- On Monday, the Enterprise Ethereum Alliance announced 86 new members that will work together to develop business applications on the Ethereum blockchain, including Toyota, Deloitte, Samsung SDS, and the National Bank of Canada.
- But while bitcoin has become a haven for speculators trying to win big by trading coins, Ethereum’s promise is that its blockchain—the public ledger that records all transactions—is chiefly a platform for developing apps, powered by economic incentives.
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The alliance, which was founded in February of this year, is a global foundation with more than 100 members which include financial institutions like JP Morgan, Credit Suisse, and Banco Santander.
- The bank ran a pilot using an in-house digital currency to conduct interbank transactions on a blockchain in 2016, snubbing the existing bitcoin currency.
- Ethereum still might not be as valuable as bitcoin (one coin is worth over $2,000 USD at the moment, while one denomination of Ethereum, called ether, is worth $163), but it could be a whole lot more useful for banks.