Launched in 2015, Ethereum quickly established itself as one of the leading and most valuable cryptocurrencies on the market. What’s most important about Ethereum is the fact that it’s so much more than just a cryptocurrency.
Designed by one of the most brilliant minds of our generation, Vitalik Buterin, Ethereum can be regarded as an improved version of Bitcoin’s payment system. Hence, it boasts all the advantages of Bitcoin (decentralization, immutability, enhanced security), but the real power of Ethereum stems from its programmability.
On Ethereum, developers can embed “agreements” in the code and make transactions execute automatically. These digital agreements are the famous “smart contracts,” and they are the main reason why Ethereum is so useful and is more than just a payment system. It has its native currency called Ether, it uses EVM (Ethereum Virtual Machine) and compiles codes written in Ethereum’s native language, called Solidity.
If you’re passionate about Ethereum, you might have heard about something called EEA as of late. In this article, we are going to cover various aspects of EEA: what it is, what its goal is, why it is important, who its members are, what benefits it has, and how members are planning to use Ethereum.
What is EEA?
EEA stands for Enterprise Ethereum Alliance and is a group comprised of multiple companies of all shapes and sizes. The EEA was launched way back in February 2017 by 30 founding member companies, which include big Fortune 500 names, such as Microsoft, Intel, JP Morgan, Santander, ConsenSys, ING, UBS, BlockApps, BP, AMIS, and Accenture, as well as various academic institutions and startups.
The goal of EEA
To put it as simple as possible, the Enterprise Ethereum Alliance aims to make it as easier as possible for any interested party or member to collaborate in implementing a new software and business applications powered by the Ethereum blockchain.
Another very important goal of EEA is to bring together organizations, people, and companies and help Ethereum reach its true/full potential, both regarding a payment network and a dApp/smart contract medium.
It enables participants to create their own, custom-made private Ethereum blockchain, or even implement private blockchains for tracking supply chain management. This is done through “working groups.” On the EEA website, all members have the opportunity to join the said groups and work together in order to solve problems. These groups are provided on the EEA website and are designed specifically to help create Ethereum-powered solutions for a plethora of business challenges meant to disrupt various industries.
EEA is now a collaboration of more than 150 companies, and there’s still room for expansion. In theory, anyone that has the resources and the motivation to improve the private and public blockchain can be a part of the EEA.
To become a member, you have to fill out an application form by providing various personal details, the company size, and other relevant details. Applicants must be individuals or organizations promoting and facilitating Ethereum-based enterprise apps; they must agree with the EEA rules, intellectual property rights policy, confidentiality and non-disclosure policy, and antitrust policy.
All involved parties must pay an annual membership fee in order to remain part of the EEA. For individuals and groups or companies with less than 50 people, the fee is $3,000/year. For companies with between 51 and 500 employees, the fee is $10,000/year. The maximum fee is $25,000, and it’s for companies with more than 5,000 employees.
As a member of EEA, you can benefit from its multiple working groups, create and participate in working groups, get access to open code, host EEA meetings, as well as benefit from various discounts on EEA sponsorships.
Benefits Of EEA
One of the most undervalued benefits of the EEA is the fact that the collaboration offers several events each year. These events can be a great opportunity for discussing ideas, networking and sharing research among participants.
Most of the events revolve around topics such as how to comply with KYC and AML regulations, how to create dApps on Ethereum, and understanding the current status of the project (Ethereum).
The rest of the advantages are related to EEA’s vision for a better and brighter future. For example, it defines open-sources standards for the development and operation of Ethereum’s blockchain on all member companies, and also addresses enterprise deployment requirements and leverages the existing standards.
EEA should help advance the development of Ethereum’s ecosystem on a global level. It plays a big role in standardizing approaches for privacy, and permissioning and providing alternative consensus algorithms.
The Future of EEA
Since its launch, the EEA has seen an incredible growth of almost 500%. Its mission is to standardize blockchain technology and development. Even though its prospects seem very good, the EEA has two big rivals: IBM’s Hyperledger and R3cev.
The Enterprise Ethereum Alliance seems to be an organization that grows more influential with each passing month. This is extremely beneficial for Ethereum as a project, as well as for anyone who plans to invest in Ethereum or plans to use it for business purpose in the future.
Without a doubt, the Enterprise Ethereum Alliance is a big reason why Ethereum is one of the most influential and most successful blockchain projects, as it ensures that some of the world’s biggest firms are willing to use the platform. Since more and more institutions and businesses start to see the importance of smart contracts and the potential of dApps, EEA will probably grow even further in 2019.