Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is a programmable blockchain. It means that developers can create applications on Ethereum.
These are called smart contracts. Smart contracts are decentralized applications that run on the Ethereum blockchain.
The most important feature of smart contracts is that they are unstoppable. Once a contract is deployed to the Ethereum blockchain, it will run exactly as programmed and there is no way to stop it.
This is because Ethereum is a decentralized platform which means there is no central authority that can take down a contract or interfere with its functioning.
NOTE: WARNING: Ethereum is a complex technology and is not suitable for those with no technical knowledge. Before attempting to understand Ethereum, it is important to have a basic understanding of blockchain technology and cryptography. It is also important to note that Ethereum is not the same as Bitcoin or any other cryptocurrency and should not be treated as such.
This makes Ethereum ideal for running censorship-resistant applications. For example, a decentralized social network could be built on Ethereum where users are in complete control of their data and there is no way for a central authority to take the platform down or censor content.
Another use case for Ethereum is building decentralized financial applications. These are applications that run on the Ethereum blockchain and enable users to send and receive payments without the need for a centralized payment processor such as PayPal or Visa.
Decentralized exchanges are another type of financial application that can be built on Ethereum. These exchanges allow users to trade cryptocurrency without the need for a central exchange.
This means that there is no central point of failure which makes them much more resilient to hacks and attacks.
Ethereum is still in its early stages and many of these applications are still being developed. However, the potential for what can be built on Ethereum is immense and we are only just beginning to scratch the surface of what is possible.
7 Related Question Answers Found
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. In the Ethereum protocol and blockchain there is a price for each operation. The general ledger records these prices in ETH (Ether), the internal currency of Ethereum.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. In the Ethereum protocol and blockchain there is a price for each operation. The general ledger of Ethereum is a decentralized database that keeps track of the balance of all accounts.
When people talk about Ethereum, they are usually referring to the Ethereum blockchain and the associated cryptocurrency, ether. However, Ethereum is much more than just a digital currency. It is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
The purpose of Ethereum is to create a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is a distributed public blockchain network. Ether, the platform’s native cryptocurrency, is mined and used to pay for transaction fees and services on the Ethereum network.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is used to build decentralized applications (dapps) on its platform. The most popular dapp built on Ethereum is CryptoKitties, a game that allows players to purchase, breed, and trade digital cats.
In 2014, Ethereum launched a pre-sale for ether which received an overwhelming response; ETH sold out in a matter of hours with investors buying up ETH at a rate of 1000 to 1. This represented a record for the highest ratio of ether to bitcoin. Ethereum has been described as a digital currency, a distributed computing platform, and a decentralized applications platform.
Tenderly Ethereum is a smart contract monitoring service that provides users with detailed insights into the health of their Ethereum contracts. The service is designed to help users identify and fix errors in their contracts before they cause significant damage. Tenderly Ethereum is built on top of the open-source Tenderly monitoring software.
