What is Ethereum?

What is Ethereum?

Ethereum is another cryptocurrency, created in July 2017. Ethereum is known as ETH within the crypto world. First of all, to understand Ethereum, we need to understand the internet.

Digital Storage

In the 21st century, all of our data has migrated stored digital storage. Data stored on the internet includes our passwords and financial information. Developers believe that this is of great concern as only a select few control the internet. A great example of this is Amazon, a company that hosts over 40% of the world’s websites on its servers.

Many people believe this is the most significant threat to the internet. The reason for this is that any government or institution can block a platform and simply remove it from existence. Facebook is a simple example. In early 2018 Facebook was seen to have provided intel about its users to campaigns in order to influence elections. Since this news, Facebook has been in a state of correction to help convince users it has ceased such activity. Many of these large organisations are now creating their some form of cryptocurrency, despite the irony.

Ethereum is Decentralised

Ethereum is a decentralised platform because no single entity or company has control.

While Bitcoin aims to disrupt PayPal and online banking, Ethereum seeks to use blockchain to replace internet third parties and those that store data, transfer mortgages and keep track of sophisticated financial instruments within the infrastructure.

ETH aims to be the worlds most exceptional independent server. Decentralisation means an individual or a company can not control it. Ethereum achieves this by using miners to maintain a platform of nodes which remain decentralised. Recently, Russia has decided to block Telegram (the mobile messenger application) on the basis that they cannot intercept messages from users about criminal activity. As a result of this, Telegram users in Russia now have to use VPNs to continue the application. This cautionary tale would not have occurred if Telegram was on the Ethereum Blockchain. Other similar stories include Google which in China is completely blocked, forcing users to Baidu.

Benefits of Ethereum

Benefits of ETH come in four stages which help to create the network as well as maintain it.

Zero Downtime

Miners help maintain a crypto platform with zero downtime. Therefore the system operates with zero downtime, which is critical when managing large-scale data.

Corruption and Tamper Proof

Most of all, Blockchain technology allows the system to be free from fraud (not to mention tampering) while able to maintain a high speed of transactions.

Secure

ETH has no point single point of failure also has no controlling body. Highest levels of security happen by utilising blockchain technology. This medium has helped to make Ethereum one of the greatest inventions in crypto.

Immutability

No one person or party can change the data stored on the Ethereum network. As a result, the system becomes immutable. Due to this Ethereum is a valued addition to the world of crypto digital assets.

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