A decentralized application Crypto Speech has been launched, allowing Twitter-like messages of up to 128 characters to be posted and stored in the Ethereum blockchain. One of many basic applications that are being built for Ethereum, Crypto Speech provides an interesting indication of how decentralized apps can function, as no central server is relied on as with traditional websites. Rather, everything is processed by miners in the Ethereum network. Messages on Crypto Speech are then claimed to persist forever among the thousands of nodes present in the Ethereum network.
Using Crypto Speech requires users to be connected to the Ethereum network, as well as have some “ether”, which goes to miners on the Ethereum network in exchange for processing transactions (in this case processing a message that will be stored on Ethereum). Upon submitting a message and sending some ether (which Crypto Speech claims should cost around $1 USD in real money terms at the current ether price), a message will go in the queue for processing, which should be completed within a few seconds. Upon refreshing the page the message may then be seen on the home page.
For those unfamiliar, Ethereum was first developed a few years ago as a platform for fully decentralized applications to run, and has gained major exposure in 2017 along with the rise of Bitcoin. The critical difference between Bitcoin and Ethereum is that Bitcoin may be considered merely a currency, whereas Ethereum is a complete platform for a whole new range of decentralized applications to run without any central server. At its current price, Ethereum boasts an impressive market cap in the range of billions of dollars, but is far from gaining widespread usage. Decentralized applications such as Crypto Speech – while simple and largely unknown as of now – demonstrate how Ethereum can be used in various ways.