I guess you mean ethereum? I have been following all the cryptocurrency 2.0 applications - Mastercoin, Counterparty, Next, Ethereum and Bitshares.
What do you specifically want to know about ethereum? Most of the technical and functional info can be viewed on YT and their website.
Can you tell us which one looks promising and worth investing now?
I got interested in Bitshares from the discussion on Alternate Cryptocurrency board, but found they had a sneaky distribution policy.
Currently for me next is best of the lot, ethereum comes second:
Mastercoin/Counterparty -- Built on top of bitcoin. There has some discussion over what they call free ride of bitcoin chains by these protocols. For the most part they are like havelock, cryptostocks etc meaning decentralised platform for centralised companies. If they allow scams (which are many in number in crypto world) onto their platform (think cryptostocks) they might take turn for the worse.
Ethereum - promising. While bitcoin smart contracts require quite a bit of coding to achieve they aim to make it easier. In some ways, a language to actually write smart contracts using their platform. There have been rumours that post IPO -- ether can only be obtained via PoW from custom made miners. Ethereum will be charging a commission from those custom hardware manufacturers.
Next - Similar to MSC/XCP but has its own source code. Many of the features are still in development like DNS, exchanges etc. They do have some interesting features like delegated mining etc.
Bitshares - Well this did have the most potential. Problem was they got greedy and their developer thought he was too smart; oviously for his own good.
There has been quite a lot of twists and turns. First they released protoshares(PTS) -- altcoin using PoW - everyone mined them, promoted them and raised its value -- all for the promise of 10% stake in bitshares(BTS). Devs were supposed to also mine them, sell them to fund their development (using the hype generated by the users).
Turned out developer were pretty useless. There was miner which actually mined PTS faster than what the devs imagined. Hence the initial funding failed.
To raise more money they later instituted a Proof of burn type concept called Angelshares (AGS)- asking people to denote PTS and bitcoins. This money was also supposed to be used for "development". This again promised 10% of bitshares to angelshares; bringing the pre-mine to 20%.
Their developer later decided PoW or mining wouldnt work. So he turned bitshares into 100% pre-mine allocation - 50% to PTS owners and 50% to Angelshares.
Point to note is they took PTS in form of AGS. So while at the beginning 1 PTS = 1 BTS, this actually turned it into 1PTS = 2 BTS if you donated it to the developers (AGS) -- 1 which you got from donation and 1 which I3 (developers) got from their address. A rather sneaky and dirty way if you ask me.
End result was 1 PTS (with you) = 1.33 BTS whereas 1 PTS (in form of AGS) = 1.65 BTS + 1.33 BTS for I3.
Now with PTS as a chain already at a standstill devs are now hard forking PTS to use POS and claiming that all unmined PTS be sent to them for "development" thereby instituting a post mine (rather than pre-mine).
