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Ethereum Explained

Photo by Nick Chong on Unsplash

Ether (ETH), the world’s second-largest cryptocurrency after Bitcoin in market capitalization, is backed by its blockchain-based software platform, Ethereum. Ethereum, like other cryptocurrencies, can be used to send and receive value internationally without the interference of a third party. 

First Proposed by a 19-year-old Developer

Ethereum was first proposed in 2013 by Vitalik Buterin, a 19-year-old developer who was one of the forerunners of the concept of using the blockchain technology that underpins Bitcoin for something besides transactions. The platform went live in 2015, translating the principle of Ethereum into a real-world network.

Ethereum, The World Computer

Ethereum has been nicknamed the “world computer” by this bold concept and has been met with skepticism from those who think it would fail. However, suppose this experiment goes as expected, it will result in apps that are very different from those generated by Facebook and Google, which users knowingly or unknowingly trust with their data.

Ethereum Returns Control to Users

With the aid of a blockchain, Ethereum supporters plan to return control to users. A blockchain is a technology that decentralizes data and distributes copies to thousands of people worldwide. Developers may use Ethereum to create leaderless applications, ensuring that the service’s developers cannot tamper with a user’s data.

Supports Everyday Life more than just Transactions 

Ethereum’s developers intend to use the same technology to replace internet third parties, such as storing data, moving mortgages, and keeping track of complex financial instruments. Compare Ethereum with Bitcoin that was developed to disrupt online banking and daily transactions. These apps support users more on an everyday life basis, like sharing information on social media with peers. Albeit being accused of exploiting this power by censoring data or, in the case of hacks, unintentionally spilling confidential user data.

Ethereum Aims to Eliminate Intermediaries

Intermediaries are common, as they assist us with a range of digital activities behind the scenes. Gmail, for example, enables us to send emails. This means that our personal information, financial information, and other confidential information are primarily stored on other people’s computers – in cloud and server networks operated by companies including Facebook, Google, and PayPal. According to advocates of decentralization, this structure may be problematic. It means users have less direct influence. It also opens the door to censorship. The intermediary may step in and discourage a user from taking any action, such as purchasing a particular stock or posting a specific message on social media or even ban them entirely.

Revolutionizing the Internet 

Ultimately, Ethereum’s goal is to revolutionize how apps operate on the internet by eliminating intermediaries and replacing them with smart contracts that automatically execute rules. 

Many people, including the internet’s founders, assume the internet was built to be decentralized from the outset, and a factionalized movement came up using digital technologies to achieve this goal. One of the technologies that have entered this movement is Ethereum.

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