The Enterprise Ethereum initiative was initiated by Consensys to be used as the main source of smart contracts in enterprises. This would integrate the virtual machine, the network and the application capabilities into a common smart contract platform. Consensys believes that such a platform will increase efficiency, standards and quality of execution for all these components. Moreover, it will also provide a trustworthy and robust set of features and functionality. Consensys has completed its first implementation and now looks forward to the next milestone, namely, widespread usage.
Consensys’ focus is on developing the most fundamental building blocks of the smart contract technology. This includes the EVM (Electronic Programmer), the EIP (theoretical smart contract) and the ADA (administrative interface programming language). Apart from these, additional protocols are being considered. In addition, a consensus has developed d Ether converters that enable clients to run their smart contract programs on any popular web host. The goal is to make the smart contract environment as portable and customizable as possible.
The second release of the project will be followed by the Identity app. This will connect user information in the distributed system. The aim of the project is to provide easy access control to authorized users, irrespective of whether they are logged in or not. In addition, a smart phone based client is expected to be launched in the near future.
Consenys intends to bring forth the Proof of Stake (POS) system to the market. This is an innovative concept that enables the members of a smart contract community to stake their tokens for the benefit of other stakers. The system is supposed to work like a dividend plan. If the dividends that the community earns are greater than the fees that have been paid out to date, the surplus will be gifted to the community in the form of ether.
The Shape Memory Foam token is the first token that will be offered using the ethereum system. The purpose of the product is to track and manage IT infrastructure, one of the largest contributors to network congestion. The token will enable users to create smart contracts that will allow them to rent the storage capacity of servers and so on. This will enable users to manage their data centers more efficiently.
In addition to this, Consenys is offering an open source software called Metropolis. The developers of the software are working on a new smart contract ecosystem. This is aimed at removing the last barriers that stand between eCommerce community members and creating real-time payments. The software will enable eCommerce sites to manage payables and finances better. The team is also working on improving the performance of the smart contract system.
Another member of the Metropolis team is Vitalik Buterin, the founder of the popular etheric currency, ether. Vitalik Buterin is considered as the developer that has made big strides in developing the programming language for smart contracts. The developers are trying to make the programming language more efficient and easy to use. The programmers are working hard to provide eCommerce community members with better features. One of the features that they are working on is the ability to interact with the smart contract network.