If you are unfamiliar with Ethiopia’s most recent currency, Ethopian, perhaps you should look at what is being done with their Ethical Ledger project. This project is the brainchild of Vitalik Butelov and his team. He and his team have mined the very first Metal Mesh for a digital asset. In the article below we take a quick overview of Ethopian and how they are attempting to change the way people interact with money.
Ethical Ledger is not your typical network. Unlike other networks out there that promise you easy profits, Ethical Ledger goes the other way. You will need to work very hard to become profitable with Ethopian. However, it is possible to make a profit if you play it right. First of all, Ethopian uses a Metadata Language (MDL) called the Meta Contract. A Meta Contract is a virtual contract that exists between two or more interacting Ethopian participants before any transaction takes place.
Contracts are a crucial part of any business, including Ethopian. In this case, the Ethiopian team used the Meta Contract to describe how they would exchange their ether for some form of payment. This contract essentially states what you will pay them for any outgoing transactions (such as a sale). The Ethiopian team defined four different forms of payment that they would allow their customers.
The four forms of payment that the Ethiopian team allowed their customers to select were pay with ether, send ether to Ethiopian, receive ether from Ethiopian, and send money back to Ethiopian. Any one of these transactions can be either a purchase or a sell. Each transaction, however, will use a different ether/USD pair. Once the transaction has been completed, the customer sends in their card details and the Ethiopian network verifies that the card matches the details that were entered into the transaction.
Any successful transaction always begins with the card being verified. When the network verifies the card, it then checks its balance. If the card is out-of-sync with the balance, an error message is displayed. If the card is found to match the balance, the transaction is complete. If the card cannot be verified, then the transaction failed.
A successful transaction typically begins with someone delivering their money to the cardholder. Once someone delivers the money, the transaction is complete. When this happens, the card reaches the recipient. At this point, the card is given either an ethernet bill a wire transfer, or a coupon. Depending on the method that was used to fund the card, the funds are then released into the cardholder’s account or placed into another form of payment.
Once the card reaches the intended recipient, a coupon or wire transfer is performed. This process involves the internet or credit card payment networks. Either way, the funds are dispersed to the cardholder’s account. Some companies work with merchants to receive payments directly from their customers. Others work with internet networks to pass along the information to their customers. Either way, the merchant and the customer enjoy a seamless transaction.
The entire transaction is recorded by the network. That transaction information is held in the network’s database. If a second transaction occurs with the same card, both parties are charged the appropriate fees. It is the responsibility of the owner of the Ethernet card to keep his or her card active. Otherwise, if left inactive, the charges on the card can damage one’s credit card rating.
There are many advantages to these cards. For example, they are less susceptible to fraud than are credit cards. That is because there is no central location where all transactions occur. Transactions can occur in the internet, on the telephone or through a written agreement between the two parties. That means that there is no way for someone to charge someone else’s card, and no way for someone to steal someone else’s card.
These cards are also widely accepted, making them useful in places where a local merchant is not located. For example, in metropolitan cities, it is often not possible to shop with cash unless one goes into a store with a credit card. However, with the use of these cards, virtually everyone can shop with little resistance.
Even though they have become more widely accepted as a replacement for cash, and while they have started to replace paper checks as a means of spending money, they are not truly replaced by any method of payment. That is because unlike a credit card, you cannot simply swipe the card over the internet to make a purchase. This means that when you make a purchase, you must either go to the store with your credit card, or wait until you reach the sales counter with cash. When you are finished shopping, you need to either pay for your items with money, or go home and wait for your check to come in the mail.