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The second largest blockchain crowdsale of all time is Ethereum. Ethereum is a blockchain system based on smart contract technology which seeks to remove humans from the nature of contracts. It is run by a virtual machine, which is a distribution of computing power run in a Bitcoin-type network. Miners in this distributed network are rewarded in ether, a Bitcoin-inspired digital currency that Ethereum proponents refer to as the “fuel” of the network. This is similar to how Bitcoin miners are rewarded with Bitcoin.
Lamassu, one of the first Bitcoin ATM, introduced today support of the popular blockchain platform Ethereum on their Bitcoin Transaction machines.
Co-founded by brothers Josh and Zach Harvey in Manchester, New Hampshire, the company created an iconic Bitcoin machine with its orange wooden box concept. It announced Ethereum support on its Medium blog.
“Our goal is to harness the technological supremacy of cryptocurrencies and provide this same experience to those who’ve never had access to basic financial services in the past,” according to Lamassu’s website.
Ethereum, known for its furthering of blockchain technology and smart contracts, support by Lamassu has been in beta with certain Lamassu operators for several months, and consumers could soon be able to purchase the $1billion market cap currency ether on 160 independently-owned Lamassu Bitcoin ATM’s worldwide.
The company touts some of Ethereum’s advantages over Bitcoin, such as shorter confirmation times. The largest Lamassu operator in the US, Coinucopia, will implement Ethereum on their Bitcoin ATMs.
“We are very excited to announce that Coinucopia will be integrating Ethereum into our network,” said Michael Portabello, a spokesperson for Coinucopia’s. “Our customers have been requesting the ability to buy Ether, and we’re proud to announce that we have been working closely with the talented people at Lamassu to provide this functionality to the communities that we serve.” Ethereum is the first non-Bitcoin cryptocurrency that Lamassu has been excited about enough to support, and the first its independent operators have asked for due to demand.
“And beyond the ether tokens themselves, Ethereum is a platform for other tokens that we think will be helpful for the future of crypto ATMs,” CEO Zach Harvey told Bitcoin Magazine. Lamassu has focused on digital currencies, not just Bitcoin, since its inception.
“It makes sense to us that as the cryptocurrency technologies evolve, we evolve with it.”
The company has been working on Ethereum support for several months.
“Our machines are ideal for those who don’t feel comfortable with online exchanges or those who want to get their feet wet but not jump all the way in,” Harvey said. “Those people now have a very quick and friendly option for buying or selling ether.”
Lamassu believes that Bitcoin ATMs become more important when they provide more functionality.
“This is an important first step in that direction,” said Harvey. “Another reason Ethereum is important for the Bitcoin ATM industry is the confirmation times. Selling bitcoins requires waiting for a confirmation that could take minutes to an hour, selling ether could take seconds to a minute or so for a confirmation.”
It’s entirely up to Lamassu operators if they wish to incorporate ether support.