy, offering a level of stability and immutability that few other blockchains or institutions can match.
He said:
“We can give Ethereum code and receive a very strong guarantee that it will run any time we call on it.”
This assurance, Stark noted, positions Ethereum as more than just a blockchain but as a new form of “hardness” that challenges traditional sources of stability, like governments and legal systems.
Stark elaborated that Ethereum represents a novel kind of “hardness” that complements and sometimes challenges traditional institutions.
While governments and legal systems have historically provided a framework for property rights, contracts, and economic stability, Ethereum’s decentralized structure offers a global, transparent alternative.
Unlike institutions, which are often bound by borders and bureaucratic processes, Ethereum’s accessibility means that anyone with an internet connection can interact with its network. Stark highlighted this advantage:
“Ethereum’s hardness does not depend on the political winds. Ethereum’s contracts and property rights don’t stop working if your government does. Ethereum’s data won’t be taken away from you by a change to a corporation’s terms of service. When that matters, it matters a lot.”
This borderless accessibility provides a counterweight to traditional systems, which are frequently constrained by regional limitations or vulnerable to political shifts.
Creating a new market
Stark’s post emphasized that Ethereum is not meant to replace traditional institutions but rather to exist alongside them. He envisions a “market for hardness,” where individuals and businesses can choose between decentralized systems and traditional institutions depending on their specific needs.
This choice would allow for more autonomy in creating contracts, storing value, and establishing identity without relying on intermediaries.
Additionally, Stark believes the development of layer-2 blockchains on Ethereum will make this “hardness” more accessible, enabling the network’s decentralized framework to support an even wider range of applications.
At the time of press 9:39 pm UTC on Nov. 5, 2024, Ethereum is ranked #2 by market cap and the price is up 1.32% over the past 24 hours. Ethereum has a market capitalization of $291.92 billion with a 24-hour trading volume of $19.25 billion.
At the time of press 9:39 pm UTC on Nov. 5, 2024, the total crypto market is valued at at $2.31 trillion with a 24-hour volume of $94.65 billion. Bitcoin dominance is currently at 59.48%.