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What is Ethereum?

Published: 14/09/2018
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Up-to-date Blockchain and cryptocurrency news. Be the first to know!

What is it for?

Ethereum is a blockchain platform for creating decentralized services and apps. The platform, which was presented in early 2014, materialized the idea of the "global computer" in which all roles are performed by users. All participants of the Ethereum network operate both as clients and servers.

 

In the classical model of interaction between a user and an Internet service, all client's data (including personal and financial) is stored centrally, on a server. The user does not control the information flows of the company and does not know how and where personal data is used. This is a global vulnerability of the system. Meanwhile, the Ethereum platform does not have such disadvantages.

 

Ethereum platform is a decenralized world computer

Ethereum platform is a decenralized world computer  

 

Specific aspects of Ethereum implementation

 

  • Using apps on the Ethereum platform allows excluding third parties responsible for storing, transferring, and tracking of information. Thus, the platform creators promote the idea of the Internet democratization, which provides that the interaction between a user and a service is decentralized and involves ordinary members of the network.
  • The platform is implemented as the open-source Ethereum Virtual Machine (EVM). Theoretically, any developer can write and run his or her own smart contract after joining the EVM. At the same time, this does not negate the involvement of large companies interested in the launch of their decentralized software.
  • Ethereum-based apps work using smart contracts. These algorithms run only after certain conditions are met. The use of smart contracts excludes the human factor and ensures compliance with the agreement among network users.

 

All of the above mentioned makes Ethereum a revolutionary platform, that allows implementing blockchain into all life spheres and excludes intermediaries. More than that, it guarantees that the network participants are equally important and the relations among them are impartial.

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