Now that Ghost Trader has migrated successfully to the Ethereum chain, we want to take a moment to discuss it briefly for the benefit of our community. Seeing as Ethereum is essentially our new blockchain home, this piece will provide a bit of an overview for those who have not had much experience with it previously.

Some of this information may seem rudimentary to veterans of the space. Nevertheless, in the interest of keeping our community well-informed and educated about the comings and goings of the project, it makes sense to provide at least some basic coverage. We will include some elaboration as to why we chose to migrate when and how we did it. In this brief overview, we will explain what Ethereum is, how it works, and why it is important for us.

Ethereum: The Basics

For starters, Ethereum is a decentralized, open-source blockchain platform much like the Binance chain from which we just migrated. Ethereum, however, is the second-oldest layer-1 decentralized blockchain network in the world, behind only Bitcoin (BTC). The Ethereum network also uses its own digital asset, Ether (ETH). Using ETH allows users to pay for transactions and computational services available on the network, enabling them to take advantage of all of the various utilities and functions available on the Ethereum network.

If you were with us prior to the migration, you will undoubtedly recall that Binance Smart Chain (BSC) required BNB to enable users to make use of that chain. ETH works pretty much the same way on th Ethereum network. If you take a look at Ghost Trader’s liquidity pool currently, found here, you will notice that GTR trades against ETH now.

The Next Internet Frontier?

Many consider Ethereum to be the internet’s next logical step, both technologically and philosophically. The first and second generations of commercial internet usage resulted in the rise of massive, aggregated platforms like Alphabet/Google, Meta/Facebook, and Apple. Centralization proved to be the quintessence of Web 2.0 technology, predictably leading to a whole host of problems that ultimately compromise the safety and security of its users. The development of Web3.0 was one of the major technological reactions to those risks, and the one most easy to utilize by the average retail user.

Empowering its users rather than giving centralized monopolies even more power informed the philosophy and development behind Web3.0. As such, Ethereum became the initial testbed for putting that philosophy into practice, introducing the world to the first taste of Web3.0 functionality and security. Relying on an entirely new and novel set of tools like smart contracts and decentralized applications, Ethereum brought to the market an entirely new form of internet interoperability. It put power back into the hands of its users, rather than the gatekeepers of the previous generation.

What This Means For GTR

Because Ethereum essentially created the Web3.0 movement, its ecosystem has had a longer period of time to develop a larger, more mature, and technologically fluent community. As a result, the ETH community tends to take quite seriously the promise and potential of blockchain technology. This greater maturity has led to significantly less moonboy activity and other shenanigans than on other chains. Network and community maturity appeals to the Ghost Trader team because GTR is a serious financial instrument with serious, real-world utility. We feel that Ethereum will be a proper home for our outlook and approach.

Additionally, Ethereum’s longer track record and deeper bench of projects and community has resulted in greater activity and development than on any other chain in existence. Developers have established a broad spectrum of elegant development tools that our own team has already begun to employ, enabling them more efficiently to incorporate better functionality to our own DApp and smart contracts. Better tools mean better security and greater reliability for our contributors, an absolute must for any serious project operating on the blockchain. This applies even more for financial instruments operating in the Web3.0 era.

Further, because so many other mature projects call the Ethereum network home, ETH is the second-largest cryptocurrency by market capitalization, after Bitcoin. Indeed, there is serious talk of ETH potentially unseating BTC for that honor. People in the pace refer to it as “The Flippening.” Consequently, the Ethereum network boasts the most activity and the largest user base in the sector. With more capital involved and more attention focused on the Ethereum network than any other chain currently operating, we expect to be able to take full advantage of wider growth opportunities for the near future and beyond

At the end of the day, the migration should prove to be a massive boon for our project. Ethereum offers our development team the best tools for the job of creating a reliable wealth generation platform for our holders. It offers us access to people with real experience using blockchain technology for practical purposes. It exposes us to an entire constellation of solid projects, both with their own communities and potential for partnerships. It provides us with an entirely new group of digital asset users to whom to appeal.

This new leg of the journey begins at the end of this month. Ghost Trader will have representatives attending the upcoming ETHDenver conference, in much the same way we have done previously at conferences in London and Australia. Remember, this is still only the beginning.