The intent of EtherInc is to create an alternative protocol for running decentralized
organizations and building decentralized applications, providing a different set of trade-offs
that we believe will be very useful for a large class of decentralized applications, with
particular emphasis on situations where rapid development time, security for small and rarely
used applications, and the ability of different applications to very efficiently interact, are
important. EtherInc does this by building what is essentially the ultimate abstract
foundational layer: a Blockchain with a built-in Turing-complete programming language,
allowing anyone to write smart contracts and decentralized applications where they can
create their own arbitrary rules for ownership, transaction formats, and state transition
functions. A bare-bones version of Namecoin can be developed by writing two lines of code,
and other protocols like currencies and reputation systems can be built in under twenty.
Smart contracts, cryptographic “boxes” that contain value and unlock only if certain
conditions are met, can also be built on top of the platform, with more power than that
offered by Bitcoin scripting because of the added powers of Turing-completeness,
value-awareness, Blockchain-awareness, and state.