What Is Ethereum (ETH) | All Details About Ethereum

what is Ethereum
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What Is Ethereum

Ethereum is an open-source, block chain based decentralized software platform launched in 2015.

The platform primarily works in supporting its own cryptocurrency, which is Ethereum. The world’s second-largest cryptocurrency and like others – people can use it for sending and receiving it without the interference of third-party

Understanding Ethereum

understanding Ethereum

Ethereum is not just a cryptocurrency platform where digital currency is exchanged by the users. It is also used by developers to build and run applications.

Developers use Ethereum platform to create applications with the aim of replacing internet third-party sites – who store user’s data and keep track of their financial instruments. So by the introduction of these applications third-party apps or websites won’t be able to tamper user’s data without their permission.

Ethereum as a platform started calling themselves as one of the best places to “codify, decentralize, secure, and trade just about anything.”

This became truer with Microsoft and ConsenSys partnership which offers “Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure so Enterprise clients and developers can have a single click cloud-based block chain developer environment.”

The Decentralized Internet

In today’s time we have intermediaries everywhere. To tell you some we have, Gmail for sending mails, PayPal to send money to our friends or families.

Having an intermediary means sharing of personal and financial data. The data is stored by these companies on cloud servers owned by these companies.

Which means less direct control to the users and interference by intermediary to prevent a user from taking some action. Which can be anything be it sharing a message on social media, or expressing opinions.

This is why Ethereum was created. It was to change the way how apps work on the internet today – means offering users more control over the data by replacing intermediaries with smart contracts that execute rules automatically. 

Even if you go online today or search about users views on decentralized internet, Then you will find many users (even investors) saying that Internet was always meant to be decentralized.

Ethereum is just one step forward in that category.